# EDGAR Filing Document

**Accession Number:** 0001506707
**File Stem:** 0001145549-25-053311
**Filing Date:** 2025-8
**Character Count:** 22796
**Document Hash:** cd0eaa6cee28068ce805a3a478dabd3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-053311.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-053311

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** A&Q Multi-Strategy Fund
- **CENTRAL INDEX KEY:** 0001506707

**ORGANIZATION NAME:**
- **EIN:** 274827055
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22500
- **FILM NUMBER:** 251252098

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 203-719-1428

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** O'Connor Fund of Funds: Multi-Strategy
- **DATE OF NAME CHANGE:** 20110201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** O'Connor Multi-Strategy Fund of Funds
- **DATE OF NAME CHANGE:** 20101130

## Nport-Ex

**A&Q Multi-Strategy Fund** 

**Schedule of Portfolio Investments** 

**(Unaudited)** 

**June 30, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Fund (a)** | **Geographic<br>Focus** | **Cost** | **Fair Value** | **% of Net<br>Assets** | **Initial<br>Acquisition<br>Date** | **Redemption<br>Frequency (b)** | **Redemption<br>Notice<br>Period (c)** | **First Available<br>Redemption Date** | **First Available<br>Redemption Date** | **Dollar Amount of<br>Fair Value for<br>First Available<br>Redemption** |
|  **Credit/Income** |  |  |  |  |  |  |  |  |  |  |
|  Elementum Zephyrus Total Return Cat Bond Fund Ltd. | Global Markets | 13607000 | 15921030 | 4.75 | 1/1/2024 | Monthly | 30 days | 6/30/2025 |  | $15, 921030 |
|  Redwood Opportunity Offshore Fund, Ltd. | US/Canada | 5731621 | 10038199 | 2.99 | 2/1/2017 | Quarterly | 60 days | 6/30/2025 | (d) | $2509550 |
|  Sona Credit Fund Ltd | Global | 9212701 | 14091449 | 4.20 | 12/1/2022 | Quarterly | 45 days | 6/30/2025 | (d) | $3522862 |
|  SPF Securitized Products Fund Ltd. | US/Canada | 12000000 | 13107556 | 3.91 | 7/1/2024 | Quarterly | 65 days | 6/30/2025 | (d),(e) | $2463720 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit/Income Subtotal** |  | **40551322** | **53158234** | **15.85** |  |  |  |  |  |  |
|  **Equity Hedged** |  |  |  |  |  |  |  |  |  |  |
|  Aleutian Fund, Ltd. | US/Canada | 12934841 | 15762459 | 4.70 | 6/1/2023 | Monthly | 90 days | 6/30/2025 |  | $15762459 |
|  Anomaly Capital International, Ltd. | Global | 13125735 | 22476680 | 6.70 | 10/1/2020 | Custom Quarterly<br>Dates | 60 days | 6/30/2025 | (d) | $4261428 |
|  Aventail Energy Offshore Fund, Ltd. | US/Canada | 12663540 | 12697207 | 3.78 | 8/1/2022 | Quarterly | 45 days | 6/30/2025 |  | $12697207 |
|  Burkehill International Ltd. | Global Markets | 13700127 | 15660139 | 4.67 | 3/1/2024 | Quarterly | 60 days | 6/30/2025 | (f) | $13237991 |
|  Jericho Capital International, Ltd. | US/Canada | 9470412 | 16452301 | 4.90 | 1/1/2024 | Quarterly | 60 days | 6/30/2025 |  | $16452301 |
|  Point72 Capital International, Ltd. | Global | 8057900 | 17083231 | 5.09 | 8/1/2018 | Quarterly | 45 days | 6/30/2025 | (d) | $4270808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Equity Hedged Subtotal** |  | **69952555** | **100132017** | **29.84** |  |  |  |  |  |  |
|  **Multi-Strategy** |  |  |  |  |  |  |  |  |  |  |
|  Schonfeld Strategic Partners Offshore Fund Ltd. | Global | 14575056 | 20221722 | 6.03 | 6/1/2021 | Monthly-<br>Quarterly | 45 days | 6/30/2025 | (g) | $19383420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-Strategy Subtotal** |  | **14575056** | **20221722** | **6.03** |  |  |  |  |  |  |
|  **Relative Value** |  |  |  |  |  |  |  |  |  |  |
|  Bright Meadow Agency MBS Offshore Fund, Ltd. | US/Canada | 12084641 | 16080638 | 4.80 | 8/1/2021 | Monthly | 30 days | 6/30/2025 | (h) | $8040319 |
|  Elan Feeder Fund Ltd. | Global | 10314366 | 14536977 | 4.33 | 2/1/2022 | Monthly | 45 days | 6/30/2025 | (d) | $3634244 |
|  Linden Investors LP | Global | 4490399 | 13765090 | 4.10 | 4/1/2014 | Quarterly | 65 days | 6/30/2025 | (d) | $3441273 |
|  Symmetry International Fund, Ltd. | Global | 14346272 | 38801009 | 11.57 | 1/1/2015 | Anniversary -<br>30 months | 184 days | 6/30/2025 |  | $38801009 |
|  Trexquant Offshore Fund Ltd. | Global | 10000000 | 9900651 | 2.95 | 6/1/2025 | Monthly | 60 days | 5/31/2026 | (i) | $9900651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Relative Value Subtotal** |  | **51235678** | **93084365** | **27.75** |  |  |  |  |  |  |
|  **Trading** |  |  |  |  |  |  |  |  |  |  |
|  Kirkoswald Global Macro Fund Ltd | Global Markets | 12775610 | 14596946 | 4.35 | 5/1/2023 | Quarterly | 60 days | 6/30/2025 | (d) | $3649237 |
|  Rokos Global Macro Fund, Ltd. | Global | 4621158 | 13481543 | 4.02 | 11/1/2015 | Monthly | 90 days | 6/30/2025 | (d) | $3370386 |
|  Statar Capital Offshore (Cayman), Ltd. | US/Canada | 5888930 | 11553759 | 3.44 | 4/1/2022 | Monthly | 30 days | 6/30/2025 |  | $11553759 |
|  Valent Green Elements Offshore Fund Ltd. | Global Markets | 5500000 | 8582319 | 2.56 | 5/1/2024 | Quarterly | 90 days | 6/30/2026 | (i) | $8582319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trading Subtotal** |  | **28785698** | **48214567** | **14.37** |  |  |  |  |  |  |
|  **Total Investment Funds** |  | $**205100309** | $**314810905** | **93.84%** |  |  |  |  |  |  |

