Lennox Australian Microcap Fund

Performance Summary as at March 2024

The Lennox Australian Microcap Fund has a track record of 6 years and 2 months and has outperformed the ASX Small Ordinaries Total Return benchmark since inception in February 2018, providing investors with an annualised return of 8.42% compared with the benchmark's return of 4.94% 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 -8.94% vs the index's -10.46%, and since inception in February 2018 the fund's largest drawdown was -37.78% vs the index's maximum drawdown over the same period of -29.12%. The fund's maximum drawdown began in October 2021 and has so far lasted 2 years and 5 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -24.24%.

The Manager has delivered these returns with 3.97% 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 0.4 since inception. The fund has provided positive monthly returns 81% 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 105% and a down-capture ratio of 94%.