ASCF High Yield Fund
30 April 2026
Performance Review
The ASCF High Yield Fund has a track record of 9 years and 2 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in March 2017, providing investors with an annualised return of 8.1% compared with the benchmark's return of 1.78% over the same period.
The Manager has delivered these returns with 4.16% less volatility than the benchmark, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 9.16 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 68% and a down-capture ratio of -76%.
The ASCF High Yield Fund rose by +0.62% in April, an outperformance of +0.57% compared with the Bloomberg AusBond Composite 0+ Yr benchmark which rose by +0.05%. Over the past 12 months, the fund's best monthly return was +0.67% compared with the benchmark's best return of +0.88%, and its worst monthly return was +0.58% vs the benchmark's worst return over the same period of -1.42%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| ASCF High Yield Fund | Performance: | 0.62% | 1.85% | 3.80% | 7.87% | 7.66% | 7.33% | 7.68% |
| Rank in Peer Group (out of 38): | 26 | 22 | 21 | 23 | 21 | 15 | 4 | |
| Peergroup - Real Estate Debt | Performance: | 1.18% | 1.84% | 3.52% | 8.11% | 8.76% | 7.72% | 7.21% |
| Performance vs peergroup: | -0.56% | +0.01% | +0.28% | -0.24% | -1.09% | -0.40% | +0.47% | |
| Benchmark - Bloomberg AusBond Composite 0+ Yr Index | Performance: | 1.62% | 0.23% | 0.69% | 1.31% | 2.97% | 0.32% | 0.74% |
| Performance vs benchmark (Alpha): | -0.99% | +1.63% | +3.11% | +6.56% | +4.69% | +7.01% | +6.94% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASCF High Yield Fund | Performance: | 8.27% | 9.18% | 8.97% | 8.62% | 7.46% | 6.55% | 6.95% | 7.78% | 7.88% | 2.50% |
| Rank in Peer Group (out of 38): | 3 | 2 | 6 | 2 | 12 | 11 | 26 | 27 | 25 | 19 | |
| Drawdown: | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| Peergroup - Real Estate Debt | Performance: | 6.28% | 6.23% | 6.98% | 4.17% | 9.23% | 3.34% | 9.14% | 9.38% | 8.30% | 2.41% |
| Performance vs peergroup: | +1.99% | +2.95% | +1.99% | +4.44% | -1.77% | +3.21% | -2.19% | -1.60% | -0.43% | +0.09% | |
| Benchmark - Bloomberg AusBond Composite 0+ Yr Index | Performance: | 3.66% | 4.54% | 7.26% | 4.48% | -2.88% | -9.71% | 5.06% | 2.50% | 3.61% | 1.32% |
| Performance vs benchmark (Alpha): | +4.61% | +4.65% | +1.70% | +4.13% | +10.34% | +16.25% | +1.89% | +5.28% | +4.27% | +1.18% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.64 | 0.58 | 0.64 | 0.62 | NA | NA | NA | NA | NA | NA | NA | NA | 2.50 |
| 2025 | 0.65 | 0.57 | 0.64 | 0.63 | 0.64 | 0.62 | 0.67 | 0.64 | 0.63 | 0.65 | 0.63 | 0.63 | 7.88 |
| 2024 | 0.60 | 0.59 | 0.62 | 0.62 | 0.64 | 0.61 | 0.64 | 0.66 | 0.62 | 0.64 | 0.62 | 0.64 | 7.78 |
| 2023 | 0.53 | 0.49 | 0.55 | 0.55 | 0.55 | 0.55 | 0.58 | 0.56 | 0.56 | 0.59 | 0.59 | 0.62 | 6.95 |
| 2022 | 0.56 | 0.50 | 0.55 | 0.54 | 0.55 | 0.53 | 0.53 | 0.53 | 0.52 | 0.54 | 0.51 | 0.53 | 6.55 |
| 2021 | 0.65 | 0.59 | 0.61 | 0.61 | 0.62 | 0.60 | 0.61 | 0.61 | 0.58 | 0.59 | 0.56 | 0.57 | 7.46 |
| 2020 | 0.72 | 0.66 | 0.73 | 0.71 | 0.73 | 0.68 | 0.68 | 0.70 | 0.68 | 0.68 | 0.66 | 0.67 | 8.62 |
| 2019 | 0.72 | 0.67 | 0.73 | 0.72 | 0.71 | 0.75 | 0.75 | 0.74 | 0.70 | 0.72 | 0.68 | 0.73 | 8.97 |
| 2018 | 0.81 | 0.71 | 0.76 | 0.66 | 0.74 | 0.75 | 0.79 | 0.74 | 0.70 | 0.70 | 0.72 | 0.74 | 9.18 |
| 2017 | NA | NA | 1.02 | 0.92 | 0.95 | 0.95 | 0.57 | 0.35 | 0.84 | 0.83 | 0.80 | 0.75 | 8.27 |
Only seven years of data shown. Click here to view all data.
General Notes
Performance shown is the aggregate return for all investors across all investment terms (3, 6, 12 and 24 months). Redemption notice is 1-3 months depending on investment term.
Annual Returns
Over the past 12 months, the fund has risen by +7.87% compared with the benchmark which has fallen -0.10%, for a difference of +7.97%. Since inception in March 2017, the fund has returned +8.10% per annum, a difference of +6.32% relative to the benchmark which has returned +1.78% 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 $204. The same amount invested in the benchmark over the same period would have become $117.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 0.07% vs the index's 2.2%. The annualised volatility of the fund's returns since inception in March 2017 is 0.35% vs the index's 4.51%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 37.23 for performance over the most recent 12 months to a low of 9.87 over the latest 60 months, and is 9.16 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since March 2017 is -0.04.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in March 2017 in the months where the market was positive, the fund has provided positive returns 100% of the time
Performance in Negative Markets
Since inception in March 2017 in the months where the market was negative, the fund has provided positive returns 100% of the time, contributing to a down-capture ratio for returns since inception of -75.98%. Over all other periods, the fund's down-capture ratio has ranged from a high of -46.15% over the most recent 60 months to a low of -88.51% over the latest 12 months. A negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund has had too few negative returns returns over the past 12 months for a Sortino ratio to be calculated. The Bloomberg AusBond Composite 0+ Yr Index's Sortino ratio over the same period is -0.08. The Sortino ratio differs from the Sharpe ratio in that it only considers the volatility of negative returns over a particular time period.
Drawdown
Since inception in March 2017, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -13.2%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Real Estate Debt as of April 2026
The performance of the ASCF High Yield Fund ranked it in the first quintile for all KPIs except Sharpe over 7 years and ranked in the first quintile for all KPIs except Total Return and Sharpe over 5 years, while over 1 & 3 years the fund ranked in the first or second quintile for all KPIs except Total Return.
Over the past 12 months, the fund has risen by +7.87% compared with the peer group which has returned an average of +8.11%, for a difference of -0.24%.
The fund's returns over the past 12 months have been achieved with a volatility of 0.07% vs the peer group's average volatility of 1.02%. The annualised volatility of the fund's returns since inception in March 2017 is 0.35% vs the peer group's 1.09%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.