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Printed: 21 June 2024 10:50 AM


29 Nov 2022 - Performance Report: PURE Resources Fund


Report Date29 November 2022
ManagerPURE Asset Management
Fund NamePURE Resources Fund
Latest Return DateOctober 2022
Latest Return1.00%
Latest 6 Months2.31%
Latest 12 Months13.77%
Latest 24 Months (pa)
Annualised Since Inception10.38%
Inception Date30 April 2021
FUM (millions)AU$78.4
Fund OverviewThe investment style and process of PURE Resources Fund broadly replicates the existing PURE Income & Growth Fund. While the PURE Income & Growth Fund focuses on industrial companies, the PURE Resources Fund applies the same investment methodology towards the Resources sector. The Fund aims to generate a 15% p.a. return over a 3-5 year investment cycle, with an added focus on protecting investor capital. Income will be generated through higher ranking debt securities, while a carry into successful equity investments allows for further capital growth upside. Up to 50 high conviction positions are held within the portfolio. Investment weightings are aligned with their conviction levels, with liquidity also taken into consideration.
Manager CommentsThe PURE Resources Fund rose by +1% in October, a difference of -4.96% compared with the S&P/ASX 300 Total Return Index which rose by +5.96%.

The PURE Resources Fund has a track record of 1 year and 6 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the S&P/ASX 300 Total Return Index since inception in May 2021, providing investors with an annualised return of 10.38% compared with the index's return of 2.53% over the same period.

Over the past 12 months, the fund's largest drawdown was -3.9% vs the index's -12.23%, and since inception in May 2021 the fund's largest drawdown was -3.9% vs the index's maximum drawdown over the same period of -12.23%. The fund's maximum drawdown began in September 2022 and has so far only lasted 1 month. During this period, the index's maximum drawdown was -11.82%.

The Manager has delivered these returns with 7.62% less volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 1.54 and for performance since inception of 1.35. The fund has provided positive monthly returns 73% of the time in rising markets and 71% of the time during periods of market decline, contributing to an up-capture ratio since inception of 31% and a down-capture ratio of -15%.
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