Kapstream Absolute Return Income Active ETF

Fixed Income

Kapstream Absolute Return Income Active ETF

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About the Fund

The Kapstream Absolute Return Income Active ETF is managed by Kapstream Capital with an innovative approach to fixed income, aiming to balance the interests of capital preservation with the generation of consistent and stable income, and unconstrained in sourcing the most compelling fixed income investment opportunities in Australia and around the world, according to Kapstream Capital’s global macroeconomic views. The Fund gains its exposure by investing in the Kapstream Absolute Return Income Fund (Underlying Fund).

Managed with an innovative approach to fixed income investments.

The Fund aims to provide a steady stream of income and capital stability over the medium term.

A global, diversified portfolio of predominantly investment grade fixed income securities.

Visit Website Fund Report NAV History

Why this Fund

The Fund is suitable for investors seeking to complement their cash and/or traditional benchmark-oriented fixed income exposure.

A diversified portfolio that can complement other asset classes.

Stable income across market cycles with minimal volatility and capital preservation.

Potentially higher levels of returns compared to cash.

Visit Website Fund Report NAV History

Fund Facts

About this fund

Last traded price (as at )

NAV per unit (as at 24 Nov 2025)

$100.3410

NAV History

Fund size (at 24 Nov 2025)

$26.83m

Strategy size (at 24 Nov 2025)

$2.12b

Inception date

10 Oct 2019

Benchmark

RBA Cash Rate

Currency

AUD

Distribution Frequency

Quarterly

Suggested Min Timeframe

At least three years

Portfolio Managers

Daniel Siluk

Dylan Bourke

Fund IDs

APIR

ARSN

124 152 790*

TICKER

XKAP

ISIN

AU0000044836

Fees / Pricing

Management Costs

0.55%

Performance Fee (if applicable)

Minimum Investment

N/A

Last traded price: Data updated approx. every 20 mins.
*Kapstream Absolute Return Income Active ETF is a class of units in the registered managed investment scheme ActiveX Kapstream Absolute Return Income Fund ARSN 632 896 176. Interests in the ActiveX Kapstream Absolute Return Income Fund ARSN 632 896 176 are offered by Fidante Partners Limited (ABN 94 002 835 592 AFSL 234 668) (Fidante Partners). Fidante Partners has appointed Kapstream Capital Pty Ltd (ABN 19 122 076 117 AFSL 308870) as the investment manager of the Fund.

Fund Performance

Performance Table

Cumulative Performance

Fund Performance (Net) as at 31 Oct 2025

	1M	3M	1YR	3YR (p.a)	5YR (p.a)	10YR (p.a)	SI (p.a)
Fund	0.50%	1.80%	6.27%	6.11%	3.46%	-	3.67%

Data powered by FE fundinfo

The Fund benchmark is the RBA Cash Rate. The inception date for the Fund is 15 October 2019. Past performance is not a reliable indicator of future performance. The performance of XKAP will not exactly replicate that of the Kapstream Absolute Return Income Fund (Underlying Fund), for example where cash is held by XKAP. View the performance of the Underlying Fund.

Data powered by FE fundinfo

Performance is calculated on a bid-to-bid basis with income reinvested. It is important to know that unit prices reflect the value of the underlying assets of the funds and so can go down as well as up.

Past performance is not indicative of future performance. Where a fund invests in overseas securities, the unit prices may also rise and fall purely on account of exchange rate fluctuations.

