TAMIM Fund: Credit
29 February 2024
Key Facts
| Index Used: | Bloomberg AusBond Composite 0+ Yr Index | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Fixed Income - Credit | FUM (millions): | Undisclosed |
| Investment Style: | N/A | Fund Inception Date: | October 2018 |
| Geographic Mandate: | Australia | Latest Return Date: | February 2024 |
| Investor Type: | Wholesale | Status: | Open |
| Minimum Investment: | AU$ 100,000 | Investment Frequency: | Monthly |
Manager Details
Strategy Description
Fund Fees
| Management Fee: | 1.25% | Performance Fee: | 0% |
| Buy Spread: | 0.2% | Sell spread: | 0.2% |
| High Water Mark: | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | Trustee/RE: | Tamim Asset Management | |
| Administrator: | MacKenzie | Prime Broker: | N/A |
| Custodian: | Various including AMAL, AET | Legal: | PMC |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The TAMIM Fund: Credit has a track record of 5 years and 5 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in October 2018, providing investors with an annualised return of 7.28% compared with the benchmark's return of 0.99% over the same period.
The Manager has delivered these returns with 4.68% less volatility than the benchmark, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 7.54 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 96% of the time during periods of market decline, contributing to an up-capture ratio since inception of 49% and a down-capture ratio of -52%.
The TAMIM Fund: Credit rose by +0.77% in February, an outperformance of +1.07% compared with the Bloomberg AusBond Composite 0+ Yr benchmark which fell by -0.3%. Over the past 12 months, the fund's best monthly return was +0.86% compared with the benchmark's best return of +3.16%, and its worst monthly return was +0.52% vs the benchmark's worst return over the same period of -1.95%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.80 | 0.77 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | 1.58 |
| 2023 | 0.61 | 0.11 | 0.75 | 0.70 | 0.55 | 0.86 | 0.52 | 0.61 | 0.70 | 0.65 | 0.76 | 0.66 | 7.74 |
| 2022 | 0.51 | 0.36 | 0.62 | 0.57 | 0.61 | 0.90 | 0.48 | 0.58 | 0.78 | 0.52 | 0.48 | 0.75 | 7.40 |
| 2021 | 0.43 | 0.52 | 0.58 | 0.52 | 0.51 | 0.61 | 0.47 | 0.52 | 0.58 | 0.57 | 0.48 | 0.62 | 6.60 |
| 2020 | 0.60 | 0.59 | 0.52 | 0.49 | 0.53 | 0.77 | 0.45 | 0.61 | 0.30 | 0.65 | 0.51 | 0.52 | 6.74 |
| 2019 | 0.60 | 0.55 | 0.82 | 0.62 | 0.61 | 1.25 | 0.60 | 0.58 | 0.70 | -0.46 | 0.59 | 0.70 | 7.39 |
| 2018 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 0.46 | 0.38 | 1.02 | 1.87 |
Annual Returns
Over the past 12 months, the fund has risen by +8.65% compared with the benchmark which has returned +3.51%, for a difference of +5.14%. Since inception in October 2018, the fund has returned +7.28% per annum, a difference of +6.29% relative to the benchmark which has returned +0.99% 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 $146. The same amount invested in the benchmark over the same period would have become $105.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 0.34% vs the index's 6.08%. The annualised volatility of the fund's returns since inception in October 2018 is 0.72% vs the index's 5.4%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 13.09 for performance over the most recent 12 months to a low of 7.43 over the latest 24 months, and is 7.54 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since October 2018 is -0.06.
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 49.27%. Over all other periods, the fund's up-capture ratio has ranged from a high of 47.3% over the most recent 48 months to a low of 34.53% over the latest 24 months.
Performance in Negative Markets
Since inception in October 2018 in the months where the market was negative, the fund has provided positive returns 96% of the time, contributing to a down-capture ratio for returns since inception of -52.14%. Over all other periods, the fund's down-capture ratio has ranged from a high of -43.39% over the most recent 36 months to a low of -53.76% over the latest 12 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
The fund has had too few negative returns returns over the past 12 months for a Sortino ratio to be calculated. The Bloomberg AusBond Composite 0+ Yr Index's Sortino ratio over the same period is -0.11. 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 -5.2%. Since inception in October 2018, the fund's largest drawdown was -0.46% vs the index's maximum drawdown over the same period of -13.2%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Fixed Income - Credit as of
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 +8.65% compared with the peer group which has returned an average of +8.27%, for a difference of +0.38%.
The fund's returns over the past 12 months have been achieved with a volatility of 0.34% vs the peer group's average volatility of 2.22%. The annualised volatility of the fund's returns since inception in October 2018 is 0.72% vs the peer group's 5.21%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.
Quintile data is pending for TAMIM Fund: Credit.