TAMIM Fund: Australia Small Cap Income
31 March 2024
Key Facts
| Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Small/Mid Cap - Australia | FUM (millions): | Undisclosed |
| Investment Style: | Blend | Fund Inception Date: | December 2018 |
| Geographic Mandate: | Australia/NZ | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale | Status: | Open |
| Minimum Investment: | AU$ 250,000 | Investment Frequency: | Monthly |
Manager Details
Strategy Description
The Australia Small Cap Income portfolio is structured around the key themes of:
- Strong businesses with value and growth characteristics; and
- Cash generating businesses paying regular dividends.
The Australia Small Cap Income portfolio is structured around the key themes of:
- Strong businesses with value and growth characteristics; and
- Cash generating businesses paying regular dividends.
Fund Fees
| Management Fee: | 1.25% | Performance Fee: | 20% |
| Buy Spread: | 0.25% | Sell spread: | 0.25% |
| High Water Mark: | Yes | Hurdle: | RBA Cash Rate +2.5% |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | CTSP Funds Management |
| Administrator: | Mackenzie Managed Funds | Prime Broker: | Interactive Brokers |
| Custodian: | Interactive Brokers | Legal: | PMC Legal |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The TAMIM Fund: Australia Small Cap Income has a track record of 5 years and 3 months and has outperformed the ASX 200 Total Return benchmark since inception in January 2019, providing investors with an annualised return of 12% compared with the benchmark's return of 10.86% over the same period.
The Manager has delivered these returns with 9.12% 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 0.54 since inception. The fund has provided positive monthly returns 88% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 131% and a down-capture ratio of 111%.
The TAMIM Fund: Australia Small Cap Income rose by +4.88% in March, an outperformance of +1.61% 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 +11.95% compared with the benchmark's best return of +7.26%, and its worst monthly return was -6.43% vs the benchmark's worst return over the same period of -3.78%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -3.42 | 3.11 | 4.88 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 4.44 |
| 2023 | 3.75 | -2.14 | -3.04 | 4.79 | -6.43 | 2.05 | 3.68 | 0.49 | 0.48 | -5.89 | 5.19 | 11.95 | 14.28 |
| 2022 | -5.29 | 1.25 | 2.05 | -2.42 | -6.46 | -8.83 | 6.74 | 3.45 | -5.59 | -2.37 | -1.43 | -1.25 | -19.32 |
| 2021 | 3.68 | 3.88 | 1.85 | 6.12 | 0.34 | 1.54 | 4.49 | 2.27 | 0.59 | 5.55 | -0.87 | 2.60 | 36.86 |
| 2020 | 2.19 | -8.52 | -40.88 | 16.46 | 10.24 | 0.73 | 3.75 | 13.73 | -0.65 | 2.58 | 12.81 | 2.97 | -0.16 |
| 2019 | -1.07 | 7.97 | 1.03 | 3.07 | 1.99 | -0.97 | 5.05 | 3.79 | 4.76 | 0.91 | 5.67 | 0.69 | 37.77 |
Annual Returns
Over the past 12 months, the fund has risen by +21.25% compared with the benchmark which has returned +14.45%, for a difference of +6.8%. Since inception in January 2019, the fund has returned +12% per annum, a difference of +1.14% relative to the benchmark which has returned +10.86% 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 $181. The same amount invested in the benchmark over the same period would have become $171.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 17.2% vs the index's 10.87%. The annualised volatility of the fund's returns since inception in January 2019 is 25.21% vs the index's 16.09%. 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 1.2 for performance over the most recent 48 months to a low of -0.14 over the latest 24 months, and is 0.54 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2019 is 0.64.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in January 2019 in the months where the market was positive, the fund has provided positive returns 88% of the time, contributing to an up-capture ratio for returns since inception of 131.3%. Over all other periods, the fund's up-capture ratio has ranged from a high of 139.27% over the most recent 48 months to a low of 80.46% 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 January 2019 in the months where the market was negative, the fund has provided positive returns 33% of the time, contributing to a down-capture ratio for returns since inception of 111.06%. Over all other periods, the fund's down-capture ratio has ranged from a high of 117.08% over the most recent 24 months to a low of 92.63% 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 2.28 for performance over the most recent 48 months to a low of -0.32 over the latest 24 months, and is 0.5 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since January 2019 is 0.75.
Drawdown
Over the past 12 months, the fund's largest drawdown was -6.43% vs the index's -7.19%, and since inception in January 2019 the fund's largest drawdown was -45.92% vs the index's maximum drawdown over the same period of -26.75%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of March 2024
The performance of the TAMIM Fund: Australia Small Cap Income ranked it in the second quintile for Total Return and Sharpe over 5 years, while over 3 years the fund ranked in the second quintile for all KPIs except Total Return. Over 1 year, it ranked in the first quintile for Largest Drawdown and second quintile for Total Return.
Over the past 12 months, the fund has risen by +21.25% compared with the peer group which has returned an average of +14.76%, for a difference of +6.49%.
The fund's returns over the past 12 months have been achieved with a volatility of 17.2% vs the peer group's average volatility of 11.14%. The annualised volatility of the fund's returns since inception in January 2019 is 25.21% vs the peer group's 14.53%. Over all other periods, the fund's returns have been more volatile than the peer group.