I have tried to understand the returns claimed by Spheria Australian Microcap Fund for Fund Investors
According to their website https://spheria.com.au/funds/spheria-australian-microcap-fund/
this fund's returns to Fund Investors (net of applicable fees, costs and taxes.) have been:
25.7 % over last year
17.9% over last 3 years
18.3 % over last 5 years.
Dividends have been in cents per share and approx in % of the Unit costs at the time.
Column 1
Column 2
Column 3
1
30/06/2023
6.9431
4.63%
2
30/06/2022
22.8124
16.29%
3
30/06/2021
2.758
1.75%
4
30/06/2020
2.5174
2.83%
5
28/06/2019
8.7675
8.27%
6
29/06/2018
13.4203
11.18%
7
30/06/2017
4.226
8
30/06/2016
The Funds Unit Costs vs the SEC share price pretty much follow each other with an offset of about $0.40 as can be seen below
So I am probably ignorant and need some help in understanding how the 25.7 % returns to Fund Investors over the last year FY is calculated. This 25.7 % is supposed to be net return to investors but the SP and Funds Unit Cost graphs from 30 June 2022 to 30 Jun 2023 are pretty much flat (hovering around $1.90 and $150 respectively). Is there anything else other than Dividends and the increase in the Value of the shares/Units that are returned to Trust Investors?
I am hoping someone who has invested directly in this Fund might know where the figures behind the impressive returns are to found as I cannot.
Direct Fund Investor Returns = Dividends + Unit Cost change for the FY + ??? anything else?
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