Yarra Australian Equities Fund
30 June 2024
Key Facts
| Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Large Cap - Australia | FUM (millions): | AU$ 118.6m |
| Investment Style: | Blend | Fund Inception Date: | July 1996 |
| Geographic Mandate: | Australia | Latest Return Date: | June 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 50,000 | Investment Frequency: | Daily |
Manager Details
The firm is led by the senior management team comprising Dion Hershan (Managing Director and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (Chief Operating Officer). Dion, Katie, Roy and Brett lead a team of more than 35 professionals focused on delivering the best outcomes for the firm's institutional and retail clients. The investment team comprises 15 investment professionals with an average 14 years' industry experience.
The firm is led by Dion Hershan (MD and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (COO). The team comprises 15 investment professionals.
Strategy Description
Yarra Capital focus on companies which are under-appreciated by the broader market, believing the market is inefficient, and that mispricing opportunities arise when the market's valuation doesn't reflect their view on a company's true value.
Fund Fees
| Management Fee: | 0.95% | Performance Fee: | 0% |
| Buy Spread: | 0.15% | Sell spread: | 0.15% |
| High Water Mark: | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Yarra Funds Management Limited |
| Administrator: | Yarra Funds Management | Prime Broker: | N/A |
| Custodian: | RBC Investor Services | Legal: | Internal |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Yarra Australian Equities Fund has a track record of 27 years and 11 months and has outperformed the ASX 200 Total Return benchmark since inception in August 1996, providing investors with an annualised return of 9.4% compared with the benchmark's return of 9.04% over the same period.
The Manager has delivered these returns with 0.59% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.46 since inception. The fund has provided positive monthly returns 95% of the time in rising markets and 9% of the time during periods of market decline, contributing to an up-capture ratio since inception of 104% and a down-capture ratio of 100%.
The Yarra Australian Equities Fund returned -0.21% in June, a difference of -1.22% compared with the ASX 200 Total Return benchmark which rose by +1.01%. Over the past 12 months, the fund's best monthly return was +6.72% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.13% vs the benchmark's worst return over the same period of -3.78%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.30 | 1.49 | 3.88 | -2.89 | -0.50 | -0.21 | NA | NA | NA | NA | NA | NA | 1.97 |
| 2023 | 5.76 | -1.44 | 2.24 | 2.45 | -1.57 | 1.45 | 2.92 | -2.58 | -3.27 | -4.13 | 3.82 | 6.72 | 12.30 |
| 2022 | -4.44 | 1.84 | 5.47 | -1.58 | -2.63 | -8.46 | 5.37 | 2.34 | -6.85 | 7.09 | 6.54 | -2.91 | 0.20 |
| 2021 | 0.17 | 2.68 | 3.93 | 2.58 | 2.40 | 2.58 | 0.48 | 2.06 | -0.71 | -0.35 | -1.25 | 2.61 | 18.43 |
| 2020 | 3.43 | -7.79 | -27.10 | 12.01 | 4.13 | 3.45 | -0.45 | 4.06 | -3.20 | 1.88 | 10.86 | 0.30 | -4.69 |
| 2019 | 3.50 | 6.71 | -1.25 | 2.28 | 1.64 | 3.02 | 3.29 | -1.58 | 2.95 | 0.05 | 1.69 | -0.86 | 23.30 |
| 2018 | -0.56 | -0.97 | -3.51 | 4.50 | 0.13 | 2.55 | 1.29 | 2.53 | -1.03 | -7.46 | -3.12 | -2.77 | -8.66 |
| 2017 | -0.95 | 2.22 | 3.92 | 1.53 | -2.95 | 0.55 | -0.10 | -0.55 | -0.07 | 5.27 | 2.00 | 2.41 | 13.81 |
| 2016 | -5.55 | -3.48 | 4.83 | 2.29 | 4.86 | -4.30 | 6.11 | 0.15 | -0.56 | -4.21 | 3.39 | 4.01 | 6.78 |
| 2015 | 3.64 | 7.68 | 0.55 | -2.47 | 0.76 | -5.45 | 4.33 | -10.16 | -2.77 | 6.43 | 1.33 | 3.31 | 5.87 |
| 2014 | -3.60 | 6.04 | 0.92 | 2.29 | 0.21 | -1.50 | 3.42 | 0.81 | -6.26 | 4.20 | -3.79 | 1.24 | 3.33 |
| 2013 | 5.97 | 5.66 | -0.95 | 3.75 | -3.88 | -2.15 | 3.41 | 2.98 | 3.24 | 3.99 | -1.23 | 1.49 | 24.04 |
| 2012 | 4.89 | 2.77 | 1.78 | 1.15 | -6.80 | -0.92 | 3.53 | 4.32 | 0.86 | 2.71 | 1.23 | 2.67 | 19.16 |
| 2011 | 1.26 | 2.32 | 0.59 | -1.02 | -3.08 | -1.30 | -4.54 | -2.90 | -4.72 | 7.51 | -2.88 | -1.67 | -10.52 |
| 2010 | -6.39 | 2.75 | 6.57 | -3.09 | -7.64 | -3.17 | 6.41 | -1.98 | 4.29 | 1.19 | -1.13 | 3.84 | 0.41 |
