Holon Photon Fund

Performance Summary as at October 2022

The Holon Photon Fund has a track record of 3 years and 4 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the All Countries World (AUD) benchmark since inception in July 2019, providing investors with an annualised return of 0.28% compared with the benchmark's return of 8.15% over the same period.

On a calendar year basis, the fund hasn't experienced any negative annual returns in the 3 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -43.95% vs the index's -16.02%, and since inception in July 2019 the fund's largest drawdown was -44.29% vs the index's maximum drawdown over the same period of -16.02%. The fund's maximum drawdown began in July 2021 and has so far lasted 1 year and 3 months, reaching its lowest point during October 2022.

The Manager has delivered these returns with 8.54% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past three years and which currently sits at 0.09 since inception. The fund has provided positive monthly returns 70% of the time in rising markets and 29% of the time during periods of market decline, contributing to an up-capture ratio since inception of 77% and a down-capture ratio of 124%.