Investment return objective
The Antares Income Fund aims to provide investors with a regular income and a return (after fees) that exceeds the Bloomberg AusBond Bank Bill Index over rolling three year periods.
Highlights for the month
Performance
The Fund returned 0.26% (net of fees) for the month of April outperforming its benchmark by 0.08%.1
Contributors to performance (relative to the benchmark)
The principal contributors to the Fund’s performance during April were:
? Running yield and roll-down (yield compression as the maturity profile of the Fund’s existing credit holdings shorten as time passes) contributed positively to returns.
? A tightening of credit spreads on the fund’s holdings added to portfolio returns.
Fund Activity
The fund maintained credit duration of approximately 1.90 through April. It continued to prioritise credit exposure via the front part of the credit curve to maintain carry and roll down without taking on excessive spread duration. Purchases included new issues from Toyota Finance (2017 FRN) and ANZ (2020 FRN) and ING (2016 FRN) from the secondary market.