---

**A&Q Multi-Strategy Fund** 

**Schedule of Portfolio Investments (continued)** 

**(Unaudited)** 

**June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Equivalents** | **Shares** | **Cost** | **Fair Value** | **% of Net<br>Assets** |
|  UBS Select Treasury Institutional Fund, 4.21% (j) | 178731 | $178731 | $178731 | 0.05% |
|  **Total Cash Equivalents** | **178731** | $**178731** | $**178731** | **0.05%** |
|  **Total Investments and Cash Equivalents** |  | $**205279040** | $**314989636** | **93.89%** |
|  Other Assets less Liabilities |  |  | 20500041 | 6.11 |
|  **Members' Capital** |  |  | $**335489677** | **100.00%** |

---

(a) Each Investment Fund noted within the Schedule of Portfolio Investments is non-income producing.

(b) Available frequency of redemptions after the initial lock-up period, if
any. Different tranches may have varying liquidity terms.

(c) Unless otherwise noted, the redemption notice periods are shown in calendar days.

(d) The Investment Fund is subject to an investor level gate of 25%.

(e) A portion of this holding ($3,252,677) is under lock-up and is not
redeemable without paying a fee.

(f) A portion of this holding ($2,422,148) is under lock-up and is not
redeemable without paying a fee.

(g) A portion of this holding ($958,060) is subject to an investor level gate of 12.5%.

(h) The Investment Fund is subject to an investor level gate of 50%.

(i) This holding is under lock-up and is not redeemable without paying a
fee.

(j) Investment in affiliate. The Fund holds shares in UBS Select Treasury Institutional Fund, which is registered
under the Investment Company Act of 1940, as amended, and advised by UBS Asset Management (Americas) LLC. The rate shown is the current yield as of June 30, 2025. The audited financial statements of this entity can be found at www.sec.gov.

Complete information about the Investment Funds' underlying investments is not readily available.

