Arculus Fixed Income Fund
31 May 2026
Performance Review
The Arculus Fixed Income Fund has a track record of 8 years and 4 months and has outperformed the Bloomberg AusBond Composite 0-10 Yr benchmark since inception in February 2018, providing investors with an annualised return of 2.29% compared with the benchmark's return of 2% over the same period.
The Manager has delivered these returns with 2.25% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.1 since inception. The fund has provided positive monthly returns 96% of the time in rising markets and 55% of the time during periods of market decline, contributing to an up-capture ratio since inception of 39% and a down-capture ratio of 15%.
The Arculus Fixed Income Fund rose by +0.37% in May, a difference of -1.13% compared with the Bloomberg AusBond Composite 0-10 Yr benchmark which rose by +1.50%. Over the past 12 months, the fund's best monthly return was +0.53% compared with the benchmark's best return of +1.50%, and its worst monthly return was -0.10% vs the benchmark's worst return over the same period of -1.23%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Arculus Fixed Income Fund | Performance: | 0.37% | 0.68% | 1.87% | 4.03% | 5.15% | 2.66% | 2.22% |
| Rank in Peer Group (out of 132): | 105 | 59 | 57 | 76 | 64 | 60 | 60 | |
| Peergroup - Bonds / Diversified Fixed Interest | Performance: | 0.86% | 0.38% | 1.55% | 4.46% | 5.24% | 2.71% | 2.94% |
| Performance vs peergroup: | -0.49% | +0.30% | +0.33% | -0.43% | -0.09% | -0.05% | -0.72% | |
| Benchmark - Bloomberg AusBond Composite 0-10 Yr Index | Performance: | 1.50% | 0.34% | 0.76% | 1.39% | 3.22% | 0.72% | 1.14% |
| Performance vs benchmark (Alpha): | -1.13% | +0.34% | +1.11% | +2.64% | +1.93% | +1.94% | +1.08% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Arculus Fixed Income Fund | Performance: | - | 1.64% | 3.17% | 1.48% | -1.69% | -2.84% | 5.35% | 6.25% | 4.55% | 1.51% |
| Rank in Peer Group (out of 132): | - | 67 | 81 | 100 | 83 | 60 | 87 | 46 | 83 | 62 | |
| Drawdown: | - | -0.09% | -0.07% | -0.88% | -2.49% | -3.93% | 0.00% | 0.00% | 0.00% | -0.10% | |
| Peergroup - Bonds / Diversified Fixed Interest | Performance: | 4.76% | 1.85% | 6.12% | 4.75% | 0.19% | -4.68% | 6.55% | 5.11% | 5.40% | 1.38% |
| Performance vs peergroup: | - | -0.20% | -2.95% | -3.26% | -1.88% | +1.84% | -1.19% | +1.14% | -0.85% | +0.13% | |
| Benchmark - Bloomberg AusBond Composite 0-10 Yr Index | Performance: | 3.19% | 3.95% | 6.23% | 4.38% | -2.49% | -7.63% | 4.78% | 3.07% | 3.70% | 1.27% |
| Performance vs benchmark (Alpha): | - | -2.31% | -3.05% | -2.89% | +0.80% | +4.79% | +0.57% | +3.18% | +0.85% | +0.23% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.33 | 0.49 | -0.10 | 0.41 | 0.37 | NA | NA | NA | NA | NA | NA | NA | 1.51 |
| 2025 | 0.52 | 0.51 | 0.09 | 0.09 | 0.79 | 0.35 | 0.53 | 0.31 | 0.34 | 0.35 | 0.22 | 0.36 | 4.55 |
| 2024 | 0.53 | 0.73 | 0.53 | 0.48 | 0.53 | 0.38 | 0.63 | 0.41 | 0.48 | 0.53 | 0.41 | 0.44 | 6.25 |
| 2023 | 1.04 | 0.03 | 0.64 | 0.33 | 0.13 | 0.17 | 0.55 | 0.52 | 0.34 | 0.23 | 0.57 | 0.68 | 5.35 |
| 2022 | -0.27 | -0.52 | -1.56 | -0.78 | -0.28 | -0.58 | 1.31 | -0.59 | -0.53 | 0.11 | 0.87 | -0.03 | -2.84 |
| 2021 | 0.07 | -1.00 | 0.27 | 0.18 | 0.00 | 0.00 | 0.21 | 0.01 | -0.35 | -1.82 | 0.64 | 0.11 | -1.69 |
| 2020 | 0.18 | 0.15 | -0.88 | 0.61 | 0.37 | 0.03 | 0.22 | -0.05 | 0.40 | 0.09 | 0.35 | 0.01 | 1.48 |
| 2019 | 0.25 | 0.53 | 0.42 | 0.43 | 0.23 | 0.33 | 0.51 | -0.07 | 0.10 | 0.11 | 0.12 | 0.17 | 3.17 |
| 2018 | NA | 0.16 | -0.09 | 0.14 | 0.20 | 0.07 | 0.27 | 0.44 | 0.12 | 0.22 | 0.08 | 0.02 | 1.64 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +4.03% compared with the benchmark which has returned +1.39%, for a difference of +2.64%. Since inception in February 2018, the fund has returned +2.29% per annum, a difference of +0.29% relative to the benchmark which has returned +2.00% 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 $120. The same amount invested in the benchmark over the same period would have become $117.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 0.52% vs the index's 2.38%. The annualised volatility of the fund's returns since inception in February 2018 is 1.58% vs the index's 3.83%. 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 1.66 for performance over the most recent 36 months to a low of -0.2 over the latest 60 months, and is 0.1 for performance since inception. By contrast, the Bloomberg AusBond Composite 0-10 Yr Index's Sharpe for performance since February 2018 is -0.02.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in February 2018 in the months where the market was positive, the fund has provided positive returns 96% of the time
Performance in Negative Markets
Since inception in February 2018 in the months where the market was negative, the fund has provided positive returns 55% of the time, contributing to a down-capture ratio for returns since inception of 15.24%. Over all other periods, the fund's down-capture ratio has ranged from a high of 16.3% over the most recent 60 months to a low of -30.94% over the latest 36 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months, and a negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
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 2.91 for performance over the most recent 36 months to a low of -0.26 over the latest 60 months, and is 0.12 for performance since inception. By contrast, the Bloomberg AusBond Composite 0-10 Yr Index's Sortino for performance since February 2018 is -0.05.
Drawdown
Over the past 12 months, the fund's largest drawdown was -0.1% vs the index's -1.57%, and since inception in February 2018 the fund's largest drawdown was -5.62% vs the index's maximum drawdown over the same period of -10.66%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Bonds / Diversified Fixed Interest as of April 2026
The performance of the Arculus Fixed Income Fund ranked it in the second quintile for Volatility, Downside Deviation and Largest Drawdown over 5 & 7 years, while over 1 & 3 years the fund ranked in the first or second quintile for all KPIs except Total Return.
Over the past 12 months, the fund has risen by +4.03% compared with the peer group which has returned an average of +4.46%, for a difference of -0.43%.
The fund's returns over the past 12 months have been achieved with a volatility of 0.52% vs the peer group's average volatility of 1.62%. The annualised volatility of the fund's returns since inception in February 2018 is 1.58% vs the peer group's 2.24%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.