Alphinity Global Equity Fund
31 March 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Large Cap - Global | FUM (millions): | AU$ 577m |
| Investment Style: | Blend | Fund Inception Date: | December 2015 |
| Geographic Mandate: | Global | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 10,000 | Investment Frequency: | Daily |
Manager Details
In 2015, Alphinity expanded to include a highly experienced and dedicated global investment team applying the same philosophy and process to the large set of investment opportunities outside of Australia.
They identify these companies using a combination of fundamental analysis and specific quantitative inputs.
Strategy Description
The Fund is intended to be suitable for investors who look to invest for at least five years, are seeking high levels of return and are comfortable with high volatility, including the possibility of periods of negative returns.
The Fund is intended to be suitable for investors who look to invest for at least five years, are seeking high levels of return and are comfortable with high volatility, including the possibility of periods of negative returns.
Fund Fees
| Management Fee: | 0.75% | Performance Fee: | 10% |
| Buy Spread: | 0.25% | Sell spread: | 0.25% |
| High Water Mark: | No | Hurdle: | RBA Cash Rate Target |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Fidante Partners Limited |
| Administrator: | Fidante Partners Limited | Prime Broker: | N/A |
| Custodian: | Citibank | Legal: | Challenger Limited Legal Counsel |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Alphinity Global Equity Fund has a track record of 8 years and 4 months and has outperformed the All Countries World (AUD) benchmark since inception in December 2015, providing investors with an annualised return of 13.83% compared with the benchmark's return of 11.53% over the same period.
The Manager has delivered these returns with 0.99% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 two times over the past five years and which currently sits at 1.04 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 21% of the time during periods of market decline, contributing to an up-capture ratio since inception of 115% and a down-capture ratio of 97%.
The Alphinity Global Equity Fund rose by +3.73% in March, an outperformance of +0.72% compared with the All Countries World (AUD) benchmark which rose by +3.01%. Over the past 12 months, the fund's best monthly return was +8.23% compared with the benchmark's best return of +5.32%, and its worst monthly return was -4.6% vs the benchmark's worst return over the same period of -3.27%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 5.43 | 8.23 | 3.73 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 18.36 |
| 2023 | 2.63 | 1.78 | 4.78 | 1.25 | 0.95 | 1.98 | 1.63 | 0.32 | -4.60 | -1.51 | 5.60 | 0.74 | 16.27 |
| 2022 | -5.47 | -6.50 | -0.39 | -3.35 | -1.69 | -2.70 | 8.36 | -2.53 | -1.63 | 6.10 | 1.90 | -6.45 | -14.46 |
| 2021 | 0.58 | 1.61 | 4.24 | 4.85 | 2.41 | 5.75 | 6.59 | 3.81 | -5.37 | 4.65 | 4.89 | 1.50 | 41.13 |
| 2020 | 4.20 | -3.44 | -5.17 | 1.45 | 3.33 | -3.19 | 1.57 | 1.60 | 0.26 | -0.12 | 5.32 | 0.41 | 5.83 |
| 2019 | 2.63 | 4.87 | 2.70 | 4.82 | -3.57 | 5.06 | 2.94 | 2.63 | 0.29 | -0.45 | 5.99 | -1.26 | 29.57 |
| 2018 | 1.82 | 0.39 | -1.10 | 3.59 | 0.53 | 1.57 | 1.07 | 4.69 | 0.02 | -4.95 | -1.76 | -2.52 | 3.02 |
| 2017 | -1.55 | 1.34 | 3.49 | 5.04 | 2.93 | -2.30 | -1.87 | 2.28 | 4.65 | 4.87 | 3.75 | -2.16 | 21.94 |
| 2016 | -2.49 | -2.55 | -2.53 | 0.79 | 6.16 | -5.24 | 1.90 | 1.16 | -1.13 | -2.04 | 4.55 | 4.36 | 2.28 |
| 2015 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | 0.54 | 0.54 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +25.74% compared with the benchmark which has returned +26.01%, for a difference of -0.27%. Since inception in December 2015, the fund has returned +13.83% per annum, a difference of +2.3% relative to the benchmark which has returned +11.53% 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 $294. The same amount invested in the benchmark over the same period would have become $248.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 11.34% vs the index's 9.57%. The annualised volatility of the fund's returns since inception in December 2015 is 11.79% vs the index's 10.8%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.74 for performance over the most recent 12 months to a low of 0.94 over the latest 24 months, and is 1.04 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since December 2015 is 0.93.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in December 2015 in the months where the market was positive, the fund has provided positive returns 97% of the time, contributing to an up-capture ratio for returns since inception of 115.23%. Over all other periods, the fund's up-capture ratio has ranged from a high of 132.69% over the most recent 36 months to a low of 97.16% over the latest 12 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 December 2015 in the months where the market was negative, the fund has provided positive returns 21% of the time, contributing to a down-capture ratio for returns since inception of 96.67%. Over all other periods, the fund's down-capture ratio has ranged from a high of 116.62% over the most recent 48 months to a low of 92.25% 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 has had too few negative returns returns over the past 12 months for a Sortino ratio to be calculated. Over all other periods its Sortino ratio (which excludes volatility in positive months) has ranged from a high of 0 to a low of 0. By contrast, the All Countries World (AUD) Index's Sortino for performance since December 2015 is 1.43.
Drawdown
Over the past 12 months, the fund's largest drawdown was -6.04% vs the index's -6.22%, and since inception in December 2015 the fund's largest drawdown was -18.61% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Global as of March 2024
The performance of the Alphinity Global Equity Fund ranked it in the first or second quintile for all KPIs except Volatility over 3 & 7 years. Over 5 years the fund ranked in the first or second quintile for all KPIs, while it ranked in the first or second quintile for all KPIs except Volatility and Largest Drawdown over 1 year.
Over the past 12 months, the fund has risen by +25.74% compared with the peer group which has returned an average of +22.13%, for a difference of +3.61%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.34% vs the peer group's average volatility of 9.55%. The annualised volatility of the fund's returns since inception in December 2015 is 11.79% vs the peer group's 11.57%. Over all other periods, the fund's returns have been more volatile than the peer group.