ISIN INF223J01ND7
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.
In Feb 2018, the fund gave excess returns at 0.97% per annum. However, in April 2023, the excess returns were around 0.29% per annum. The overall returns have been fluctuating over time.
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 0.53% per annum and a significant time around -0.2% to -0.4% per annum, whilst higher than the index volatility of 0% to -1% per annum. However, in May 2023, the excess returns came down to around 0.29% with lower than the index volatility of -2.6%.
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 2.3% in Aug 2022. However, in May 2023, the tracking error came down to 1.12%. 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 June 2021, the information ratio reached the peak at 1.5. However, in May 2023, the ratio came down to -2.3. The information ratio for the fund has mostly been above -0.5. The overall range has been around 1.5 to -1.5.
Prepared by – Oraina Dsouza, June 2023
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