| Fund Type: | Single | Discretionary/Quantitative: | Discretionary |
| Strategy: | Fixed Income | This Funds FUM (millions): | AU$530m |
| Style: | N/A | Fund Inception Date: | Since 23 September 2015 |
| Geographic Mandate: | Australia | Latest Return Date: | August 2026 |
| Fund Domicile: | Australia | Investor Type: | Retail |
| Status: | Open | Reporting Status: | Current |
| Manager: | Seed Funds Management | Total FUM for all funds: | AU$1,562m |
|
Manager Overview:
Seed Funds Management is a specialist fixed-income fund manager with a focus on Australian financial issuance. The firm's flagship strategy, the Hybrid Income Fund, is designed to deliver strong risk-adjusted yields by actively investing across Hybrid, Senior, and Subordinated financial debt. Established by Nicholas Chaplin, Senior Portfolio Manager in 2015, the Hybrid Income Fund has consistently generated robust returns, significantly outperforming the hybrid equity index. Chaplin is supported by John Corr, who sits on the investment committee. |
Fund/Strategy Overview:
The portfolio primarily comprises a range of debt and hybrid securities, primarily prudentially regulated instruments. "Hybrid Securities" is a term used to describe securities that combine elements of debt securities and equity securities. They include subordinated notes, convertible preference shares and capital notes issued by banks, insurance companies and other companies. Additional details on these types of issues are described below: • Capital notes, convertible preference shares and preference shares are instruments that pay discretionary income and rank below subordinated notes but above ordinary shares. They typically have a perpetual term rather than a fixed maturity, however, the securities can be called early at the issuer's discretion and can also be converted into equity by the issuer, investor and/or APRA if certain events occur prior to the security's final maturity. • Subordinated notes or bonds are debt securities that pay interest with a fixed legal maturity that rank below senior bonds but above preferred equity and ordinary shares, and which may be converted into equity by the issuer, investor and/or the banking and insurance regulator if certain events occur prior to the security's final maturity. Hybrids can be either listed and traded on the ASX, or unlisted and traded OTC directly between buyer and seller. The strategy commenced in 2015, progressing within BondAdviser from 2022, before being novated to Seed Funds Management in March 2024 as the Hybrid Income Fund. In October 2025 the name was changed to the "Financial Income Fund" with all other aspects remaining the same. The Fund is also available as an Active ETF via the ASX Code SFIF. Performance is net of fees, and Fund returns inclusive of Franking Credits. |
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| Other funds operated by manager: | |||
| Seed Financial Income Fund Active ETF (ASX:SFIF) | |||
| Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
| AU$10,000 | AU$1,000 | 0 | Daily |
| Regular Savings Option: | Regular Savings Min. Amount: |
Regular Savings Max. Amount: |
Regular Savings Freq.: |
| No | |||
| Redemption Notice: | Redemption Frequency: | Notes: | |
| Daily |
|||
| Distributions: | Distribution Frequency: | Last Distribution Date: | Last Distribution Amount: |
| Yes | Monthly | 31 March 2026 | AU$0 |
| Offshore/Onshore: | Fund Structure: | Share Classes: |
Trustee/Responsible Entity: |
| Onshore | Unit Trust | AU$ | Evolution Trustees Limited |
| Administrator: | Prime Broker: | Custodian: | Legal: |
| Apex Fund Services Pty Ltd | N/A | Apex Fund Services Pty Ltd | Mont Lawyers |
| Management Fee: |
Performance Fee: |
High Water Mark: |
Hurdle: |
| 0.55% | 0% | N/A | n/a |
| Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
| 0.000% | 0.100% | No |
| Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
| August 2026 | 0.21% | 23 September 2015 | 6.35% |
| Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
| 1.47% | 2.34% | 5.47% | 6.30% |
| Latest 3 Years p.a.: |
Latest 4 Years p.a.: |
Latest 5 Years p.a.: |
Latest 7 Years p.a.: |
| 6.89% | 6.85% | 6.03% | 5.24% |
| % Positive Months (S.I.): |
Average Return: | Average +ve Return: | Average -ve Return: |
| 78.63% | 0.53% | 0.95% | -1.04% |
| Best Month: | Worst Month: | Up Capture Ratio (S.I.): |
Down Capture Ratio (S.I.): |
| 9.44% | -12.46% | 131.98% | 98.27% |
| Largest Drawdown (S.I.): |
Longest Drawdown (S.I.): |
Current Drawdown (%): |
Current Drawdown (Months): |
| -15.18% | 14 months | 0.00% | N/A |
| Annualised Standard Deviation (S.I.): |
Downside Deviation (S.I.): |
Sortino Ratio (S.I.): |
- |
| 5.75% | 4.13% | 0.99 | - |
| Sharpe Ratio (12 months): |
Sharpe Ratio (3 years): |
Sharpe Ratio (5 years): |
Sharpe Ratio (S.I.): |
| 1.15 | 2.09 | 2.03 | 0.74 |
| Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate | |||
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Seed Funds Management Financial Income Fund - Incl Franking 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.
