Yarra Emerging Leaders Fund
30 June 2024
Key Facts
| Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Small/Mid Cap - Australia | FUM (millions): | AU$ 93.2m |
| Investment Style: | Blend | Fund Inception Date: | September 1997 |
| Geographic Mandate: | Australia | Latest Return Date: | June 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 50,000 | Investment Frequency: | Daily |
Manager Details
The firm is led by the senior management team comprising Dion Hershan (Managing Director and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (Chief Operating Officer). Dion, Katie, Roy and Brett lead a team of more than 35 professionals focused on delivering the best outcomes for the firm's institutional and retail clients. The investment team comprises 15 investment professionals with an average 14 years' industry experience.
The firm is led by Dion Hershan (MD and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (COO). The team comprises 15 investment professionals.
Strategy Description
The portfolio contains between 30 and 55 stocks listed on the Emerging Leaders benchmark, selected based on a fundamental, long-term and balanced investment approach.
The portfolio contains between 30 and 55 stocks listed on the Emerging Leaders benchmark, selected based on a fundamental, long-term and balanced investment approach.
Fund Fees
| Management Fee: | 1.25% | Performance Fee: | 0% |
| Buy Spread: | 0.2% | Sell spread: | 0.2% |
| High Water Mark: | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Yarra Funds Management Limited |
| Administrator: | Yarra Funds Management | Prime Broker: | N/A |
| Custodian: | RBC Investor Services | Legal: | Internal |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Yarra Emerging Leaders Fund has a track record of 26 years and 9 months and has outperformed the ASX 200 Total Return benchmark since inception in October 1997, providing investors with an annualised return of 9.55% compared with the benchmark's return of 8.38% over the same period.
The Manager has delivered these returns with 2.98% 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 0.43 since inception. The fund has provided positive monthly returns 86% of the time in rising markets and 24% of the time during periods of market decline, contributing to an up-capture ratio since inception of 114% and a down-capture ratio of 100%.
The Yarra Emerging Leaders Fund returned -1.54% in June, a difference of -2.55% compared with the ASX 200 Total Return benchmark which rose by +1.01%. Over the past 12 months, the fund's best monthly return was +7.07% compared with the benchmark's best return of +7.26%, and its worst monthly return was -6.61% 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 | -0.61 | 3.69 | 3.80 | -3.57 | -1.19 | -1.54 | NA | NA | NA | NA | NA | NA | 0.35 |
| 2023 | 6.34 | 0.26 | -0.48 | 4.86 | -1.37 | 0.61 | 3.57 | -2.34 | -4.60 | -6.61 | 5.96 | 7.07 | 12.87 |
| 2022 | -7.96 | 0.25 | 6.10 | -1.24 | -6.36 | -10.18 | 8.92 | 1.65 | -9.50 | 4.70 | 6.05 | -3.34 | -12.54 |
| 2021 | -0.77 | 0.67 | 2.62 | 3.07 | -0.37 | 3.47 | 1.26 | 5.12 | -0.66 | -0.09 | 0.33 | 3.93 | 19.96 |
| 2020 | 2.54 | -6.27 | -27.75 | 17.56 | 6.97 | 2.61 | -0.46 | 5.32 | -0.57 | 2.05 | 7.18 | 2.72 | 4.94 |
| 2019 | 4.53 | 3.73 | -1.27 | 2.21 | 0.87 | 2.54 | 5.86 | -1.73 | 3.75 | 1.61 | 1.88 | -0.82 | 25.40 |
| 2018 | 0.59 | -1.97 | -1.46 | 4.65 | 1.30 | 0.10 | 0.33 | 4.67 | 0.24 | -8.52 | -1.55 | -3.02 | -5.20 |
| 2017 | -4.06 | 1.16 | 3.32 | -1.17 | -0.61 | 1.24 | -0.06 | 0.14 | -0.37 | 5.89 | 3.96 | 3.60 | 13.40 |
| 2016 | -2.14 | -2.98 | 4.01 | 2.09 | 6.06 | -3.97 | 8.85 | -2.17 | -0.05 | -8.04 | -3.78 | 2.95 | -0.45 |
| 2015 | 2.51 | 7.11 | -0.30 | -0.99 | 2.92 | -5.20 | 6.13 | -3.25 | 1.08 | 8.01 | 2.50 | 3.56 | 25.85 |
| 2014 | -4.88 | 7.60 | 0.76 | 1.36 | -0.25 | -1.49 | 4.52 | 3.28 | -5.75 | 3.37 | -0.47 | 2.42 | 10.12 |
| 2013 | 7.90 | 4.34 | -1.21 | 1.36 | -3.66 | -4.26 | 3.64 | 1.75 | 5.73 | 4.67 | 0.38 | 1.90 | 24.12 |
| 2012 | 6.62 | 7.81 | 1.34 | 0.72 | -6.72 | -4.38 | -0.07 | 5.24 | 1.29 | 1.90 | 2.16 | 1.53 | 17.81 |
| 2011 | -1.02 | 1.69 | 1.49 | -1.86 | -3.12 | -3.38 | 0.82 | -5.09 | -9.10 | 9.60 | -0.89 | -3.47 | -14.42 |
| 2010 | -6.42 | 0.35 | 6.00 | -1.01 | -9.87 | -2.89 | 6.14 | 0.18 | 5.81 | 1.77 | -1.60 | 5.63 | 2.64 |
