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For fund investors, The Income and Growth Fund offers a unique risk/return profile. This form of investing includes a high yield, yet retains equity exposure to successful growth stories. Furthermore, the Fund's superior position in the investee Company's capital structure insulates investors from capital loss.
PURE targets a return of 15% per annum through a mixture of Income (8-9%) and capital growth. While most investments involve ASX listed companies, the fund mandate retains modest flexibility to capitalise on attractive pre-IPO opportunities.
The PURE Income and Growth Fund has a track record of 3 years and 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in December 2018, providing investors with an annualised return of 15.36% compared with the index's return of 9.63% over the same period.
On a calendar year basis, the fund has only experienced a negative annual return once in the 3 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -3.58% vs the index's -11.9%, and since inception in December 2018 the fund's largest drawdown was -5.86% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 3 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by May 2020.
The Manager has delivered these returns with 4.22% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 two times over the past three years and which currently sits at 1.14 since inception. The fund has provided positive monthly returns 71% of the time in rising markets and 43% of the time during periods of market decline, contributing to an up-capture ratio since inception of 45% and a down-capture ratio of 2%.