Holdings

Share Price Chart

Announcements

Holding Details

Security Name	ISIN	Currency	Value (AUD)	Portfolio Weight	Shares/Contracts	Value (Local)	Price
ATLAS WAREHOUSE LEND	US049463AD44	USD	384,184.92	1.48	240,538.0600	248125.83	103.1545
ATLAS WAREHOUSE LEND	US049463AE27	USD	42,920.06	0.17	26,320.1200	27719.92	105.31837
ATLAS WAREHOUSE LEND	US049463AF91	USD	274,114.82	1.06	176,572.5800	177037.05	100.26305
CASH COUPON USD		USD	2,617.76	0.01	1,690.6800	1690.68	100.
CASH COUPON CAD		CAD	0.02	0.00	0.0200	.02	100.
FORD MOTORCREDIT CO LLC	US345397G727	USD	41,673.59	0.16	26,320.1200	26914.89	102.25974
GENERAL MOTORS CO	US37045VBC37	USD	139,994.92	0.54	88,577.3300	90415.72	102.07546
ISHARES IBOXX HIGH YIELD COR	US4642885135	USD	260,855.42	1.01	2,090.5010	168473.48	80.59
MACQUARIEGROUP LTD	US55608KBC80	USD	131,044.01	0.51	84,781.1600	84634.78	99.82734
CASH COUPON CHF		CHF	0.04	0.00	0.0200	.02	100.
SWAPS BANKOF AMERICA BOC		AUD	-1,138.85	0.00	-1,138.8510	-1138.85	1.
SWAPS WESTPAC COC		AUD	7,465.80	0.03	7,465.8030	7465.8	1.
CASH COLLAUD ANZ		AUD	-78,454.21	-0.30	-78,454.2060	-78454.21	1.
CASH COLLAUD CBA		AUD	-1,518.47	-0.01	-1,518.4680	-1518.47	1.
CASH COLLAUD BNP		AUD	-13,792.76	-0.05	-13,792.7560	-13792.76	1.
MERRILL LYNCH CCP GBP CASH		GBP	-1,526.76	-0.01	-752.8600	-752.86	100.
WESTPAC BANKING CORP	US961214DF70	USD	24,316.37	0.09	15,728.8000	15704.73	99.84695
MERRILL LYNCH CCP NZD CASH		NZD	4,049.32	0.02	4,662.1900	4662.19	100.
MERRILL LYNCH CCP EUR CASH		EUR	-113.70	0.00	-63.6900	-63.69	100.
MERRILL LYNCH CCP AUD CASH		AUD	123,293.10	0.48	123,293.1000	123293.1	100.
MERRILL LYNCH CCP USD CASH		USD	-8,527.79	-0.03	-5,507.6700	-5507.67	100.
GOLDMAN AUD COLL ACC		AUD	-19,233.93	-0.07	-19,233.9340	-19233.93	1.
CREDABL WAREHOUSE TRUST E NOTE		AUD	30,368.76	0.12	30,369.3700	30368.76	99.998
GAMMA DUOCLASS A		AUD	63,542.84	0.24	63,544.1100	63542.84	99.998
GAMMA DUOCLASS B		AUD	1,542.48	0.01	1,542.5100	1542.48	99.998
GAMMA DUOCLASS C		AUD	765.54	0.00	765.5600	765.54	99.998
GAMMA DUOCLASS D		AUD	765.54	0.00	765.5600	765.54	99.997
GAMMA DUOCLASS E		AUD	471.97	0.00	471.9900	471.97	99.996
GAMMA DUOCLASS F		AUD	296.08	0.00	296.1000	296.08	99.994
N1H TRUST2024 1		AUD	199,018.52	0.77	199,022.5000	199018.52	99.998
N1H TRUST2024 1 A2		AUD	149,327.15	0.58	149,330.1400	149327.15	99.998
OMM HANDYCLASS B		AUD	22,713.61	0.09	22,714.0600	22713.61	99.998
OMM HANDYCLASS C		AUD	1,829.07	0.01	1,829.1200	1829.07	99.997
OMMWAREHOUSE TRUST 1 CLASS B		AUD	180,811.72	0.70	180,813.5300	180811.72	99.999
OMMWAREHOUSE TRUST 1 CLASS C		AUD	56,334.38	0.22	56,334.9400	56334.38	99.999
OMMWAREHOUSE TRUST 1 CLASS D		AUD	37,480.82	0.14	37,481.9400	37480.82	99.997
ORDE WAREHOUSE TRUST B CLASS 2		AUD	289,768.61	1.12	289,774.4100	289768.61	99.998
ORDE WAREHOUSE TRUST B CLASS 3		AUD	44,857.37	0.17	44,858.7200	44857.37	99.997
