AIM Global High Conviction Fund
31 March 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Large Cap - Global | FUM (millions): | AU$ 102m |
| Investment Style: | Growth | Fund Inception Date: | July 2019 |
| Geographic Mandate: | Global | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 20,000 | Investment Frequency: | Daily |
Manager Details
The firm is structured solely to manage client investments. Activities not related to delivering this outcome are outsourced to leading asset management service providers to enable CIP to focus on conducting investment research, managing the portfolio, and engaging with investors.
The firm is structured solely to manage client investments. Activities not related to delivering this outcome are outsourced to leading asset management service providers to enable CIP to focus on conducting investment research, managing the portfolio, and engaging with investors.
Strategy Description
Fund Fees
| Management Fee: | 1.43% | Performance Fee: | 10% |
| Buy Spread: | 0.07% | Sell spread: | 0.07% |
| High Water Mark: | Yes | Hurdle: | MSCI World Net Total Return Index (AUD) |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | The Trust Company |
| Administrator: | Apex | Prime Broker: | Morgan Stanley |
| Custodian: | Morgan Stanley | Legal: | N/A |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The AIM Global High Conviction Fund has a track record of 4 years and 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the All Countries World (AUD) benchmark since inception in July 2019, providing investors with an annualised return of 13.29% compared with the benchmark's return of 12.43% over the same period.
The Manager has delivered these returns with 1.17% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 two times over the past four years and which currently sits at 0.96 since inception. The fund has provided positive monthly returns 89% of the time in rising markets and 5% of the time during periods of market decline, contributing to an up-capture ratio since inception of 105% and a down-capture ratio of 100%.
The AIM Global High Conviction Fund rose by +1.16% in March, a difference of -1.85% compared with the All Countries World (AUD) benchmark which rose by +3.01%. Over the past 12 months, the fund's best monthly return was +4.8% compared with the benchmark's best return of +5.32%, and its worst monthly return was -2.81% vs the benchmark's worst return over the same period of -3.27%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 4.00 | 4.80 | 1.16 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 10.26 |
| 2023 | 3.23 | -0.39 | 5.59 | 3.08 | -0.61 | 4.06 | 2.10 | 0.70 | -2.81 | -0.30 | 4.53 | 1.77 | 22.68 |
| 2022 | -5.50 | -5.01 | -0.97 | -4.94 | -2.86 | -3.73 | 11.47 | -3.87 | -2.09 | 4.75 | 2.03 | -4.68 | -15.54 |
| 2021 | -2.72 | 1.50 | 4.13 | 5.76 | 0.67 | 5.01 | 5.17 | 2.09 | -3.86 | 3.26 | 3.90 | 3.04 | 31.17 |
| 2020 | 5.49 | -2.56 | -5.16 | 3.99 | 3.46 | -0.53 | 1.03 | 4.78 | -0.04 | -1.20 | 5.44 | -0.71 | 14.19 |
| 2019 | NA | NA | NA | NA | NA | NA | 1.59 | -1.23 | -0.65 | 0.37 | 6.03 | -0.38 | 5.69 |
Annual Returns
Over the past 12 months, the fund has risen by +24.58% compared with the benchmark which has returned +26.01%, for a difference of -1.43%. Since inception in July 2019, the fund has returned +13.29% per annum, a difference of +0.86% relative to the benchmark which has returned +12.43% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $180. The same amount invested in the benchmark over the same period would have become $174.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 7.82% vs the index's 9.57%. The annualised volatility of the fund's returns since inception in July 2019 is 12.41% vs the index's 11.24%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 2.36 for performance over the most recent 12 months to a low of 0.78 over the latest 24 months, and is 0.96 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since July 2019 is 0.98.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 105.37%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.41% over the most recent 36 months to a low of 80.51% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Performance in Negative Markets
Since inception in July 2019 in the months where the market was negative, the fund has provided positive returns 5% of the time, contributing to a down-capture ratio for returns since inception of 99.88%. Over all other periods, the fund's down-capture ratio has ranged from a high of 111.93% over the most recent 48 months to a low of 38.97% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 5.42 for performance over the most recent 12 months to a low of 1.32 over the latest 24 months, and is 1.62 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since July 2019 is 1.48.
Drawdown
Over the past 12 months, the fund's largest drawdown was -3.1% vs the index's -6.22%, and since inception in July 2019 the fund's largest drawdown was -20.98% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Global as of March 2024
The performance of the AIM Global High Conviction Fund ranked it in the first or second quintile for all KPIs except Volatility and Largest Drawdown over 3 years, while over 1 year the fund ranked in the first quintile for all KPIs except Total Return.
Over the past 12 months, the fund has risen by +24.58% compared with the peer group which has returned an average of +22.21%, for a difference of +2.37%.
The fund's returns over the past 12 months have been achieved with a volatility of 7.82% vs the peer group's average volatility of 9.57%. The annualised volatility of the fund's returns since inception in July 2019 is 12.41% vs the peer group's 11.57%. Over all other periods, the fund's returns have been more volatile than the peer group.