The Fund's valuation procedures require evaluation of all relevant factors available at the time the Fund values its portfolio. These relevant factors include the individual Investment Funds' compliance with fair value measurements, price transparency and valuation procedures in place, and subscription and redemption activity.

**A&Q Multi-Strategy Fund** 

**Schedule of Portfolio Investments (continued)** 

**(Unaudited)** 

**June 30, 2025** 

**Portfolio Valuation** 

Net asset value of the Fund is determined by the Fund's administrator, under the oversight of the Adviser, as of the close of business at the end of any fiscal period in accordance with the valuation principles or as may be determined from time to time pursuant to policies established by the Board of Trustees.

The investments within the scope of ASC 820, for which fair value is measured using NAV as a practical expedient, should not be categorized within the fair value hierarchy. The total fair value of the investments in Investment Funds valued using NAV as a practical expedient is $314,810,905. Additional disclosures, including liquidity terms and conditions of the underlying investments, are included in the Schedule of Portfolio Investments.

The Investment Funds in the credit/income strategy (total fair value of $53,158,234) utilize credit analysis to evaluate potential investments and use debt or debt-linked instruments to execute their investment theses. Their approach can be either fundamental, quantitative, or a combination of both. As of June 30, 2025, the Investment Funds in the credit/income strategy had $37,237,204, representing 70% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $3,252,677, representing 6% of the value of the investments in this category, that cannot be redeemed in full because the investment includes restrictions that do not allow for redemptions in the first 12 months after acquisition. The remaining restriction period for this investment is 1 month at June 30, 2025.

The Investment Funds in the equity hedged strategy (total fair value of $100,132,017) generally utilize fundamental analysis to invest in publicly traded equities investing in both long and short positions seeking to capture perceived security mispricing. Portfolio construction is driven primarily by bottom-up fundamental research; top-down analysis may also be applied. As of June 30, 2025, the Investment Funds in the equity hedged strategy had $41,982,059, representing 42% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $2,422,148, representing 2% of the value of the investments in this category, that cannot be redeemed in full because the investment includes restrictions that do not allow for redemptions in the first 12 months after acquisition. The remaining restriction period for this investment is 6 months at June 30, 2025.

The Investment Funds in the multi-strategy strategy (total fair value of $20,221,722) invest in both long and short, equity and debt strategies that are primarily in U.S. based securities. The management of these Investment Funds seek arbitrage opportunities, distressed securities, corporate restructures and hedges established in equities, convertible securities, options, warrants, rights, forward contracts, futures, trade claims, credit default swaps and other derivatives, real estate and other financial instruments. As of June 30, 2025, the Investment Fund in the multi-strategy strategy had $958,060, representing 5% of the value of the investments in this category, subject to investor level gates.

**A&Q Multi-Strategy Fund** 

**Schedule of Portfolio Investments (continued)** 

**(Unaudited)** 

**June 30, 2025** 

The Investment Funds in the relative value strategy (total fair value of $93,084,365), a broad category, generally encompass strategies that are non-fundamental and non-directional, and often quantitatively driven. The Investment Funds in this strategy typically use arbitrage to exploit mispricing and other opportunities in various asset classes, geographies, and time horizons. The Investment Funds frequently focus on capturing the spread between two assets, while maintaining neutrality to other factors, such as geography, changes in interest rates, equity market movement, and currencies, to name a few examples. As of June 30, 2025, the Investment Funds in the relative value strategy had $54,283,356, representing 58% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $9,900,651, representing 11% of the value of the investments in this category, that cannot be redeemed in full because the investment includes restrictions that do not allow for redemptions in the first 12 months after acquisition. The remaining restriction period for this investment is 11 months at June 30, 2025.

The Investment Funds in the trading strategy (total fair value of $48,214,567) are generally top-down in nature and often driven by econometric and macroeconomic research. The Investment Funds may utilize financial instruments, such as foreign exchange, equities, rates, sovereign debt, currencies, and commodities to express a manager's view. In executing different approaches, managers may use either fundamental or quantitative models or a combination of both. As of June 30, 2025, the Investment Funds in the trading strategy had $36,660,808, representing 76% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $8,582,319, representing 18% of the value of the investments in this category, that cannot be redeemed in full because the investment includes restrictions that do not allow for redemptions in the first 24 months after acquisition. The remaining restriction period for this investment ranges from 10-12 months at June 30, 2025.

Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents. The Fund had no unfunded capital commitments as of June 30, 2025.

Please refer to the March 31, 2025 financial statements for full disclosure on the Fund's portfolio valuation methodology.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** A&Q Multi-Strategy Fund

- **b. Investment Company Act file number:** 811-22500

- **c. CIK number of Registrant:** 0001506707

- **d. LEI of Registrant:** 254900G3D6CIA5ZDVR34

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 600 Washington Blvd

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06901

  - **Telephone number:** 2013523000

**Item A.2. Information about the Series.**

- **a. Name of Series:** A&Q Multi-Strategy Fund

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $355677819.70

**Total Liabilities:** $20188142.33

**Net Assets:** $335489677.37

**Cash Not Reported:** $178730.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C999999999 | 0.48%                | 1.34%                | 1.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $545083.08               | $1694664.69                                |
| Month 2  | $-1446.35                | $5344343.95                                |
| Month 3  | $22574504.07             | $-16333530.02                              |

### Schedule of Portfolio Investments

| Name                                              | Title                                             | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Burkehill International Ltd                       | Burkehill International Ltd                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  13700127 | OU      | $15660138.58  | 4.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Elan Feeder Fund Ltd.                             | Elan Feeder Fund Ltd.                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  10314366 | OU      | $14536976.30  | 4.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Elementum Zephyrus Total Return Cat Bond Fund Ltd | Elementum Zephyrus Total Return Cat Bond Fund Ltd | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | VG        |  13607000 | OU      | $15921030.00  | 4.75%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Jericho Capital International, Ltd                | Jericho Capital International, Ltd                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   9470412 | OU      | $16452301.47  | 4.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kirkoswald Global Macro Fund Ltd                  | Kirkoswald Global Macro Fund Ltd                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  12775610 | OU      | $14596945.68  | 4.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Linden Investors LP                               | Linden Investors LP                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4490399 | OU      | $13765090.47  | 4.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Point72 Capital International, Ltd.               | Point72 Capital International, Ltd.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   8057900 | OU      | $17083231.45  | 5.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Redwood Opportunity Offshore Fund, Ltd.           | Redwood Opportunity Offshore Fund, Ltd.           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   5731621 | OU      | $10038199.23  | 2.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rokos Global Macro Fund, Ltd.                     | Rokos Global Macro Fund, Ltd.                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   4621158 | OU      | $13481542.15  | 4.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Schonfeld Strategic Partners Offshore Fund Ltd.   | Schonfeld Strategic Partners Offshore Fund Ltd.   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  14575056 | OU      | $20221722.55  | 6.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sona Credit Fund Limited                          | Sona Credit Fund Limited                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   9212701 | OU      | $14091448.65  | 4.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SPF Securitized products Fund Ltd                 | SPF Securitized products Fund Ltd                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  12000000 | OU      | $13107556.21  | 3.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Statar Capital Offshore (Cayman), Ltd.            | Statar Capital Offshore (Cayman), Ltd.            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   5888930 | OU      | $11553758.74  | 3.44%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Symmetry International Fund, Ltd.                 | Symmetry International Fund, Ltd.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  14346272 | OU      | $38801008.99  | 11.57%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Trexquant Offshore Fund Ltd.                      | Trexquant Offshore Fund Ltd.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  10000000 | OU      | $9900651.43   | 2.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Valent Green Element Offshore Fund Ltd            | Valent Green Element Offshore Fund Ltd            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5500000 | OU      | $8582319.32   | 2.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Aleutian Fund, Ltd.                               | Aleutian Fund, Ltd.                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  12934841 | OU      | $15762459.39  | 4.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Anomaly Capital International, Ltd.               | Anomaly Capital International, Ltd.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  13125735 | OU      | $22476679.52  | 6.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Aventail Energy Offshore Fund, Ltd.               | Aventail Energy Offshore Fund, Ltd.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  12663540 | OU      | $12697207.00  | 3.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bright Meadow Agency MBS Offshore Fund, Ltd.      | Bright Meadow Agency MBS Offshore Fund, Ltd.      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  12084641 | OU      | $16080637.54  | 4.79%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** A&Q Multi-Strategy Fund

**Signature:** Martin Fuchs

**Name of Signer:** A&Q Multi-Strategy Fund

**Title:** Principal Accounting Officer