Forager Australian Shares Fund (ASX: FOR)

Performance Summary as at December 2022

The Forager Australian Shares Fund (ASX: FOR) has a track record of 13 years and 2 months and has outperformed the ASX 200 Total Return benchmark since inception in November 2009, providing investors with an annualised return of 9.2% compared with the benchmark's return of 7.67% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 13 years and 2 months since its inception. Over the past 12 months, the fund's largest drawdown was -30.05% vs the index's -11.9%, and since inception in November 2009 the fund's largest drawdown was -54.17% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in January 2018 and lasted 2 years and 11 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by December 2020.

The Manager has delivered these returns with 7.09% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.44 since inception. The fund has provided positive monthly returns 75% 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 73% and a down-capture ratio of 90%.