AFM Fund Profile — Yarra Income Plus Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Discretionary
Strategy: Fixed Income This Funds FUM (millions): AU$54.4m
Style: Value Fund Inception Date: Since 01 May 1998
Geographic Mandate: Australia/Global Latest Return Date: May 2026
Fund Domicile: Australia Investor Type: Retail
Status: Open Reporting Status: Current

Manager Details and Fund Description

Manager: Yarra Capital Management Total FUM for all funds: AU$6,700m
Manager Overview:
Yarra Capital Management was established in 2007 following the management buyout of Goldman Sachs Asset Management's Australian-focused investment capabilities and operating platform, backed by TA Associates, a global growth private equity firm with a long history of investing in funds management companies.

The firm is led by the senior management team comprising Dion Hershan (Managing Director and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (Chief Operating Officer). Dion, Katie, Roy and Brett lead a team of more than 35 professionals focused on delivering the best outcomes for the firm's institutional and retail clients. The investment team comprises 15 investment professionals with an average 14 years' industry experience.
 Fund/Strategy Overview:
The Yarra Capital Income Plus Fund is designed to provide regular income and achieve medium term capital growth through exposure to cash, money market products, domestic fixed interest and a range of high yielding investments, including domestic hybrid investments, property infrastructure, utilities securities and international fixed interest assets. In doing so, the aim is to outperform the Bloomberg AusBond Bank Bill index over rolling 3-year periods.
Other funds operated by manager:
Yarra Australian Bond Fund, Yarra Australian Equities Fund, Yarra Australian Smaller Companies Fund, Yarra Emerging Leaders Fund, Yarra Enhanced Income Fund, Yarra Ex-20 Australian Equities Fund, Yarra Global Small Companies Fund, Yarra Higher Income Fund

Investment Details

Investment Terms

Minimum Investment: Minimum Additional Investment: Minimum Term: Investment Frequency:
AU$50,000 Daily
Regular Savings Option: Regular Savings Min. Amount: Regular Savings Max. Amount: Regular Savings Freq.:
No  
Redemption Notice: Redemption Frequency: Notes:
7 Days Daily
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes Quarterly AU$

Structure

Offshore/Onshore: Fund Structure: Share Classes: Trustee/Responsible Entity:
Onshore Unit Trust AU$ Yarra Funds Management Limited
Administrator: Prime Broker: Custodian: Legal:
Yarra Funds Management N/A RBC Investor Services Internal

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
0.68% 0% N/A N/A
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
0.100% 0.100% No

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
May 2026 1.06% 01 May 1998 5.35%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
0.70% 1.29% 3.28% 5.07%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
5.48% 5.03% 4.00% 3.35%

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
72.92% 0.44% 0.87% -0.72%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
2.93% -7.07% 49.86% 2.88%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-7.84% 21 months 0.00% N/A

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
3.35% 2.46% 0.67 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
-0.23 0.48 0.32 0.51
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Private / Hybrid Credit) as at April 2026

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Yarra Income Plus 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
Yarra Income Plus Fund
RBA Cash Rate + 5%

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

Morningstar Star Rating: 2 stars, March 2026
Lonsec: Recommended, April 2025

Availability:As reported by each Fund Manager.

No investment platforms supplied

News & Insights

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Yields take centre stage again
26 Jun 2026 - Yarra Capital Management
Yields are rising, issuance is strong, and credit spreads are tightening--but what does this mean for investors today? 5-minute read)
Read more...
Good intentions. Unintended outcomes?
28 May 2026 - Yarra Capital Management
Tim Toohey (Head of Macro and Strategy) assesses the impact of the 2026-27 Budget, and the risk that in the attempt to engender inter-generational fairness that new distortions are created that ultimately could lead to lower capital investment and lower economic growth. (8-minute read)
Read more...
AI: The New Frontier for the 'Just' Transition
23 Apr 2026 - Yarra Capital Management
Artificial Intelligence (AI) is reshaping the idea of a 'just' transition, shifting the focus to productivity, power and social licence in the digital economy. In this note, Dr Erin Kuo-Sutherland (Chief Sustainability Officer) examines the emerging ESG risks and opportunities investors face as AI adoption accelerates. (8-minute read)
Read more...
Phil Strano: Staying the course in credit
9 Apr 2026 - Yarra Capital Management
Geopolitical shocks and a sharp repricing of rates have driven bond yields materially higher. While volatility has increased, Phil Strano (Head of Australian Credit Research) believes resilient credit markets and elevated income levels are creating compelling opportunities for active investors to lock in favourable income and using duration strategies to protect portfolios. (8-minute read)
Read more...

