Index Used: | S&P Global Infrastructure TR Index (AUD) | Discretionary/Quantitative: | Discretionary |
Peer Group: | Infrastructure | FUM (millions): | AU$ 319.52m |
Investment Style: | Value | Fund Inception Date: | March 2016 |
Geographic Mandate: | Global | Latest Return Date: | May 2024 |
Investor Type: | Wholesale & Retail | Status: | Open |
Minimum Investment: | AU$ 25,000 | Investment Frequency: | Daily |
Management Fee: | 0.95% | Performance Fee: | 10.25% |
Buy Spread: | 0.3% | Sell spread: | 0.3% |
High Water Mark: | Yes | Hurdle: | OECD G7 inflation index + 5.5% per annum |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | Bennelong Funds Management |
Administrator: | Citigroup | Prime Broker: | N/A |
Custodian: | Citigroup | Legal: | N/A |
The 4D Global Infrastructure Fund (AUD Hedged) has a track record of 1 year and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in August 2022, providing investors with an annualised return of 2.92% compared with the benchmark's return of 8.39% over the same period.
The Manager has delivered these returns with 5.4% more volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of 0.23 and for performance since inception of 0.03. The fund has provided positive monthly returns 69% of the time in rising markets and 0% of the time during periods of market decline, contributing to an up-capture ratio since inception of 99% and a down-capture ratio of 140%.
The 4D Global Infrastructure Fund (AUD Hedged) rose by +4.44% in May, an outperformance of +0.98% compared with the S&P Global Infrastructure TR (AUD) benchmark which rose by +3.46%. Over the past 12 months, the fund's best monthly return was +10.01% compared with the benchmark's best return of +5.27%, and its worst monthly return was -4.89% vs the benchmark's worst return over the same period of -3.95%.
Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | -2.85 | -0.97 | 1.91 | -1.49 | 4.44 | NA | NA | NA | NA | NA | NA | NA | 0.87 |
2023 | 6.30 | -2.01 | 2.10 | 2.68 | -3.29 | 2.95 | 1.07 | -4.89 | -3.24 | -3.15 | 10.01 | 3.65 | 11.67 |
2022 | NA | NA | NA | NA | NA | NA | NA | -1.41 | -11.30 | 4.13 | 5.34 | -2.43 | -6.41 |
Over the past 12 months, the fund has risen by +6.66% compared with the benchmark which has returned +11.21%, for a difference of -4.55%. Since inception in August 2022, the fund has returned +2.92% per annum, a difference of -5.47% relative to the benchmark which has returned +8.39% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $105. The same amount invested in the benchmark over the same period would have become $115.
The fund's returns over the past 12 months have been achieved with a volatility of 14.06% vs the index's 8.45%. The annualised volatility of the fund's returns since inception in August 2022 is 15.62% vs the index's 10.22%.
The fund's Sharpe ratio is 0.23 for performance over the past 12 months vs the S&P Global Infrastructure TR (AUD) Index's Sharpe of 0.81, and since inception the fund's Sharpe ratio is 0.03 vs the index's Sharpe of 0.49 for performance over the same period.
Since inception in August 2022 in the months where the market was positive, the fund has provided positive returns 69% of the time, contributing to an up-capture ratio since inception of 99.14%. For performance over the past 12 month, the fund's up-capture ratio is 103.34%. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Since inception in August 2022 in the months where the market was negative, the fund has provided positive returns 0% of the time, contributing to a down-capture ratio since inception of 139.66%. For performance over the past 12 month, the fund's down-capture ratio is 165.34%.
The fund's Sortino ratio (which excludes volatility in positive months) is 0.28 for performance over the past 12 months vs the S&P Global Infrastructure TR (AUD) Index's Sortino of 0.64.
Over the past 12 months, the fund's largest drawdown was -10.88% vs the index's -6.58%, and since inception in August 2022 the fund's largest drawdown was -12.55% vs the index's maximum drawdown over the same period of -8.36%.
The performance of the 4D Global Infrastructure Fund (AUD Hedged) ranked it in the first quintile for Total Return and second quintile for Sharpe and Sortino over 1 year.
Over the past 12 months, the fund has risen by +6.66% compared with the peer group which has returned an average of +4.14%, for a difference of +2.52%.
The fund's returns over the past 12 months have been achieved with a volatility of 14.06% vs the peer group's average volatility of 8.48%. The annualised volatility of the fund's returns since inception in August 2022 is 15.62% vs the peer group's 9.89%.