Skerryvore Global Emerging Markets All-Cap Equity Fund
31 May 2026
Performance Review
The Skerryvore Global Emerging Markets All-Cap Equity Fund has a track record of 4 years and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the MSCI Emerging Markets (MMEF) AUD benchmark since inception in August 2021, providing investors with an annualised return of 3.38% compared with the benchmark's return of 9.82% over the same period.
The Manager has delivered these returns with 4.7% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past four years and which currently sits at 0.07 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 42% of the time during periods of market decline, contributing to an up-capture ratio since inception of 26% and a down-capture ratio of 49%.
The Skerryvore Global Emerging Markets All-Cap Equity Fund rose by +1.37% in May, a difference of -8.23% compared with the MSCI Emerging Markets (MMEF) AUD benchmark which rose by +9.60%. Over the past 12 months, the fund's best monthly return was +2.95% compared with the benchmark's best return of +9.60%, and its worst monthly return was -6.61% vs the benchmark's worst return over the same period of -9.54%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Performance: | - | - | - | - | - | - | - | |
| Rank in Peer Group (out of 1): | ||||||||
| Index Fund Peergroup - Equity Emerging Markets | Performance: | 2.69% | -1.96% | -1.87% | 6.22% | 10.99% | 6.46% | 8.44% |
| Performance vs peergroup: | - | - | - | - | - | - | - | |
| Benchmark - MSCI Emerging Markets (MMEF) AUD | Performance: | 9.60% | 8.35% | 17.92% | 38.02% | 20.81% | 9.12% | 10.11% |
| Performance vs benchmark (Alpha): | - | - | - | - | - | - | - | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance: | - | - | - | - | - | - | - | - | - | - | |
| Rank in Peer Group (out of 1): | |||||||||||
| Drawdown: | - | - | - | - | -7.98% | -13.13% | -3.48% | -3.05% | -4.20% | -6.91% | |
| Index Fund Peergroup - Equity Emerging Markets | Performance: | - | - | 8.66% | 8.30% | 13.08% | -9.38% | 12.84% | 17.99% | 11.73% | -1.70% |
| Performance vs peergroup: | - | - | - | - | - | - | - | - | - | - | |
| Benchmark - MSCI Emerging Markets (MMEF) AUD | Performance: | 23.65% | -7.32% | 16.34% | 7.22% | 3.44% | -14.33% | 9.15% | 18.48% | 24.01% | 16.42% |
| Performance vs benchmark (Alpha): | - | - | - | - | - | - | - | - | - | - | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.55 | 2.32 | -6.61 | -0.04 | 1.37 | NA | NA | NA | NA | NA | NA | NA | -5.63 |
| 2025 | 0.19 | 0.97 | 1.88 | 3.73 | -0.60 | -0.94 | -1.96 | 0.76 | -1.50 | 2.95 | 1.36 | -0.85 | 5.96 |
| 2024 | 0.46 | 3.50 | 2.08 | -0.39 | -1.24 | -0.36 | 3.83 | -1.61 | 1.44 | 1.36 | -3.05 | 3.19 | 9.31 |
| 2023 | 2.63 | 1.25 | 3.37 | 2.77 | 0.85 | 0.82 | 0.85 | 1.07 | -3.28 | -0.21 | 1.94 | 2.12 | 14.97 |
| 2022 | 0.60 | -4.57 | -3.36 | 0.56 | -1.70 | -4.71 | 1.58 | 1.27 | -0.68 | 1.66 | 5.60 | -0.90 | -5.01 |
| 2021 | NA | NA | NA | NA | NA | NA | NA | 3.25 | -2.88 | -5.25 | 2.35 | 1.15 | -1.64 |
General Notes
Annual Returns
Over the past 12 months, the fund has returned -5.90% compared with the benchmark which has returned +38.02%, for a difference of -43.92%. Since inception in August 2021, the fund has returned +3.38% per annum, a difference of -6.44% relative to the benchmark which has returned +9.82% 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 $117. The same amount invested in the benchmark over the same period would have become $157.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 8.58% vs the index's 17.38%. The annualised volatility of the fund's returns since inception in August 2021 is 8.5% vs the index's 13.2%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.41 for performance over the most recent 48 months to a low of -1.1 over the latest 12 months, and is 0.07 for performance since inception. By contrast, the MSCI Emerging Markets (MMEF) AUD Index's Sharpe for performance since August 2021 is 0.55.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in August 2021 in the months where the market was positive, the fund has provided positive returns 74% of the time
Performance in Negative Markets
Since inception in August 2021 in the months where the market was negative, the fund has provided positive returns 42% of the time, contributing to a down-capture ratio for returns since inception of 49.28%. Over all other periods, the fund's down-capture ratio has ranged from a high of 37.89% over the most recent 12 months to a low of 27.41% 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.
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 0.52 for performance over the most recent 48 months to a low of -1.19 over the latest 12 months, and is 0.04 for performance since inception. By contrast, the MSCI Emerging Markets (MMEF) AUD Index's Sortino for performance since August 2021 is 0.79.
Drawdown
Over the past 12 months, the fund's largest drawdown was -7.7% vs the index's -9.54%, and since inception in August 2021 the fund's largest drawdown was -16.74% vs the index's maximum drawdown over the same period of -23.55%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Emerging Markets as of January 2026
The performance of the Skerryvore Global Emerging Markets All-Cap Equity Fund ranked it in the first quintile for Volatility, Downside Deviation and Largest Drawdown over 3 years, while over 1 year the fund ranked in the first quintile for Volatility.
Over the past 12 months, the fund has returned -5.90% compared with the peer group which has returned an average of +6.22%, for a difference of -12.12%.
The fund's returns over the past 12 months have been achieved with a volatility of 8.58% vs the peer group's average volatility of 11.01%. The annualised volatility of the fund's returns since inception in August 2021 is 8.5% vs the peer group's 9.87%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.