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Fund size
$101.0M
SEP 2026
Total cost ratio
0.50%
per year
Distributions
Quarterly
Since inception
7.9 yrs
DEC 2018
The Fund is a managed fund which has been established as a separate class of units in the ActiveX Trust, a registered managed investment scheme. Investors in the Fund acquire units in that specific class of units and the assets of the Fund are held on trust for the investors in the specific class that relates to the Fund. The Fund is administered as a separate trust by Fidante. The Fund’s units trade on the AQUA market on the ASX.
US equity 0.00%Non-US equity 0.25%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 0.25 | 2.07 | 1.82 |
| Bond | 98.60 | 99.85 | 1.25 |
| Cash | -1.65 | 665.14 | 666.79 |
| Other | 2.81 | 2.81 | 0.00 |
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| New South Wales Treasury Corporation 2.75% | 55.25 | — | 91.4M | AUD | — | — | Australia | |
| Australia (Commonwealth of) 0.25% | 34.33 | — | 56.8M | AUD | — | — | Australia | |
| Australia (Commonwealth of) 2.5% | 34.25 | — | 56.7M | AUD | — | — | Australia | |
| Treasury Corporation of Victoria 2.25% | 6.64 | — | 11.0M | AUD | — | — | Australia | |
| New South Wales Treasury Corporation 1.75% | 5.07 | — | 8.4M | AUD | — | — | Australia | |
| Australia (Commonwealth of) 1.25% | 3.04 | — | 5.0M | AUD | — | — | Australia | |
| France (Republic Of) 2.75% | 3.04 | — | 5.0M | EUR | — | — | France | |
| Export Development Canada 4% | 2.87 | — | 4.8M | AUD | — | — | Canada | |
| CPPIB Capital Inc 4.2% | 2.41 | — | 4.0M | AUD | — | — | Canada | |
| CPPIB Capital Inc 4.45% | 2.19 | — | 3.6M | AUD | — | — | Canada |
Fund (NAV) Market price
1M
0.6
3M
-0.1
6M
-0.7
YTD
7.6
1Y
10.7
3Y
6.1
5Y
1.4
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | 0.60 | 0.94 | 0.64 | — |
| 3 months | -0.12 | 0.22 | 0.00 | — |
| 6 months | -0.68 | -0.51 | -0.43 | — |
| Year to date | 7.58 | 7.86 | 8.05 | — |
| 1 year | 10.72 | 10.80 | 11.31 | — |
| 3 years p.a. | 6.14 | 6.43 | 6.69 | — |
| 5 years p.a. | 1.40 | 1.15 | 1.92 | — |
Returns to 31 OCT 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2019
7.1
2020
6.4
2021
-0.5
2022
-0.7
2023
5.9
2024
0.6
2025
7.5
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 7.47 | 4.85 | — |
| 2024 | 0.55 | -1.38 | — |
| 2023 | 5.90 | 0.99 | — |
| 2022 | -0.66 | -6.04 | — |
| 2021 | -0.52 | -4.74 | — |
| 2020 | 6.36 | 0.74 | — |
| 2019 | 7.11 | 5.67 | — |
FY20
5.8
FY21
3.0
FY22
-0.2
FY23
2.7
FY24
0.3
FY25
4.3
FY26
4.2
| Financial year | Total % |
|---|---|
| Financial year to date | 0.92 |
| Year to 30 JUN 2026 | 4.23 |
| Year to 30 JUN 2025 | 4.33 |
| Year to 30 JUN 2024 | 0.27 |
| Year to 30 JUN 2023 | 2.71 |
| Year to 30 JUN 2022 | -0.18 |
| Year to 30 JUN 2021 | 3.00 |
| Year to 30 JUN 2020 | 5.77 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | 12.54 | -0.11 | -0.27 | — |
| Beta | 63.61 | 17.79 | 2.65 | — |
| R-squared | 21.72 | 7.52 | 0.35 | — |
| Standard deviation | 12.08 | 9.64 | 9.80 | — |
| Sharpe ratio | -0.34 | -0.63 | -0.24 | — |
| Sortino ratio | -0.50 | -0.73 | -0.29 | — |
| Tracking error | 2.93 | 2.57 | 3.22 | — |
| Information ratio | -0.36 | -0.66 | -0.17 | — |
| Upside capture % | 75.70 | 60.73 | 78.94 | — |
| Downside capture % | — | — | -2,967.08 | — |
| Maximum drawdown % | -1.84 | -2.24 | -2.77 | — |
Measured against Morningstar AUD 1M Cash GR AUD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 31 OCT 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
6.8
Morningstar Portfolio Risk Score at 31 MAR 2022.
2024
0.4
2023
0.6
2022
0.4
2021
1.8
2020
1.1
2019
1.3
2018
0.7
| Year | Per unit ($) |
|---|---|
| 2024 | 0.3914 |
| 2023 | 0.5838 |
| 2022 | 0.4304 |
| 2021 | 1.7617 |
| 2020 | 1.0870 |
| 2019 | 1.3212 |
| 2018 | 0.6525 |
| Ex Date | Per unit ($) |
|---|---|
| 1 OCT 2026 | 0.1249 |
| 1 APR 2026 | 0.1226 |
| 2 JAN 2026 | 0.1243 |
| 1 OCT 2025 | 0.1510 |
| 1 APR 2025 | 0.1210 |
| 2 JAN 2025 | 0.1195 |
| 1 OCT 2024 | 0.1162 |
| 3 APR 2024 | 0.2217 |
| 2 JAN 2024 | 0.2459 |
| 2 OCT 2023 | 0.2448 |
| 3 APR 2023 | 0.0712 |
| 3 JAN 2023 | 0.1144 |
High
ESG risk score
18.86
0.00% of assets are in companies with high or severe controversies.
Carbon risk score
7.84
Category average 11.55
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
This is a security we’ve held in the past (in the Income Portfolio) used to gain fixed income exposure without taking on what is called duration risk. This is a highly differentiated strategy where returns are not impacted by whether bond yields are high or low and regardless of whether interest rates are rising or falling. It’s very low volatility, but also low return.
The portfolio added +0.48% for the week while cash sits at 3%. AGL Energy (AGL) continues to perform adding a further +4.64% supported by Metcash (MTS) which added +3.03%. The biggest drag was Bank of QLD (BOQ) down -5.92% while G8 Education (GEM) fell by -1.84%. We made a number of changes to the portfolio during the week taking profits on National Storage REIT (NSR)
We are making some changes to the income portfolio today, switching from NSR into SGP, XARO into OZBD and topping up on TLS
MM is neutral on XARO around $24
MM is neutral on XARO around $24
We are selling our 5% holding in XARO to take on duration risk elsewhere
The ActiveX Ardea Real Outcome Bond Fund (XARO) is a defensive fixed income fund that targets a stable return in excess of inflation. The Fund primarily uses government bonds to create a diversified portfolio of high quality fixed income securities that seeks to prioritise liquidity and capital preservation. The strategy employed if a relative value strategy whereby the manager buys relatively undervalued Government Bonds and sell relatively over valued Government Bonds, and by doing so reduces the risk of duration (i.e. the negative price impact of rising bond yields).
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