Altius Sustainable Bond Fund (AUS0071AU) Report & Performance

What is the Altius Sustainable Bond Fund fund?

Altius Sustainable Bond Fund aims to outperform the benchmark (50% Reserve Bank of Australia Cash Rate and 50% Bloomberg Ausbond Composite 0 Year Index) after fees over rolling three-year periods. Altius employs an active and diversified strategy that aims to capture the upside of the bond market, while avoiding returns less than cash in a rising rate or deteriorating credit environment. High conviction and high quality trades are used to exploit the mis-pricing of bonds at all stages of the economic cycle. An ethical overlay is used to ensure security issuers involved in certain activities identified by the Fund’s Sustainability Policy are not considered for inclusion in the Fund investment universe.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Altius Sustainable Bond Fund

Altius Sustainable Bond Fund Fund Commentary September 30, 2023

The big story for September was the significant bond sell-off, which sent rates to multi year highs. Both Australian and US 10- year bond yield ended September around 0.50% higher at 4.50% and 4.57% respectively. Yield curves in both markets steepened with 3-year yields in Australia rising 0.36% to 4.08% and 0.19% for US 2-year yields. Reflecting the move higher in yields, the Australian Treasury 0+ index generated a negative 1.87% return over the month with credit markets performing better with the Australian Credit 0+ index generating a negative return of 0.57%. The fund underperformed over the month by 0.23%, driven by the overweight duration position held in the fund. At the end of September, the portfolio duration was 3.41 years.

Central banks played a key role in the sell-off, as investors started to believe rates would be held higher for longer with any easing cycle pushed out further into 2024. The main catalyst was the US Federal Reserve September meeting. While the cash rate was left unchanged at 5.30%, it was the change in officials cash rate expectations that took the market by surprise. The FOMC raised their median expectations for the cash rate in 2024 by 0.50%, suggesting there would be fewer cuts in policy in 2024. Markets quickly reflected this change with the timing of the first cut pushed out to Q3 2024 from Q2 2024.

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Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Altius Sustainable Bond FundAUS0071AUManaged FundsFixed IncomeBonds - AustraliaFixed Income - Bonds - Australia IndexAustralian Bond Composite 0-10Y Index214.68 M0.69%0.00%0.1%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Altius Sustainable Bond Fund0.45%0.29%3.02%0.45%1.71%3.5%3.51%2.47%-1.73%-6.78%-7.85%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Altius Sustainable Bond FundFixed Income - Bonds - Australia Index1%-0.44%NA%NA%NA%0.711.61%1.9%0.990.91

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Altius Sustainable Bond FundYes271 Spring Street. Melbourne VIC 30001300 1300 38https://www.australianunity.com.au/enquiries@australianunity.com.au

Product Due Diligence

What is Altius Sustainable Bond Fund

Altius Sustainable Bond Fund is an Managed Funds investment product that is benchmarked against Australian Bond Composite 0-10Y Index and sits inside the Fixed Income - Bonds - Australia Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Altius Sustainable Bond Fund has Assets Under Management of 214.68 M with a management fee of 0.69%, a performance fee of 0.00% and a buy/sell spread fee of 0.1%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Altius Sustainable Bond Fund has returned 0.45% in the last month. The previous three years have returned 0.45% annualised and 2.47% each year since inception, which is when the Altius Sustainable Bond Fund first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Altius Sustainable Bond Fund first started, the Sharpe ratio is NA with an annualised volatility of 2.47%. The maximum drawdown of the investment product in the last 12 months is -1.73% and -7.85% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Altius Sustainable Bond Fund has a 12-month excess return when compared to the Fixed Income - Bonds - Australia Index of 1% and -0.44% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Altius Sustainable Bond Fund has produced Alpha over the Fixed Income - Bonds - Australia Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Fixed Income - Bonds - Australia Index category, you can click here for the Peer Investment Report.

What level of diversification will Altius Sustainable Bond Fund provide?

