4D Global Infrastructure Fund (Unhedged)
31 March 2024
Key Facts
| Index Used: | S&P Global Infrastructure TR Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Infrastructure | FUM (millions): | AU$ 273.24m |
| Investment Style: | Value | Fund Inception Date: | March 2016 |
| Geographic Mandate: | Global | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 25,000 | Investment Frequency: | Daily |
Manager Details
The team has significant experience in global infrastructure, built around industry, sector, regional and company knowledge. Their varied backgrounds across sell side, buy side, portfolio management, equities research and strategy, debt, fund start-up, investment banking and consulting across both listed and unlisted infrastructure bring diverse thinking to the team's decision-making.
Strategy Description
The fund is managed as a single portfolio including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail, as well as communication assets such as the towers and satellite sectors.
The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered.
The maximum absolute position of an individual stock is 7% of the fund.
Fund Fees
| Management Fee: | 0.95% | Performance Fee: | 10.25% |
| Buy Spread: | 0.3% | Sell spread: | 0.3% |
| High Water Mark: | Yes | Hurdle: | OECD G7 inflation index + 5.5% per annum |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Bennelong Funds Management |
| Administrator: | Citigroup | Prime Broker: | Not Applicable |
| Custodian: | Citigroup | Legal: | Not Applicable |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The 4D Global Infrastructure Fund (Unhedged) has a track record of 8 years and 1 month and has outperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in March 2016, providing investors with an annualised return of 9.22% compared with the benchmark's return of 8.49% over the same period.
The Manager has delivered these returns with 0.01% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.68 since inception. The fund has provided positive monthly returns 93% of the time in rising markets and 11% of the time during periods of market decline, contributing to an up-capture ratio since inception of 104% and a down-capture ratio of 98%.
The 4D Global Infrastructure Fund (Unhedged) rose by +1.76% in March, a difference of -2.72% compared with the S&P Global Infrastructure TR (AUD) benchmark which rose by +4.48%. Over the past 12 months, the fund's best monthly return was +7.53% compared with the benchmark's best return of +5.15%, and its worst monthly return was -4.1% vs the benchmark's worst return over the same period of -3.79%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -0.61 | 0.41 | 1.76 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 1.55 |
| 2023 | 4.33 | 0.97 | 4.49 | 5.05 | -2.97 | 2.26 | 0.86 | -2.20 | -4.10 | -1.63 | 7.53 | 1.93 | 17.03 |
| 2022 | 1.03 | -1.76 | 1.93 | 1.65 | 2.33 | -5.82 | 2.27 | -1.08 | -6.58 | 5.20 | 3.58 | -2.25 | -0.24 |
| 2021 | -2.99 | -1.27 | 6.37 | 2.38 | 2.91 | 0.55 | 2.06 | 1.65 | -2.51 | -1.43 | 0.38 | 2.93 | 11.17 |
| 2020 | 5.11 | -2.94 | -16.56 | 2.21 | 4.98 | -2.04 | -1.78 | -2.15 | -1.94 | 0.83 | 9.76 | -0.75 | -7.38 |
| 2019 | 7.52 | 2.78 | 2.07 | 3.16 | 0.96 | 3.13 | 0.87 | 1.26 | 2.22 | 0.06 | 0.87 | 1.34 | 29.38 |
| 2018 | -0.84 | -2.46 | 0.86 | 3.03 | -2.88 | 2.73 | 1.38 | -0.73 | 0.20 | -0.97 | -1.16 | 1.54 | 0.50 |
| 2017 | -2.58 | 3.97 | 5.91 | 3.50 | 4.37 | -1.01 | -0.84 | 2.63 | 0.40 | 3.51 | 2.18 | -1.56 | 22.03 |
| 2016 | NA | NA | 2.64 | 3.41 | 3.06 | -1.16 | 2.86 | -0.44 | -2.64 | -2.35 | -4.90 | 5.19 | 5.31 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +7.97% compared with the benchmark which has returned +6.59%, for a difference of +1.38%. Since inception in March 2016, the fund has returned +9.22% per annum, a difference of +0.73% relative to the benchmark which has returned +8.49% 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 $204. The same amount invested in the benchmark over the same period would have become $193.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 11.08% vs the index's 9.68%. The annualised volatility of the fund's returns since inception in March 2016 is 11.92% vs the index's 11.93%. Over all other periods, the fund's volatility relative to the benchmark has been varied.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.71 for performance over the most recent 48 months to a low of 0.38 over the latest 12 months, and is 0.68 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sharpe for performance since March 2016 is 0.62.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in March 2016 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 103.77%. Over all other periods, the fund's up-capture ratio has ranged from a high of 109.08% over the most recent 24 months to a low of 100.84% over the latest 36 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 March 2016 in the months where the market was negative, the fund has provided positive returns 11% of the time, contributing to a down-capture ratio for returns since inception of 98.35%. Over all other periods, the fund's down-capture ratio has ranged from a high of 119.92% over the most recent 48 months to a low of 97.24% 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 1.15 for performance over the most recent 48 months to a low of 0.55 over the latest 60 months, and is 0.91 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sortino for performance since March 2016 is 0.77.
Drawdown
Over the past 12 months, the fund's largest drawdown was -7.73% vs the index's -8.26%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Infrastructure as of March 2024
The performance of the 4D Global Infrastructure Fund (Unhedged) ranked it in the first or second quintile for all KPIs over 3 & 7 years, while over 1 & 5 years the fund ranked in the first or second quintile for all KPIs except Volatility.
Over the past 12 months, the fund has risen by +7.97% compared with the peer group which has returned an average of +4%, for a difference of +3.97%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.08% vs the peer group's average volatility of 9.07%. The annualised volatility of the fund's returns since inception in March 2016 is 11.92% vs the peer group's 9.9%. Over all other periods, the fund's returns have been more volatile than the peer group.