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19 Aug 2021 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date19 August 2021
Manager4D Infrastructure, a Bennelong Boutique
Fund Name4D Global Infrastructure Fund
Latest Return DateJuly 2021
Latest Return2.06%
Latest 6 Months13.55%
Latest 12 Months16.09%
Latest 24 Months (pa)3.93%
Annualised Since Inception10.35%
Inception Date07 March 2016
FUM (millions)AU$264.6
Fund OverviewThe 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends.

The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors.

The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered.

The maximum absolute position of an individual stock is 7% of the fund.
Manager CommentsThe 4D Global Infrastructure Fund rose by +2.06% in July, an outperformance of +1.08% compared with the S&P Global Infrastructure Total Return Index which rose by +0.98%. Since inception in March 2016, the fund has returned +10.35% per annum, a difference of +1.87% relative to the index which has returned +8.48% on an annualised basis over the same period.

The fund's returns over the past 12 months have been achieved with a volatility of 12.41% vs the index's 14.02%. The annualised volatility of the fund's returns since inception in March 2016 is 12.35% vs the index's 16%. Over all other periods, the fund's returns have been consistently less volatile than the index.

The fund's down-capture ratio for returns since inception is 55.14%. Over all other periods, the fund's down-capture ratio has ranged from a high of 61.76% over the most recent 24 months to a low of 46.28% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period.
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