Arminius Capital GMMA Fund

Performance Summary as at April 2022

The Arminius Capital GMMA Fund has a track record of 5 years and 6 months and has underperformed the Barclay Hedge Global Macro benchmark since inception in November 2016, providing investors with an annualised return of -1.92% compared with the benchmark's return of 6.39% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 5 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.96% vs the index's -1.97%, and since inception in November 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -8.07%. The fund's maximum drawdown began in February 2018 and has so far lasted 4 years and 2 months, reaching its lowest point during April 2022.

The Manager has delivered these returns with 0.13% less 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 -0.52 since inception. The fund has provided positive monthly returns 56% of the time in rising markets and 39% of the time during periods of market decline, contributing to an up-capture ratio since inception of 10% and a down-capture ratio of 83%.