Bentham High Yield Fund

Performance Summary as at April 2024

The Bentham High Yield Fund has a track record of 25 years and 6 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in November 1998, providing investors with an annualised return of 7.06% compared with the benchmark's return of 4.52% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 4 occasions in the 25 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.32% vs the index's -4.04%, and since inception in November 1998 the fund's largest drawdown was -29.7% vs the index's maximum drawdown over the same period of -13.2%. The fund's maximum drawdown began in June 2008 and lasted 1 year and 2 months, reaching its lowest point during December 2008. The fund had completely recovered its losses by August 2009. During this period, the index's maximum drawdown was -2.43%.

The Manager has delivered these returns with 4.47% 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 0.46 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 65% of the time during periods of market decline, contributing to an up-capture ratio since inception of 55% and a down-capture ratio of -85%.