Ardea Real Outcome Fund

Performance Summary as at December 2022

The Ardea Real Outcome Fund has a track record of 10 years and 6 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in July 2012, providing investors with an annualised return of 3.53% compared with the benchmark's return of 2.43% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 10 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.09% vs the index's -9.12%, 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 -12.97%. 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 1.58% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.87 since inception. The fund has provided positive monthly returns 78% of the time in rising markets and 70% of the time during periods of market decline, contributing to an up-capture ratio since inception of 33% and a down-capture ratio of -30%.