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Printed: 23 June 2024 7:11 PM


7 Dec 2022 - Performance Report: 4D Global Infrastructure Fund (Unhedged)


Report Date07 December 2022
Manager4D Infrastructure
Fund Name4D Global Infrastructure Fund (Unhedged)
Latest Return DateNovember 2022
Latest Return3.58%
Latest 6 Months-3.01%
Latest 12 Months5.05%
Latest 24 Months (pa)6.12%
Annualised Since Inception8.70%
Inception Date01 March 2016
FUM (millions)AU$240.63
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 (Unhedged) rose by +3.58% in November, an outperformance of +2.13% compared with the S&P Global Infrastructure TR (AUD) Index which rose by +1.45%.

The 4D Global Infrastructure Fund (Unhedged) has a track record of 6 years and 9 months and has outperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 8.7% compared with the index's return of 8.6% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.99% vs the index's -6.34%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and lasted 2 years and 2 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by April 2022.

The Manager has delivered these returns with 0.2% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.67 since inception. The fund has provided positive monthly returns 94% of the time in rising markets and 13% of the time during periods of market decline, contributing to an up-capture ratio since inception of 100% and a down-capture ratio of 99%.
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