AFM Fund Profile — Principal Global Credit Opportunities Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Discretionary
Strategy: Credit FUM (millions): AU$188.68m
Style: N/A Fund Inception Date: Since 31 May 2004
Geographic Mandate: Global Latest Return Date: February 2024
Fund Domicile: Australia Investor Type: Wholesale & Retail
Status: Open Reporting Status: Current

Manager Details and Fund Description

Manager: Principal Global Investors Total FUM for all funds: AU$7,636m
Manager Overview:
Principal Global Investors manages assets for sophisticated investors around the world. The multi-boutique strategy provides a range of diverse investment capabilities, including equity, fixed income and real estate investments. Pimco also have experience in currency management, asset allocation, stable value management and other structured investment strategies through their network of specialized investment groups and affiliates.
Fund/Strategy Overview:
The Fund employs a global multi-credit fixed-income strategy that invests predominantly in a wide range of global credit securities and investments across a number of sectors, and actively manages volatility to seek to mitigate downside risk and enhance returns.

The Fund is actively managed by a specialist fixed income investment team with a focus on identifying the best sectors for investment opportunities and then within the sectors to the most attractive securities to generate the potential for both income and capital appreciation.

Active hedging is utilised to manage risks. Investments denominated in foreign currencies are hedged into Australian dollars.

Investment Details

Investment Terms

Minimum Investment: Minimum Additional Investment: Minimum Term: Investment Frequency:
AU$20,000 AU$1,000 Daily
Regular Savings Option: Regular Savings Min. Amount : Regular Savings Max. Amount : Regular Savings Freq.:
No N/A 
Redemption Notice: Redemption Frequency: Notes:
1 Days Daily
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes Quarterly AU$

Structure

Offshore/Onshore: Fund Structure: Share Classes: Trustee/Responsible Entity:
Onshore Unit Trust AU$ Ironbark Asset Management (Fund Services) Limited
Administrator: Prime Broker: Custodian: Legal:
State Street Australia Ltd N/A State Street Australia Ltd Hall & Wilcox

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
0.8% 0% No N/A
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
0.150% 0.300% No

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
February 2024 -1.52% 31 May 2004 3.70%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
1.75% 1.88% 3.17% -4.92%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
-4.22% -2.01% 0.90% 1.35%

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
65.82% 0.32% 1.30% -1.58%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
6.08% -12.85% 46.34% 37.91%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-38.53% 47 months -14.43% 30 months

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
7.09% 5.75% 0.09 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
-0.08 -0.67 -0.03 0.11
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Fixed Income - Credit) as at February 2024

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Principal Global Credit Opportunities Fund compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.

As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.

1 Year
3 Year
5 Year
7 Year
Principal Global Credit Opportunities Fund
RBA Cash Rate + 5%

External Research and Ratings: As reported by each Fund Manager.

Morningstar Star Rating: 5 stars, August 2021
Lonsec: Recommended, August 2021
Zenith: Recommended, March 2021

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
BT Wrap, HUB24, Macquarie Wrap, Netwealth, Asgard, MLC Wrap, AMP MyNorth, BT Panorama, Colonial FirstWrap, Mason Stevens

News & Insights

Fund Documents

Manager's Report

Product disclosure/IM



Fund Performance

Historical Performance (all figures shown here are net of fees unless otherwise stated)

