DRAFT
Fund Review
La Trobe US Private Credit Trust - Wholesale Class A
Performance as at Sep 2026
Founded in 1952, La Trobe Financial Services Pty Limited is an independent credit specialist and alternative asset manager based in Melbourne and Sydney, with over 550 staff. As a subsidiary of Brookfield Asset Management, it focuses on low-doc lending for underserved borrowers. The firm manages funds through La Trobe Financial Asset Management Ltd, holding an Australian Credit Licence. As of Jun 2025, its FUM totaled $A 20.44 billion.
| 1 Year | 3 Years3 | 5 Years3 | 7 Years3 | Inception3,4 | ||
| Total Return | Fund | 4.36% | N/A | N/A | N/A | 6.75% |
| Peer Group1 | 8.62% | N/A | N/A | N/A | 9.10% | |
| Index2 | 9.06% | N/A | N/A | N/A | 9.14% | |
| Volatility | Fund | 1.36% | N/A | N/A | N/A | 1.13% |
| Peer Group1 | 1.48% | N/A | N/A | N/A | 0.99% | |
| Index2 | 0.10% | N/A | N/A | N/A | 0.08% | |
| 1Hybrid Private Credit, 2RBA Cash Rate + 5%, 3Annualised, 4Dec 2023 | ||||||
Strategy Description
The La Trobe US Private Credit Trust primarily invests in directly originated senior secured term loans issued by U.S. middle market companies backed by financial sponsors, aiming for attractive risk-adjusted returns and some level of capital appreciation. This unlisted Australian unit trust is mainly exposed through the LGAM US Private Credit Feeder Fund into LGAM Private Credit LLC, advised by MS Capital Partners. The portfolio focuses on senior secured lending, with some assets potentially held in cash or cash-like instruments. The trust aims for an annualised distribution yield of at least 9.00% per annum, net of fees and expenses.Cumulative Performance
Core Details |
PG = Peergroup Average | ||
| APIR: | LTC8436AU | Status: | Open |
| Peer Group: | Hybrid Private Credit | Inception Date: | Dec 2023 |
| Strategy: | Private Debt/Mortgage | Style: | N/A |
| Geography: | USA | Domicile: | Australia |
| Investors: | Wholesale | Distributions: | Monthly |
| Fund Size: | AU$ 375.1m | Manager FUM: | AU$ 12,616.57m |
| Applications: | Monthly, Initial: AU$ 10,000 | Redemptions: | Quarterly |
| Management Fee: | 0.75% (PG avg: 0.91%) | Performance Fee: | N/A (PG avg: 7.37%) |
| Buy/Sell Spread: | 0%/0% (PG avg: 0.09%/0.08%) | Hurdle: | N/A |
| Early Redemption Fee | No | High Water Mark: | N/A |
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La Trobe US Private Credit Trust - Wholesale Class A
Performance vs Hybrid Private Credit and RBA Cash Rate + 5%
Since inception in Dec 2023, the Fund has returned 6.75% p.a. vs the Peer Group's return over the same period of 9.1%. Over the past 12 months, the Fund has returned 4.36% vs the Peer Group's 8.62%. The Fund's returns have been delivered with a volatility of 1.13% p.a. vs the Peer Group's 0.99%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.22 | 0.51 | 0.52 | -0.80 | 0.66 | 0.83 | 0.20 | 0.66 | 0.41 | NA | NA | NA | 3.24 |
| 2025 | 0.71 | 0.52 | 0.47 | 0.25 | 0.43 | 0.33 | 0.70 | 0.46 | 0.56 | 0.40 | 0.39 | 0.29 | 5.65 |
| 2024 | 0.99 | 0.88 | 0.90 | 0.67 | 0.62 | 0.95 | 0.73 | 0.47 | 0.69 | 0.92 | 0.77 | 0.97 | 9.99 |
| 2023 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | 0.30 | 0.30 |
| 1 Year | 3 Years | 5 Years | 7 Years | Inception | ||
| Total Return | Fund | 4.36% | N/A | N/A | N/A | 6.75% |
| Peer Group | 8.62% | N/A | N/A | N/A | 9.10% | |
| Index2 | 9.06% | N/A | N/A | N/A | 9.14% | |
| Volatility | Fund | 1.36% | N/A | N/A | N/A | 1.13% |
| Peer Group | 1.48% | N/A | N/A | N/A | 0.99% | |
| Index | 0.10% | N/A | N/A | N/A | 0.08% | |
| Sharpe | Fund | 0.22 | N/A | N/A | N/A | 2.26 |
| Peer Group | 3.00 | N/A | N/A | N/A | 4.84 | |
| Index | 1,100.29 | N/A | N/A | N/A | 1,322.46 | |
| Sortino | Fund | 0.25 | N/A | N/A | N/A | 3.57 |
| Peer Group | 46.15 | N/A | N/A | N/A | 84.44 | |
| Index | N/A | N/A | N/A | N/A | N/A | |
| Largest Drawdown | Fund | -0.80% | N/A | N/A | N/A | -0.80% |
| Peer Group | 0.00% | N/A | N/A | N/A | 0.00% | |
| Index | 0.00% | N/A | N/A | N/A | 0.00% |
Return in Index's 10 Best & 10 Worst Months %
Return in Index's 10 Best & 10 Worst Months %
Annualised Return vs Standard Deviation
La Trobe US Private Credit Trust - Wholesale Class A - Annualised Return vs. Standard Deviation
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La Trobe US Private Credit Trust - Wholesale Class A
Annual Returns
Annual Returns %
Drawdown
Drawdown%
Service Providers
| Trustee/RE: | La Trobe Financial Asset Management |
| Custodian: | State Street Bank and Trust Company |
| Administrator: | N/A |
| Auditor: | Ernst & Young |
| Legal: | N/A |
| Prime Broker: | N/A |
Available on Investment Platforms
No Data.
Key Staff
About AFM's Fund Reviews and Star Ratings
AFM's proprietary Star Rating system provides a quantitative ranking of performance and risk of funds in its peer group relative to similar funds. Funds must have a minimum 1 year track record.
Star Ratings for Performance reflects annualised return. Risk is a combination of downside deviation, maximum drawdown and longest drawdown, which are allocated in reverse.
| AFM Star Rating | Relative performance band compared to funds in the same Peer Group |
|---|---|
| ★ ★ ★ ★ ★ | Premium: The fund is in the top 10% of all funds in its peer group. |
| ★ ★ ★ ★ ☆ | Top Quartile: The fund ranges between 75 and 90% of all funds in its peer group. |
| ★ ★ ★ ☆ ☆ | Second Quartile: The fund ranges between 50 and 75% of all funds in its peer group. |
| ★ ★ ☆ ☆ ☆ | Third Quartile: The fund ranges between 25 and 50% of all funds in its peer group. |
| ★ ☆ ☆ ☆ ☆ | Fourth Quartile: The fund is in the lowest 25% of all funds in its peer group. |
All performances, rankings and Star Ratings are updated monthly. Past performance does not guarantee future performance.
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Disclaimer
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