Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
Peer Group: | Equity Long - Large Cap - Australia | FUM (millions): | AU$ 514m |
Investment Style: | Blend | Fund Inception Date: | March 2018 |
Geographic Mandate: | Australia/NZ | Latest Return Date: | May 2024 |
Investor Type: | Wholesale & Retail | Status: | Open |
Minimum Investment: | AU$ 20,000 | Investment Frequency: | Daily |
Management Fee: | 0.9% | Performance Fee: | 15% |
Buy Spread: | 0.15% | Sell spread: | 0.15% |
High Water Mark: | Yes | Hurdle: | S&P/ASX 200 Accumulation Index |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | Pinnacle Fund Services Limited |
Administrator: | Citigroup | Prime Broker: | N/A |
Custodian: | Citigroup | Legal: | N/A |
The Firetrail Australian High Conviction 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 5.23% compared with the benchmark's return of 8.2% over the same period.
The Manager has delivered these returns with 1.39% 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 0.3 since inception. The fund has provided positive monthly returns 85% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 79% and a down-capture ratio of 100%.
The Firetrail Australian High Conviction Fund returned -1.1% in May, a difference of -2.02% 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 +5.98% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.89% 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 | -0.37 | -1.84 | 4.76 | -0.80 | -1.10 | NA | NA | NA | NA | NA | NA | NA | 0.51 |
2023 | 4.90 | -0.59 | -0.56 | 2.92 | -0.73 | -0.09 | 4.09 | -2.37 | -2.89 | -4.89 | 2.84 | 5.98 | 8.28 |
2022 | -5.18 | 2.61 | 4.11 | -1.44 | -3.45 | -8.39 | 3.75 | 1.41 | -6.55 | 4.76 | 6.24 | -1.95 | -5.25 |
2021 | 0.31 | 3.56 | 2.76 | 2.28 | 2.33 | 0.33 | 0.72 | 4.03 | -1.49 | 0.62 | -0.03 | 1.96 | 18.67 |
2020 | 1.46 | -8.56 | -22.97 | 14.73 | 5.33 | 0.12 | 0.56 | 2.36 | -2.46 | 2.26 | 13.70 | 2.50 | 3.45 |
2019 | 4.13 | 5.56 | -0.24 | 3.15 | -1.78 | 2.73 | 3.43 | -3.16 | 0.76 | 0.30 | 5.57 | -1.44 | 20.21 |
2018 | NA | NA | -2.32 | 3.81 | 2.66 | 1.53 | 1.43 | -3.22 | -0.39 | -7.29 | -4.61 | -1.16 | -9.66 |
Over the past 12 months, the fund has risen by +2.73% compared with the benchmark which has returned +12.93%, for a difference of -10.2%. Since inception in March 2018, the fund has returned +5.23% per annum, a difference of -2.97% relative to the benchmark which has returned +8.2% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $137. The same amount invested in the benchmark over the same period would have become $163.
The fund's returns over the past 12 months have been achieved with a volatility of 11.21% vs the index's 10.99%. The annualised volatility of the fund's returns since inception in March 2018 is 16.75% vs the index's 15.36%. Over all other periods, the fund's volatility relative to the benchmark has been varied.
The fund's Sharpe ratio has ranged from a high of 0.67 for performance over the most recent 48 months to a low of -0.08 over the latest 12 months, and is 0.3 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since March 2018 is 0.49.
Since inception in March 2018 in the months where the market was positive, the fund has provided positive returns 85% of the time, contributing to an up-capture ratio for returns since inception of 78.65%. Over all other periods, the fund's up-capture ratio has ranged from a high of 87.41% over the most recent 60 months to a low of 58.55% over the latest 12 months.
Since inception in March 2018 in the months where the market was negative, the fund has provided positive returns 7% of the time, contributing to a down-capture ratio for returns since inception of 99.6%. Over all other periods, the fund's down-capture ratio has ranged from a high of 106.38% over the most recent 12 months to a low of 89.8% 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.
The fund's Sortino ratio (which excludes volatility in positive months) is -0.2 for performance over the past 12 months vs the ASX 200 Total Return Index's Sortino of 0.56.
Over the past 12 months, the fund's largest drawdown was -9.83% vs the index's -7.19%, and since inception in March 2018 the fund's largest drawdown was -29.57% vs the index's maximum drawdown over the same period of -26.75%.
The performance of the Firetrail Australian High Conviction Fund ranked it in the second quintile for Volatility over 3 years.
Over the past 12 months, the fund has risen by +2.73% compared with the peer group which has returned an average of +10.97%, for a difference of -8.24%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.21% vs the peer group's average volatility of 10.45%. The annualised volatility of the fund's returns since inception in March 2018 is 16.75% vs the peer group's 11.54%. Over all other periods, the fund's volatility relative to the peer group has been varied.