| Report Date | 22 July 2016 |
| Manager | Alexander Funds Management |
| Fund Name | Alexander Credit Opportunities Fund |
| Strategy | Fixed Income |
| Latest Return Date | June 2016 |
| Latest Return | 0.85% |
| Latest 6 Months | 3.55% |
| Latest 12 Months | 7.20% |
| Latest 24 Months | 15.69% |
| Annualised Since Inception | 16.97% |
| Inception Date | 31 October 2009 |
| FUM (millions) | AU$72 |
| Fund Overview | The aim of the fund is to identify opportunities in the fixed income credit markets. The Fund invests in a full spectrum of fixed income products that includes but is not limited to: corporate bonds,; bank debt; credit derivatives; bank loans;commercial paper;hybrid securities; and mortgage-backed and asset-backed securities.
The Fund may also invest in derivatives for hedging purposes.
The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | Alexander Credit Opportunities Fund rose 0.85% for the month of June. Since inception, the Fund has an annualised return of 16.97% p.a., (RBA Cash Rate Index 3.24% p.a), to give notable Sharpe and Sortino Ratio of 1.88 and 18.75 respectively. The Fund has delivered positive returns for over 95% of the months since inception. The investment team continues to believe that the residential mortgage-backed securities (RMBS) have great relative value and in June made up 53% of the Fund's composition. At month-end, the portfolio increased it's cash from prior month to 5% .
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