The Insync Global Quality Equity Fund rose +2.16% in March, outperforming AFM's Global Equity Index by +0.93% and taking annualised performance since inception in October 2009 to +12.74% versus the Index's +11.06%. The Fund's Sharpe and Sortino ratios, 1.00 and 1.90 respectively, by contrast with the Index's Sharpe ratio of 0.84 and Sortino ratio of 1.40, highlights the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. In addition, the Fund's down-capture ratio of 60.35% indicates that, on average, the Fund has outperformed in falling markets since inception.

The Global Quality Equity Fund differs from the Global Capital Aware Fund only in that it has no put-protection, otherwise the portfolio and strategy are exactly the same.

Positive contributors in March included Accenture, Intuit, Visa, Amadeus IT and Tencent. Negative contributors were RELX, Boston Scientific, Wirecard AG, Twenty-First Century Fox - B and Biogen Idec. No currency hedging continues across both the Global Capital Aware Fund and the Global Quality Equity Fund as Insync consider the main risks to the Australian dollar to be on the downside.

The Insync Global Capital Aware Fund rose +1.96% in March, outperforming AFM's Global Equity Index by 0.73% and taking annualised performance since inception in October 2009 to +10.07%. The Fund's average negative return since inception of -1.67% versus the Index's -2.00%, maximum drawdown since inception of -10.98% versus the Index's -13.59% and down-capture ratio of 58.61% collectively highlight the Fund's successful put-protection strategy, the purpose of which is to serve as a buffer against sharp and deep falls in portfolio price.

Positive contributors in March included Accenture, Intuit, Visa, Amadeus IT and Tencent. Negative contributors were RELX, Boston Scientific, Wirecard AG, Twenty-First Century Fox - B and Biogen Idec. No currency hedging continues across both the Global Capital Aware Fund and the Global Quality Equity Fund as Insync consider the main risks to the Australian dollar to be on the downside.

Insync reduced the level of index put protection cover in January after one of the most significant falls in equity markets in December. This is in line with their rules-based process driven approach to managing downside risk. They noted that as the VIX levels have now fallen significantly, combined with the sharp bounce back in equity markets, they are gradually increasing the level of cover which currently sits at approximately 20% of the portfolio.