Index Used: | Bloomberg AusBond Composite 0+ Yr Index | Discretionary/Quantitative: | Discretionary |
Peer Group: | Fixed Income - Credit | FUM (millions): | AU$ 188.68m |
Investment Style: | N/A | Fund Inception Date: | May 2004 |
Geographic Mandate: | Global | Latest Return Date: | February 2024 |
Investor Type: | Wholesale & Retail | Status: | Open |
Minimum Investment: | AU$ 20,000 | Investment Frequency: | Daily |
Management Fee: | 0.8% | Performance Fee: | 0% |
Buy Spread: | 0.15% | Sell spread: | 0.3% |
High Water Mark: | No | Hurdle: | N/A |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | Ironbark Asset Management (Fund Services) Limited |
Administrator: | State Street Australia Ltd | Prime Broker: | N/A |
Custodian: | State Street Australia Ltd | Legal: | Hall & Wilcox |
The Principal Global Credit Opportunities Fund has a track record of 19 years and 9 months and has underperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in June 2004, providing investors with an annualised return of 3.7% compared with the benchmark's return of 4.37% over the same period.
The Manager has delivered these returns with 3.41% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.11 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 48% of the time during periods of market decline, contributing to an up-capture ratio since inception of 46% and a down-capture ratio of 38%.
The Principal Global Credit Opportunities Fund returned -1.52% in February, a difference of -1.22% compared with the Bloomberg AusBond Composite 0+ Yr benchmark which fell by -0.3%. Over the past 12 months, the fund's best monthly return was +4.19% compared with the benchmark's best return of +3.16%, and its worst monthly return was -2.57% 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 | -0.37 | -1.52 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | -1.88 |
2023 | 3.76 | -2.21 | 2.94 | 0.69 | -1.47 | 0.09 | -0.29 | -0.63 | -2.57 | -1.36 | 4.19 | 3.70 | 6.70 |
2022 | -3.20 | -1.99 | -1.69 | -5.32 | 0.51 | -5.49 | 3.95 | -2.52 | -6.72 | -0.79 | 4.31 | -0.16 | -18.08 |
2021 | -0.78 | -1.49 | -0.44 | 1.00 | 0.22 | 1.23 | 0.65 | 0.00 | -0.67 | -0.02 | -0.34 | 0.81 | 0.13 |
2020 | 2.02 | 1.91 | -2.80 | 4.97 | 1.52 | 1.00 | 2.28 | -0.62 | -0.02 | -0.43 | 1.19 | 0.23 | 11.62 |
2019 | 2.68 | 0.60 | 2.32 | 1.10 | 1.11 | 2.05 | 0.52 | 2.15 | -0.49 | -0.11 | 0.13 | 0.03 | 12.72 |
2018 | -0.57 | -1.49 | -0.49 | -0.39 | 0.38 | -0.38 | 1.23 | 0.54 | -0.17 | -0.84 | -0.96 | -0.24 | -3.35 |
2017 | 0.66 | 1.60 | 0.38 | 1.41 | 1.10 | 0.07 | 0.68 | 0.84 | 0.13 | 0.29 | -0.37 | 0.52 | 7.55 |
2016 | -0.65 | -0.17 | 3.23 | 1.46 | 0.26 | 1.91 | 1.63 | 0.85 | -0.27 | -0.44 | -2.28 | 0.74 | 6.34 |
2015 | -0.06 | 1.82 | 0.61 | 0.16 | 0.34 | 0.89 | 0.42 | -0.98 | -0.41 | 0.97 | -0.03 | -1.43 | 2.28 |
2014 | 2.08 | 2.10 | 0.36 | 1.19 | 1.02 | 0.85 | 0.60 | 1.25 | -0.59 | -0.09 | 0.28 | -1.15 | 8.14 |
2013 | -0.17 | 1.36 | 0.58 | 1.74 | -0.78 | -2.73 | 1.30 | -0.73 | 0.93 | 2.09 | 0.60 | 0.78 | 4.97 |
2012 | 2.56 | 1.88 | 1.01 | 1.72 | 1.55 | 0.70 | 3.21 | 0.78 | 1.63 | 1.51 | 1.01 | 0.76 | 19.92 |
2011 | 2.25 | 1.64 | 0.79 | 0.54 | 0.95 | -0.71 | 0.00 | -2.27 | -1.47 | 1.77 | -1.39 | 1.97 | 4.02 |
2010 | 1.95 | 0.92 | 1.72 | 1.25 | -1.68 | -0.30 | 1.80 | 0.74 | 1.99 | 1.38 | 1.16 | 1.95 | 13.59 |
2009 | 2.15 | -5.52 | 1.35 | 5.17 | 6.08 | 2.66 | 4.03 | 2.27 | 4.04 | 1.54 | 1.20 | 2.12 | 30.12 |
