ISIN INF740K01NF3
Performance analysis
Rolling returns in quartiles
The 3-year rolling excess median return has gradually come down from around 0.57% from May 2016 to -0.20% in April 2023. The dispersion between upper and lower quartile is still wide at +1.58% and -1.67% pa.
The rolling return chart shows that the fund has given positive returns from Feb 2018 to April 2023. In Feb 2021, the returns were as high as 2.17% per annum. However, in April 2023, the excess returns were at 0.8% per annum. The blue line is above the median which indicates the fund has outperformed the performance of the median.
Rolling risk/return (Snail-trail)
Funds in this category have shown slightly higher (-2 to +1.8) standard deviation compared to the volatility of the index.
The fund has shown 3 – year excess returns touching 2.17% per annum and a significant time around 2% to 1.5% per annum, whilst higher than the index volatility of around 0.50% to 1% per annum. However, in May 2023, the excess returns came down to around 0.5% per annum.
Tracking error
The tracking error ranges between 2.60% to 0.60% for the period May 2020 to May 2023.
The tracking error was the highest during the period between 2022 – 2023 at 2.05%. However, in May 2023, the tracking error came down to 1.01%.
Information ratio
The rolling IR has been quite volatile ranging from -2.5 to 3 making it difficult to discern any skill.
In May 2020, the information ratio reached the peak at 2.7. However, in May 2023, the ratio came down to -1.8. The information ratio for the fund has mostly been above 1. The overall range has been around 2.7 to 0.5.
Prepared by – Oraina Dsouza, June 2023
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