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Printed: 17 June 2024 5:18 AM


15 Dec 2022 - Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund


Report Date15 December 2022
ManagerSkerryvore Asset Management
Fund NameSkerryvore Global Emerging Markets All-Cap Equity Fund
StrategyEquity Long
Latest Return DateNovember 2022
Latest Return5.60%
Latest 6 Months3.59%
Latest 12 Months-3.90%
Latest 24 Months (pa)
Annualised Since Inception-5.14%
Inception Date02 August 2021
FUM (millions)AU$294.9
Fund OverviewThe strategy aims to generate absolute long-term returns by investing responsibly in companies listed on exchanges worldwide, which operate in, or are economically exposed to, emerging markets. This is based on a focus on the quality of the businesses in which the Fund invests.

Emerging markets refers to countries that are transitioning from a low income, less developed economy towards a modern, industrial economy with a higher standard of living and greater connectivity to global markets.

The strategy is index unaware (meaning that the Skerryvore team decides to invest in individual stocks based on their merit and without reference to the composition of the Benchmark) and the Fund's country and sector allocations will reflect the active bottom up investment approach of the Skerryvore team.

The Fund also invests in companies that are incorporated and listed in developed market countries which have economic exposure to emerging markets. The difference in allocation against any emerging markets index can be significant.
Manager CommentsThe Skerryvore Global Emerging Markets All-Cap Equity Fund rose by +5.6% in November, a difference of -4.04% compared with the MSCI Emerging Markets (MMEF) AUD benchmark which rose by +9.64%.

The Skerryvore Global Emerging Markets All-Cap Equity Fund has a track record of 1 year and 4 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the MSCI Emerging Markets (MMEF) AUD benchmark since inception in August 2021, providing investors with an annualised return of -5.14% compared with the benchmark's return of -8.86% over the same period.

Over the past 12 months, the fund's largest drawdown was -13.9% vs the index's -20.81%, and since inception in August 2021 the fund's largest drawdown was -17.45% vs the index's maximum drawdown over the same period of -21.92%. The fund's maximum drawdown began in September 2021 and has so far lasted 1 year and 2 months, reaching its lowest point during June 2022.

The Manager has delivered these returns with 2.67% less volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of -0.44 and for performance since inception of -0.52. The fund has provided positive monthly returns 100% of the time in rising markets and 30% of the time during periods of market decline, contributing to an up-capture ratio since inception of 70% and a down-capture ratio of 70%.
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