Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
Peer Group: | Equity Long - Large Cap - Australia | FUM (millions): | AU$ 597.43m |
Investment Style: | Blend | Fund Inception Date: | June 2018 |
Geographic Mandate: | Australia | Latest Return Date: | May 2024 |
Investor Type: | Retail | Status: | Open |
Minimum Investment: | AU$ 10,000 | Investment Frequency: | Daily |
Management Fee: | 0.78% | Performance Fee: | % |
Buy Spread: | 0.14% | Sell spread: | 0.14% |
High Water Mark: | Hurdle: | N/A |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | Magellan Asset Management |
Administrator: | N/A | Prime Broker: | N/A |
Custodian: | The Northern Trust Company | Legal: | N/A |
The Airlie Australian Share Fund has a track record of 6 years and has outperformed the ASX 200 Total Return benchmark since inception in June 2018, providing investors with an annualised return of 10.46% compared with the benchmark's return of 8.36% over the same period.
The Manager has delivered these returns with 0.14% 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 0.62 since inception. The fund has provided positive monthly returns 96% of the time in rising markets and 12% of the time during periods of market decline, contributing to an up-capture ratio since inception of 110% and a down-capture ratio of 97%.
The Airlie Australian Share Fund returned -0.15% in May, a difference of -1.07% compared with the ASX 200 Total Return benchmark which rose by +0.92%. Over the past 12 months, the fund's best monthly return was +7.46% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.53% 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 | 1.88 | 1.60 | 3.13 | -4.09 | -0.15 | NA | NA | NA | NA | NA | NA | NA | 2.22 |
2023 | 7.01 | -2.55 | -0.71 | 1.24 | -1.55 | 1.04 | 2.61 | 1.86 | -2.83 | -4.53 | 6.21 | 7.46 | 15.39 |
2022 | -6.59 | -0.21 | 5.02 | -0.90 | -4.45 | -9.70 | 7.53 | 2.79 | -5.76 | 6.32 | 5.91 | -3.46 | -5.22 |
2021 | 0.02 | 0.52 | 3.95 | 4.48 | 3.56 | 2.88 | 2.61 | 3.22 | -1.14 | 1.93 | 0.48 | 3.21 | 28.76 |
2020 | 3.41 | -5.79 | -19.12 | 9.27 | 5.12 | 4.10 | 0.60 | 4.18 | -3.42 | 1.15 | 10.22 | 1.86 | 8.30 |
2019 | 3.06 | 4.32 | 0.55 | 2.57 | 1.61 | 2.33 | 3.46 | -1.41 | 3.90 | -0.04 | 3.42 | -1.55 | 24.36 |
2018 | NA | NA | NA | NA | NA | 4.11 | 1.15 | 1.51 | -1.87 | -7.12 | -2.94 | -0.92 | -6.30 |
Over the past 12 months, the fund has risen by +14.29% compared with the benchmark which has returned +12.93%, for a difference of +1.36%. Since inception in June 2018, the fund has returned +10.46% per annum, a difference of +2.1% relative to the benchmark which has returned +8.36% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $181. The same amount invested in the benchmark over the same period would have become $161.
The fund's returns over the past 12 months have been achieved with a volatility of 12.24% vs the index's 10.99%. The annualised volatility of the fund's returns since inception in June 2018 is 15.65% vs the index's 15.51%. Over all other periods, the fund's returns have been more volatile than the benchmark.
The fund's Sharpe ratio has ranged from a high of 0.93 for performance over the most recent 48 months to a low of 0.46 over the latest 24 months, and is 0.62 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2018 is 0.5.
Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 96% of the time, contributing to an up-capture ratio for returns since inception of 109.57%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.31% over the most recent 48 months to a low of 102.95% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Since inception in June 2018 in the months where the market was negative, the fund has provided positive returns 12% of the time, contributing to a down-capture ratio for returns since inception of 97.22%. Over all other periods, the fund's down-capture ratio has ranged from a high of 99.77% over the most recent 24 months to a low of 94.18% over the latest 60 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.4 for performance over the most recent 48 months to a low of 0.58 over the latest 24 months, and is 0.75 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since June 2018 is 0.57.
Over the past 12 months, the fund's largest drawdown was -7.23% vs the index's -7.19%, and since inception in June 2018 the fund's largest drawdown was -23.8% vs the index's maximum drawdown over the same period of -26.75%.
The performance of the Airlie Australian Share Fund ranked it in the first quintile for Total Return over 1, 3 & 5 years, and in the first or second quintile for all other KPIs except Volatility over 5 years, while over 3 years the fund ranked in the second quintile for Sharpe and Sortino. Over 1 year, it ranked in the second quintile for Sharpe, Sortino and Largest Drawdown.
Over the past 12 months, the fund has risen by +14.29% compared with the peer group which has returned an average of +10.97%, for a difference of +3.32%.
The fund's returns over the past 12 months have been achieved with a volatility of 12.24% vs the peer group's average volatility of 10.45%. The annualised volatility of the fund's returns since inception in June 2018 is 15.65% vs the peer group's 11.54%. Over all other periods, the fund's returns have been more volatile than the peer group.