The Alphinity Concentrated Australian Share Fund has a track record of 19 years and 8 months and has underperformed the ASX 200 Total Return benchmark since inception in November 2004, providing investors with an annualised return of 7.33% compared with the benchmark's return of 8.23% over the same period.
On a calendar year basis, the fund has experienced a negative annual return on 4 occasions in the 19 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -6.26% vs the index's -7.19%, and since inception in November 2004 the fund's largest drawdown was -59.01% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in November 2007 and lasted 7 years and 3 months, reaching its lowest point during February 2009. The fund had completely recovered its losses by February 2015.
The Manager has delivered these returns with 0.9% 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 0.34 since inception. The fund has provided positive monthly returns 96% of the time in rising markets and 9% of the time during periods of market decline, contributing to an up-capture ratio since inception of 106% and a down-capture ratio of 101%.
The performance of the Alphinity Concentrated Australian Share Fund ranked it in the second quintile for Total Return, Volatility and Sharpe over 7 years, while over 5 years the fund ranked in the second quintile for Volatility. Over 3 years, the fund ranked in the second quintile for Volatility, Downside Deviation and Largest Drawdown, and over 1 year it ranked in the first quintile for Largest Drawdown and second quintile for Volatility and Sharpe.