- An upside US inflation surprise and increased expectations around tapering in Europe drove sovereign bond yields higher in the early part of the month. Dovish central bank commentary saw these moves subsequently unwound and yields ended the month little changed (the 10-year Australian sovereign bond yield is 6bp lower)
- Non-financial credit widened slightly, but this was more than offset by spread narrowing in the financial and RMBS sectors
- Overlay performance was a small positive for the month, driven by a range of strategies across rates, currency and credit markets
|Month (%)||Quarter (%)||1 Year (%)||Since Inception* (% p.a.)|
|eInvest Core Income Fund (ECOR)||0.30||0.69||4.15||2.17|
|Daintree Core Income Trust||0.30||0.69||4.03||2.98|
|RBA Cash Rate||0.01||0.03||0.16||0.29|
^ Inception date for ECOR was 22 November 2019 and inception date for the underlying Daintree Core Income Trust was 1 July 2017. Excess Return since inception is measured on the Daintree Trust. Performance shown above are net of fees. To give a long-term view of the fund performance in the asset class, we have shown the returns of the Daintree Core Income Trust. The Trust has identical investments. Fund returns are calculated using net asset value per unit of the underlying fund at the start and end of the specified period and do not reflect the brokerage or the bid/ask spread that investors incur when buying and selling units on the exchange. Past performance is not a reliable indicator of future performance
ECOR Fund and Investment Objective
ECOR is an absolute return, cash plus, investment grade bond strategy. ECOR is not constrained by any traditional fixed income index, which provides us the flexibility to seek out the best risk adjusted returns available across regions, sectors and securities.
The aim of ECOR is to provide a steady stream of income and capital stability over the medium term by investing in a diversified portfolio of fixed income securities and cash. ECOR seeks to produce a return (net of fees) that exceeds the RBA Cash Rate by 1.50-2.00% p.a. within a cycle.
- Modified duration: 0.63
- Portfolio Yield: 1.73
- Average Credit Quality: A
- Portfolio ESG Score: A
- Management Cost: 0.45% (incl. of GST and RITC)
- Inception Date: 22 November 2019
- ECOR paid a distribution of $0.035 dollars per unit in May 2021
To read more about eInvest Core Income Fund (Managed Fund) Code: ECOR, click here.
Interested in purchasing units in the fund? Contact your financial adviser or simply purchase via your online broker, and as always read the PDS for more information. This can be found here.
Keen to learn more? Read why Active managers tend to outperform passive fixed income managers.
Past performance is not a reliable indicator of future performance. Please read the PDS prior to investing. This information is general in nature and is subject to the terms and conditions outlined here.