Bentham Syndicated Loan Fund

Performance Summary as at March 2024

The Bentham Syndicated Loan Fund has a track record of 19 years and 8 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in August 2004, providing investors with an annualised return of 6.59% compared with the benchmark's return of 4.4% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 19 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -0.14% vs the index's -5.2%, and since inception in August 2004 the fund's largest drawdown was -29.73% vs the index's maximum drawdown over the same period of -13.2%. The fund's maximum drawdown began in September 2008 and lasted 11 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 3.48% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.49 since inception. The fund has provided positive monthly returns 84% of the time in rising markets and 79% of the time during periods of market decline, contributing to an up-capture ratio since inception of 42% and a down-capture ratio of -116%.