Fund Documents

Manager's Report

Product disclosure/IM

Target Market Determination



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 %
2026 0.22 0.43 -1.29 0.94 1.06 N/R N/R N/R N/R N/R N/R N/R 1.36
2025 0.52 0.22 0.01 1.12 0.66 0.57 0.56 0.93 -0.01 0.44 -0.53 -0.07 4.50
2024 0.46 0.72 1.49 -1.01 0.71 0.59 1.44 0.70 0.85 -0.56 0.87 0.28 6.72
2023 2.05 0.02 0.55 0.93 -0.46 -0.30 1.05 0.30 -0.97 -0.92 2.14 2.52 7.05
2022 -1.41 -0.13 -0.19 -0.18 -0.87 -1.08 2.00 -0.73 -2.07 1.48 1.89 -0.83 -2.18
2021 -0.56 -0.49 1.12 0.76 0.03 1.02 0.43 0.69 -0.24 -0.67 0.78 0.74 3.65
2020 1.20 -0.83 -7.07 2.93 0.69 0.33 0.04 0.62 0.45 0.16 1.63 0.23 0.04
2019 1.19 0.97 1.10 0.13 0.77 1.19 0.97 0.38 -0.36 0.35 0.41 -0.31 6.98
2018 -0.48 -0.35 0.01 0.85 0.47 0.75 0.30 0.73 -0.29 -0.24 0.03 0.74 2.55
2017 -0.14 0.87 0.93 0.80 0.72 -0.54 -0.06 0.48 -0.29 0.97 0.93 -0.13 4.61
2016 0.13 0.39 0.88 1.01 1.13 0.60 1.60 0.12 -0.42 -1.16 -0.34 1.39 5.42
2015 0.97 1.41 0.00 0.46 0.81 -1.40 1.51 -0.90 -0.52 1.50 -0.22 -0.17 3.45
2014 0.53 0.93 0.20 0.81 0.62 0.54 0.64 0.58 -0.93 0.76 -0.19 0.80 5.41
2013 0.98 0.73 0.48 1.31 0.28 -1.02 0.67 0.63 1.04 0.94 -0.34 0.68 6.56
2012 0.90 0.41 0.67 0.76 0.06 0.42 1.09 0.84 0.61 1.46 0.28 1.16 8.99
2011 0.72 0.92 0.16 0.73 0.51 -0.09 -0.44 -0.35 -0.60 1.21 0.31 0.73 3.85
2010 0.74 0.58 0.71 1.13 -1.51 0.62 1.72 1.06 1.20 0.80 0.00 0.65 7.95
2009 0.55 -2.53 1.34 2.02 1.26 0.83 2.22 1.54 2.59 0.71 0.05 1.91 13.12
2008 -1.10 -1.00 -0.33 1.58 -0.33 -1.79 0.71 1.50 -1.71 -3.32 -0.20 0.69 -5.28
2007 0.94 0.58 0.01 0.88 0.55 -0.25 -0.17 0.79 0.68 0.15 -0.30 -0.22 3.68
2006 0.14 0.96 0.34 0.29 0.06 1.12 0.75 1.15 1.02 0.63 1.27 1.00 9.09
2005 0.45 0.18 -0.13 0.27 0.39 1.30 1.08 0.80 0.15 -0.19 1.38 1.59 7.49
2004 0.75 1.19 0.93 -0.18 1.40 0.48 0.55 0.54 0.67 0.86 0.97 1.10 9.66
2003 1.01 -0.64 1.87 2.40 0.62 1.64 0.24 1.20 0.43 1.26 0.42 1.23 12.27
2002 0.13 0.79 0.98 1.14 0.34 -1.25 -0.98 0.83 -0.05 0.74 2.45 1.16 6.41
2001 1.91 0.51 -0.41 -0.46 0.64 -0.26 1.41 0.88 -2.28 1.21 1.58 0.83 5.62
2000 -1.74 -0.04 -0.65 2.01 0.58 2.14 1.55 0.87 -0.40 -0.24 -0.47 1.34 4.97
1999 1.84 -0.39 0.30 -0.08 -1.87 0.79 1.89 0.03 0.22 -0.11 0.02 0.15 2.79
1998 N/R N/R N/R N/R N/R 0.00 0.39 -1.10 2.02 1.40 1.44 0.78 5.00