Altius Sustainable Bond Fund has a correlation coefficient of 0.91 and a beta of 0.71 when compared to the Fixed Income - Bonds - Australia Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Altius Sustainable Bond Fund and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Altius Sustainable Bond Fund with the Australian Bond Composite 0-10Y Index?

For a full quantitative report on Altius Sustainable Bond Fund compared to the Australian Bond Composite 0-10Y Index, you can click here.

Can I sort and compare the Altius Sustainable Bond Fund to do my own analysis?

To sort and compare the Altius Sustainable Bond Fund financial metrics, please refer to the table above.

Has the Altius Sustainable Bond Fund been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Altius Sustainable Bond Fund?

If you or your self managed super fund would like to invest in the Altius Sustainable Bond Fund please contact 271 Spring Street. Melbourne VIC 3000 via phone 1300 1300 38 or via email enquiries@australianunity.com.au.

How do I get in contact with the Altius Sustainable Bond Fund?

If you would like to get in contact with the Altius Sustainable Bond Fund manager, please call 1300 1300 38.

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Altius Sustainable Bond Fund. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

August was a tale of two halves for the domestic bond market. The month started with a relentless move higher in global yields before stabilizing mid-August and recovering most of the losses into month’s end. Intra month both Australian and US 10-year yields reached a cycle high of 4.32% and 4.36% respectively. While there was no single catalyst behind the selloff, the events that generated the most headlines included the US downgrade by Fitch from AAA to AA+, increased focus on the US budget deficit and funding requirements and a growing scepticism that the US Federal Reserve would commence an easing cycle in the second half of 2024. Domestic markets outperformed both US and European markets with the domestic Treasury indices generating a return of 0.60% while the US and European treasuries generated a return of -0.30% respectively. Domestically the interest rate curve steepened 8 basis points over August with 3-year bond yields falling to 3.73% while 10-year bond were largely unchanged at 4.03%. Duration was increased over the month as interest rates touched our targeted levels. At the end of the month, the duration stood at 3.77 years after starting at 3.43 years.

The Reserve Bank of Australia (RBA) held the cash rate steady in August at 4.10% for the second month in a row. The RBA highlighted that rates had been increased by 4% since May 2022 and that “higher rates are working to establish a more sustainable balance between supply and demand in the economy” Overall the statement was slightly dovish with the RBA noting the economy had slowed, inflation had peaked but still too high and employment conditions had eased. The dovish tone laid the foundations for domestic rates to outperform offshore markets as evidence grew that the RBA is extremely close to the end of the tightening cycle.

Performance Commentary - July 31, 2023

Fixed-income markets were mixed in July as Central banks continued to increase interest rates. Although markets largely believe central banks are close to the end of their tightening cycle, the risk remains to the upside, driven by persistent core inflation. Domestically, rates curves steepened as the three-year rates fell 0.12% to finish at 3.86% while 10-year rates increased by 0.035% to finish at 4.05%. Portfolio interest rate risk was largely unchanged over July, finishing at 3.43 years.

The Reserve Bank of Australia (RBA) held rates steady at 4.10% at the July meeting with guidance remaining unchanged while noting “some further tightening of monetary policy may be required”. The Governor reprised the same language used at the April pause, “the decision to hold interest rates steady this month provides the board with more time to assess the state of the economy and the economic outlook and associated risks…” Overall the statement was balanced with the bank acknowledging that inflation had passed its peak but was still too high, labour markets were showing some signs of easing, particularly in the leading data such as vacancies and advertisements however unemployment is still at historical lows. Market reaction to the pause was muted with both three- and 10-years bonds rallying 0.04% while two further tightenings were priced over 12 months with September the preferred timing for the next move.

Performance Commentary - May 31, 2023

May was an eventful month for markets with concerns early about further US regional bank issues, further interest rate tightening by the US Federal Reserve, European Central Bank (ECB) and the Reserve Bank of Australia (RBA), negotiations around the US debt ceiling and data that pointed to inflation being stickier than expected. Over the month bond yields pushed higher across the globe. Australian three- and ten-year rates finished 0.37% and 0.25% higher at 3.37% and 3.61% respectively, with similar moves being experienced in the US with the two- and ten-year yields closing the month at 4.40% and 3.65% respectively.

