ISIN INF789F01TL5
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 generated positive excess returns between 2016 – 2020. In March 2017, the fund generated the highest returns at 2.31% per annum. Between 2021 – 2023, the fund generated negative returns as low as -0.4%.
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 0.70% per annum and a significant time around 0.20% to -0.40% per annum, whilst higher than index volatility of 0.50% – 1% per annum. However, in May 2023, the excess returns came down to around -0.61%.
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 2.6%. However, in May 2023, the tracking error came down to 1.4%. The overall range has been around 2.6% to 1.4%.
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 and 2022, the information ratio reached the peak at 0.8. However, in May 2023, the ratio came down to -1.8. The overall range has been around 1 to -1.
Prepared by – Oraina Dsouza, June 2023
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