Key Facts

Index Used: ASX 200 Total Return Discretionary/Quantitative: Discretionary
Peer Group: Equity Long - Small/Mid Cap - Australia FUM (millions): AU$ 71.4m
Investment Style: Blend Fund Inception Date: September 1997
Geographic Mandate: Australia Latest Return Date: May 2022
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 Yarra Emerging Leaders Fund offers investors exposure to small and medium-sized companies listed on the ASX, applying a differentiated investment approach to unlock potential in the small and mid-cap universe. Yarra aim to outperform the Emerging Leaders benchmark over rolling three-year periods.

The portfolio contains between 30 and 55 stocks listed on the Emerging Leaders benchmark, selected based on a fundamental, long-term and balanced investment approach.
The Yarra Emerging Leaders Fund offers investors exposure to small and medium-sized companies listed on the ASX, applying a differentiated investment approach to unlock potential in the small and mid-cap universe. Yarra aim to outperform the Emerging Leaders benchmark over rolling three-year periods.

The portfolio contains between 30 and 55 stocks listed on the Emerging Leaders benchmark, selected based on a fundamental, long-term and balanced investment approach.

Fund Fees

Management Fee: 1.25% Performance Fee: 0%
Buy Spread: 0.2% Sell spread: 0.2%
High Water Mark: N/A 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

No Data.

Performance Review

The Yarra Emerging Leaders Fund has a track record of 24 years and 8 months and has outperformed the ASX 200 Total Return Index since inception in October 1997, providing investors with an annualised return of 9.99% compared with the index's return of 8.41% over the same period.

The Manager has delivered these returns with 2.97% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.45 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 25% of the time during periods of market decline, contributing to an up-capture ratio since inception of 112% and a down-capture ratio of 99%.

The Yarra Emerging Leaders Fund returned -6.36% in May, a difference of -3.76% compared with the ASX 200 Total Return Index which fell by -2.6%. Over the past 12 months, the fund's best monthly return was +6.1% compared with the index's best return of +6.89%, and its worst monthly return was -7.96% vs the index's worst return over the same period of -6.35%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
2022-7.960.256.10-1.24-6.36NANANANANANANA-9.46
2021-0.770.672.623.07-0.373.471.265.12-0.66-0.090.333.9319.96
20202.54-6.27-27.7517.566.972.61-0.465.32-0.572.057.182.724.94
20194.533.73-1.272.210.872.545.86-1.733.751.611.88-0.8225.40
20180.59-1.97-1.464.651.300.100.334.670.24-8.52-1.55-3.02-5.20
2017-4.061.163.32-1.17-0.611.24-0.060.14-0.375.893.963.6013.41
2016-2.14-2.984.012.096.06-3.978.85-2.17-0.05-8.04-3.782.95-0.45
20152.517.11-0.30-0.992.92-5.206.13-3.251.088.012.503.5625.85
2014-4.887.600.761.36-0.25-1.494.523.28-5.753.37-0.472.4210.12
20137.904.34-1.211.36-3.66-4.263.641.755.734.670.381.9024.12
20126.627.811.340.72-6.72-4.38-0.075.241.291.902.161.5317.81
2011-1.021.691.49-1.86-3.12-3.380.82-5.09-9.109.60-0.89-3.47-14.42
2010-6.420.356.00-1.01-9.87-2.896.140.185.811.77-1.605.632.64
2009-2.16-3.694.054.615.842.5610.565.567.01-0.271.133.6545.38
2008-11.863.31-8.632.693.31-8.72-7.611.33-11.29-17.98-8.276.42-46.42
20072.64-0.584.053.464.910.02-1.14-4.203.804.43-2.81-1.0813.75
20061.261.205.220.76-5.391.540.401.242.794.845.233.1224.06
20056.85-2.300.43-5.374.254.443.416.171.24-3.23-1.050.9216.03
20041.832.220.762.031.482.963.313.574.115.963.233.2840.70
2003-1.13-4.790.937.390.522.884.401.862.144.06-1.951.4718.66
20022.11-3.631.34-3.37-1.40-4.15-4.304.63-4.98-3.25-1.141.49-15.88
20012.962.60-3.722.841.644.491.082.43-6.605.59-0.061.7515.35
2000-1.412.36-0.69-7.22-1.1114.751.005.560.313.564.120.9822.88
19997.152.633.90-0.55-1.973.853.406.590.512.899.688.7957.31
19981.741.69-0.88-0.49-2.83-6.98-0.40-6.906.875.584.613.314.29
1997NANANANANANANANANA-13.030.785.35-7.66

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

Annual Returns

Over the past 12 months, the fund has risen by +3.19% compared with the index which has returned +4.84%, for a difference of -1.65%. Since inception in October 1997, the fund has returned +9.99% per annum, a difference of +1.58% relative to the index which has returned +8.41% 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 $1047. The same amount invested in the index over the same period would have become $733.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 14.03% vs the index's 11.02%. The annualised volatility of the fund's returns since inception in October 1997 is 16.2% vs the index's 13.23%. Over all other periods, the fund's returns have been more volatile than the index.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 1.18 for performance over the most recent 24 months to a low of 0.29 over the latest 12 months, and is 0.45 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since October 1997 is 0.41.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in October 1997 in the months where the market was positive, the fund has provided positive returns 87% of the time, contributing to an up-capture ratio for returns since inception of 112.26%. Over all other periods, the fund's up-capture ratio has ranged from a high of 115.58% over the most recent 36 months to a low of 94.23% over the latest 24 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 October 1997 in the months where the market was negative, the fund has provided positive returns 25% of the time, contributing to a down-capture ratio for returns since inception of 99.18%. Over all other periods, the fund's down-capture ratio has ranged from a high of 129.09% over the most recent 12 months to a low of 104.54% over the latest 24 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 1.81 for performance over the most recent 24 months to a low of 0.29 over the latest 12 months, and is 0.51 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since October 1997 is 0.46.

Drawdown

Over the past 12 months, the fund's largest drawdown was -9.46% vs the index's -6.35%, and since inception in October 1997 the fund's largest drawdown was -51.6% 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 - Small/Mid Cap - Australia as of April 2022

The performance of the Yarra Emerging Leaders Fund ranked it in the second quintile for all KPIs except Volatility over 1 year.

Over the past 12 months, the fund has risen by +3.19% compared with the peer group which has fallen an average of -4.48%, for a difference of +7.67%.

The fund's returns over the past 12 months have been achieved with a volatility of 14.03% vs the peer group's average volatility of 13.03%. The annualised volatility of the fund's returns since inception in October 1997 is 16.2% vs the peer group's 14.56%. Over all other periods, the fund's volatility relative to the peer group has been varied.

1 Year
3 Year
5 Year
7 Year
Yarra Emerging Leaders 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.