The fund started the month with 2.25 years of interest rate duration before finishing the month with 3.09 years. The month opened with the RBA increasing the cash rate by 0.25% to 3.85% after a brief pause in April, which was contrary to market and most economists’ expectations. Forward guidance for further policy tightening was softened but the Board flagged upside risks around services inflation. This led to heightened volatility in bond markets as the short end of the yield curve initially sold off ~20bps on the decision, however, regained those losses a few days later.

Adding to the volatility, there was a fresh round of US regional bank concerns with First Republic Bank being closed and JP Morgan acquiring most of the asset, which was the third regional bank collapse in 2 months. In addition to this, equity prices of several other regional banks in the US fell significantly, driven by concerns about deposit outflows. The key driver of rates for the remainder of the month was headlines around the US debt ceiling which caused nervousness amongst investors and bonds subsequently traded with a bias towards higher yields, led by the US.

Performance Commentary - April 30, 2023

April was a fairly calm month for investment markets compared to the turmoil that surrounded March. Many of the key market volatility measures fell in April, including the US Treasury volatility index (MOVE) falling back to levels seen prior to the Silicon Valley Bank (SVB) collapse. This improved sentiment was also seen in equity volatility, with the VIX index falling to levels not seen since November 2021. Yield movements both locally and in the US reflected the improved trading environment. Australian three- and 10-years bonds traded in a 0.46% and 0.41% range respectively, well down on the March range of 1.06% and 0.84%, finishing the month largely unchanged at 2.98% and 3.34% respectively. While in the US, treasuries followed a similar path with 10 years finishing the month unchanged at 3.45%. The fund started the month with a duration of 1.84 years before reducing its underweight duration position to finish the month at 2.25 years. The Reserve Bank (RBA) delivered the first pause in the tightening cycle, leaving the cash rate at 3.60%.

There was still a tightening bias in the guidance with the board expecting that “some further tightening of policy may well be needed”. The bank cited lags in monetary policy, tightening of global financial conditions following the global banking problems, the softening of the monthly inflation print and a substantial slowing in household spending as the key drivers of holding rates steady. Markets had largely anticipated the pause which saw little market reaction.

Performance Commentary - March 31, 2023

March was a volatile period for global markets, with the key driver being concerns of a contagion in the banking system both in the US and Europe. Given this backdrop, sovereign bond markets were very strong, driven by flight-to-quality trades. Australian 10-year government bond yields fell 0.55% to finish at 3.30% while US 10- year treasury yields fell 0.45% to finish at 3.47%. Particularly notable was the extreme volatility in bond yields with an implied volatility of Treasuries as given by the MOVE index reaching its highest since the Global Financial Crisis (GFC) and some of the largest daily ranges seen in years. Equity markets were more mixed, with the ASX 200 returning -1.11%, however, the S&P500 continued its strong run, returning 3.5% for the month. The fund started the month with 2.87 years of interest rate risk before increasing to 3.40 years in the first few days of the month. The fund took profit on this long-duration position as yields dropped precipitously on the back of global banking concerns. By month end, the fund had reduced its total duration to 1.84 years as, in our view, markets had become overextended.

The Reserve Bank of Australia (RBA) delivered an expected 0.25% cash rate increase, the 10th consecutive rise to official cash rates, to 3.60%. The statement was less hawkish than the previous given the change of narrative from “further increases in interest rates will be needed over the months ahead” to a more open-ended “further tightening of monetary policy will be needed” (no reference to time). Market pricing now suggests interest rates have peaked at 3.60% and will start to fall from here, with an implied cash rate of 3.25% in 12 months’ time. Economic data locally continued to print relatively strongly with unemployment back to cycle lows at 3.5%, robust retail sales and Gross Domestic Product (GDP) data, and also inflation that is well above target, although the strength of the data took a back seat to the banking fears offshore.

