4D Emerging Markets Infrastructure Fund

Performance Summary as at March 2024

The 4D Emerging Markets Infrastructure Fund has a track record of 6 years and 8 months and has underperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in August 2017, providing investors with an annualised return of 5% compared with the benchmark's return of 7.64% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 6 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -11.19% vs the index's -8.26%, and since inception in August 2017 the fund's largest drawdown was -29.2% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and lasted 3 years and 1 month, reaching its lowest point during October 2020. The fund had completely recovered its losses by March 2023.

The Manager has delivered these returns with 2.94% more 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 0.3 since inception. The fund has provided positive monthly returns 73% of the time in rising markets and 24% of the time during periods of market decline, contributing to an up-capture ratio since inception of 77% and a down-capture ratio of 99%.