Year Jan % Feb % Mar % Apr % May % Jun % Jul % Aug % Sep % Oct % Nov % Dec % YTD %
2024 -0.37 -1.52 N/R N/R N/R N/R N/R N/R N/R N/R N/R N/R -1.88
2023 3.76 -2.21 2.94 0.69 -1.47 0.09 -0.29 -0.63 -2.57 -1.36 4.19 3.70 6.70
2022 -3.20 -1.99 -1.69 -5.32 0.51 -5.49 3.95 -2.52 -6.72 -0.79 4.31 -0.16 -18.08
2021 -0.78 -1.49 -0.44 1.00 0.22 1.23 0.65 0.00 -0.67 -0.02 -0.34 0.81 0.13
2020 2.02 1.91 -2.80 4.97 1.52 1.00 2.28 -0.62 -0.02 -0.43 1.19 0.23 11.62
2019 2.68 0.60 2.32 1.10 1.11 2.05 0.52 2.15 -0.49 -0.11 0.13 0.03 12.72
2018 -0.57 -1.49 -0.49 -0.39 0.38 -0.38 1.23 0.54 -0.17 -0.84 -0.96 -0.24 -3.35
2017 0.66 1.60 0.38 1.41 1.10 0.07 0.68 0.84 0.13 0.29 -0.37 0.52 7.55
2016 -0.65 -0.17 3.23 1.46 0.26 1.91 1.63 0.85 -0.27 -0.44 -2.28 0.74 6.34
2015 -0.06 1.82 0.61 0.16 0.34 0.89 0.42 -0.98 -0.41 0.97 -0.03 -1.43 2.28
2014 2.08 2.10 0.36 1.19 1.02 0.85 0.60 1.25 -0.59 -0.09 0.28 -1.15 8.14
2013 -0.17 1.36 0.58 1.74 -0.78 -2.73 1.30 -0.73 0.93 2.09 0.60 0.78 4.97
2012 2.56 1.88 1.01 1.72 1.55 0.70 3.21 0.78 1.63 1.51 1.01 0.76 19.92
2011 2.25 1.64 0.79 0.54 0.95 -0.71 0.00 -2.27 -1.47 1.77 -1.39 1.97 4.02
2010 1.95 0.92 1.72 1.25 -1.68 -0.30 1.80 0.74 1.99 1.38 1.16 1.95 13.59
2009 2.15 -5.52 1.35 5.17 6.08 2.66 4.03 2.27 4.04 1.54 1.20 2.12 30.12
2008 0.59 -1.34 -2.50 2.15 0.85 -2.02 -0.79 -0.15 -6.40 -9.84 -12.85 -3.63 -31.41
2007 0.84 0.18 0.46 0.39 0.63 -0.54 -1.81 -2.30 -0.01 0.52 -2.72 -0.46 -4.79
2006 0.98 0.90 0.87 0.10 0.40 0.25 0.72 0.75 0.54 0.66 0.69 0.95 8.10
2005 0.38 1.09 -0.44 0.19 0.52 0.80 1.08 0.53 0.75 0.54 0.23 0.62 6.46
2004 N/R N/R N/R N/R N/R 1.18 1.39 0.81 0.60 0.60 1.22 0.65 6.63

Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)

Year Jul % Aug % Sep % Oct % Nov % Dec % Jan % Feb % Mar % Apr % May % Jun % FYTD %
2023/2024 -0.29 -0.63 -2.57 -1.36 4.19 3.70 -0.37 -1.52 N/A N/A N/A N/A 0.94
2022/2023 3.95 -2.52 -6.72 -0.79 4.31 -0.16 3.76 -2.21 2.94 0.69 -1.47 0.09 1.29
2021/2022 0.65 0.00 -0.67 -0.02 -0.34 0.81 -3.20 -1.99 -1.69 -5.32 0.51 -5.49 -15.76
2020/2021 2.28 -0.62 -0.02 -0.43 1.19 0.23 -0.78 -1.49 -0.44 1.00 0.22 1.23 2.33
2019/2020 0.52 2.15 -0.49 -0.11 0.13 0.03 2.02 1.91 -2.80 4.97 1.52 1.00 11.18
2018/2019 1.23 0.54 -0.17 -0.84 -0.96 -0.24 2.68 0.60 2.32 1.10 1.11 2.05 9.76
2017/2018 0.68 0.84 0.13 0.29 -0.37 0.52 -0.57 -1.49 -0.49 -0.39 0.38 -0.38 -0.87
2016/2017 1.63 0.85 -0.27 -0.44 -2.28 0.74 0.66 1.60 0.38 1.41 1.10 0.07 5.53
2015/2016 0.42 -0.98 -0.41 0.97 -0.03 -1.43 -0.65 -0.17 3.23 1.46 0.26 1.91 4.57
2014/2015 0.60 1.25 -0.59 -0.09 0.28 -1.15 -0.06 1.82 0.61 0.16 0.34 0.89 4.12
2013/2014 1.30 -0.73 0.93 2.09 0.60 0.78 2.08 2.10 0.36 1.19 1.02 0.85 13.26
2012/2013 3.21 0.78 1.63 1.51 1.01 0.76 -0.17 1.36 0.58 1.74 -0.78 -2.73 9.15
2011/2012 0.00 -2.27 -1.47 1.77 -1.39 1.97 2.56 1.88 1.01 1.72 1.55 0.70 8.18
2010/2011 1.80 0.74 1.99 1.38 1.16 1.95 2.25 1.64 0.79 0.54 0.95 -0.71 15.45
2009/2010 4.03 2.27 4.04 1.54 1.20 2.12 1.95 0.92 1.72 1.25 -1.68 -0.30 20.63
2008/2009 -0.79 -0.15 -6.40 -9.84 -12.85 -3.63 2.15 -5.52 1.35 5.17 6.08 2.66 -21.33
2007/2008 -1.81 -2.30 -0.01 0.52 -2.72 -0.46 0.59 -1.34 -2.50 2.15 0.85 -2.02 -8.80
2006/2007 0.72 0.75 0.54 0.66 0.69 0.95 0.84 0.18 0.46 0.39 0.63 -0.54 6.44
2005/2006 1.08 0.53 0.75 0.54 0.23 0.62 0.98 0.90 0.87 0.10 0.40 0.25 7.50
2004/2005 1.39 0.81 0.60 0.60 1.22 0.65 0.38 1.09 -0.44 0.19 0.52 0.80 8.09
2003/2004 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.18 1.18