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 %
2025/2026 0.56 0.93 -0.01 0.44 -0.53 -0.07 0.22 0.43 -1.29 0.94 1.06 N/A 2.70
2024/2025 1.44 0.70 0.85 -0.56 0.87 0.28 0.52 0.22 0.01 1.12 0.66 0.57 6.87
2023/2024 1.05 0.30 -0.97 -0.92 2.14 2.52 0.46 0.72 1.49 -1.01 0.71 0.59 7.26
2022/2023 2.00 -0.73 -2.07 1.48 1.89 -0.83 2.05 0.02 0.55 0.93 -0.46 -0.30 4.52
2021/2022 0.43 0.69 -0.24 -0.67 0.78 0.74 -1.41 -0.13 -0.19 -0.18 -0.87 -1.08 -2.12
2020/2021 0.04 0.62 0.45 0.16 1.63 0.23 -0.56 -0.49 1.12 0.76 0.03 1.02 5.09
2019/2020 0.97 0.38 -0.36 0.35 0.41 -0.31 1.20 -0.83 -7.07 2.93 0.69 0.33 -1.63
2018/2019 0.30 0.73 -0.29 -0.24 0.03 0.74 1.19 0.97 1.10 0.13 0.77 1.19 6.81
2017/2018 -0.06 0.48 -0.29 0.97 0.93 -0.13 -0.48 -0.35 0.01 0.85 0.47 0.75 3.18
2016/2017 1.60 0.12 -0.42 -1.16 -0.34 1.39 -0.14 0.87 0.93 0.80 0.72 -0.54 3.86
2015/2016 1.51 -0.90 -0.52 1.50 -0.22 -0.17 0.13 0.39 0.88 1.01 1.13 0.60 5.43
2014/2015 0.64 0.58 -0.93 0.76 -0.19 0.80 0.97 1.41 0.00 0.46 0.81 -1.40 3.94
2013/2014 0.67 0.63 1.04 0.94 -0.34 0.68 0.53 0.93 0.20 0.81 0.62 0.54 7.51
2012/2013 1.09 0.84 0.61 1.46 0.28 1.16 0.98 0.73 0.48 1.31 0.28 -1.02 8.48
2011/2012 -0.44 -0.35 -0.60 1.21 0.31 0.73 0.90 0.41 0.67 0.76 0.06 0.42 4.13
2010/2011 1.72 1.06 1.20 0.80 0.00 0.65 0.72 0.92 0.16 0.73 0.51 -0.09 8.69
2009/2010 2.22 1.54 2.59 0.71 0.05 1.91 0.74 0.58 0.71 1.13 -1.51 0.62 11.82
2008/2009 0.71 1.50 -1.71 -3.32 -0.20 0.69 0.55 -2.53 1.34 2.02 1.26 0.83 1.00
2007/2008 -0.17 0.79 0.68 0.15 -0.30 -0.22 -1.10 -1.00 -0.33 1.58 -0.33 -1.79 -2.07
2006/2007 0.75 1.15 1.02 0.63 1.27 1.00 0.94 0.58 0.01 0.88 0.55 -0.25 8.86
2005/2006 1.08 0.80 0.15 -0.19 1.38 1.59 0.14 0.96 0.34 0.29 0.06 1.12 7.98
2004/2005 0.55 0.54 0.67 0.86 0.97 1.10 0.45 0.18 -0.13 0.27 0.39 1.30 7.37
2003/2004 0.24 1.20 0.43 1.26 0.42 1.23 0.75 1.19 0.93 -0.18 1.40 0.48 9.76
2002/2003 -0.98 0.83 -0.05 0.74 2.45 1.16 1.01 -0.64 1.87 2.40 0.62 1.64 11.54
2001/2002 1.41 0.88 -2.28 1.21 1.58 0.83 0.13 0.79 0.98 1.14 0.34 -1.25 5.84
2000/2001 1.55 0.87 -0.40 -0.24 -0.47 1.34 1.91 0.51 -0.41 -0.46 0.64 -0.26 4.62
1999/2000 1.89 0.03 0.22 -0.11 0.02 0.15 -1.74 -0.04 -0.65 2.01 0.58 2.14 4.52
1998/1999 0.39 -1.10 2.02 1.40 1.44 0.78 1.84 -0.39 0.30 -0.08 -1.87 0.79 5.60