ASCF Premium Capital Fund
31 March 2024
Key Facts
| Index Used: | Bloomberg AusBond Composite 0+ Yr Index | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Fixed Income - Debt | FUM (millions): | AU$ 23.4648m |
| Investment Style: | N/A | Fund Inception Date: | March 2020 |
| Geographic Mandate: | Australia | Latest Return Date: | March 2024 |
| Investor Type: | Retail | Status: | Open |
| Minimum Investment: | AU$ 5,000 | Investment Frequency: | Daily |
Manager Details
Unlike peer to peer lending, where investors will invest directly in a single loan, all investments in ASCF funds are spread across the entire pool of loans. This helps to minimise the impact of any losses incurred by a Fund.
ASCF does not provide any construction or development funding to property developers.
Unlike peer to peer lending, where investors will invest directly in a single loan, all investments in ASCF funds are spread across the entire pool of loans. This helps to minimise the impact of any losses incurred by a Fund.
Strategy Description
ASCF Premium Capital Fund provides medium term 1st mortgage loans to a maximum Loan to Valuation Ratio (LVR) of 70% for a maximum term of 24 months on residential and commercial property. Full valuations required on all loans. Borrowing rates are from 9.95% per annum. Pays investors between 6.10% - 6.75% per annum depending on their investment term.
ASCF Premium Capital Fund provides medium term 1st mortgage loans to a maximum Loan to Valuation Ratio (LVR) of 70% for a maximum term of 24 months on residential and commercial property. Full valuations required on all loans. Borrowing rates are from 9.95% per annum. Pays investors between 6.10% - 7.75% per annum depending on their investment term.
Fund Fees
| Management Fee: | % | Performance Fee: | % |
| Buy Spread: | 0% | Sell spread: | 0% |
| High Water Mark: | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Australian Secure Capital Fund Ltd |
| Administrator: | N/A | Prime Broker: | N/A |
| Custodian: | Certane CT Pty Ltd | Legal: | McMahon Clarke |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The ASCF Premium Capital Fund has a track record of 4 years and 1 month and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in March 2020, providing investors with an annualised return of 5.28% compared with the benchmark's return of -1.45% over the same period.
The Manager has delivered these returns with 5.57% less volatility than the benchmark, contributing to a Sharpe ratio which has consistently remained above 1 over the past four years and which currently sits at 9.23 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 35% and a down-capture ratio of -36%.
The ASCF Premium Capital Fund rose by +0.57% in March, a difference of -0.55% compared with the Bloomberg AusBond Composite 0+ Yr benchmark which rose by +1.12%. Over the past 12 months, the fund's best monthly return was +0.57% compared with the benchmark's best return of +3.01%, and its worst monthly return was +0.42% 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 | 0.55 | 0.52 | 0.57 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 1.64 |
| 2023 | 0.43 | 0.40 | 0.45 | 0.42 | 0.46 | 0.43 | 0.50 | 0.51 | 0.50 | 0.52 | 0.51 | 0.53 | 5.79 |
| 2022 | 0.42 | 0.36 | 0.42 | 0.41 | 0.42 | 0.40 | 0.41 | 0.42 | 0.40 | 0.42 | 0.40 | 0.42 | 5.00 |
| 2021 | 0.42 | 0.33 | 0.42 | 0.42 | 0.43 | 0.40 | 0.40 | 0.43 | 0.42 | 0.42 | 0.41 | 0.42 | 5.04 |
| 2020 | NA | NA | 0.34 | 0.32 | 0.39 | 0.44 | 0.41 | 0.42 | 0.40 | 0.40 | 0.42 | 0.41 | 4.02 |
General Notes
Redemption notice is 1-3 months depending on investment term.
Annual Returns
Over the past 12 months, the fund has risen by +6.18% compared with the benchmark which has returned +1.47%, for a difference of +4.71%. Since inception in March 2020, the fund has returned +5.28% per annum, a difference of +6.73% relative to the benchmark which has fallen -1.45% 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 $123. The same amount invested in the benchmark over the same period would have become $94.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 0.15% vs the index's 5.4%. The annualised volatility of the fund's returns since inception in March 2020 is 0.18% vs the index's 5.75%. 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 18.86 for performance over the most recent 12 months to a low of 8.06 over the latest 36 months, and is 9.23 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since March 2020 is -0.51.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in March 2020 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 35.44%. Over all other periods, the fund's up-capture ratio has ranged from a high of 41.81% over the most recent 12 months to a low of 26.62% over the latest 24 months.
Performance in Negative Markets
Since inception in March 2020 in the months where the market was negative, the fund has provided positive returns 100% of the time, contributing to a down-capture ratio for returns since inception of -36.01%. Over all other periods, the fund's down-capture ratio has ranged from a high of -29.88% over the most recent 36 months to a low of -36.72% 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 -0.67. The Sortino ratio differs from the Sharpe ratio in that it only considers the volatility of negative returns over a particular time period.
Drawdown
Since inception in March 2020, 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 -13.2%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Fixed Income - Debt as of March 2024
The performance of the ASCF Premium Capital Fund ranked it in the first quintile for all KPIs except Total Return and Sharpe over 1 & 3 years.
Over the past 12 months, the fund has risen by +6.18% compared with the peer group which has returned an average of +8.25%, for a difference of -2.07%.
The fund's returns over the past 12 months have been achieved with a volatility of 0.15% vs the peer group's average volatility of 0.48%. The annualised volatility of the fund's returns since inception in March 2020 is 0.18% vs the peer group's 2.24%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.