Key Facts

Index Used: Bloomberg AusBond Composite 0+ Yr Index Discretionary/Quantitative: Discretionary
Peer Group: Fixed Income - Debt FUM (millions): AU$ 5,533.98m
Investment Style: N/A Fund Inception Date: June 2013
Geographic Mandate: Australia Latest Return Date: March 2024
Investor Type: Wholesale Status: Open
Minimum Investment: AU$ 50,000 Investment Frequency: Daily

Manager Details

Metrics Credit Partners are an Australian non-bank corporate lender and alternative asset manager specialising in fixed income, private credit, equity and capital markets.

Through their managed funds they provide access to the Australian private debt market to investors ranging from individuals to global institutions.

Metrics' investment team comprises the four founding partners and is supported by a team of highly qualified investment professionals with skills and experience covering origination, credit and financial analysis, portfolio risk management, legal and fund administration.
Metrics Credit Partners are an Australian non-bank corporate lender and alternative asset manager specialising in fixed income, private credit, equity and capital markets.

Through their managed funds they provide access to the Australian private debt market to investors ranging from individuals to global institutions.

Strategy Description

The Metrics Credit Partners Diversified Australian Senior Loan Fund is an open-ended unit trust. It invests in a diversified portfolio of primarily Australian corporate loans and other associated debt instruments, designed to broadly reflect the corporate loan market.

The fund offers investors direct exposure to Australia's bank dominated corporate loan market by investing in bilateral, club-style, and syndicated loans to Australian public and private companies.

The portfolio is constructed with the aim of broadly reflecting Australia's Corporate loan market, diversified by borrower, industry, credit quality and debt product. At least 90% of the portfolio to be senior ranking, and at least 80% Australian assets.
The Metrics Credit Partners Diversified Australian Senior Loan Fund is an open-ended unit trust. It invests in a diversified portfolio of primarily Australian corporate loans and other associated debt instruments, designed to broadly reflect the corporate loan market.
The fund offers investors direct exposure to Australia's bank dominated corporate loan market by investing in bilateral, club-style, and syndicated loans to Australian public and private companies.

Fund Fees

Management Fee: 0.3% Performance Fee: 0%
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: Perpetual Trust Services
Administrator: MCH Fund Administration Services Prime Broker: N/A
Custodian: Perpetual Corporate Trust Legal: MinterEllison

Ratings & Availability

Research Ratings

None.

Platform Availability

No Data.

Performance Review

The Metrics Credit Partners Diversified Australian Senior Loan Fund has a track record of 10 years and 10 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in June 2013, providing investors with an annualised return of 5.26% compared with the benchmark's return of 2.56% over the same period.

The Manager has delivered these returns with 3.76% 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 13.28 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 38% and a down-capture ratio of -57%.

The Metrics Credit Partners Diversified Australian Senior Loan Fund rose by +0.69% in March, a difference of -0.43% 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 +0.81% compared with the benchmark's best return of +3.01%, and its worst monthly return was +0.69% vs the benchmark's worst return over the same period of -1.95%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20240.790.720.69NANANANANANANANANA2.22
20230.700.630.740.710.730.720.800.810.740.800.760.779.29
20220.310.300.320.310.380.390.430.510.490.600.630.655.46
20210.260.260.290.270.300.280.270.280.280.270.290.293.38
20200.360.340.390.370.350.380.360.340.330.320.300.304.21
20190.440.430.450.450.430.380.370.340.320.340.340.364.76
20180.330.290.380.420.420.420.430.450.410.420.410.454.94
20170.360.320.360.360.360.350.380.360.380.390.300.394.37
20160.380.280.360.390.350.350.370.340.320.370.320.304.19
20150.450.390.410.390.330.360.380.390.360.380.370.384.67
20140.490.430.480.430.420.550.440.450.440.460.440.455.62
2013NANANANANA0.490.480.460.630.740.520.503.88

Only seven years of data shown. Click here to view all data.

Annual Returns

Over the past 12 months, the fund has risen by +9.43% compared with the benchmark which has returned +1.47%, for a difference of +7.96%. Since inception in June 2013, the fund has returned +5.26% per annum, a difference of +2.7% relative to the benchmark which has returned +2.56% 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 $174. The same amount invested in the benchmark over the same period would have become $131.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 0.14% vs the index's 5.4%. The annualised volatility of the fund's returns since inception in June 2013 is 0.48% vs the index's 4.24%. 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 35.44 for performance over the most recent 12 months to a low of 18.23 over the latest 36 months, and is 13.28 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since June 2013 is 0.22.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in June 2013 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 38.23%. Over all other periods, the fund's up-capture ratio has ranged from a high of 62.75% over the most recent 12 months to a low of 36.17% over the latest 60 months.

Performance in Negative Markets

Since inception in June 2013 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 -57.42%. Over all other periods, the fund's down-capture ratio has ranged from a high of -35.1% over the most recent 36 months to a low of -56.5% 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 0.27. 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 June 2013, 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%

 
Fund Index Peer group

Quintile Ranking vs. Average Fixed Income - Debt as of March 2024

The performance of the Metrics Credit Partners Diversified Australian Senior Loan Fund ranked it in the first or second quintile for all KPIs over 1 & 7 years. Over 5 years the fund ranked in the first or second quintile for all KPIs except Total Return, while it ranked in the first or second quintile for all KPIs except Total Return and Volatility over 3 years.

Over the past 12 months, the fund has risen by +9.43% compared with the peer group which has returned an average of +8.25%, for a difference of +1.18%.

The fund's returns over the past 12 months have been achieved with a volatility of 0.14% vs the peer group's average volatility of 0.48%. The annualised volatility of the fund's returns since inception in June 2013 is 0.48% vs the peer group's 2.24%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Metrics Credit Partners Diversified Australian Senior Loan Fund
RBA Cash Rate + 5%
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.