4D Global Infrastructure Fund (Unhedged)
30 April 2026
Performance Review
The 4D Global Infrastructure Fund (Unhedged) has a track record of 10 years and 2 months and has underperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in March 2016, providing investors with an annualised return of 10.21% compared with the benchmark's return of 10.32% over the same period.
The Manager has delivered these returns with 0.13% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.74 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 94% and a down-capture ratio of 98%.
The 4D Global Infrastructure Fund (Unhedged) returned -0.49% in April, an outperformance of +0.38% compared with the S&P Global Infrastructure TR (AUD) benchmark which fell by -0.87%. Over the past 12 months, the fund's best monthly return was +5.26% compared with the benchmark's best return of +5.54%, and its worst monthly return was -2.39% vs the benchmark's worst return over the same period of -2.59%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| 4D Global Infrastructure Fund (Unhedged) | Performance: | -0.49% | 2.53% | 6.69% | 13.95% | 10.61% | 10.72% | 8.65% |
| Rank in Peer Group (out of 23): | 17 | 22 | 16 | 16 | 10 | 9 | 8 | |
| Ann Std Dev.: | - | - | - | 7.81% | 9.71% | 10.05% | 12.15% | |
| Peergroup - Infrastructure | Performance: | 1.07% | 6.50% | 8.85% | 14.90% | 10.73% | 10.41% | 8.26% |
| Benchmark - S&P Global Infrastructure TR Index (AUD) | Performance: | -0.87% | 2.57% | 4.01% | 11.99% | 13.20% | 13.51% | 9.62% |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4D Global Infrastructure Fund (Unhedged) | Performance: | 22.03% | 0.50% | 29.38% | -7.38% | 11.17% | -0.24% | 17.03% | 5.75% | 20.50% | 4.93% |
| Rank in Peer Group (out of 23): | 2 / 23 | 7 / 23 | 2 / 23 | 9 / 23 | 20 / 23 | 9 / 23 | 1 / 23 | 21 / 23 | 4 / 23 | 18 / 23 | |
| Drawdown: | -2.58% | -3.28% | 0.00% | -19.77% | -3.90% | -10.99% | -7.73% | -4.91% | -2.39% | -2.59% | |
| Peergroup - Infrastructure | Performance: | 15.25% | 1.52% | 25.32% | -8.06% | 17.53% | -0.29% | 6.17% | 11.71% | 14.06% | 8.36% |
| Benchmark - S&P Global Infrastructure TR Index (AUD) | Performance: | 11.10% | 0.15% | 27.50% | -14.01% | 18.51% | 6.42% | 6.80% | 28.63% | 11.95% | 3.31% |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.34 | 5.26 | -2.11 | -0.49 | NA | NA | NA | NA | NA | NA | NA | NA | 4.93 |
| 2025 | 1.17 | 0.56 | 3.62 | 5.26 | 1.87 | 1.19 | -0.83 | 1.72 | 0.17 | 2.55 | 4.18 | -2.39 | 20.50 |
| 2024 | -0.61 | 0.41 | 1.76 | -1.78 | 2.75 | -4.91 | 7.19 | 0.27 | 1.25 | 0.63 | -0.63 | -0.29 | 5.75 |
| 2023 | 4.33 | 0.97 | 4.49 | 5.05 | -2.97 | 2.26 | 0.86 | -2.20 | -4.10 | -1.63 | 7.53 | 1.93 | 17.03 |
| 2022 | 1.03 | -1.76 | 1.93 | 1.65 | 2.33 | -5.82 | 2.27 | -1.08 | -6.58 | 5.20 | 3.58 | -2.25 | -0.24 |
| 2021 | -2.99 | -1.27 | 6.37 | 2.38 | 2.91 | 0.55 | 2.06 | 1.65 | -2.51 | -1.43 | 0.38 | 2.93 | 11.17 |
| 2020 | 5.11 | -2.94 | -16.56 | 2.21 | 4.98 | -2.04 | -1.78 | -2.15 | -1.94 | 0.83 | 9.76 | -0.75 | -7.38 |
| 2019 | 7.52 | 2.78 | 2.07 | 3.16 | 0.96 | 3.13 | 0.87 | 1.26 | 2.22 | 0.06 | 0.87 | 1.34 | 29.38 |
| 2018 | -0.84 | -2.46 | 0.86 | 3.03 | -2.88 | 2.73 | 1.38 | -0.73 | 0.20 | -0.97 | -1.16 | 1.54 | 0.50 |
| 2017 | -2.58 | 3.97 | 5.91 | 3.50 | 4.37 | -1.01 | -0.84 | 2.63 | 0.40 | 3.51 | 2.18 | -1.56 | 22.03 |
| 2016 | NA | NA | 2.64 | 3.41 | 3.06 | -1.16 | 2.86 | -0.44 | -2.64 | -2.35 | -4.90 | 5.19 | 5.31 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +13.95% compared with the benchmark which has returned +11.99%, for a difference of +1.96%. Since inception in March 2016, the fund has returned +10.21% per annum, a difference of -0.11% relative to the benchmark which has returned +10.32% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $268. The same amount invested in the benchmark over the same period would have become $271.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 7.81% vs the index's 8.02%. The annualised volatility of the fund's returns since inception in March 2016 is 11.42% vs the index's 11.29%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.24 for performance over the most recent 12 months to a low of 0.68 over the latest 36 months, and is 0.74 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sharpe for performance since March 2016 is 0.76.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in March 2016 in the months where the market was positive, the fund has provided positive returns 90% of the time
Performance in Negative Markets
Since inception in March 2016 in the months where the market was negative, the fund has provided positive returns 14% of the time, contributing to a down-capture ratio for returns since inception of 97.66%. Over all other periods, the fund's down-capture ratio has ranged from a high of 109.84% over the most recent 60 months to a low of 67.78% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 2.41 for performance over the most recent 12 months to a low of 1.03 over the latest 48 months, and is 1.03 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sortino for performance since March 2016 is 1.00.
Drawdown
Over the past 12 months, the fund's largest drawdown was -2.59% vs the index's -2.81%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Infrastructure as of March 2026
The performance of the 4D Global Infrastructure Fund (Unhedged) ranked it in the second quintile for all KPIs except Total Return over 7 years, while over 3 & 5 years the fund ranked in the first or second quintile for all KPIs. Over 1 year it ranked in the first or second quintile for all KPIs except Downside Deviation.
Over the past 12 months, the fund has risen by +13.95% compared with the peer group which has returned an average of +14.90%, for a difference of -0.95%.
The fund's returns over the past 12 months have been achieved with a volatility of 7.81% vs the peer group's average volatility of 7%. The annualised volatility of the fund's returns since inception in March 2016 is 11.42% vs the peer group's 9.67%. Over all other periods, the fund's returns have been more volatile than the peer group.