Key Facts

Index Used: Bloomberg AusBond Composite 0+ Yr Index Discretionary/Quantitative: Discretionary
Peer Group: Fixed Income - Debt FUM (millions): Undisclosed
Investment Style: Fund Inception Date: October 2018
Geographic Mandate: Australia Latest Return Date: July 2022
Investor Type: Wholesale Status: Open
Minimum Investment: AU$ 100,000 Investment Frequency: Monthly

Manager Details

TAMIM Asset Management, founded in February 2015 by Jeff Taitz and joined six months later by Darren Katz, is a boutique investment house offering a diverse range of investments in both individually managed account and unlisted unit trust structures.
TAMIM Asset Management, founded in February 2015 by Jeff Taitz and joined six months later by Darren Katz, is a boutique investment house offering a diverse range of investments in both individually managed account and unlisted unit trust structures.

Strategy Description

The TAMIM Credit Fund is an Australian unit trust which invests with industry leading private credit investment managers and loan platforms. The Fund invests into private debt and other credit opportunities with the aim of generating a steady, consistent income stream for investors whilst at the same time seeking to preserve capital.
The TAMIM Credit Fund is an Australian unit trust which invests with industry leading private credit investment managers and loan platforms. The Fund invests into private debt and other credit opportunities with the aim of generating a steady, consistent income stream for investors whilst at the same time seeking to preserve capital.

Fund Fees

Management Fee: 1.25% Performance Fee: 0%
Buy Spread: 0.2% Sell spread: 0.2%
High Water Mark: Hurdle:

Fund Structure

Offshore/Onshore: Onshore Fund Structure: Unit Trust
Share Classes: Trustee/RE: Tamim Asset Management
Administrator: MacKenzie Prime Broker:
Custodian: Various including AMAL, AET Legal: PMC

Ratings & Availability

Research Ratings

None.

Platform Availability

No Data.

Performance Review

The TAMIM Fund: Credit has a track record of 3 years and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in October 2018, providing investors with an annualised return of 7% compared with the index's return of 1.06% over the same period.

The Manager has delivered these returns with 4.23% less volatility than the index, contributing to a Sharpe ratio which has consistently remained above 1 over the past three years and which currently sits at 8.33 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 94% of the time during periods of market decline, contributing to an up-capture ratio since inception of 59% and a down-capture ratio of -47%.

The TAMIM Fund: Credit rose by +0.48% in July, a difference of -2.88% compared with the Bloomberg AusBond Composite 0+ Yr Index which rose by +3.36%. Over the past 12 months, the fund's best monthly return was +0.9% compared with the index's best return of +3.36%, and its worst monthly return was +0.36% vs the index's worst return over the same period of -3.75%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20220.510.360.620.570.610.900.48NANANANANA4.12
20210.430.520.580.520.510.610.470.520.580.570.480.626.60
20200.600.590.520.490.530.770.450.610.300.650.510.526.74
20190.600.550.820.620.611.250.600.580.70-0.460.590.707.39
2018NANANANANANANANANA0.460.381.021.87

Annual Returns

Over the past 12 months, the fund has risen by +7.04% compared with the index which has fallen -9.1%, for a difference of +16.14%. Since inception in October 2018, the fund has returned +7% per annum, a difference of +5.94% relative to the index which has returned +1.06% 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 $129. The same amount invested in the index over the same period would have become $104.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 0.43% vs the index's 6.72%. The annualised volatility of the fund's returns since inception in October 2018 is 0.77% vs the index's 5%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 0.38% and 0.69% respectively, lower than the index's annualised volatility over both periods; 5.84% (24 months), 5.27% (36 months).

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 17.07 for performance over the most recent 24 months to a low of 8.7 over the latest 36 months, and is 8.33 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since October 2018 is 0.12.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in October 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 58.83%. Over all other periods, the fund's up-capture ratio has ranged from a high of 54.35% over the most recent 36 months to a low of 37.14% over the latest 12 months.

Performance in Negative Markets

Since inception in October 2018 in the months where the market was negative, the fund has provided positive returns 94% of the time, contributing to a down-capture ratio for returns since inception of -47.28%. Over all other periods, the fund's down-capture ratio has ranged from a high of -34.4% over the most recent 12 months to a low of -47.28% over the latest 36 months. A negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.

Average Return in +ve Market %

 

Average Return in -ve Market %

 

Sortino Ratio

Given that the fund hasn't had any negative returns over the past 12 months, it isn't possible to calculate a Sortino ratio. The Bloomberg AusBond Composite 0+ Yr Index's Sortino ratio over the same period is 0.13. The Sortino ratio differs from the Sharpe ratio in that it only considers the volatility of negative returns over a particular time period.

Drawdown

Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -12.13%. Since inception in October 2018, the fund's largest drawdown was -0.46% vs the index's maximum drawdown over the same period of -12.4%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Fixed Income - Debt as of August 2022

The TAMIM Fund: Credit is not ranked in the first or second quintile for any KPI.

Over the past 12 months, the fund has risen by +7.04% compared with the peer group which has returned an average of +5.62%, for a difference of +1.42%.

The fund's returns over the past 12 months have been achieved with a volatility of 0.43% vs the peer group's average volatility of 1.42%. The annualised volatility of the fund's returns since inception in October 2018 is 0.77% vs the peer group's 2.7%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 0.38% and 0.69% respectively, lower than the peer group's annualised volatility over both periods; 1.49% (24 months), 2% (36 months).

No Quintile data found for TAMIM Fund: Credit. Quintile data is only available for funds with full data to the most recent month.
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.