The Firetrail Absolute Return Fund has a track record of 6 years and 3 months and has underperformed the ASX 200 Total Return benchmark since inception in March 2018, providing investors with an annualised return of -0.69% compared with the benchmark's return of 8.2% over the same period.
On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -9.89% vs the index's -7.19%, and since inception in March 2018 the fund's largest drawdown was -23.73% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in May 2021 and has so far lasted 3 years, reaching its lowest point during February 2024. During this period, the index's maximum drawdown was -11.9%.
The Manager has delivered these returns with 4.05% less 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 -0.14 since inception. The fund has provided positive monthly returns 46% of the time in rising markets and 48% of the time during periods of market decline, contributing to an up-capture ratio since inception of -4% and a down-capture ratio of -18%.
The performance of the Firetrail Absolute Return Fund ranked it in the first quintile for Volatility and Downside Deviation and second quintile for Largest Drawdown over 5 years, while over 1 & 3 years the fund ranked in the second quintile for Volatility.