ORDE WAREHOUSE TRUST B CLASS 4		AUD	46,818.05	0.18	46,819.4500	46818.05	99.997
ORDE WAREHOUSE TRUST B CLASS 5		AUD	40,491.28	0.16	40,492.4900	40491.28	99.997
SWAPS MERRIL LYNCH BOC		AUD	-150.34	0.00	-150.3430	-150.34	1.
CASH COUPON JPY		JPY	2,747.06	0.01	278,183.4300	278183	100.
CASH COUPON EUR		EUR	41.49	0.00	23.2400	23.24	100.
CASH COUPON PLN		PLN	0.05	0.00	0.1200	.12	100.
CASH COUPON AUD		AUD	937,768.14	3.61	937,768.1400	937768.14	100.
CASH COUPON GBP		GBP	2.82	0.00	1.3900	1.39	100.
CASH COUPON NZD		NZD	5.32	0.00	6.1300	6.13	100.
CASH COUPON SGD		SGD	0.01	0.00	0.0100	.01	100.
AIR030622IRS AUD R F .00000		AUD	49,383.39	0.19	859,200.0900	49383.39	5.747601
AIR030622IRS AUD P F .00000		AUD	-47,019.51	-0.18	-859,200.0900	-47019.51	5.472475
I210224AAIRS USD R F .00000		USD	1,495,515.17	5.76	965,492.8900	965878.47	100.039936
I210224AAIRS USD P F .00000		USD	-1,494,918.15	-5.76	-965,492.8900	-965492.89	100.
AIR070222IRS AUD R F .00000		AUD	88,580.35	0.34	1,074,316.4600	88580.35	8.245275
AIR070222IRS AUD P F .00000		AUD	-47,811.70	-0.18	-1,074,316.4600	-47811.7	4.45043
AIR210622IRS AUD R F .00000		AUD	61,413.61	0.24	1,041,416.3100	61413.61	5.897124
AIR210622IRS AUD P F .00000		AUD	-69,533.60	-0.27	-1,041,416.3100	-69533.6	6.67683
AIR240122IRS AUD R F .00000		AUD	35,221.66	0.14	804,788.3000	35221.66	4.376513
AIR240122IRS AUD P F .00000		AUD	-17,286.17	-0.07	-804,788.3000	-17286.17	2.147915
AIR241122IRS AUD R F .00000		AUD	52.27	0.00	541,587.1000	52.27	.009651
AIR241122IRS AUD P F .00000		AUD	-56.17	0.00	-541,587.1000	-56.17	.010371
R031224ADIRS AUD R F .00000		AUD	2,294,152.82	8.84	2,294,152.8200	2294152.82	100.
R031224ADIRS AUD P F .00000		AUD	-2,304,936.53	-8.88	-2,294,152.8200	-2304936.53	100.470052
R031224AEIRS AUD R F .00000		AUD	465,663.67	1.79	465,663.6700	465663.67	100.
R031224AEIRS AUD P F .00000		AUD	-466,947.70	-1.80	-465,663.6700	-466947.7	100.275742
R040325AFIRS AUD R F .00000		AUD	728,719.83	2.81	728,864.8800	728719.83	99.980099
R040325AFIRS AUD P F .00000		AUD	-728,864.88	-2.81	-728,864.8800	-728864.88	100.
R040325AHIRS AUD R F .00000		AUD	1,074,316.46	4.14	1,074,316.4600	1074316.46	100.
R040325AHIRS AUD P F .00000		AUD	-1,069,190.66	-4.12	-1,074,316.4600	-1069190.66	99.522878
R040325AIIRS AUD R F .00000		AUD	146,785.29	0.57	146,785.2900	146785.29	100.
R040325AIIRS AUD P F .00000		AUD	-144,634.52	-0.56	-146,785.2900	-144634.52	98.534753
R041224AEIRS AUD R F .00000		AUD	88,964.62	0.34	89,842.7200	88964.62	99.022627
R041224AEIRS AUD P F .00000		AUD	-89,842.72	-0.35	-89,842.7200	-89842.72	100.
R080324AAIRS AUD R F .00000		AUD	46,819.45	0.18	46,819.4500	46819.45	100.
R080324AAIRS AUD P F .00000		AUD	-46,942.78	-0.18	-46,819.4500	-46942.78	100.263418
R080324ACIRS AUD R F .00000		AUD	149,316.07	0.58	149,316.0700	149316.07	100.
