Ardea Real Outcome Fund

Performance Summary as at March 2024

The Ardea Real Outcome Fund has a track record of 11 years and 9 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in July 2012, providing investors with an annualised return of 3.35% compared with the benchmark's return of 2.69% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 11 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.45% vs the index's -5.2%, and since inception in July 2012 the fund's largest drawdown was -4.26% vs the index's maximum drawdown over the same period of -13.2%. The fund's maximum drawdown began in May 2015 and lasted 1 year and 6 months, reaching its lowest point during February 2016. The fund had completely recovered its losses by November 2016. During this period, the index's maximum drawdown was -2.92%.

The Manager has delivered these returns with 1.59% 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 0.6 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 72% of the time during periods of market decline, contributing to an up-capture ratio since inception of 25% and a down-capture ratio of -34%.