4D Global Infrastructure Fund (AUD Hedged)

Performance Summary as at April 2024

The 4D Global Infrastructure Fund (AUD Hedged) has a track record of 1 year and 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in August 2022, providing investors with an annualised return of 0.54% compared with the benchmark's return of 7.34% over the same period.

Over the past 12 months, the fund's largest drawdown was -10.88% vs the index's -7.26%, and since inception in August 2022 the fund's largest drawdown was -12.55% vs the index's maximum drawdown over the same period of -8.26%. The fund's maximum drawdown began in September 2022 and lasted 4 months, reaching its lowest point during September 2022. The fund had completely recovered its losses by January 2023. During this period, the index's maximum drawdown was -5.69%.

The Manager has delivered these returns with 5.33% more volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of -0.32 and for performance since inception of -0.12. The fund has provided positive monthly returns 67% of the time in rising markets and 0% of the time during periods of market decline, contributing to an up-capture ratio since inception of 90% and a down-capture ratio of 135%.