ISIN INF397L01CC0
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 negative excess returns during the period between 2016 to 2022. In Feb 2018, the returns were as low as -2.53% per annum. The blue line’s time below the median line indicates that the fund has underperformed 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 a significant time around -1.5% to -2% per annum, whilst lower than the index volatility of -1% to – 0.5% per annum. However, in May 2023, the excess returns were at -0.5%.
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% in Jan and Feb 2021. However, in Nov 2022, the tracking error came down to 1.5%. Overall the tracking error has been above 0.8%.
Information ratio
The rolling IR has been quite volatile ranging from -2.5 to 3 making it difficult to discern any skill.
In Nov 2022, the information ratio was the highest at 1. The ratio kept increasing over the years. The overall range has been around 1 to -1.5.
Prepared by – Oraina Dsouza, June 2023
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