R080324ACIRS AUD P F .00000		AUD	-149,414.49	-0.58	-149,316.0700	-149414.49	100.065911
R080925AAIRS AUD R F .00000		AUD	423,905.79	1.63	423,905.7900	423905.79	100.
R080925AAIRS AUD P F .00000		AUD	-421,417.36	-1.62	-423,905.7900	-421417.36	99.412975
R080925ABIRS AUD R F .00000		AUD	436,559.69	1.68	436,559.6900	436559.69	100.
R080925ABIRS AUD P F .00000		AUD	-431,107.57	-1.66	-436,559.6900	-431107.57	98.751118
R080925ADIRS AUD R F .00000		AUD	96,169.67	0.37	96,169.6700	96169.67	100.
R080925ADIRS AUD P F .00000		AUD	-94,190.72	-0.36	-96,169.6700	-94190.72	97.942228
R120923BGIRS AUD R F .00000		AUD	325,205.34	1.25	325,205.3400	325205.34	100.
R120923BGIRS AUD P F .00000		AUD	-326,325.58	-1.26	-325,205.3400	-326325.58	100.344472
R150524ADIRS AUD R F .00000		AUD	2,291,648.16	8.83	2,275,171.9600	2291648.16	100.724174
R150524ADIRS AUD P F .00000		AUD	-2,275,171.96	-8.77	-2,275,171.9600	-2275171.96	100.
R150524AFIRS AUD R F .00000		AUD	1,307,148.30	5.04	1,307,148.3000	1307148.3	100.
R150524AFIRS AUD P F .00000		AUD	-1,319,220.95	-5.09	-1,307,148.3000	-1319220.95	100.923587
R160224ADIRS AUD R F .00000		AUD	446,628.00	1.72	444,152.0400	446628	100.557457
R160224ADIRS AUD P F .00000		AUD	-444,152.04	-1.71	-444,152.0400	-444152.04	100.
R160224AEIRS AUD R F .00000		AUD	1,260,328.85	4.86	1,260,328.8500	1260328.85	100.
R160224AEIRS AUD P F .00000		AUD	-1,265,403.35	-4.88	-1,260,328.8500	-1265403.35	100.402633
R220523ACIRS AUD R F .00000		AUD	44,288.66	0.17	44,288.6600	44288.66	100.
R220523ACIRS AUD P F .00000		AUD	-44,302.55	-0.17	-44,288.6600	-44302.55	100.03136
R220824ALIRS AUD R F .00000		AUD	1,056,601.00	4.07	1,056,601.0000	1056601	100.
R220824ALIRS AUD P F .00000		AUD	-1,055,136.78	-4.07	-1,056,601.0000	-1055136.78	99.861422
R220824AOIRS AUD R F .00000		AUD	459,925.41	1.77	464,398.2800	459925.41	99.036847
R220824AOIRS AUD P F .00000		AUD	-464,398.28	-1.79	-464,398.2800	-464398.28	100.
R221123BFIRS AUD R F .00000		AUD	1,655,846.87	6.38	1,645,007.5400	1655846.87	100.658923
R221123BFIRS AUD P F .00000		AUD	-1,645,007.54	-6.34	-1,645,007.5400	-1645007.54	100.
R241123AAIRS AUD R F .00000		AUD	111,354.36	0.43	111,354.3600	111354.36	100.
R241123AAIRS AUD P F .00000		AUD	-113,268.86	-0.44	-111,354.3600	-113268.86	101.71929
R270625CCIRS AUD R F .00000		AUD	974,350.62	3.76	974,350.6200	974350.62	100.
R270625CCIRS AUD P F .00000		AUD	-953,337.85	-3.67	-974,350.6200	-953337.85	97.843408
R280325ABIRS AUD R F .00000		AUD	93,638.89	0.36	93,638.8900	93638.89	100.
R280325ABIRS AUD P F .00000		AUD	-93,396.04	-0.36	-93,638.8900	-93396.04	99.74065
R280325AFIRS AUD R F .00000		AUD	63,269.52	0.24	63,269.5200	63269.52	100.
R280325AFIRS AUD P F .00000		AUD	-62,786.20	-0.24	-63,269.5200	-62786.2	99.236101
R280325AHIRS AUD R F .00000		AUD	441,779.51	1.70	441,621.2500	441779.51	100.035836
