| Fund: Coolabah Long-Short Credit PIE Fund |
| Strategy: Alternatives/Unconstrained Fixed-Income |
| Return (since Dec. 2021): 7.37% pa net |
| Net return volatility (since Dec. 2021): 3.24% pa |
Objective: The Fund targets investment returns, after fees and before tax, of 4% to 6% per annum above the overnight interbank cash rate as published by the Reserve Bank of New Zealand (RBNZ), with less than 5% per annum volatility over rolling 3 year periods.
Strategy: The Fund provides exposure to an actively managed, absolute return fixed-income strategy focused on exploiting long and short mispricings in global credit markets. The Fund currently invests in the Smarter Money Long-Short Credit Fund (Underlying Fund), an Australian unit trust managed by Coolabah. The Fund targets a position of being fully hedged back to New Zealand dollars.
The Underlying Fund is permitted to invest in Australian and global bonds, such as government and semi-government bonds, bank and corporate bonds, hybrid and asset-backed securities, including residential-mortgage-backed securities, issued in Australian Dollars or hedged to Australian Dollars, as well as cash, cash equivalents and related derivatives. It can borrow, use derivatives and short-sell, meaning it may be geared (or leveraged). Leverage can amplify gains and also amplify losses.
| Period Ending 2024-12-31 | Net Return†| RBNZ Overnight Cash Rate | Net Excess Return‡ |
|---|---|---|---|
| 1 month | 0.87% | 0.37% | 0.50% |
| 3 months | 2.42% | 1.14% | 1.28% |
| 6 months | 4.91% | 2.52% | 2.39% |
| 1 year | 10.62% | 5.29% | 5.33% |
| 3 years pa | 6.96% | 4.21% | 2.75% |
| Inception pa Dec. 2021 | 7.37% | 4.15% | 3.22% |
| Underlying LSCF Strategy* | |||
| 5 years pa | 5.91% | 2.66% | 3.25% |
| Inception pa Sep. 2017 | 5.55% | 2.32% | 3.23% |
* The underlying strategy is an Australian unit trust. The returns displayed are estimated in NZD based on the actual AUD returns with 1 month forward contracts. †Net returns are calculated from the historic gross returns using the current fee structure as displayed in the PDS. ‡ The Excess Return columns represent the gross and net return above the AusBond Bank Bills Index hedged to NZD. # The yields shown are estimates based on the yield of the underlying strategy hedged to New Zealand Dollar (NZD) using the NZD Bank Bill 3 Month Index (NDBB3M) and the AUD Bank Bill 3 Month Index (BBSW3M).
| Modified Interest Rate Duration | 0.41 years | Underlying Strategy Ratings: Recommended (Lonsec); Recommended (Zenith); Superior - More Complex (Foresight Analytics) |
