WealthLander Diversified Alternative Fund
31 December 2023
Key Facts
| Index Used: | Barclay Hedge Global Macro Index | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Multi-Sector | FUM (millions): | Undisclosed |
| Investment Style: | Blend | Fund Inception Date: | February 2021 |
| Geographic Mandate: | Global | Latest Return Date: | December 2023 |
| Investor Type: | Wholesale | Status: | Open |
| Minimum Investment: | AU$ 100,000 | Investment Frequency: | Monthly |
Manager Details
Strategy Description
The Fund provides investors with carefully considered exposure to some of the world's best single-strategy funds (some of which may be otherwise inaccessible to investors), and invests opportunistically in global markets. The Fund may be used as a standalone investment, or as an alternative or complement to growth funds (due to its return potential) or defensive funds (due to its risk target). The Fund is designed to be a good complement and alternative to portfolios holding traditional exposures across property, equities, fixed interest and cash.
Fund Fees
| Management Fee: | 0.8% | Performance Fee: | 20% |
| Buy Spread: | 0.4% | Sell spread: | 0.4% |
| High Water Mark: | Yes | Hurdle: | RBA Cash Rate |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Boutique Capital |
| Administrator: | Boutique Capital | Prime Broker: | Interactive Brokers |
| Custodian: | Boutique Capital | Legal: | N/A |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The WealthLander Diversified Alternative Fund has a track record of 2 years and 11 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the Barclay Hedge Global Macro benchmark since inception in February 2021, providing investors with an annualised return of 0.39% compared with the benchmark's return of 6.73% over the same period.
The Manager has delivered these returns with 3.64% more volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of -2.29 and for performance since inception of -0.11. The fund has provided positive monthly returns 70% of the time in rising markets and 40% of the time during periods of market decline, contributing to an up-capture ratio since inception of 49% and a down-capture ratio of 130%.
The WealthLander Diversified Alternative Fund rose by +2.8% in December, an outperformance of +0.26% compared with the Barclay Hedge Global Macro benchmark which rose by +2.54%. Over the past 12 months, the fund's best monthly return was +2.8% compared with the benchmark's best return of +2.54%, and its worst monthly return was -3.8% vs the benchmark's worst return over the same period of -1.44%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | -2.90 | -1.50 | -1.90 | -0.80 | -2.20 | 0.00 | 2.30 | -0.80 | 0.30 | -3.40 | -3.80 | 2.80 | -11.49 |
| 2022 | 0.30 | 0.30 | 2.10 | -1.90 | -5.30 | -5.00 | 2.50 | 2.10 | 1.10 | 0.50 | -1.30 | 0.90 | -4.01 |
| 2021 | NA | 0.70 | 1.70 | 5.40 | -0.80 | -1.30 | 2.00 | 5.20 | 0.30 | 2.70 | 3.20 | -1.25 | 19.05 |
Annual Returns
Over the past 12 months, the fund has returned -11.49% compared with the benchmark which has returned +4.87%, for a difference of -16.36%. Since inception in February 2021, the fund has returned +0.39% per annum, a difference of -6.34% relative to the benchmark which has returned +6.73% 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 $101. The same amount invested in the benchmark over the same period would have become $120.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 6.91% vs the index's 4.66%. The annualised volatility of the fund's returns since inception in February 2021 is 8.69% vs the index's 5.05%. Over the past 24 months, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio is -2.29 for performance over the past 12 months, and over the past 24 months is -1.31. Since inception, the fund's Sharpe ratio is -0.11 vs the Barclay Hedge Global Macro Index's Sharpe of 0.95.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in February 2021 in the months where the market was positive, the fund has provided positive returns 70% of the time, contributing to an up-capture ratio since inception of 49.3%. For performance over the past 12 month, the fund's up-capture ratio is -18.7%, and is 12.82% over the past 24 months.
Performance in Negative Markets
Since inception in February 2021 in the months where the market was negative, the fund has provided positive returns 40% of the time, contributing to a down-capture ratio since inception of 130.41%. For performance over the past 12 month, the fund's down-capture ratio is 236.75%, and is 215.13% over the past 24 months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) is -2.09 for performance over the past 12 months, and over the past 24 months is -1.39. Since inception the fund's Sortino ratio is -0.21 vs the Barclay Hedge Global Macro Index's Sortino of 1.9.
Drawdown
Over the past 12 months, the fund's largest drawdown was -11.33% vs the index's -2.29%, and since inception in February 2021 the fund's largest drawdown was -19.53% vs the index's maximum drawdown over the same period of -2.68%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Multi-Sector as of December 2023
The WealthLander Diversified Alternative Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has returned -11.49% compared with the peer group which has returned an average of +8.06%, for a difference of -19.55%.
The fund's returns over the past 12 months have been achieved with a volatility of 6.91% vs the peer group's average volatility of 4.6%. The annualised volatility of the fund's returns since inception in February 2021 is 8.69% vs the peer group's 5.04%. Over the past 24 months, the fund's returns have been more volatile than the peer group.