4D Global Infrastructure Fund (AUD Hedged)
30 April 2024
Key Facts
| Index Used: | S&P Global Infrastructure TR Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Infrastructure | FUM (millions): | AU$ 303.35m |
| Investment Style: | Value | Fund Inception Date: | March 2016 |
| Geographic Mandate: | Global | Latest Return Date: | April 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 25,000 | Investment Frequency: | Daily |
Manager Details
The team has significant experience in global infrastructure, built around industry, sector, regional and company knowledge. Their varied backgrounds across sell side, buy side, portfolio management, equities research and strategy, debt, fund start-up, investment banking and consulting across both listed and unlisted infrastructure bring diverse thinking to the team's decision-making.
Strategy Description
The fund is managed as a single portfolio including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail, as well as communication assets such as the towers and satellite sectors.
The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered.
The maximum absolute position of an individual stock is 7% of the fund.
Fund Fees
| Management Fee: | 0.95% | Performance Fee: | 10.25% |
| Buy Spread: | 0.3% | Sell spread: | 0.3% |
| High Water Mark: | Yes | Hurdle: | OECD G7 inflation index + 5.5% per annum |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Bennelong Funds Management |
| Administrator: | Citigroup | Prime Broker: | N/A |
| Custodian: | Citigroup | Legal: | N/A |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The 4D Global Infrastructure Fund (AUD Hedged) has a track record of 1 year and 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in August 2022, providing investors with an annualised return of 0.54% compared with the benchmark's return of 7.34% over the same period.
The Manager has delivered these returns with 5.33% more volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of -0.32 and for performance since inception of -0.12. The fund has provided positive monthly returns 67% of the time in rising markets and 0% of the time during periods of market decline, contributing to an up-capture ratio since inception of 90% and a down-capture ratio of 135%.
The 4D Global Infrastructure Fund (AUD Hedged) returned -1.49% in April, a difference of -2.67% compared with the S&P Global Infrastructure TR (AUD) benchmark which rose by +1.18%. Over the past 12 months, the fund's best monthly return was +10.01% compared with the benchmark's best return of +5.15%, and its worst monthly return was -4.89% vs the benchmark's worst return over the same period of -3.79%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -2.85 | -0.97 | 1.91 | -1.49 | NA | NA | NA | NA | NA | NA | NA | NA | -3.41 |
| 2023 | 6.30 | -2.01 | 2.10 | 2.68 | -3.29 | 2.95 | 1.07 | -4.89 | -3.24 | -3.15 | 10.01 | 3.65 | 11.67 |
| 2022 | NA | NA | NA | NA | NA | NA | NA | -1.41 | -11.30 | 4.13 | 5.34 | -2.43 | -6.41 |
Annual Returns
Over the past 12 months, the fund has returned -1.23% compared with the benchmark which has returned +4.49%, for a difference of -5.72%. Since inception in August 2022, the fund has returned +0.54% per annum, a difference of -6.8% relative to the benchmark which has returned +7.34% on an annualised basis over the same period.
Cumulative Returns
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 $113.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 13.91% vs the index's 9.31%. The annualised volatility of the fund's returns since inception in August 2022 is 15.67% vs the index's 10.34%.
Sharpe Ratio
The fund's Sharpe ratio is -0.32 for performance over the past 12 months vs the S&P Global Infrastructure TR (AUD) Index's Sharpe of 0.08, and since inception the fund's Sharpe ratio is -0.12 vs the index's Sharpe of 0.39 for performance over the same period.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in August 2022 in the months where the market was positive, the fund has provided positive returns 67% of the time, contributing to an up-capture ratio since inception of 89.72%. For performance over the past 12 month, the fund's up-capture ratio is 85.37%.
Performance in Negative Markets
Since inception in August 2022 in the months where the market was negative, the fund has provided positive returns 0% of the time, contributing to a down-capture ratio since inception of 135.26%. For performance over the past 12 month, the fund's down-capture ratio is 128.22%.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) is -0.6 for performance over the past 12 months vs the S&P Global Infrastructure TR (AUD) Index's Sortino of 0.49.
Drawdown
Over the past 12 months, the fund's largest drawdown was -10.88% vs the index's -7.26%, and since inception in August 2022 the fund's largest drawdown was -12.55% vs the index's maximum drawdown over the same period of -8.26%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Infrastructure as of April 2024
The performance of the 4D Global Infrastructure Fund (AUD Hedged) ranked it in the second quintile for Total Return, Sharpe and Sortino over 1 year.
Over the past 12 months, the fund has returned -1.23% compared with the peer group which has fallen an average of -1.8%, for a difference of +0.57%.
The fund's returns over the past 12 months have been achieved with a volatility of 13.91% vs the peer group's average volatility of 8.65%. The annualised volatility of the fund's returns since inception in August 2022 is 15.67% vs the peer group's 9.9%.