| Morningstar Star Rating: | 5 stars, June 2026 |
| Lonsec: | Investment Grade, October 2025 |
| Zenith: | Approved |
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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 | 0.71 | 0.36 | -0.35 | 0.65 | 0.56 | 0.77 | 0.48 | 0.21 | N/R | N/R | N/R | N/R | 3.44 |
| 2025 | 0.46 | 0.69 | 0.02 | -0.47 | 0.90 | 0.49 | 1.19 | 0.74 | 0.63 | 0.80 | -0.19 | 0.71 | 6.14 |
| 2024 | 0.45 | 0.75 | 0.72 | 0.84 | 0.40 | 0.61 | 0.98 | 0.28 | 0.76 | 0.97 | 0.41 | 0.76 | 8.23 |
| 2023 | 0.59 | 0.59 | 0.08 | 0.41 | 0.17 | 0.63 | 1.09 | 0.62 | 0.58 | 0.23 | 0.89 | 1.03 | 7.12 |
| 2022 | -0.52 | 0.18 | -0.26 | -0.06 | -0.06 | 0.07 | 0.24 | 0.76 | 0.67 | -0.14 | 0.79 | 1.07 | 2.77 |
| 2021 | 1.16 | 0.58 | 0.08 | 0.99 | -0.30 | 1.18 | 0.04 | 0.11 | 0.58 | 0.73 | -0.07 | 1.18 | 6.45 |
| 2020 | 0.69 | -2.93 | -12.46 | 9.44 | 2.22 | 2.29 | 0.36 | 1.63 | 0.63 | -0.02 | -0.01 | 1.78 | 2.27 |
| 2019 | 0.96 | -0.87 | 1.38 | 0.81 | 1.72 | 5.00 | 0.43 | 0.29 | 1.30 | -0.85 | -0.33 | 0.30 | 10.51 |
| 2018 | 0.38 | -0.32 | -1.22 | 0.91 | 0.01 | 0.98 | 1.40 | 0.77 | -0.40 | -1.20 | -0.14 | 0.79 | 1.96 |
| 2017 | 1.03 | -1.50 | 1.85 | 1.27 | 1.11 | 0.18 | -0.15 | -0.12 | 1.69 | 0.70 | 0.11 | 0.64 | 6.99 |
| 2016 | -0.23 | 0.71 | 2.85 | 0.27 | 1.39 | 0.18 | 2.45 | 1.10 | 1.23 | 1.83 | 0.99 | 1.88 | 15.60 |
| 2015 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | 2.61 | -1.36 | -2.55 | -1.37 |
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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026/2027 | 0.48 | 0.21 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.69 |
| 2025/2026 | 1.19 | 0.74 | 0.63 | 0.80 | -0.19 | 0.71 | 0.71 | 0.36 | -0.35 | 0.65 | 0.56 | 0.77 | 6.78 |
| 2024/2025 | 0.98 | 0.28 | 0.76 | 0.97 | 0.41 | 0.76 | 0.46 | 0.69 | 0.02 | -0.47 | 0.90 | 0.49 | 6.44 |
| 2023/2024 | 1.09 | 0.62 | 0.58 | 0.23 | 0.89 | 1.03 | 0.45 | 0.75 | 0.72 | 0.84 | 0.40 | 0.61 | 8.54 |
| 2022/2023 | 0.24 | 0.76 | 0.67 | -0.14 | 0.79 | 1.07 | 0.59 | 0.59 | 0.08 | 0.41 | 0.17 | 0.63 | 6.00 |
| 2021/2022 | 0.04 | 0.11 | 0.58 | 0.73 | -0.07 | 1.18 | -0.52 | 0.18 | -0.26 | -0.06 | -0.06 | 0.07 | 1.94 |
| 2020/2021 | 0.36 | 1.63 | 0.63 | -0.02 | -0.01 | 1.78 | 1.16 | 0.58 | 0.08 | 0.99 | -0.30 | 1.18 | 8.36 |
| 2019/2020 | 0.43 | 0.29 | 1.30 | -0.85 | -0.33 | 0.30 | 0.69 | -2.93 | -12.46 | 9.44 | 2.22 | 2.29 | -0.96 |
| 2018/2019 | 1.40 | 0.77 | -0.40 | -1.20 | -0.14 | 0.79 | 0.96 | -0.87 | 1.38 | 0.81 | 1.72 | 5.00 | 10.58 |
| 2017/2018 | -0.15 | -0.12 | 1.69 | 0.70 | 0.11 | 0.64 | 0.38 | -0.32 | -1.22 | 0.91 | 0.01 | 0.98 | 3.66 |
| 2016/2017 | 2.45 | 1.10 | 1.23 | 1.83 | 0.99 | 1.88 | 1.03 | -1.50 | 1.85 | 1.27 | 1.11 | 0.18 | 14.22 |
| 2015/2016 | N/A | N/A | N/A | 2.61 | -1.36 | -2.55 | -0.23 | 0.71 | 2.85 | 0.27 | 1.39 | 0.18 | 3.80 |
