Key Facts

Index Used: ASX 200 Total Return Discretionary/Quantitative: Discretionary
Peer Group: Equity Long - Large Cap - Australia FUM (millions): AU$ 157.74m
Investment Style: Value Fund Inception Date: November 2008
Geographic Mandate: Australia Latest Return Date: August 2022
Investor Type: Wholesale & Retail Status: Open
Minimum Investment: AU$ 10,000 Investment Frequency: Daily

Manager Details

Tyndall Asset Management (Tyndall AM) is an investment team within the Yarra Group. The Tyndall AM investment team has worked together for more than 15 years and has a joint venture with the Yarra Group. This ownership structure ensures alignment of interests and fosters a strong performance culture.

Tyndall AM's Australian share valuation process is based on an intrinsic value philosophy. The team apply an internal research process called 'Comparative Value Analysis' to assess and compare the value of stocks and to identify companies whose shares may represent good value.
Tyndall Asset Management (Tyndall AM) is an investment team within the Yarra Group. The Tyndall AM investment team has worked together for more than 15 years and has a joint venture with the Yarra Group. This ownership structure ensures alignment of interests and fosters a strong performance culture.

Tyndall AM's Australian share valuation process is based on an intrinsic value philosophy. The team apply an internal research process called 'Comparative Value Analysis' to assess and compare the value of stocks and to identify companies whose shares may represent good value.

Strategy Description

The Tyndall Australian Share Income Fund's primary objective is to deliver higher levels of income on a tax-effective basis, relative to the S&P/ASX 200 Accumulation Index. The Fund's secondary objective is to deliver capital growth over the long term.

The Fund invests in a diversified portfolio comprising 40-70 Australian shares that aim to grow their dividends and deliver capital growth. The Fund has a strong emphasis on tax effectiveness, focusing on franked income, off-market share buy backs and minimising share turnover to keep net realised gains low.

As an intrinsic value manager, the portfolio managers select stocks that represent good value with a focus on income-generating assets. The Fund is managed primarily on the basis of expected grossed up dividend yields. Where stocks offer additional potential for capital gains (as measured by the stock's Internal Rate of Return) as well as dividend yield, these may also be selected.
The Tyndall Australian Share Income Fund's primary objective is to deliver higher levels of income on a tax-effective basis, relative to the S&P/ASX 200 Accumulation Index. The Fund's secondary objective is to deliver capital growth over the long term.

The Fund invests in a diversified portfolio comprising 40-70 Australian shares that aim to grow their dividends and deliver capital growth.

Fund Fees

Management Fee: 0.85% Performance Fee: 0%
Buy Spread: 0.2% Sell spread: 0.2%
High Water Mark: Hurdle:

Fund Structure

Offshore/Onshore: Onshore Fund Structure: Unit Trust
Share Classes: AU$ Trustee/RE: Nikko Asset Management Australia Limited
Administrator: BNP Paribas Securities Services Prime Broker:
Custodian: BNP Paribas Securities Services Legal: Internal & External Legal Panel

Ratings & Availability

Research Ratings

Morningstar Star Rating4 stars (01 Oct 2018) Morningstar Analyst RatingBronze (01 Oct 2019) LonsecRecommended (01 Oct 2021) ZenithRecommended (01 Jun 2021)

Platform Availability

OLIVIA123, BT Wrap, HUB24, Macquarie Wrap, OneVue, Netwealth, Powerwrap, Asgard, MLC Wrap, AMP MyNorth, BT Panorama, Colonial FirstWrap, MLC Navigator, Linear, Ausmaq, Mason Stevens, Praemium, ANZ

Performance Review

The Tyndall Australian Share Income Fund has a track record of 13 years and 10 months and has underperformed the ASX 200 Total Return Index since inception in November 2008, providing investors with an annualised return of 8.54% compared with the index's return of 8.59% over the same period.

The Manager has delivered these returns with 0.55% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.49 since inception. The fund has provided positive monthly returns 93% of the time in rising markets and 10% of the time during periods of market decline, contributing to an up-capture ratio since inception of 88% and a down-capture ratio of 98%.

