November Performance Review — ClearAlpha Capital

Portfolio return (November): +2.31%

S&P 500 (November): +0.13%

November was a constructive month for ClearAlpha Capital, as our concentrated basket of stocks delivered a +2.31% return and materially outperformed the broader S&P 500, which rose only +0.13%. This result reflects the benefits of our selective, fundamentals-first approach during a month of mixed market leadership.