Index Used: | Bloomberg AusBond Composite 0+ Yr Index | Discretionary/Quantitative: | Discretionary |
Peer Group: | Fixed Income - Hybrid Credit | FUM (millions): | AU$ 570.88m |
Investment Style: | N/A | Fund Inception Date: | April 2019 |
Geographic Mandate: | Australia | Latest Return Date: | March 2024 |
Investor Type: | Wholesale & Retail | Status: | Open |
Minimum Investment: | AU$ 0 | Investment Frequency: | Daily |
Management Fee: | 1.03% | Performance Fee: | 0% |
Buy Spread: | 0% | Sell spread: | 0% |
High Water Mark: | Hurdle: | N/A |
Offshore/Onshore: | Onshore | Fund Structure: | LIC |
Share Classes: | AU$ | Trustee/RE: | The Trust Company (RE Services) |
Administrator: | Mainstream Fund Services | Prime Broker: | N/A |
Custodian: | Perpetual Corporate Trust | Legal: | Minter Ellison |
The MCP Income Opportunities Trust (ASX: MOT) has a track record of 5 years and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in April 2019, providing investors with an annualised return of 8.9% compared with the benchmark's return of 0.17% over the same period.
The Manager has delivered these returns with 3.79% 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 4.03 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 62% and a down-capture ratio of -62%.
The MCP Income Opportunities Trust (ASX: MOT) rose by +0.76% in March, a difference of -0.36% 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 +0.95% 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%.
Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 0.85 | 0.80 | 0.76 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 2.43 |
2023 | 0.86 | 0.72 | 0.80 | 0.69 | 0.85 | 0.79 | 0.87 | 0.89 | 0.84 | 0.95 | 0.81 | 0.90 | 10.44 |
2022 | 0.58 | 0.57 | 0.52 | 0.50 | 0.56 | 0.55 | 0.55 | 0.65 | 0.69 | 0.71 | 0.67 | 0.80 | 7.60 |
2021 | 0.60 | 0.48 | 0.67 | 0.56 | 0.57 | 0.56 | 0.53 | 0.53 | 0.61 | 0.55 | 0.65 | 4.42 | 11.19 |
2020 | 0.61 | 0.60 | 0.59 | 0.60 | 0.60 | 0.62 | 0.73 | 0.67 | 0.55 | 0.63 | 0.56 | 0.78 | 7.81 |
2019 | NA | NA | NA | 0.15 | 0.36 | 0.58 | 0.74 | 0.68 | 0.56 | 0.65 | 0.47 | 0.66 | 4.96 |
Over the past 12 months, the fund has risen by +10.48% compared with the benchmark which has returned +1.47%, for a difference of +9.01%. Since inception in April 2019, the fund has returned +8.9% per annum, a difference of +8.73% relative to the benchmark which has returned +0.17% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $153. The same amount invested in the benchmark over the same period would have become $100.
The fund's returns over the past 12 months have been achieved with a volatility of 0.23% vs the index's 5.4%. The annualised volatility of the fund's returns since inception in April 2019 is 1.74% vs the index's 5.53%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
The fund's Sharpe ratio has ranged from a high of 31.36 for performance over the most recent 24 months to a low of 3.37 over the latest 36 months, and for returns over the past 60 months (since inception), the fund's Sharpe ratio is 4.03 vs the Bloomberg AusBond Composite 0+ Yr Index's Sharpe of -0.21.
Since inception in April 2019 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 over the past 60 months (since inception) of 61.67%. Over all other periods, the fund's up-capture ratio has ranged from a high of 70.28% over the most recent 48 months to a low of 44.49% over the latest 24 months.
Since inception in April 2019 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 over the past 60 months (since inception) of -62.31%. Over all other periods, the fund's down-capture ratio has ranged from a high of -48.06% over the most recent 36 months to a low of -64.68% 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.
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 -0.31. The Sortino ratio differs from the Sharpe ratio in that it only considers the volatility of negative returns over a particular time period.
Since inception in April 2019, 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%.
The performance of the MCP Income Opportunities Trust (ASX: MOT) ranked it in the first or second quintile for all KPIs over 1, 3 & 5 years.
Over the past 12 months, the fund has risen by +10.48% compared with the peer group which has returned an average of +8.8%, for a difference of +1.68%.
The fund's returns over the past 12 months have been achieved with a volatility of 0.23% vs the peer group's average volatility of 1.24%. The annualised volatility of the fund's returns since inception in April 2019 is 1.74% vs the peer group's 3.8%. Over all other periods, the fund's volatility relative to the peer group has been varied.