| 2009 | -2.37 | -2.40 | 6.67 | 4.87 | 0.55 | 3.19 | 7.69 | 5.76 | 6.06 | -0.32 | 1.04 | 4.51 | 40.59 |
| 2008 | -9.59 | -0.75 | -4.77 | 7.86 | 1.61 | -7.16 | -4.38 | 5.01 | -10.74 | -7.42 | -5.39 | -0.26 | -31.92 |
| 2007 | 1.65 | 1.44 | 3.79 | 2.36 | 1.96 | 0.07 | -1.94 | 2.35 | 5.64 | 2.67 | -1.58 | -1.86 | 17.52 |
| 2006 | 3.50 | 0.64 | 5.47 | 2.15 | -4.37 | 1.94 | -2.83 | 3.05 | 0.09 | 5.10 | 2.18 | 2.71 | 20.92 |
| 2005 | 3.43 | 2.51 | -0.73 | -2.95 | 4.54 | 4.34 | 2.38 | 2.06 | 4.74 | -4.49 | 3.74 | 2.50 | 23.82 |
| 2004 | -0.23 | 2.45 | 1.57 | -0.15 | 2.21 | 2.75 | 0.02 | 1.13 | 4.14 | 3.49 | 4.72 | 3.04 | 28.06 |
| 2003 | -1.88 | -5.02 | 3.50 | 4.47 | 0.30 | 1.78 | 3.14 | 2.73 | -0.22 | 3.00 | -2.03 | 3.63 | 13.74 |
| 2002 | 1.32 | -1.34 | 0.95 | -1.66 | 0.23 | -4.25 | -4.02 | 1.38 | -4.73 | 1.92 | 0.82 | -1.94 | -11.03 |
| 2001 | 4.85 | 0.01 | -4.92 | 4.86 | 2.79 | 4.77 | -4.82 | -1.44 | -5.99 | 5.79 | 2.67 | 2.12 | 10.13 |
| 2000 | -1.81 | 1.86 | -0.67 | 1.50 | 0.01 | 8.28 | -1.74 | 1.97 | 1.54 | 0.12 | 2.36 | -1.32 | 12.35 |
| 1999 | 4.90 | 1.24 | 4.06 | 3.07 | -6.19 | 2.82 | 1.74 | -0.65 | -1.34 | 0.71 | 6.25 | 3.14 | 20.93 |
| 1998 | 1.59 | 0.90 | 2.01 | 0.58 | -1.85 | -1.14 | 1.37 | -7.27 | 4.81 | 2.17 | 5.98 | 1.56 | 10.56 |
| 1997 | -0.57 | 1.25 | -0.41 | 2.65 | 5.57 | 4.96 | 0.67 | -4.58 | 7.57 | -10.57 | 1.24 | 7.18 | 14.33 |
| 1996 | NA | NA | NA | NA | NA | NA | NA | 5.50 | 2.54 | 1.92 | 2.45 | 2.21 | 15.45 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +5.04% compared with the benchmark which has returned +12.1%, for a difference of -7.06%. Since inception in August 1996, the fund has returned +9.4% per annum, a difference of +0.36% relative to the benchmark which has returned +9.04% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $1227. The same amount invested in the benchmark over the same period would have become $1118.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 11.23% vs the index's 10.96%. The annualised volatility of the fund's returns since inception in August 1996 is 13.81% vs the index's 13.22%. Over all other periods, the fund's volatility relative to the benchmark has been varied.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.77 for performance over the most recent 48 months to a low of 0.12 over the latest 12 months, and is 0.46 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since August 1996 is 0.44.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in August 1996 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio for returns since inception of 104.21%. Over all other periods, the fund's up-capture ratio has ranged from a high of 98.14% over the most recent 60 months to a low of 80.72% over the latest 12 months.
Performance in Negative Markets
Since inception in August 1996 in the months where the market was negative, the fund has provided positive returns 9% of the time, contributing to a down-capture ratio for returns since inception of 99.9%. Over all other periods, the fund's down-capture ratio has ranged from a high of 123.72% over the most recent 12 months to a low of 94.49% over the latest 48 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.18 for performance over the most recent 48 months to a low of 0.1 over the latest 12 months, and is 0.53 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since August 1996 is 0.52.
Drawdown
Over the past 12 months, the fund's largest drawdown was -9.66% vs the index's -7.19%, and since inception in August 1996 the fund's largest drawdown was -37.35% vs the index's maximum drawdown over the same period of -47.19%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Australia as of May 2024
The performance of the Yarra Australian Equities Fund ranked it in the second quintile for Total Return and Sharpe over 3 years.
Over the past 12 months, the fund has risen by +5.04% compared with the peer group which has returned an average of +10.97%, for a difference of -5.93%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.23% vs the peer group's average volatility of 10.45%. The annualised volatility of the fund's returns since inception in August 1996 is 13.81% vs the peer group's 11.54%. Over all other periods, the fund's volatility relative to the peer group has been varied.