Pendal Total Return Fund
31 August 2021
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Multi-Sector | FUM (millions): | AU$ 5.83m |
| Investment Style: | Blend | Fund Inception Date: | January 2001 |
| Geographic Mandate: | Global | Latest Return Date: | August 2021 |
| Investor Type: | Wholesale | Status: | Closed |
| Minimum Investment: | AU$ 500,000 | Investment Frequency: | Monthly |
Manager Details
In 2023, Pendal became part of Perpetual Limited (ASX:PPT). Through the Perpetual and Pendal brands, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW, they have a presence in the US, UK and Europe.
In 2023, Pendal became part of Perpetual Limited (ASX:PPT). Through the Perpetual and Pendal brands, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW, they have a presence in the US, UK and Europe.
Strategy Description
The Fund aims to achieve its objective by investing using a range of hedge fund managers.
The Fund will invest its assets with managers that execute a range of investment strategies. Any currency exposure will generally be hedged back to the Australian dollar.
The Fund aims to achieve its objective by investing using a range of hedge fund managers.
The Fund will invest its assets with managers that execute a range of investment strategies. Any currency exposure will generally be hedged back to the Australian dollar.
Fund Fees
| Management Fee: | 1.4% | Performance Fee: | 0% |
| Buy Spread: | 0.15% | Sell spread: | 0.15% |
| High Water Mark: | No | Hurdle: | UBS Australia Bank Bill Index |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | N/A |
| Administrator: | RBC Dexia | Prime Broker: | UBS |
| Custodian: | RBC Dexia | Legal: | In House |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Pendal Total Return Fund has a track record of 21 years and has underperformed the All Countries World (AUD) benchmark since inception in September 2000, providing investors with an annualised return of 2.25% compared with the benchmark's return of 4.81% over the same period.
The Manager has delivered these returns with 6.97% 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 -0.26 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 57% of the time during periods of market decline, contributing to an up-capture ratio since inception of 1% and a down-capture ratio of 6%.
The Pendal Total Return Fund returned -1.08% in August, a difference of -3.98% compared with the All Countries World (AUD) benchmark which rose by +2.9%. Over the past 12 months, the fund's best monthly return was +4.43% compared with the benchmark's best return of +7.49%, and its worst monthly return was -4.79% vs the benchmark's worst return over the same period of -0.57%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 0.61 | -4.79 | 4.43 | 1.75 | 2.61 | -0.22 | 3.26 | -1.08 | NA | NA | NA | NA | 6.45 |
| 2020 | -1.30 | -2.46 | -4.86 | 0.15 | -2.30 | -0.27 | 1.80 | 0.10 | -0.15 | -1.71 | 0.67 | 1.18 | -8.95 |
| 2019 | 0.89 | -0.82 | 1.00 | -1.31 | -1.26 | 0.86 | 0.95 | 0.30 | -0.80 | -0.56 | -1.48 | 0.25 | -2.01 |
| 2018 | 1.00 | -2.70 | -0.14 | -0.05 | -0.55 | -1.87 | -0.99 | -0.50 | -0.16 | -2.88 | -1.18 | 0.32 | -9.35 |
| 2017 | 0.33 | 1.30 | -0.08 | 0.08 | -0.19 | -0.64 | 0.49 | 1.19 | 0.13 | 1.40 | -0.13 | 0.48 | 4.42 |
| 2016 | 0.61 | 0.47 | -0.17 | -0.22 | 0.08 | 1.60 | 0.61 | -0.12 | 0.63 | -0.46 | -0.60 | 0.76 | 3.21 |
| 2015 | 1.73 | -0.39 | 0.85 | -1.10 | 0.55 | -2.19 | 1.25 | 0.04 | 1.23 | 0.26 | -0.18 | -0.25 | 1.73 |
| 2014 | -0.89 | 0.21 | -0.11 | -0.35 | 0.73 | -0.04 | 0.94 | 0.47 | 0.67 | 0.74 | 1.60 | 1.02 | 5.09 |
| 2013 | 0.71 | 0.22 | -0.11 | 1.07 | -0.19 | 0.13 | 0.32 | -0.49 | 0.23 | 1.32 | 0.91 | 0.84 | 5.07 |
| 2012 | 0.22 | -1.06 | 0.40 | 0.19 | 0.22 | 0.08 | 0.70 | -0.29 | -0.47 | 0.43 | 0.22 | 0.33 | 0.96 |
| 2011 | -0.11 | 0.69 | 0.06 | 0.87 | 0.39 | 0.36 | 0.08 | -0.30 | -1.80 | 1.12 | -0.12 | 0.57 | 1.79 |
| 2010 | -0.94 | -0.45 | 1.46 | 1.00 | -2.24 | -0.12 | 0.51 | 0.21 | 0.88 | 1.12 | 0.51 | 1.20 | 3.14 |
