Performance

PERFORMANCE OF THE REVOLUTION WHOLESALE PRIVATE DEBT FUND II*

As at 31 May 2024

PERFORMANCE OF THE REVOLUTION PRIVATE DEBT FUND II (APIR: CHN3796AU)**

As at 30 June 2024

Return 1 month Rolling quarter 1 year 2 years p.a. 3 years p.a. Since inception p.a. (31 Dec 2019)
Fund II (after fees) 0.70% 2.19% 9.19% 8.37% 7.43% 6.80%
RBA Cash Rate 0.33% 1.10% 4.31% 3.62% 2.43% 1.68%
Active Return (after fees) 0.37% 1.09% 4.88% 4.75% 5.00% 5.12%

** Performance is for the Revolution Private Debt Fund II – APIR: CHN3796AU, and is based on month end unit prices before tax. Net performance (after fees) is calculated after management fees and operating costs. Individual Investor level taxes are not taken into account when calculating returns. This is historical performance data. It should be noted the value of an investment can rise and fall and past performance is not indicative of future performance. The comparison to the RBA Cash Rate is displayed as a reference to the target return for Fund II and is not intended to compare an investment in Fund II to a cash holding. Loans held by Fund II are subject to borrower default risk and as such Fund II is of higher risk than an investment in cash.

PERFORMANCE OF THE REVOLUTION PRIVATE DEBT PIE FUND (NZD)^

As at 31 May 2024

Return 1 month Rolling quarter 1 year 2 years p.a. 3 years p.a. Since inception
(29 Feb 2024)
Net Return (Pre-tax)^^ 0.81% 2.26% 2.26%
Net Return (28% tax bracket)^^^ 0.58% 1.72% 1.72%
Net Return (0% tax bracket)^^^^ 0.81% 2.39% 2.39%

^ Performance is for the Revolution Private Debt PIE Fund (NZD), and is based on month end unit prices before tax in New Zealand Dollars. Net performance (After fees) is calculated after management fees and operating costs. Individual Investor level taxes are not taken into account when calculating returns. This is historical performance data. It should be noted the value of an investment can rise and fall and past performance is not indicative of future performance. Loans held by the Fund are subject to borrower default risk and as such the Fund is of higher risk than an investment in cash.^^ Returns are net of fees and pre tax. ^^^ Returns are net of fees and net of tax (assumes investor is on the top tax rate of 28%). ^^^^ Returns are net of fees and net of tax (assumes investor is on 0% tax rate).

PORTFOLIO CHARACTERISTICS

As at 30 June 2024

Characteristic Fund II (AUD) Wholesale
Fund II (AUD)
PIE Fund (NZD)
Yield to Maturity 10.2% 10.2% 11.2%
Credit Spread 567 bps 566 bps 567 bps
Interest Rate Duration 0.1 years 0.1 years 0.1 years
Weighted Ave. Credit Rating BB+ BB+ BB+

Source: Revolution Asset Management.  See below for defined terms. These ‘forward-looking statements’ are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed. Although we believe that the Fund’s anticipated future results, performance or achievements expressed or implied by those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements.

Definition of terms

  • Yield to Maturity (YTM) is the current total return anticipated on the portfolio if the portfolio is held until it matures.
  • Credit Spread is the weighted average credit margin over the bank bill swap rate (BBSW), which is the market benchmark rate. Interest Rate Duration measures how much bond prices are likely to change if and when interest rates move and is measured in years.
  • The Weighted Average Credit Rating is used to indicate the credit quality of a portfolio and is an aggregate of the internal credit ratings of the portfolio’s holdings, weighted by exposure size. Internally rated by Revolution on the basis of ratings substantially equivalent to Standard & Poor’s ratings. Examples of ratings include credit ratings issued by Moody’s, Fitch and Kroll Bond Rating Agency.