R280325AHIRS AUD P F .00000		AUD	-441,621.25	-1.70	-441,621.2500	-441621.25	100.
R280325AIIRS AUD R F .00000		AUD	51,777.45	0.20	51,881.0100	51777.45	99.800396
R280325AIIRS AUD P F .00000		AUD	-51,881.01	-0.20	-51,881.0100	-51881.01	100.
R290823ACIRS AUD R F .00000		AUD	1,213,509.41	4.68	1,213,509.4100	1213509.41	100.
R290823ACIRS AUD P F .00000		AUD	-1,217,961.19	-4.69	-1,213,509.4100	-1217961.19	100.366852
R300323AAIRS AUD R F .00000		AUD	323,939.95	1.25	323,939.9500	323939.95	100.
R300323AAIRS AUD P F .00000		AUD	-323,751.78	-1.25	-323,939.9500	-323751.78	99.941913
R300323ACIRS AUD R F .00000		AUD	269,204.91	1.04	270,793.5500	269204.91	99.41334
R300323ACIRS AUD P F .00000		AUD	-270,793.55	-1.04	-270,793.5500	-270793.55	100.
R060825AAIRS NZD R F .00000		NZD	449,817.54	1.73	513,748.5100	517897.43	100.807578
R060825AAIRS NZD P F .00000		NZD	-446,214.02	-1.72	-513,748.5100	-513748.51	100.
R140225AAIRS NZD R F .00000		NZD	573,984.58	2.21	652,941.4500	660857.14	101.212313
R140225AAIRS NZD P F .00000		NZD	-567,109.44	-2.19	-652,941.4500	-652941.45	100.
R161024ADIRS NZD R F .00000		NZD	509,950.37	1.97	580,814.2000	587131.36	101.087638
R161024ADIRS NZD P F .00000		NZD	-504,463.63	-1.94	-580,814.2000	-580814.2	100.
R180424AAIRS NZD R F .00000		NZD	471,045.73	1.82	536,525.5400	542338.5	101.083446
R180424AAIRS NZD P F .00000		NZD	-465,996.91	-1.80	-536,525.5400	-536525.54	100.
DSN100463CDS USD R F .00000		USD	82,923.40	0.32	53,146.4000	53556.08	100.770845
DSN100463CDS USD P F .00000		USD	-82,289.08	-0.32	-53,146.4000	-53146.4	100.
DSN100614CDS USD R F .00000		USD	7,107.73	0.03	4,555.4100	4590.53	100.770845
DSN100614CDS USD P F .00000		USD	-7,053.36	-0.03	-4,555.4100	-4555.41	100.
AOI250522IRS USD R F .00000		USD	27,787.80	0.11	364,432.4400	17946.75	4.924576
AOI250522IRS USD P F .00000		USD	-20,648.02	-0.08	-364,432.4400	-13335.52	3.659258
AIR040222IRS AUD R F .00000		AUD	34,795.40	0.13	422,640.4000	34795.4	8.232861
AIR040222IRS AUD P F .00000		AUD	-18,181.75	-0.07	-422,640.4000	-18181.75	4.301944
SN1006142CDS USD R F .00000		USD	1,382.05	0.01	885.7700	892.6	100.770845
SN1006142CDS USD P F .00000		USD	-1,371.48	-0.01	-885.7700	-885.77	100.
SN1006146CDS USD R F .00000		USD	5,330.78	0.02	3,416.5500	3442.89	100.770845
SN1006146CDS USD P F .00000		USD	-5,290.01	-0.02	-3,416.5500	-3416.55	100.
011025AG1IRS AUD R F .00000		AUD	493,502.26	1.90	493,502.2600	493502.26	100.
011025AG1IRS AUD P F .00000		AUD	-489,162.71	-1.89	-493,502.2600	-489162.71	99.120662
OI171025AIRS GBP R F .00000		GBP	89,301.61	0.34	670,656.9200	44035.43	6.566014
OI171025AIRS GBP P F .00000		GBP	-87,538.82	-0.34	-670,656.9200	-43166.18	6.436403
S4432164IRS AUD R F 3.81070		AUD	258,329.20	1.00	261,935.8200	258329.2	98.62309
S4432164IRS AUD P V 06MBBSW		AUD	-261,935.82	-1.01	-261,935.8200	-261935.82	100.
