AB Multi-Manager Alternative Fund PM Brian Briskin Sells Shares

What Happened
Brian Briskin, a portfolio manager for AB Multi-Manager Alternative Fund, reported two related transactions in June 2026. On June 18 he acquired 5,513.439 shares at $12.37 per share (purchase cost $68,201). On June 23 he reported disposing 5,571.997 shares at $12.24 per share (proceeds shown as $68,201) in connection with the issuer’s tender offer / repurchase program.

Key Details

• Transaction dates and prices:
  • 2026-06-18: Open-market or private purchase (code P) — 5,513.439 shares @ $12.37 ($68,201).
  • 2026-06-23: Other acquisition/disposition (code J) — 5,571.997 shares @ $12.24 (reported $68,201); disposal tied to issuer tender offer.
• Reported value: each side of the activity is shown as $68,201.
• Post-transaction beneficial ownership: filing references an adjustment (footnote F3) but does not give a clear total holding in the supplied summary; F3 notes a reduction of 90.179 shares from a prior filing due to NAV adjustment.
• Tender-offer specifics (footnotes):
  • F1: Shares tendered for repurchase at the unaudited NAV per share as of the Valuation Date (Sept 30, 2026). The temporary NAV shown as of May 31, 2026 was $12.24, but the final amount is subject to adjustment based on Sept 30 NAV.
  • F2: Repurchase payments: ~95% paid ~45 days after the Valuation Date; remaining balance paid after the issuer’s next annual audit (expected May 2027).
• Timeliness: The filing was made on 2026-09-03 for June transactions; this appears to be late relative to the typical 2‑business‑day Form 4 reporting requirement.

Context
The June 23 disposition is not a routine open-market sale but part of the fund’s tender/repurchase process — the eventual repurchase price will be determined by the fund’s NAV as of Sept 30, 2026 and initial payment will be delayed per F2. Because the disposal is through a structured tender/repurchase, it shouldn’t be read in the same way as an immediate open-market sale; the earlier June 18 purchase and the repurchase are effectively linked in the filing.