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9 Dec 2022 - Performance Report: Altor AltFi Income Fund


Report Date09 December 2022
ManagerAltor Capital
Fund NameAltor AltFi Income Fund
Latest Return DateNovember 2022
Latest Return0.59%
Latest 6 Months4.30%
Latest 12 Months9.36%
Latest 24 Months (pa)10.02%
Annualised Since Inception11.34%
Inception Date01 April 2018
FUM (millions)AU$33.82
Fund OverviewThe Altor AltFi Income Fund is predominately focused on the active management of private credit investment opportunities in the SME market. 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 +0.59% in November, a difference of -0.04% compared with the RBA Cash Rate + 5% benchmark which rose by +0.63%.

The Altor AltFi Income Fund has a track record of 4 years and 8 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the RBA Cash Rate + 5% benchmark since inception in April 2018, providing investors with an annualised return of 11.34% compared with the benchmark's return of 5.8% over the same period.

On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 8 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. Since inception in April 2018, the fund's largest drawdown was -0.03%. The fund's maximum drawdown began in March 2020 and lasted only 1 month, with the fund having completely recovered its losses by April 2020.

The Manager has delivered these returns with 2.33% more volatility than the benchmark, contributing to a Sharpe ratio which has consistently remained above 1 over the past four years and which currently sits at 3.91 since inception.
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