B4451858IRS AUD R V 06MBBSW		AUD	297,366.75	1.15	297,366.7500	297366.75	100.
B4451858IRS AUD P F 4.07400		AUD	-295,188.69	-1.14	-297,366.7500	-295188.69	99.267551
S4452313IRS AUD R F 3.54600		AUD	939,465.68	3.62	941,450.4700	939465.68	99.789177
S4452313IRS AUD P V 03MBBSW		AUD	-941,450.47	-3.63	-941,450.4700	-941450.47	100.
24474918CDS USD R F 5.00000		USD	355,728.67	1.37	218,912.5400	229747.36	104.949385
24474918CDS USD P V 03MEVENT		USD	-338,952.61	-1.31	-218,912.5400	-218912.54	100.
REDS TRUST	AU3FN0034153	AUD	247.36	0.00	246.4200	247.36	100.38
STOCKLANDTRUST	XS1812887443	EUR	216,047.68	0.83	121,477.4800	121023.86	99.626584
DOWNER GROUP FINANCE PTY	AU3CB0262673	AUD	326,608.71	1.26	327,736.1200	326608.71	99.656
INSURANCEAUSTRALIA GRP	AU3FN0055497	AUD	269,534.61	1.04	265,731.9900	269534.61	101.431
GTA FINANCE CO PTY LTD	AU3CB0273977	AUD	293,447.52	1.13	306,857.1800	293447.52	95.63
AGI FINANCE PTY LTD	AU3FN0057428	AUD	864,408.57	3.33	864,261.6500	864408.57	100.017
CHARTER HALL LWR LTD	AU3CB0278117	AUD	558,353.64	2.15	594,733.4900	558353.64	93.883
VOLKSWAGENFIN SERV AUST	AU3CB0279305	AUD	37,577.92	0.14	37,961.7100	37577.92	98.989
IMB LIMITED	AU3FN0060182	AUD	158,705.26	0.61	158,173.8000	158705.26	100.336
LIBERTY FINANCIAL PTY	AU3FN0060505	AUD	261,477.69	1.01	259,405.0400	261477.69	100.799
TEACHERS MUTUAL BANK LTD	AU3FN0061016	AUD	97,539.32	0.38	97,435.0600	97539.32	100.107
MACQUARIEBANK LTD	AU3FN0061065	AUD	386,228.95	1.49	384,678.6900	386228.95	100.403
JUDO BANKPTY LTD	AU3FN0061099	AUD	280,641.20	1.08	275,855.1100	280641.2	101.735
HERITAGE PEOPLES CHOICE	AU3FN0062915	AUD	88,946.70	0.34	88,577.3300	88946.7	100.417
MYSTATE LTD	AU3FN0063889	AUD	99,415.04	0.38	98,700.4500	99415.04	100.724
CO OPERATIVE BANK LTD	AU3FN0064010	AUD	40,778.57	0.16	39,859.8000	40778.57	102.305
AVANTI FINANCE LTD	AU3FN0066486	AUD	445,475.33	1.72	445,417.4300	445475.33	100.013
BNP PARIBAS	FR0014008M24	AUD	297,630.37	1.15	296,101.3600	297630.37	100.51638
LIBERTY FINANCIAL PTY	AU3FN0067914	AUD	151,352.64	0.58	147,544.5200	151352.64	102.581
ATHENE GLOBAL FUNDING	AU3CB0288553	AUD	517,845.74	2.00	518,177.3700	517845.74	99.936
CREDIT UNION AU LTD	AU3FN0073961	AUD	110,114.29	0.42	110,088.9700	110114.29	100.023
CREDIT UNION AU LTD	AU3FN0074787	AUD	116,541.55	0.45	115,150.5300	116541.55	101.208
LIBERTY FUNDING PTY LIMITED	AU3FN0074688	AUD	3,504.70	0.01	3,477.1300	3504.7	100.793
LIBERTY FUNDING PTY LIMITED	AU3FN0074696	AUD	84,457.96	0.33	83,268.0600	84457.96	101.429
TRITON TRUST	AU3FN0075230	AUD	37,992.51	0.15	37,524.5800	37992.51	101.247
TRITON TRUST	AU3FN0075248	AUD	23,735.98	0.09	23,348.6300	23735.98	101.659
LIBERTY FUNDING PTY LIMITED	AU3FN0074704	AUD	26,929.95	0.10	26,494.3800	26929.95	101.644
PLENTI PLGREEN ABS TRUST	AU3FN0074613	AUD	1,524.55	0.01	1,517.5700	1524.55	100.46
