Firetrail Absolute Return Fund

Performance Summary as at April 2024

The Firetrail Absolute Return Fund has a track record of 6 years and 2 months and has underperformed the ASX 200 Total Return benchmark since inception in March 2018, providing investors with an annualised return of -0.89% compared with the benchmark's return of 8.16% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 2 months since its inception. Over the past 12 months, the fund's largest drawdown was -9.89% vs the index's -7.19%, and since inception in March 2018 the fund's largest drawdown was -23.73% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in May 2021 and has so far lasted 2 years and 11 months, reaching its lowest point during February 2024. During this period, the index's maximum drawdown was -11.9%.

The Manager has delivered these returns with 4.12% 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 -0.2 since inception. The fund has provided positive monthly returns 45% of the time in rising markets and 48% of the time during periods of market decline, contributing to an up-capture ratio since inception of -4% and a down-capture ratio of -18%.