Performance Commentary - February 28, 2023

After a positive start to 2023, most risk markets reversed in February. Globally, bonds had a poor month with Australian Government 3- and 10-year yields rising 0.42% and 0.35% respectively to finish at 3.60% and 3.85%. This move led to the Australian Treasury index giving back over half its January gains to be down -1.63%, while US Treasuries were down -2.41%. Investors ramped up expectations of monetary tightening throughout February as pessimism grew about inflation. By the end of the month, the US market had removed the expectation of monetary easing in Q4 2023, leading to the terminal cash rate of 5.40% from 4.60%.

This was a similar situation in the domestic market with the terminal cash rate moving from 3.78% to 4.31% by December 2023. The fund started the month with a short-duration position of 1.92 years before closing that position early in the second half of the month, adding value for the fund. By the end of the month, the fund held 2.87 years of duration, modestly long versus the benchmark.

Performance Commentary - January 31, 2023

January was a strong start for global markets with investors buoyed by several good news stories. A decline in gas prices of 24% saw several economists remove a European recession from their outlooks. The continued reopening of China meant investor sentiment turned positive on the Chinese economic outlook, but residual concerns did surface about the inflationary impact on the global economy. The ASX 200 returned 6.22% while the S&P500 had its strongest start since 2019 returning 6.3%. Sovereign bond markets were equally as strong with Australian 10-year Treasury yields falling 0.54% to finish at 3.32% with the Treasury index generating 2.93%, while United States (US) treasuries fell 0.37% to finish at 3.50%. With markets continuing to range trade over January the fund’s duration largely reflected these moves.

The fund started the month with 2.38 years of interest rate risk before being increasing to 3.70 years by the middle of the month. As yields pushed higher in the final week of January, we took the opportunity to reintroduce our underweight position. At the end of January, the fund held 1.90 years of interest rate risk. With the Reserve Bank of Australia (RBA) not meeting in January, attention turned to the data that would set the screen for the February meeting.

The release of a weaker-than-expected employment figure pushed rates to their intra-month low with the three-year bond falling to 2.97%. Full-time employment disappointed markets by printing negative 12,000, well below the consensus of plus 22,000, leading to a small uptick in the unemployment rate to 3.5% from 3.4%. The move lower in rates was short-lived following the release of the much-anticipated inflation report. Inflation surprised to the upside with headline at 8.4% Year on Year (YoY), well above expectations of 7.7%. Inflation momentum continued to build domestically in Q4 with 75% of the basket annualizing above the top of the RBA’s band. Of greater concern was the increase reflected domestically driven inflationary pressures which are more relevant for the RBA’s policy setting.

The higher inflation number pushed against some speculation that the RBA could pause at their February meeting and instead locking in a further 0.25% hike and a terminal cash rate of 3.75% by July 2023. Much of the strength in global bond markets was driven by softer economic data in the US and the growing speculation that the Federal Reserve (Fed) might be nearing the end of the tightening cycle. This view accelerated with the release of weak ISM services and manufacturing indices which fell into contractionary territory at 49.6 and 48.4 respectively and soft retail sales and industrial production numbers. US inflation data further supported the market’s view that we were past the peak inflation. Core inflation (excluding food and energy) gained 0.3% in December putting the annual rate at 5.7%, well below the peak of 6.6% in September 2022. While trending in the right direction, services sector inflation remains persistent.

Shelter costs remain a significant contributor although evidence in hand from the Zillow index indicates that new rents have peaked. Overall, the theme was that goods inflation is solved but services inflation will evolve over 2023. By the end of the month, the market expected the US Fed funds rate to reach 4.9% by July before falling to 4.40% by the end of 2023. This was in stark contrast to the Federal Reserve forecasts of a cash rate of 5.25% and no rate cuts expected until 2024.

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