VOLKSWAGENFIN SERV AUST	AU3CB0298438	AUD	73,475.57	0.28	73,392.6400	73475.57	100.113
METRO FINANCE TRUST	AU3FN0076295	AUD	9,004.44	0.03	8,879.8600	9004.44	101.403
METRO FINANCE TRUST	AU3FN0076303	AUD	6,527.54	0.03	6,423.7300	6527.54	101.616
QIC FIN TOWN CENTRE FUND	AU3CB0299717	AUD	15,484.28	0.06	15,184.6900	15484.28	101.973
CNH CAPITAL AUS PTY LTD	AU3CB0300812	AUD	21,694.49	0.08	21,511.6400	21694.49	100.85
SUNCORP GROUP LTD	AU3FN0075644	AUD	239,688.45	0.92	230,933.7500	239688.45	103.791
SUNCORP GROUP LTD	AU3FN0081386	AUD	52,238.36	0.20	50,615.6200	52238.36	103.206
LIBERTY FUNDING PTY LIMITED	AU3FN0080800	AUD	41,572.75	0.16	40,486.5000	41572.75	102.683
LIBERTY FUNDING PTY LIMITED	AU3FN0080792	AUD	38,887.37	0.15	38,032.7700	38887.37	102.247
COMMONWEALTH BANK AUST	AU3CB0303667	AUD	64,649.23	0.25	62,004.1300	64649.23	104.266
BENDIGO AND ADELAIDE BK	AU3FN0082517	AUD	104,869.48	0.40	101,231.2300	104869.48	103.594
BANK AUSTRALIA LTD	AU3FN0082509	AUD	185,899.82	0.72	184,747.0000	185899.82	100.624
BANK AUSTRALIA LTD	AU3FN0075461	AUD	277,006.11	1.07	274,589.7200	277006.11	100.88
RESIMAC	AU3FN0079752	AUD	97,105.90	0.37	94,193.4400	97105.9	103.092
CREDIT UNION AU LTD	AU3FN0084299	AUD	76,602.94	0.30	75,923.4300	76602.94	100.895
HERITAGE PEOPLES CHOICE	AU3FN0084794	AUD	122,757.85	0.47	121,477.4800	122757.85	101.054
PLENTI PLGREEN ABS TRUST	AU3FN0083937	AUD	2,066.15	0.01	2,013.9300	2066.15	102.593
PLENTI PLGREEN ABS TRUST	AU3FN0083945	AUD	2,496.01	0.01	2,416.7200	2496.01	103.281
VOLKSWAGENFIN SERV AUST	AU3CB0306470	AUD	113,902.51	0.44	113,252.4400	113902.51	100.574
NEWCASTLEGTR MUTL GRP	AU3FN0085023	AUD	140,368.45	0.54	136,662.1700	140368.45	102.712
ORDE FINANCIAL TRUST	AU3FN0085080	AUD	72,268.47	0.28	70,861.8600	72268.47	101.985
ORDE FINANCIAL TRUST	AU3FN0085098	AUD	13,129.18	0.05	12,653.9000	13129.18	103.756
ORDE FINANCIAL TRUST	AU3FN0085064	AUD	163,002.66	0.63	160,704.5800	163002.66	101.43
LLOYDS BANKING GROUP PLC	AU3CB0307338	AUD	12,950.89	0.05	12,653.9000	12950.89	102.347
PLENTI PLGREEN ABS TRUST	AU3FN0074605	AUD	1,227.96	0.00	1,223.8400	1227.96	100.337
PLENTI PLGREEN ABS TRUST	AU3FN0074589	AUD	2,954.12	0.01	2,951.1400	2954.12	100.101
PLENTI PLGREEN ABS TRUST	AU3FN0074597	AUD	14,143.51	0.05	14,098.6800	14143.51	100.318
PLENTI PLGREEN ABS TRUST	AU3FN0074571	AUD	4,480.59	0.02	4,475.8900	4480.59	100.105
BANK AUSTRALIA LTD	AU3FN0085031	AUD	141,472.93	0.55	139,192.9500	141472.93	101.638
RESIMAC	AU3FN0075834	AUD	128,986.68	0.50	127,617.3500	128986.68	101.073
HSBC HOLDINGS PLC	AU3CB0307890	AUD	104,075.83	0.40	101,231.2300	104075.83	102.81
HSBC HOLDINGS PLC	AU3FN0085726	AUD	129,763.25	0.50	126,539.0400	129763.25	102.548
RESIMAC RAF TRUST	AU3FN0082442	AUD	5,284.18	0.02	5,206.4000	5284.18	101.494
RESIMAC RAF TRUST	AU3FN0082459	AUD	5,798.87	0.02	5,640.2700	5798.87	102.812
