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December 4, 2020 Dear Investor: Skybridge Multi

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December 4, 2020 Dear Investor: Skybridge Multi _ December 4, 2020 Dear Investor: SkyBridge Multi-Adviser Hedge Fund Portfolios LLC - Series G (“Series G”) had another strong month in November and was up estimated 3.38% net after posting positive months in both September and October when equities and bonds were both negative. November’s performance for virtually every asset was driven by a reversal in conservative risk positioning going into the election (the VIX hit 40 briefly in late October as the S&P 500 was down over 6% in September - October) driven initially by a win by Biden with Republicans holding the Senate, and then amplified by the news of not one but two vaccine candidates that both have demonstrated efficacies north of 90%. These two key drivers, along with the continued heavy lifting of the Fed behind the scenes, drove equities to new all-time highs (after slowing down to mid to low single digit growth rates over the summer, money supply growth reaccelerated up to low teens to high 20% annualized growth rates as the Fed’s balance sheet has begun to meaningfully re-expand). Interestingly, however, is the fact that even after last month’s record rally, the S&P 500 TR is “only” up 3.9% the past 3 months from the previous record highs in late August/early September, as markets have entered a regime of continued gains with more two-way volatility, both down and up. We believe this type of price action will continue as equities are now at multiples (approximately 22x - 23x 2021 earnings), exceeded only in the late stages of the internet bubble and the late 1920’s. Turning the page to fixed income, interest rates rose modestly in November as the positive news on the vaccine candidates drove a modest yield curve steepening. The real economy continued to expand in both October and November, albeit at a modest pace compared to the third quarter’s historic rebound. For instance, the Atlanta Fed GDPNow tracker is predicting 11% annualized, or 2.7% actual, growth in Q4. We believe this number will turn out to be overly optimistic, as the country continues to grapple with the 3rd wave of the pandemic and various business restrictions of a more limited natured than late Q1/early Q2 are implemented. However, if the economy were to only grow at a 5.5% annualized pace in Q4, the US economy would remarkably be only 2.2% below Q4 2019 GDP, which is a testament to the power of both the fiscal and monetary stimulus injected this year. We expect growth will continue to slow until the next round of fiscal stimulus is approved early next year (or sooner if the US Congress can work out a lame duck deal asap). As we look ahead to 2021, we continue to see a combination of increasing consumption, business fixed investment and residential investment, and a restocking of inventories continuing to power growth as pent up consumer demand from large accumulated savings, business investment, residential investment, additional fiscal stimulus, and the promise of broadly disseminated vaccines normalize the economy. However, it will still take at least another year or two to get the labor market back to where it was pre-pandemic, as some of the hardest hit sectors like travel, leisure, hospitality, and entertainment slowly come back. Series G’s performance was driven by balanced returns across all portfolio strategies. After a very strong September and October performance, structured credit continued to generate well above trend line returns, as all subsectors were positive: RMBS, Consumer ABS, CLO’s, Agency CMBS, and Non-Agency CMBS. We have previously discussed the incredible strength of the housing market in terms of price appreciation, LTV’s, FICO scores, record low supply, continued declines in forbearance requests, etc. We have also discussed the relative strength of consumer ABS (lower delinquencies than pre-pandemic courtesy of fiscal stimulus), the rebound in CLO’s driven by lower than expected corporate defaults and downgrades (courtesy of fiscal stimulus and the Fed), and the extremely low delinquencies in multi-family CMBS. Each of these sectors benefited by improving fundamental data and strong carry streams. However, November was the first month that Non-Agency CMBS started to show signs of life, as the vaccine news is providing a brighter light at the end of a now shorter tunnel for the troubled sectors of lodging and retail. Our multi-strategy exposures posted solid returns for the longer biased manager (Third Point) and continued steady returns for the market neutral manager (Point72). Returns for Third Point came from long growth, value, and cyclical exposures, as well as from structured and distressed credit. Point72 