The Tyndall Australian Share Income Fund rose by +1.44% in August, an outperformance of +0.26% compared with the ASX 200 Total Return Index which rose by +1.18%. Over the past 12 months, the fund's best monthly return was +4.88% compared with the index's best return of +6.89%, and its worst monthly return was -6.67% vs the index's worst return over the same period of -8.77%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
2022-2.574.084.881.37-2.20-6.673.161.44NANANANA2.98
20210.473.113.612.622.231.350.752.47-1.10-1.72-2.182.7615.11
20202.15-9.34-23.6410.705.351.37-0.572.62-4.901.5314.330.06-5.79
20194.257.64-0.302.76-0.012.022.98-3.094.460.891.63-2.8521.80
2018-1.04-0.72-3.523.290.322.762.61-1.34-0.02-6.72-2.90-2.50-9.79
2017-2.062.624.211.40-2.920.33-0.250.420.003.591.611.7510.97
2016-5.39-0.695.161.054.33-3.326.190.77-0.19-1.433.015.5515.30
20152.836.510.24-2.580.78-4.644.44-7.02-3.504.070.763.604.64
2014-2.274.370.712.720.66-1.475.021.12-3.763.53-2.732.6710.60
20135.424.18-1.844.97-4.44-2.344.342.123.603.43-1.62-0.2818.30
20124.412.372.540.92-5.510.464.342.800.123.600.763.1621.41
20110.901.230.25-0.51-1.79-0.99-5.10-1.76-4.086.07-2.26-0.76-8.85
2010-4.631.643.00-0.39-6.40-1.934.41-1.483.391.01-2.722.43-2.30
2009-3.98-11.4911.425.883.214.536.325.456.52-2.070.784.0132.61
2008NANANANANANANANANANA-0.601.440.83

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

Annual Returns

Over the past 12 months, the fund has risen by +0.61% compared with the index which has fallen -3.44%, for a difference of +4.05%. Since inception in November 2008, the fund has returned +8.54% per annum, a difference of -0.05% relative to the index which has returned +8.59% 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 $310. The same amount invested in the index over the same period would have become $312.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 11.26% vs the index's 14.9%. The annualised volatility of the fund's returns since inception in November 2008 is 14.3% vs the index's 13.75%. Over all other periods, the fund's returns have been more volatile than the index.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 1.04 for performance over the most recent 24 months to a low of 0.07 over the latest 12 months, and is 0.49 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since November 2008 is 0.51.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in November 2008 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 88.16%. Over all other periods, the fund's up-capture ratio has ranged from a high of 101.64% over the most recent 24 months to a low of 86.83% 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 November 2008 in the months where the market was negative, the fund has provided positive returns 10% of the time, contributing to a down-capture ratio for returns since inception of 98.18%. Over all other periods, the fund's down-capture ratio has ranged from a high of 103.24% over the most recent 60 months to a low of 73.1% 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's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.98 for performance over the most recent 24 months to a low of 0.02 over the latest 12 months, and is 0.59 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since November 2008 is 0.62.

Drawdown

Over the past 12 months, the fund's largest drawdown was -8.72% vs the index's -11.9%, and since inception in November 2008 the fund's largest drawdown was -31.3% vs the index's maximum drawdown over the same period of -26.75%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Large Cap - Australia as of August 2022

The performance of the Tyndall Australian Share Income Fund ranked it in the first or second quintile for all KPIs over 1 year.

Over the past 12 months, the fund has risen by +0.61% compared with the peer group which has fallen an average of -8.75%, for a difference of +9.36%.

The fund's returns over the past 12 months have been achieved with a volatility of 11.26% vs the peer group's average volatility of 14.38%. The annualised volatility of the fund's returns since inception in November 2008 is 14.3% vs the peer group's 11.53%. Over all other periods, the fund's returns have been more volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Tyndall Australian Share Income Fund
ASX200 Total Return
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.