Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Discretionary |
Peer Group: | Equity Long - Large Cap - Global | FUM (millions): | AU$ 9.5218m |
Investment Style: | Growth | Fund Inception Date: | July 2019 |
Geographic Mandate: | Global | Latest Return Date: | October 2022 |
Investor Type: | Wholesale | Status: | Closed |
Minimum Investment: | AU$ 5,000 | Investment Frequency: | Daily |
Management Fee: | 0.85% | Performance Fee: | 15% |
Buy Spread: | 0.15% | Sell spread: | 0.15% |
High Water Mark: | Yes | Hurdle: | N/A |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | One Managed Investment Funds Limited |
Administrator: | Unity Fund Services Pty Ltd | Prime Broker: | N/A |
Custodian: | Interactive Brokers | Legal: | McMahon Clarke |
The Holon Photon Fund has a track record of 3 years and 4 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the All Countries World (AUD) benchmark since inception in July 2019, providing investors with an annualised return of 0.28% compared with the benchmark's return of 8.15% over the same period.
The Manager has delivered these returns with 8.54% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past three years and which currently sits at 0.09 since inception. The fund has provided positive monthly returns 70% of the time in rising markets and 29% of the time during periods of market decline, contributing to an up-capture ratio since inception of 77% and a down-capture ratio of 124%.
The Holon Photon Fund returned -6.64% in October, a difference of -12.69% compared with the All Countries World (AUD) benchmark which rose by +6.05%. Over the past 12 months, the fund's best monthly return was +1.94% compared with the benchmark's best return of +6.05%, and its worst monthly return was -11.37% vs the benchmark's worst return over the same period of -5.21%.
Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2022 | -7.77 | -6.61 | 1.94 | -11.37 | -7.34 | -3.09 | -0.05 | -1.00 | -6.73 | -6.64 | NA | NA | -39.79 |
2021 | 7.04 | -0.14 | -2.98 | 4.10 | -5.10 | 13.20 | -5.30 | 2.51 | -5.73 | 8.06 | 0.52 | -6.91 | 7.31 |
2020 | 7.62 | -3.64 | -6.40 | 9.95 | 3.66 | 3.14 | 4.83 | 12.56 | -3.46 | 2.11 | 6.16 | 3.05 | 45.20 |
2019 | NA | NA | NA | NA | NA | NA | 1.62 | 0.24 | 0.79 | 0.27 | 4.78 | -0.26 | 7.59 |
Over the past 12 months, the fund has returned -43.66% compared with the benchmark which has fallen -5.92%, for a difference of -37.74%. Since inception in July 2019, the fund has returned +0.28% per annum, a difference of -7.87% relative to the benchmark which has returned +8.15% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have remained unchanged at $100. The same amount invested in the benchmark over the same period would have become $129.
The fund's returns over the past 12 months have been achieved with a volatility of 13.65% vs the index's 12.6%. The annualised volatility of the fund's returns since inception in July 2019 is 20.13% vs the index's 11.59%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 20.69% and 21.2% respectively, higher than the benchmark's annualised volatility over each of those periods; 11.73% (24 months), 12.1% (36 months).
The fund's Sharpe ratio has ranged from a high of 0.05 for performance over the most recent 36 months to a low of -4.09 over the latest 12 months, and is 0.09 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since July 2019 is 0.69.
Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 70% of the time, contributing to an up-capture ratio for returns since inception of 77.34%. Over all other periods, the fund's up-capture ratio has ranged from a high of 80.98% over the most recent 36 months to a low of -71.12% over the latest 12 months.
Since inception in July 2019 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since inception of 123.85%. Over all other periods, the fund's down-capture ratio has ranged from a high of 175.88% over the most recent 12 months to a low of 126.07% over the latest 36 months.
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of -0.08 for performance over the most recent 36 months to a low of -2.7 over the latest 12 months, and is -0.02 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since July 2019 is 0.98.
Over the past 12 months, the fund's largest drawdown was -43.95% vs the index's -16.02%, and since inception in July 2019 the fund's largest drawdown was -44.29% vs the index's maximum drawdown over the same period of -16.02%.
The Holon Photon Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has returned -43.66% compared with the peer group which has returned an average of +22.2%, for a difference of -65.86%.
The fund's returns over the past 12 months have been achieved with a volatility of 13.65% vs the peer group's average volatility of 9.57%. The annualised volatility of the fund's returns since inception in July 2019 is 20.13% vs the peer group's 11.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 20.69% and 21.2% respectively, higher than the peer group's annualised volatility over each of those periods; 12.39% (24 months), 11.74% (36 months).
Quintile data is pending for Holon Photon Fund.