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Printed: 05 October 2022 5:20 PM


15 Oct 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors

Report Date15 October 2021
Manager4D Infrastructure, a Bennelong Boutique
Fund Name4D Global Infrastructure Fund
Latest Return DateSeptember 2021
Latest Return-2.51%
Latest 6 Months7.15%
Latest 12 Months19.90%
Latest 24 Months (pa)1.69%
Annualised Since Inception9.85%
Inception Date01 March 2016
FUM (millions)AU$286.16
Fund OverviewThe 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by investing in 30-60 quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earnings combined with sustainable, growing dividends.

The fund is managed as a single portfolio 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 returned -2.51% in September. Over the past 12 months, the fund has risen by +19.9%, and since inception in March 2016, the fund has returned +9.85% per annum, a difference of +1.79% relative to the S&P Global Infrastructure TR (AUD) Index which has returned +8.06% on an annualised basis over the same period.

The fund's returns over the past 12 months have been achieved with a volatility of 12.05% vs the index's 9.5%. The annualised volatility of the fund's returns since inception in March 2016 is 12.25% vs the index's 12.76%. Over all other periods, the fund's returns have been consistently less volatile than the index.

The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 4.34 for performance over the most recent 12 months to a low of 0.11 over the latest 24 months, and is 1 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sortino for performance since March 2016 is 0.71.

Since inception in March 2016 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio for returns since inception of 104.84%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.07% over the most recent 12 months to a low of 97.66% over the latest 48 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.

The fund has a down-capture ratio for returns since inception of 93.51%, indicating that, on average, it hasn't fallen further than the market during the market's negative months.
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