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Printed: 29 February 2024 3:48 AM


26 Oct 2022 - Performance Report: Altor AltFi Income Fund


Report Date26 October 2022
ManagerAltor Capital
Fund NameAltor AltFi Income Fund
Latest Return DateSeptember 2022
Latest Return0.64%
Latest 6 Months4.27%
Latest 12 Months9.38%
Latest 24 Months (pa)10.45%
Annualised Since Inception11.48%
Inception Date01 April 2018
FUM (millions)AU$30.19
Fund OverviewThe Altor AltFi Income Fund is predominately focused on the active management of private credit investment opportunities in the SME market that display an asymmetric risk return profile. The Fund invests via a portfolio of private credit instruments (loans) across a selected group of small to medium enterprises. Investors receive quarterly cash distributions, and gain further upside through free attaching equity exposure on selected debt investments the Fund makes. The Fund does not provide credit facilities to property or property linked investments.

The fund is managed by Altor Credit Partners. The investment committee comprises Harley Dalton and Ben Harrison.
Manager CommentsThe Altor AltFi Income Fund rose by +0.64% in September, an outperformance of +2% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -1.36%.

The Altor AltFi Income Fund has a track record of 4 years and 6 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in April 2018, providing investors with an annualised return of 11.48% compared with the index's return of 0.32% over the same period.

On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 6 months since its inception. Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -10.05%. Since inception in April 2018, the fund's largest drawdown was -0.02% vs the index's maximum drawdown over the same period of -12.97%. The fund's maximum drawdown began in March 2020 and lasted 1 month, reaching its lowest point during March 2020. The fund had completely recovered its losses by April 2020. During this period, the index's maximum drawdown was -0.28%.

The Manager has delivered these returns with 2.3% less volatility than the index, contributing to a Sharpe ratio which has consistently remained above 1 over the past four years and which currently sits at 3.94 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 95% of the time during periods of market decline, contributing to an up-capture ratio since inception of 114% and a down-capture ratio of -74%.
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