ISIN INF109K018C5
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 fund has generated positive excess returns during the period between 2016 to 2023. In Nov 2016, the peak of the excess return was at 2.37% per annum. However, in Nov 2019, the returns came down to -0.12% per annum. In April 2023, the returns were at 1.36% per annum The blue line’s time above the median line indicates that 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 2.12% per annum and a significant time around 1.5% – 1% per annum, whilst higher than the index volatility of 0.5% – 1% per annum. However, in May 2023, the excess returns came down to around 0.8%.
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 at 2.6% in March 2023. However, in May 2023, the tracking error came down to 2.07%. Overall the tracking error has been above 1%.
Information ratio
The rolling IR has been quite volatile ranging from -2.5 to 3 making it difficult to discern any skill.
In May 2022, the information ratio reached the peak at 1.7. However, in May 2023, the ratio came down to -0.57. The information ratio for the fund has mostly been above 0.5. The overall range has been around 1.7 to 0.5.
Prepared by – Oraina Dsouza, June 2023
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