4D Global Infrastructure Fund (Unhedged)

Performance Summary as at May 2024

The 4D Global Infrastructure Fund (Unhedged) has a track record of 8 years and 3 months and has outperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in March 2016, providing investors with an annualised return of 9.15% compared with the benchmark's return of 8.78% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 8 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -7.73% vs the index's -6.58%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and lasted 2 years and 2 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by April 2022.

The Manager has delivered these returns with 0.02% 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 0.67 since inception. The fund has provided positive monthly returns 92% of the time in rising markets and 11% of the time during periods of market decline, contributing to an up-capture ratio since inception of 101% and a down-capture ratio of 99%.