Index Used: | Bloomberg AusBond Composite 0+ Yr Index | Discretionary/Quantitative: | Combination |
Peer Group: | Fixed Income - Bonds | FUM (millions): | AU$ 4,187.87m |
Investment Style: | N/A | Fund Inception Date: | July 2012 |
Geographic Mandate: | Australia/Global | Latest Return Date: | May 2024 |
Investor Type: | Wholesale & Retail | Status: | Open |
Minimum Investment: | AU$ 10,000 | Investment Frequency: | Daily |
Management Fee: | 0.5% | Performance Fee: | 0% |
Buy Spread: | 0.05% | Sell spread: | 0.05% |
High Water Mark: | Hurdle: | N/A |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | Fidante Partners |
Administrator: | Fidante Partners | Prime Broker: | N/A |
Custodian: | Citibank | Legal: | N/A |
The Ardea Real Outcome Fund has a track record of 11 years and 11 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in July 2012, providing investors with an annualised return of 3.34% compared with the benchmark's return of 2.51% over the same period.
The Manager has delivered these returns with 1.59% 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 0.57 since inception. The fund has provided positive monthly returns 73% of the time in rising markets and 73% of the time during periods of market decline, contributing to an up-capture ratio since inception of 24% and a down-capture ratio of -37%.
The Ardea Real Outcome Fund returned -0.91% in May, a difference of -1.3% compared with the Bloomberg AusBond Composite 0+ Yr benchmark which rose by +0.39%. Over the past 12 months, the fund's best monthly return was +1.34% compared with the benchmark's best return of +3.01%, and its worst monthly return was -1.87% vs the benchmark's worst return over the same period of -1.98%.
Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | -0.07 | 0.69 | -1.11 | 1.34 | -0.91 | NA | NA | NA | NA | NA | NA | NA | -0.08 |
2023 | -1.54 | 1.22 | 3.41 | -0.46 | -0.17 | 0.15 | 0.88 | 0.46 | 0.19 | 0.71 | -0.10 | -1.87 | 2.82 |
2022 | -0.24 | -0.97 | 0.46 | 1.00 | -0.25 | 0.84 | -2.09 | 0.63 | 1.83 | 1.23 | -1.87 | 0.47 | 0.96 |
2021 | 0.13 | 0.14 | 0.38 | 0.14 | 0.14 | -0.55 | 0.00 | -0.27 | -0.50 | -0.69 | 0.08 | 0.42 | -0.60 |
2020 | 0.69 | 1.26 | -0.69 | 0.52 | 0.39 | 0.88 | 1.16 | 0.07 | 0.59 | 0.54 | 0.39 | -0.11 | 5.82 |
2019 | 0.59 | 0.67 | 1.67 | 0.60 | 0.93 | 1.06 | 0.58 | 1.19 | 0.29 | 0.33 | 0.21 | -0.01 | 8.39 |
2018 | 0.90 | -0.11 | 0.02 | 0.27 | 0.52 | 0.01 | 0.10 | -0.10 | 0.23 | 0.64 | 0.45 | 0.31 | 3.29 |
2017 | 0.14 | 0.27 | 1.15 | 0.60 | 0.84 | -0.29 | 0.14 | 0.22 | 0.49 | 0.61 | 0.29 | 0.09 | 4.65 |
2016 | -0.86 | -0.78 | 0.73 | -0.13 | 0.94 | 0.42 | 1.25 | 0.34 | 0.15 | 0.58 | 0.18 | 1.20 | 4.08 |
2015 | 1.47 | 1.23 | 0.78 | 0.09 | -1.51 | -0.43 | 0.37 | 0.28 | -1.19 | 0.18 | -0.37 | -0.02 | 0.83 |
2014 | -0.83 | 0.77 | 0.36 | 0.61 | 1.22 | 0.35 | 0.35 | 0.40 | -0.21 | -0.37 | 0.80 | 0.43 | 3.93 |
2013 | 0.25 | 0.93 | 0.17 | -0.02 | 0.56 | 0.45 | 0.55 | -0.20 | 0.09 | 0.35 | 0.51 | 1.32 | 5.07 |
2012 | NA | NA | NA | NA | NA | NA | 0.02 | -0.32 | 0.61 | 1.07 | -0.12 | -0.29 | 0.97 |
Only seven years of data shown. Click here to view all data.
Over the past 12 months, the fund has risen by +0.31% compared with the benchmark which has returned +0.87%, for a difference of -0.56%. Since inception in July 2012, the fund has returned +3.34% per annum, a difference of +0.83% relative to the benchmark which has returned +2.51% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $147. The same amount invested in the benchmark over the same period would have become $134.
The fund's returns over the past 12 months have been achieved with a volatility of 3.06% vs the index's 5.64%. The annualised volatility of the fund's returns since inception in July 2012 is 2.53% vs the index's 4.12%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
The fund's Sharpe ratio has ranged from a high of 0.3 for performance over the most recent 60 months to a low of -1.24 over the latest 12 months, and is 0.57 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since July 2012 is 0.18.
Since inception in July 2012 in the months where the market was positive, the fund has provided positive returns 73% of the time, contributing to an up-capture ratio for returns since inception of 23.74%. Over all other periods, the fund's up-capture ratio has ranged from a high of 10.83% over the most recent 60 months to a low of -30.36% over the latest 12 months.
Since inception in July 2012 in the months where the market was negative, the fund has provided positive returns 73% of the time, contributing to a down-capture ratio for returns since inception of -36.73%. Over all other periods, the fund's down-capture ratio has ranged from a high of -24.72% over the most recent 60 months to a low of -50.49% over the latest 24 months. A negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 0.4 for performance over the most recent 60 months to a low of -1.27 over the latest 12 months, and is 0.83 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sortino for performance since July 2012 is 0.21.
Over the past 12 months, the fund's largest drawdown was -2.45% vs the index's -3.35%, and since inception in July 2012 the fund's largest drawdown was -4.26% vs the index's maximum drawdown over the same period of -13.2%.
The performance of the Ardea Real Outcome Fund ranked it in the first or second quintile for all KPIs over 5 & 7 years. Over 3 years the fund ranked in the second quintile for all KPIs except Sharpe and Downside Deviation, while it ranked in the second quintile for Volatility and Largest Drawdown over 1 year.
Over the past 12 months, the fund has risen by +0.31% compared with the peer group which has returned an average of +4.19%, for a difference of -3.88%.
The fund's returns over the past 12 months have been achieved with a volatility of 3.06% vs the peer group's average volatility of 3.25%. The annualised volatility of the fund's returns since inception in July 2012 is 2.53% vs the peer group's 2.78%. Over all other periods, the fund's volatility relative to the peer group has been varied.