Key Facts

Index Used: ASX 200 Total Return Discretionary/Quantitative: Discretionary
Peer Group: Equity Long - Large Cap - Australia FUM (millions): AU$ 120.1m
Investment Style: Blend Fund Inception Date: July 1996
Geographic Mandate: Australia Latest Return Date: March 2024
Investor Type: Wholesale & Retail Status: Open
Minimum Investment: AU$ 50,000 Investment Frequency: Daily

Manager Details

Yarra Capital Management was established in 2007 following the management buyout of Goldman Sachs Asset Management's Australian-focused investment capabilities and operating platform, backed by TA Associates, a global growth private equity firm with a long history of investing in funds management companies.

The firm is led by the senior management team comprising Dion Hershan (Managing Director and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (Chief Operating Officer). Dion, Katie, Roy and Brett lead a team of more than 35 professionals focused on delivering the best outcomes for the firm's institutional and retail clients. The investment team comprises 15 investment professionals with an average 14 years' industry experience.
Yarra Capital Management was established in 2007 following the management buyout of Goldman Sachs Asset Management's Australian investment capabilities and is backed by TA Associates, a global private equity firm with a history of investing in fund managers.

The firm is led by Dion Hershan (MD and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (COO). The team comprises 15 investment professionals.

Strategy Description

The Fund aims to achieve medium to long term capital growth through exposure to companies listed on the ASX. In doing so, the aim is to outperform the S&P/ASX 200 Accumulation Index over rolling three year periods. As an active equity manager of Australian share portfolios, Yarra Capital are focused on investing in securities which are fundamentally underappreciated by the broader sharemarket. Yarra believe the share market is inefficient and that mispricing opportunities arise when the market's valuation (as depicted in the share price) doesn't reflect their view on a company's true value.
The Fund aims to achieve medium to long term capital growth through exposure to companies listed on the ASX with the aim of outperforming the S&P/ASX 200 Accumulation Index over rolling three year periods.

Yarra Capital focus on companies which are under-appreciated by the broader market, believing the market is inefficient, and that mispricing opportunities arise when the market's valuation doesn't reflect their view on a company's true value.

Fund Fees

Management Fee: 0.95% Performance Fee: 0%
Buy Spread: 0.15% Sell spread: 0.15%
High Water Mark: Hurdle: N/A

Fund Structure

Offshore/Onshore: Onshore Fund Structure: Unit Trust
Share Classes: AU$ Trustee/RE: Yarra Funds Management Limited
Administrator: Yarra Funds Management Prime Broker: N/A
Custodian: RBC Investor Services Legal: Internal

Ratings & Availability

Research Ratings

None.

Platform Availability

BT Wrap, HUB24, Macquarie Wrap, Netwealth, Powerwrap, Asgard, IOOF, MLC Wrap, AMP MyNorth, BT Panorama, Colonial FirstWrap, Oasis, OnePath, ANZ

Performance Review

The Yarra Australian Equities Fund has a track record of 27 years and 8 months and has outperformed the ASX 200 Total Return benchmark since inception in August 1996, providing investors with an annualised return of 9.63% compared with the benchmark's return of 9.16% over the same period.

The Manager has delivered these returns with 0.59% 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 0.47 since inception. The fund has provided positive monthly returns 96% of the time in rising markets and 9% of the time during periods of market decline, contributing to an up-capture ratio since inception of 107% and a down-capture ratio of 100%.

