| Report Date | 17 May 2016 |
| Manager | Supervised Investments Australia Ltd |
| Fund Name | Supervised Global Income Fund |
| Strategy | Fixed Income |
| Latest Return Date | April 2016 |
| Latest Return | 0.48% |
| Latest 6 Months | 1.34% |
| Latest 12 Months | 4.40% |
| Latest 24 Months | 10.44% |
| Annualised Since Inception | 9.35% |
| Inception Date | 01 April 2009 |
| FUM (millions) | AU$17.822 |
| Fund Overview | The Supervised GLobal Income Fund (previously Supervised High Yield Fund) is an AUD denominated alternative income fund which invests only in debt securities. The investment objective of the fund is to outperform a benchmark of 1.5% above the RBA cash rate, whilst trying to minimise the risk of permanent loss of capital. The fund will invest in all forms of marketable floating and fixed income debt securities, such as asset backed debt securities, residential mortgage backed securities, corporate debt, regional and sovereign debt securities, debt/equity hybrid securities, equities and currencies. All these investments will be either listed or traded in a market where prices can be independently verified.
The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | Supervised GLobal Income Fund rose 0.48% for the month of April, to bring annualised performance since inception to 9.35% p.a. In the same timeframe, the RBA Cash Rate Index has returned 3.26% p.a. The Fund's performance has been achieved with a relatively low volatility of 2.08% (Index 0.27%), to give a notable Sharpe and Sortino Ratio of 2.89 and 18.57 respectively.
More than half of the portfolio's composition (as a percentage of NAV) was invested in the Residential Mortgage-Backed Securities (RMBS) 62.25%. The rest of the portfolio held USD Corporate Loans at 23.63% and AUD Corporate Loans at 4.54%. Cash was reduced from the prior month to 9.06%. The Fund Manager believe that even in an environment with historically low levels of interest rates, opportunities for reasonable returns still do exist in both, the Mortgage and Corporate Mezzanine loans market.
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