Lennox Australian Small Companies Fund

Performance Summary as at March 2024

The Lennox Australian Small Companies Fund has a track record of 6 years and 11 months and has outperformed the ASX Small Ordinaries Total Return benchmark since inception in May 2017, providing investors with an annualised return of 10.43% compared with the benchmark's return of 6.91% 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 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -8.87% vs the index's -10.46%, and since inception in May 2017 the fund's largest drawdown was -33.37% vs the index's maximum drawdown over the same period of -29.12%. The fund's maximum drawdown began in November 2019 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by August 2020.

The Manager has delivered these returns with 1.58% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.53 since inception. The fund has provided positive monthly returns 86% 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 101% and a down-capture ratio of 92%.