The Yarra Australian Equities Fund rose by +3.88% in March, an outperformance of +0.61% compared with the ASX 200 Total Return benchmark which rose by +3.27%. Over the past 12 months, the fund's best monthly return was +6.72% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.13% vs the benchmark's worst return over the same period of -3.78%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20240.301.493.88NANANANANANANANANA5.75
20235.76-1.442.242.45-1.571.452.92-2.58-3.27-4.133.826.7212.30
2022-4.441.845.47-1.58-2.63-8.465.372.34-6.857.096.54-2.910.20
20210.172.683.932.582.402.580.482.06-0.71-0.35-1.252.6118.43
20203.43-7.79-27.1012.014.133.45-0.454.06-3.201.8810.860.30-4.69
20193.506.71-1.252.281.643.023.29-1.582.950.051.69-0.8623.30
2018-0.56-0.97-3.514.500.132.551.292.53-1.03-7.46-3.12-2.77-8.66
2017-0.952.223.921.53-2.950.55-0.10-0.55-0.075.272.002.4113.81
2016-5.55-3.484.832.294.86-4.306.110.15-0.56-4.213.394.016.78
20153.647.680.55-2.470.76-5.454.33-10.16-2.776.431.333.315.87
2014-3.606.040.922.290.21-1.503.420.81-6.264.20-3.791.243.33
20135.975.66-0.953.75-3.88-2.153.412.983.243.99-1.231.4924.04
20124.892.771.781.15-6.80-0.923.534.320.862.711.232.6719.16
20111.262.320.59-1.02-3.08-1.30-4.54-2.90-4.727.51-2.88-1.67-10.52
2010-6.392.756.57-3.09-7.64-3.176.41-1.984.291.19-1.133.840.41
2009-2.37-2.406.674.870.553.197.695.766.06-0.321.044.5140.59
2008-9.59-0.75-4.777.861.61-7.16-4.385.01-10.74-7.42-5.39-0.26-31.92
20071.651.443.792.361.960.07-1.942.355.642.67-1.58-1.8617.52
20063.500.645.472.15-4.371.94-2.833.050.095.102.182.7120.92
20053.432.51-0.73-2.954.544.342.382.064.74-4.493.742.5023.82
2004-0.232.451.57-0.152.212.750.021.134.143.494.723.0428.06
2003-1.88-5.023.504.470.301.783.142.73-0.223.00-2.033.6313.74
20021.32-1.340.95-1.660.23-4.25-4.021.38-4.731.920.82-1.94-11.03
20014.850.01-4.924.862.794.77-4.82-1.44-5.995.792.672.1210.13
2000-1.811.86-0.671.500.018.28-1.741.971.540.122.36-1.3212.35
19994.901.244.063.07-6.192.821.74-0.65-1.340.716.253.1420.93
19981.590.902.010.58-1.85-1.141.37-7.274.812.175.981.5610.56
1997-0.571.25-0.412.655.574.960.67-4.587.57-10.571.247.1814.33
1996NANANANANANANA5.502.541.922.452.2115.45

Only seven years of data shown. Click here to view all data.

Annual Returns

Over the past 12 months, the fund has risen by +11.44% compared with the benchmark which has returned +14.45%, for a difference of -3.01%. Since inception in August 1996, the fund has returned +9.63% per annum, a difference of +0.47% relative to the benchmark which has returned +9.16% 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 $1272. The same amount invested in the benchmark over the same period would have become $1130.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 10.94% vs the index's 10.87%. The annualised volatility of the fund's returns since inception in August 1996 is 13.85% vs the index's 13.26%. 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 1.15 for performance over the most recent 48 months to a low of 0.37 over the latest 24 months, and is 0.47 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since August 1996 is 0.45.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in August 1996 in the months where the market was positive, the fund has provided positive returns 96% of the time, contributing to an up-capture ratio for returns since inception of 107%. Over all other periods, the fund's up-capture ratio has ranged from a high of 104.53% over the most recent 48 months to a low of 94.29% 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 August 1996 in the months where the market was negative, the fund has provided positive returns 9% of the time, contributing to a down-capture ratio for returns since inception of 99.89%. Over all other periods, the fund's down-capture ratio has ranged from a high of 116.09% over the most recent 12 months to a low of 94.13% over the latest 48 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 2.01 for performance over the most recent 48 months to a low of 0.45 over the latest 24 months, and is 0.55 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since August 1996 is 0.53.

Drawdown

Over the past 12 months, the fund's largest drawdown was -9.66% vs the index's -7.19%, and since inception in August 1996 the fund's largest drawdown was -37.35% vs the index's maximum drawdown over the same period of -47.19%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Large Cap - Australia as of March 2024

The performance of the Yarra Australian Equities Fund ranked it in the second quintile for Total Return, Sharpe and Sortino over 3 years.

Over the past 12 months, the fund has risen by +11.44% compared with the peer group which has returned an average of +13.26%, for a difference of -1.82%.

The fund's returns over the past 12 months have been achieved with a volatility of 10.94% vs the peer group's average volatility of 10.39%. The annualised volatility of the fund's returns since inception in August 1996 is 13.85% vs the peer group's 11.54%. Over all other periods, the fund's returns have been more volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Yarra Australian Equities Fund
ASX200 Total Return
Quintile Rankings display Key Performance Indicators (KPI's) against the fund's Peer Group. Each green square ranks the fund in one quintile (or 20%) of its peer group - five green squares indicate the fund is in the best quintile for each KPI. The performance of the peer group's underlying index is shown by a red dot.