Equitable Investors Dragonfly Fund
30 April 2026
Performance Review
The Equitable Investors Dragonfly Fund has a track record of 8 years and 8 months and has underperformed the ASX 200 Total Return benchmark since inception in September 2017, providing investors with an annualised return of -7.92% compared with the benchmark's return of 8.99% over the same period.
The Manager has delivered these returns with 7.52% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at -0.37 since inception. The fund has provided positive monthly returns 59% of the time in rising markets and 25% of the time during periods of market decline, contributing to an up-capture ratio since inception of 27% and a down-capture ratio of 115%.
The Equitable Investors Dragonfly Fund rose by +3.53% in April, an outperformance of +1.35% compared with the ASX 200 Total Return benchmark which rose by +2.18%. Over the past 12 months, the fund's best monthly return was +9.56% compared with the benchmark's best return of +4.20%, and its worst monthly return was -10.24% vs the benchmark's worst return over the same period of -7.15%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Equitable Investors Dragonfly Fund | Performance: | 3.53% | -16.44% | -22.34% | -4.47% | -6.13% | -15.05% | -7.72% |
| Rank in Peer Group (out of 103): | 39 | 101 | 95 | 91 | 95 | 93 | 81 | |
| Peergroup - Equity Long - Small/Mid Cap - Australia | Performance: | 3.14% | -9.62% | -11.69% | 8.85% | 8.32% | 4.17% | 8.28% |
| Performance vs peergroup: | +0.39% | -6.82% | -10.65% | -13.32% | -14.45% | -19.22% | -16.00% | |
| Benchmark - ASX 200 Total Return | Performance: | 2.18% | -1.22% | -0.87% | 10.12% | 9.66% | 8.36% | 8.55% |
| Performance vs benchmark (Alpha): | +1.35% | -15.22% | -21.47% | -14.59% | -15.79% | -23.40% | -16.27% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equitable Investors Dragonfly Fund | Performance: | 12.55% | -25.38% | -1.76% | 10.56% | 24.83% | -45.44% | -7.77% | -5.66% | 14.60% | -21.06% |
| Rank in Peer Group (out of 103): | 56 | 77 | 83 | 62 | 42 | 97 | 101 | 100 | 65 | 98 | |
| Drawdown: | 0.00% | -25.38% | -9.18% | -32.67% | -7.13% | -45.44% | -18.86% | -11.57% | -8.87% | -23.75% | |
| Peergroup - Equity Long - Small/Mid Cap - Australia | Performance: | 19.55% | -6.65% | 27.06% | 17.83% | 22.13% | -17.47% | 9.18% | 14.00% | 17.72% | -9.76% |
| Performance vs peergroup: | -7.00% | -18.74% | -28.82% | -7.27% | +2.69% | -27.96% | -16.95% | -19.66% | -3.12% | -11.30% | |
| Benchmark - ASX 200 Total Return | Performance: | 11.80% | -2.84% | 23.40% | 1.40% | 17.23% | -1.08% | 12.42% | 11.44% | 10.32% | 0.54% |
| Performance vs benchmark (Alpha): | +0.75% | -22.54% | -25.16% | +9.16% | +7.60% | -44.36% | -20.19% | -17.10% | +4.28% | -21.60% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -5.53 | -10.08 | -10.24 | 3.53 | NA | NA | NA | NA | NA | NA | NA | NA | -21.06 |
| 2025 | -3.18 | 0.98 | -6.79 | 3.91 | -1.80 | 6.36 | 9.56 | 1.67 | 6.05 | -0.30 | -4.11 | 2.60 | 14.60 |
| 2024 | -2.54 | 1.48 | -2.23 | 0.53 | 0.01 | -0.34 | 10.10 | -3.57 | 1.43 | -4.96 | 1.40 | -6.18 | -5.66 |
| 2023 | 2.54 | 0.66 | -3.65 | -4.32 | -11.33 | -0.74 | 8.01 | -4.40 | -1.21 | -1.62 | 2.69 | 6.86 | -7.77 |
| 2022 | -8.36 | -2.81 | -3.93 | -2.60 | -8.69 | -8.92 | 0.48 | 2.29 | -20.30 | 1.31 | 1.78 | -6.80 | -45.44 |
| 2021 | -2.53 | 24.98 | -1.94 | 1.43 | -2.29 | -4.44 | 6.84 | 3.09 | 2.95 | 2.19 | -1.65 | -3.18 | 24.83 |
| 2020 | -1.93 | -14.08 | -20.09 | 7.94 | 0.67 | -1.94 | 11.35 | 14.55 | -3.07 | 11.94 | 3.22 | 7.86 | 10.56 |
| 2019 | -0.49 | 1.48 | 0.87 | 0.32 | 1.00 | -6.60 | 2.20 | -4.86 | 4.18 | -2.40 | -0.05 | 3.13 | -1.76 |
| 2018 | -0.20 | -3.17 | -5.76 | -3.96 | -0.85 | 1.48 | -0.06 | -0.39 | 0.27 | -6.19 | -3.68 | -5.99 | -25.38 |
| 2017 | NA | NA | NA | NA | NA | NA | NA | NA | 0.87 | 1.08 | 3.44 | 6.71 | 12.55 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has returned -4.47% compared with the benchmark which has returned +10.12%, for a difference of -14.59%. Since inception in September 2017, the fund has returned -7.92% per annum, a difference of -16.91% relative to the benchmark which has returned +8.99% 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 $48. The same amount invested in the benchmark over the same period would have become $210.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 21.15% vs the index's 10.56%. The annualised volatility of the fund's returns since inception in September 2017 is 21.55% vs the index's 14.03%. 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 -0.28 for performance over the most recent 12 months to a low of -0.92 over the latest 60 months, and is -0.37 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since September 2017 is 0.54.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in September 2017 in the months where the market was positive, the fund has provided positive returns 59% of the time
Performance in Negative Markets
Since inception in September 2017 in the months where the market was negative, the fund has provided positive returns 25% of the time, contributing to a down-capture ratio for returns since inception of 115.42%. Over all other periods, the fund's down-capture ratio has ranged from a high of 137.7% over the most recent 48 months to a low of 84.5% 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 -0.5 for performance over the most recent 12 months to a low of -1.14 over the latest 60 months, and is -0.64 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since September 2017 is 0.64.
Drawdown
Over the past 12 months, the fund's largest drawdown was -25.21% vs the index's -7.15%, and since inception in September 2017 the fund's largest drawdown was -60.5% vs the index's maximum drawdown over the same period of -26.75%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of April 2026
The Equitable Investors Dragonfly Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has returned -4.47% compared with the peer group which has returned an average of +8.85%, for a difference of -13.32%.
The fund's returns over the past 12 months have been achieved with a volatility of 21.15% vs the peer group's average volatility of 14.33%. The annualised volatility of the fund's returns since inception in September 2017 is 21.55% vs the peer group's 14.45%. Over all other periods, the fund's returns have been more volatile than the peer group.