| 2009 | -2.16 | -3.69 | 4.05 | 4.61 | 5.84 | 2.56 | 10.56 | 5.56 | 7.01 | -0.27 | 1.13 | 3.65 | 45.38 |
| 2008 | -11.86 | 3.31 | -8.63 | 2.69 | 3.31 | -8.72 | -7.61 | 1.33 | -11.29 | -17.98 | -8.27 | 6.42 | -46.42 |
| 2007 | 2.64 | -0.58 | 4.05 | 3.46 | 4.91 | 0.02 | -1.14 | -4.20 | 3.80 | 4.43 | -2.81 | -1.08 | 13.75 |
| 2006 | 1.26 | 1.20 | 5.22 | 0.76 | -5.39 | 1.54 | 0.40 | 1.24 | 2.79 | 4.84 | 5.23 | 3.12 | 24.06 |
| 2005 | 6.85 | -2.30 | 0.43 | -5.37 | 4.25 | 4.44 | 3.41 | 6.17 | 1.24 | -3.23 | -1.05 | 0.92 | 16.03 |
| 2004 | 1.83 | 2.22 | 0.76 | 2.03 | 1.48 | 2.96 | 3.31 | 3.57 | 4.11 | 5.96 | 3.23 | 3.28 | 40.70 |
| 2003 | -1.13 | -4.79 | 0.93 | 7.39 | 0.52 | 2.88 | 4.40 | 1.86 | 2.14 | 4.06 | -1.95 | 1.47 | 18.66 |
| 2002 | 2.11 | -3.63 | 1.34 | -3.37 | -1.40 | -4.15 | -4.30 | 4.63 | -4.98 | -3.25 | -1.14 | 1.49 | -15.88 |
| 2001 | 2.96 | 2.60 | -3.72 | 2.84 | 1.64 | 4.49 | 1.08 | 2.43 | -6.60 | 5.59 | -0.06 | 1.75 | 15.35 |
| 2000 | -1.41 | 2.36 | -0.69 | -7.22 | -1.11 | 14.75 | 1.00 | 5.56 | 0.31 | 3.56 | 4.12 | 0.98 | 22.88 |
| 1999 | 7.15 | 2.63 | 3.90 | -0.55 | -1.97 | 3.85 | 3.40 | 6.59 | 0.51 | 2.89 | 9.68 | 8.79 | 57.31 |
| 1998 | 1.74 | 1.69 | -0.88 | -0.49 | -2.83 | -6.98 | -0.40 | -6.90 | 6.87 | 5.58 | 4.61 | 3.31 | 4.29 |
| 1997 | NA | NA | NA | NA | NA | NA | NA | NA | NA | -13.03 | 0.78 | 5.35 | -7.66 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +2.6% compared with the benchmark which has returned +12.1%, for a difference of -9.5%. Since inception in October 1997, the fund has returned +9.55% per annum, a difference of +1.17% relative to the benchmark which has returned +8.38% 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 $1146. The same amount invested in the benchmark over the same period would have become $861.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 14.58% vs the index's 10.96%. The annualised volatility of the fund's returns since inception in October 1997 is 16.29% vs the index's 13.31%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.5 for performance over the most recent 48 months to a low of -0.04 over the latest 12 months, and is 0.43 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since October 1997 is 0.4.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in October 1997 in the months where the market was positive, the fund has provided positive returns 86% of the time, contributing to an up-capture ratio for returns since inception of 114.27%. Over all other periods, the fund's up-capture ratio has ranged from a high of 116.23% over the most recent 60 months to a low of 91.18% 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.
Performance in Negative Markets
Since inception in October 1997 in the months where the market was negative, the fund has provided positive returns 24% of the time, contributing to a down-capture ratio for returns since inception of 99.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 162.4% over the most recent 12 months to a low of 109.15% over the latest 60 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 0.62 for performance over the most recent 24 months to a low of -0.16 over the latest 12 months, and is 0.47 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since October 1997 is 0.46.
Drawdown
Over the past 12 months, the fund's largest drawdown was -13% vs the index's -7.19%, and since inception in October 1997 the fund's largest drawdown was -51.6% vs the index's maximum drawdown over the same period of -47.19%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of May 2024
The performance of the Yarra Emerging Leaders Fund ranked it in the first or second quintile for all KPIs except Volatility and Downside Deviation over 3 years.
Over the past 12 months, the fund has risen by +2.6% compared with the peer group which has returned an average of +13.21%, for a difference of -10.61%.
The fund's returns over the past 12 months have been achieved with a volatility of 14.58% vs the peer group's average volatility of 10.84%. The annualised volatility of the fund's returns since inception in October 1997 is 16.29% vs the peer group's 14.51%. Over all other periods, the fund's returns have been more volatile than the peer group.