The Fund delivered +1.09% in April, 14.50% over 12 months and 14.94% annualised since inception, continuing to deliver over 10% net return above the RBA cash rate.
Performance during the month was supported by several lender drawdowns and the completion of a significant transaction that had been in development for the better part of a year. This transaction involved a high quality loan pool, extensive legal coordination across multiple stakeholders and complex structuring requirements. It reflects our ability to execute in segments of the market that demand specialist capability, granular due diligence, and patient capital.
While credit spreads in public markets continued to tighten modestly in June, we remain cautious of broader pricing trends that have become increasingly divorced from underlying fundamentals. In more commoditised areas of the market, headline yields are often not reflective of the embedded risks, particularly where borrower quality, structural terms or underlying loan performance are not well understood.
Against that backdrop, our focus remains on relative value and structural resilience. We continue to deploy selectively into transactions that are difficult to access, less scale-driven, and require deep credit and structuring expertise to underwrite. These opportunities remain limited but are typically associated with wider margins and stronger control mechanisms.
We continue to manage capacity closely and remain disciplined in how we allocate capital across the portfolio.