2008 | 0.59 | -1.34 | -2.50 | 2.15 | 0.85 | -2.02 | -0.79 | -0.15 | -6.40 | -9.84 | -12.85 | -3.63 | -31.41 |
2007 | 0.84 | 0.18 | 0.46 | 0.39 | 0.63 | -0.54 | -1.81 | -2.30 | -0.01 | 0.52 | -2.72 | -0.46 | -4.79 |
2006 | 0.98 | 0.90 | 0.87 | 0.10 | 0.40 | 0.25 | 0.72 | 0.75 | 0.54 | 0.66 | 0.69 | 0.95 | 8.10 |
2005 | 0.38 | 1.09 | -0.44 | 0.19 | 0.52 | 0.80 | 1.08 | 0.53 | 0.75 | 0.54 | 0.23 | 0.62 | 6.46 |
2004 | NA | NA | NA | NA | NA | 1.18 | 1.39 | 0.81 | 0.60 | 0.60 | 1.22 | 0.65 | 6.63 |
Only seven years of data shown. Click here to view all data.
Over the past 12 months, the fund has risen by +3.17% compared with the benchmark which has returned +3.51%, for a difference of -0.34%. Since inception in June 2004, the fund has returned +3.7% per annum, a difference of -0.67% relative to the benchmark which has returned +4.37% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $204. The same amount invested in the benchmark over the same period would have become $232.
The fund's returns over the past 12 months have been achieved with a volatility of 7.27% vs the index's 6.08%. The annualised volatility of the fund's returns since inception in June 2004 is 7.09% vs the index's 3.68%. Over all other periods, the fund's returns have been more volatile than the benchmark.
The fund's Sharpe ratio has ranged from a high of -0.03 for performance over the most recent 60 months to a low of -0.72 over the latest 24 months, and is 0.11 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since June 2004 is 0.34.
Since inception in June 2004 in the months where the market was positive, the fund has provided positive returns 74% of the time, contributing to an up-capture ratio for returns since inception of 46.34%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.53% over the most recent 24 months to a low of 95.95% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Since inception in June 2004 in the months where the market was negative, the fund has provided positive returns 48% of the time, contributing to a down-capture ratio for returns since inception of 37.91%. Over all other periods, the fund's down-capture ratio has ranged from a high of 136.18% over the most recent 24 months to a low of 99.97% 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.
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of -0.09 for performance over the most recent 60 months to a low of -0.93 over the latest 24 months, and is 0.09 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sortino for performance since June 2004 is 0.47.
Over the past 12 months, the fund's largest drawdown was -6.1% vs the index's -5.2%, and since inception in June 2004 the fund's largest drawdown was -38.53% vs the index's maximum drawdown over the same period of -13.2%.
The Principal Global Credit Opportunities Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has risen by +3.17% compared with the peer group which has returned an average of +7.53%, for a difference of -4.36%.
The fund's returns over the past 12 months have been achieved with a volatility of 7.27% vs the peer group's average volatility of 2.22%. The annualised volatility of the fund's returns since inception in June 2004 is 7.09% vs the peer group's 5.22%. Over all other periods, the fund's returns have been more volatile than the peer group.