Pendal Global Select Fund - Class R
31 March 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Combination |
| Peer Group: | Equity Long - Large Cap - Global | FUM (millions): | AU$ 15m |
| Investment Style: | Blend | Fund Inception Date: | July 2021 |
| Geographic Mandate: | Global | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 25,000 | Investment Frequency: | Daily |
Manager Details
In 2023, Pendal became part of Perpetual Limited (ASX:PPT). Through the Perpetual and Pendal brands, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW, they have a presence in the US, UK and Europe.
In 2023, Pendal became part of Perpetual Limited (ASX:PPT). Through the Perpetual and Pendal brands, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW, they have a presence in the US, UK and Europe.
Strategy Description
The Fund's strategy is based on a belief that stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. As investment manager, JOHCM's distinct '4-Dimensional' investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based.
The Fund will typically hold 30-60 stocks and is benchmark agnostic.
The investment manager recognises that ESG factors can create risks and opportunities for companies and as such incorporates ESG risks into their analytical framework and portfolio construction. Further, the Fund employs exclusionary screens to avoid investments in companies that cause significant social and/or environmental harm.
Fund Fees
| Management Fee: | 0.9% | Performance Fee: | 0% |
| Buy Spread: | 0.2% | Sell spread: | 0.2% |
| High Water Mark: | No | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | MIS |
| Share Classes: | Trustee/RE: | Pendal Fund Services Limited | |
| Administrator: | JP Morgan | Prime Broker: | N/A |
| Custodian: | JP Morgan | Legal: | Internal |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Pendal Global Select Fund - Class R has a track record of 2 years and 8 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 August 2021, providing investors with an annualised return of 1.7% compared with the benchmark's return of 9.53% over the same period.
The Manager has delivered these returns with 3.05% more volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of 1.61 and for performance since inception of 0.03. The fund has provided positive monthly returns 95% of the time in rising markets and 15% of the time during periods of market decline, contributing to an up-capture ratio since inception of 88% and a down-capture ratio of 130%.
The Pendal Global Select Fund - Class R rose by +1.23% in March, a difference of -1.78% compared with the All Countries World (AUD) benchmark which rose by +3.01%. Over the past 12 months, the fund's best monthly return was +9.44% compared with the benchmark's best return of +5.32%, and its worst monthly return was -3.54% vs the benchmark's worst return over the same period of -3.27%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 5.79 | 9.44 | 1.23 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 17.20 |
| 2023 | 2.20 | 0.32 | 2.24 | 0.37 | -0.74 | 2.39 | 1.24 | 0.96 | -3.54 | -1.74 | 5.74 | 2.02 | 11.75 |
| 2022 | -9.33 | -6.55 | -1.63 | -5.48 | 0.00 | -6.67 | 4.61 | -3.88 | -3.02 | 5.84 | 0.96 | -4.82 | -27.07 |
| 2021 | NA | NA | NA | NA | NA | NA | NA | 2.96 | -3.20 | 3.57 | 4.89 | 1.12 | 9.49 |
Annual Returns
Over the past 12 months, the fund has risen by +24.94% compared with the benchmark which has returned +26.01%, for a difference of -1.07%. Since inception in August 2021, the fund has returned +1.7% per annum, a difference of -7.83% relative to the benchmark which has returned +9.53% 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 $104. The same amount invested in the benchmark over the same period would have become $127.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 11.87% vs the index's 9.57%. The annualised volatility of the fund's returns since inception in August 2021 is 14.51% vs the index's 11.46%. Over the past 24 months, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio is 1.61 for performance over the past 12 months, and over the past 24 months is 0.35. Since inception, the fund's Sharpe ratio is 0.03 vs the All Countries World (AUD) Index's Sharpe of 0.66.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in August 2021 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio since inception of 87.69%. For performance over the past 12 month, the fund's up-capture ratio is 88.95%, and is 78.11% over the past 24 months.
Performance in Negative Markets
Since inception in August 2021 in the months where the market was negative, the fund has provided positive returns 15% of the time, contributing to a down-capture ratio since inception of 129.93%. For performance over the past 12 month, the fund's down-capture ratio is 69.29%, and is 114.1% over the past 24 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) is 4.07 for performance over the past 12 months, and over the past 24 months is 0.44. Since inception the fund's Sortino ratio is -0.06 vs the All Countries World (AUD) Index's Sortino of 0.97.
Drawdown
Over the past 12 months, the fund's largest drawdown was -5.22% vs the index's -6.22%, and since inception in August 2021 the fund's largest drawdown was -28.29% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Global as of March 2024
The performance of the Pendal Global Select Fund - Class R ranked it in the first quintile for Sortino and second quintile for Downside Deviation and Largest Drawdown over 1 year.
Over the past 12 months, the fund has risen by +24.94% compared with the peer group which has returned an average of +22.2%, for a difference of +2.74%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.87% vs the peer group's average volatility of 9.57%. The annualised volatility of the fund's returns since inception in August 2021 is 14.51% vs the peer group's 11.57%. Over the past 24 months, the fund's returns have been more volatile than the peer group.