Bentham Syndicated Loan Fund (NZD)

Performance Summary as at March 2024

The Bentham Syndicated Loan Fund (NZD) has a track record of 10 years and 6 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in October 2013, providing investors with an annualised return of 5.15% compared with the benchmark's return of 2.64% 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 hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -5.2%. Since inception in October 2013, the fund's largest drawdown was -14.75% vs the index's maximum drawdown over the same period of -13.2%. The fund's maximum drawdown began in February 2020 and lasted 10 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by December 2020. During this period, the index's maximum drawdown was -0.42%.

The Manager has delivered these returns with 1.22% more 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 0.64 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 76% of the time during periods of market decline, contributing to an up-capture ratio since inception of 50% and a down-capture ratio of -26%.