| 2009 | 1.05 | 0.51 | 0.76 | 1.64 | -0.06 | -0.02 | 2.09 | 1.03 | -0.81 | 1.51 | 0.92 | 0.84 | 9.85 |
| 2008 | -3.67 | -0.73 | -0.61 | -0.41 | 0.29 | -0.58 | -0.23 | 0.64 | -1.59 | -2.96 | 0.53 | 0.45 | -8.61 |
| 2007 | 1.48 | 0.39 | 1.44 | 1.68 | 1.26 | 0.58 | 0.41 | 0.51 | 1.03 | 0.95 | -0.71 | -0.41 | 8.92 |
| 2006 | 0.31 | 0.92 | 1.40 | 0.61 | 1.01 | 0.40 | -0.21 | 0.93 | 0.51 | 1.93 | 1.20 | 1.65 | 11.17 |
| 2005 | 1.11 | 0.30 | -0.40 | -0.70 | 0.00 | 0.63 | 0.00 | 0.41 | 0.89 | -0.93 | 0.83 | 0.14 | 2.29 |
| 2004 | 0.74 | 0.51 | 0.44 | 0.21 | 0.21 | 0.94 | 1.68 | 0.72 | 0.93 | 1.22 | 1.21 | 0.19 | 9.35 |
| 2003 | 0.98 | 0.54 | 0.43 | 0.00 | 2.24 | 1.15 | 0.79 | 0.88 | 0.87 | 0.78 | 0.43 | 1.41 | 10.99 |
| 2002 | 1.12 | 0.44 | 1.43 | -0.22 | 0.98 | 0.00 | 0.51 | 0.55 | 0.11 | 0.34 | 0.44 | 1.10 | 7.00 |
| 2001 | -0.11 | 0.23 | 0.34 | 1.03 | -0.90 | -0.91 | -0.23 | -0.69 | 1.51 | 1.03 | 1.36 | 0.00 | 2.64 |
| 2000 | NA | NA | NA | NA | NA | NA | NA | NA | -1.00 | -12.02 | 0.11 | 0.00 | -12.80 |
Only seven years of data shown. Click here to view all data.
General Notes
Annual Returns
Over the past 12 months, the fund has risen by +6.41% compared with the benchmark which has returned +29.7%, for a difference of -23.29%. Since inception in September 2000, the fund has returned +2.25% per annum, a difference of -2.56% relative to the benchmark which has returned +4.81% 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 $159. The same amount invested in the benchmark over the same period would have become $268.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 8.12% vs the index's 7.94%. The annualised volatility of the fund's returns since inception in September 2000 is 4.62% vs the index's 11.59%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.79 for performance over the most recent 12 months to a low of -0.66 over the latest 48 months, and is -0.26 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since September 2000 is 0.16.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in September 2000 in the months where the market was positive, the fund has provided positive returns 74% of the time, contributing to an up-capture ratio for returns since inception of 1.47%. Over all other periods, the fund's up-capture ratio has ranged from a high of 23.08% over the most recent 12 months to a low of 1.88% over the latest 48 months.
Performance in Negative Markets
Since inception in September 2000 in the months where the market was negative, the fund has provided positive returns 57% of the time, contributing to a down-capture ratio for returns since inception of 6.24%. Over all other periods, the fund's down-capture ratio has ranged from a high of 68.72% over the most recent 12 months to a low of 40.22% 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.
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 1.17 for performance over the most recent 12 months to a low of -0.84 over the latest 48 months, and is -0.32 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since September 2000 is 0.14.
Drawdown
Over the past 12 months, the fund's largest drawdown was -4.79% vs the index's -0.57%, and since inception in September 2000 the fund's largest drawdown was -23.3% vs the index's maximum drawdown over the same period of -47.44%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Multi-Sector as of
The Pendal Total Return Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has risen by +6.41% compared with the peer group which has returned an average of +7.03%, for a difference of -0.62%.
The fund's returns over the past 12 months have been achieved with a volatility of 8.12% vs the peer group's average volatility of 4.62%. The annualised volatility of the fund's returns since inception in September 2000 is 4.62% vs the peer group's 5.03%. Over all other periods, the fund's volatility relative to the peer group has been varied.
Quintile data is pending for Pendal Total Return Fund.