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Manager Comments | The L1 Capital Long Short Fund (Monthly Class) has a track record of 8 years and 4 months and has outperformed the ASX 200 Total Return benchmark since inception in September 2014, providing investors with an annualised return of 21% compared with the benchmark's return of 7.04% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 8 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.5% vs the index's -11.9%, and since inception in September 2014 the fund's largest drawdown was -39.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2018 and lasted 2 years and 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 6.39% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.96 since inception. The fund has provided positive monthly returns 79% of the time in rising markets and 63% of the time during periods of market decline, contributing to an up-capture ratio since inception of 88% and a down-capture ratio of 22%. |
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