handled the vicious style rotation away from growth and momentum names toward value and cyclicals extremely well, given their market neutral positioning. Our distressed managers (primarily Canyon and Oak Tree) had strong months, as their positions are primarily in companies that should benefit far more from a quicker normalization of the economy due to the vaccine news. Lastly, our convertible bond arbitrage managers continued to excel after extremely strong September and October months. The strategy remains locked in to an environment of higher realized volatility, continued healing of credit markets, and cheap new issuance. The only slight detractors for the month were two small long/short equity positions. Thank you for your partnership. Regards, Anthony Scaramucci Ray Nolte Troy Gayeski Preliminary Performance Estimate November 2020 2020 YTD Series G (net of fees and expenses) +3.38% -12.29% S&P 500 Total Return Index +10.95% +14.02% Bloomberg Barclays Aggregate Bond Index +0.98% +7.36% HFRX Global Hedge Fund Index (Daily) +2.82% +4.26% Structured Credit, Distressed Corporate Credit, Multi-Strategy, and Arbitrage were key contributors to performance for the month. No other strategies meaningfully contributed to or detracted from performance. Preliminary Top 10 Positions (by percentage, based on the preliminary November 2020 estimated fund net asset value) Approximate Position Top 10 Portfolio Positions1 Strategy Group2 Strategy2 Size Point72 Relative Value Multi-Strategy 9.86% Seer Capital Partners Event Driven Structured Credit 9.67% Angelo Gordon Mortgage Value 9.14% Event Driven Structured Credit Partners 400 Capital Credit Opportunities Event Driven Structured Credit 7.51% Canyon Balanced Fund Event Driven Distressed Corporate Credit 7.26% Linden Relative Value Arbitrage 6.27% Axonic Credit Opportunities Event Driven Structured Credit 5.35% Hildene Opportunities II Relative Value Structured Credit 5.28% Third Point Event Driven Multi-Strategy 5.22% Galton Mortgage Strategies Event Driven Structured Credit 4.61% 1) Top 10 Portfolio Positions of Series G can change at any time; allocation sizes may change, investments may be added or removed at the Adviser’s discretion. The Top 10 Portfolio Positions listed above may not be the Top 10 Positions at the time of investment. 2) Portfolio strategy allocations and strategy classifications are subject to change at any time at the Adviser’s discretion. Preliminary Statistical Analysis (based on the preliminary November 2020 estimated fund net asset value) As of 11/30/20: Bloomberg HFRX Global (Series G Inception – January S&P 500 Barclays Series G Hedge Fund 2003) Total Return Aggregate Index (Daily)* Bond Index 1 Year Compound Rate of Return -11.61% 5.53% 17.46% 7.28% 3 Year Compound Rate of Return -1.33% 2.09% 13.17% 5.45% (annualized) 5 Year Compound Rate of Return 0.41% 2.52% 13.99% 4.34% (annualized) 7 Year Compound Rate of Return 0.57% 1.45% 12.71% 3.98% (annualized) 10 Year Compound Rate of Return 3.69% 1.26% 14.19% 3.72% (annualized) Compound Annualized Rate of Return 4.93% 1.81% 10.44% 4.36% Since Inception (1/03) Standard Deviation (annualized)1 8.26% 5.40% 14.30% 3.36% Beta (Index = S&P 500)2 0.30 0.29 1.00 0.00 1) A measure of the variation of returns around the mean return. Standard deviation is the most widely used approximation of the risk of an individual investment or portfolio. 2) A quantitative measure of volatility of a security or strategy relative to a market index. An investment with a beta less than 1.0 is less volatile than the market while an investment with a beta greater than 1.0 is more volatile than the market. *HFRX Global Hedge Fund Index (Daily) is used as of 11.30.20 because the HFRI Fund of Hedge Funds Index is not available at the time of publication. For an updated performance table containing the HFRI Fund of Hedge Funds Index when available see www.skybridge.com Please let us know if you have any questions. SkyBridge is affiliated with Hastings Capital Group LLC ("Hastings"), a registered broker-dealer and a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Series G is a limited liability company registered under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. Legal Disclaimer: The foregoing is provided for informational purposes only and is not to be relied upon. Estimated performance and attribution numbers have not been verified by the Fund administrator. The results for the 1, 3, 5, 7 and 10 year periods are based on the respective 12, 36 60, 84 or 120 month period estimated as of date above and are subject to change. Upon publication, the month’s finalized Fact Card will contain final performance and statistics and is available upon request. The above results are unaudited, subject to change and net of fees and expenses.
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