CNH CAPITAL AUS PTY LTD	AU3CB0309672	AUD	626,880.36	2.42	620,041.3000	626880.36	101.103
HANDY ABSTRUST	AU3FN0087227	AUD	20,584.97	0.08	20,481.5400	20584.97	100.505
PEPPER MONEY LTD/AU	AU3FN0087508	AUD	57,288.21	0.22	56,942.5700	57288.21	100.607
VOLKSWAGENFIN SERV AUST	AU3CB0310308	AUD	71,885.11	0.28	70,861.8600	71885.11	101.444
AVANTI FINANCE LTD	AU3FN0088779	AUD	252,587.39	0.97	247,763.4400	252587.39	101.947
BANCO SANTANDER SA	AU3FN0089652	AUD	115,297.85	0.44	112,619.7500	115297.85	102.378
MACQUARIEBANK LTD	AU3FN0090262	AUD	316,128.06	1.22	310,020.6500	316128.06	101.97
MACQUARIEBANK LTD	AU3CB0312395	AUD	65,468.08	0.25	64,534.9100	65468.08	101.446
LLOYDS BANKING GROUP PLC	AU3FN0090866	AUD	303,224.87	1.17	297,366.7500	303224.87	101.97
LLOYDS BANKING GROUP PLC	AU3CB0312858	AUD	235,313.71	0.91	232,452.2200	235313.71	101.231
MIRVAC GROUP FINANCE LTD	AU3CB0312841	AUD	153,424.59	0.59	153,112.2400	153424.59	100.204
JUDO BANKPTY LTD	AU3FN0092748	AUD	122,079.55	0.47	116,415.9200	122079.55	104.865
BLUE OWL CREDIT INCOME	AU3CB0314730	AUD	739,101.14	2.85	732,661.0500	739101.14	100.879
MME AUTOPAY ABS	AU3FN0091286	AUD	14,732.98	0.06	14,659.3900	14732.98	100.502
PLENTI PLGREEN ABS TRUST	AU3FN0092425	AUD	13,218.31	0.05	13,184.5600	13218.31	100.256
AUST + NZBANKING GROUP	AU3FN0094793	AUD	39,019.72	0.15	38,594.4100	39019.72	101.102
MME PL TRUST	AU3FN0088084	AUD	4,459.71	0.02	4,434.9600	4459.71	100.558
MME PL TRUST	AU3FN0088068	AUD	10,477.43	0.04	10,444.0100	10477.43	100.32
IC TRUST	AU3FN0093118	AUD	6,445.52	0.02	6,326.9500	6445.52	101.874
MME PL TRUST	AU3FN0088092	AUD	3,278.44	0.01	3,250.3600	3278.44	100.864
MME PL TRUST	AU3FN0088100	AUD	4,837.58	0.02	4,750.0800	4837.58	101.842
MME PL TRUST	AU3FN0088076	AUD	12,884.86	0.05	12,826.3700	12884.86	100.456
MME PL TRUST	AU3FN0088118	AUD	5,229.35	0.02	5,135.2200	5229.35	101.833
IC TRUST	AU3FN0075578	AUD	2,052.71	0.01	2,042.9000	2052.71	100.48
IC TRUST	AU3FN0093092	AUD	14,008.80	0.05	13,919.3000	14008.8	100.643
PARTNERS GROUP HLDG	AU3FN0065454	AUD	86,109.68	0.33	84,781.1600	86109.68	101.567
IC TRUST	AU3FN0093084	AUD	61,999.72	0.24	61,702.3100	61999.72	100.482
IC TRUST	AU3FN0093100	AUD	25,747.41	0.10	25,307.8100	25747.41	101.737
PLENTI AUTO ABS TRUST	AU3FN0093977	AUD	8,249.82	0.03	8,224.8200	8249.82	100.304
BANCO SANTANDER SA	AU3FN0096376	AUD	460,929.59	1.78	455,540.5500	460929.59	101.183
LIBERTY FINANCIAL PTY	AU3FN0096384	AUD	32,082.08	0.12	31,634.7600	32082.08	101.414
BANCO SANTANDER SA	AU3CB0319184	AUD	281,136.34	1.08	278,385.8900	281136.34	100.988
HSBC HOLDINGS PLC	AU3FN0096483	AUD	485,344.29	1.87	480,848.3600	485344.29	100.935
HSBC HOLDINGS PLC	AU3CB0319473	AUD	398,303.70	1.54	394,801.8100	398303.7	100.887
MERCURY NZLTD	AU3CB0319382	AUD	267,390.16	1.03	265,731.9900	267390.16	100.624
BEYOND BANK AUSTRALIA	AU3FN0096749	AUD	87,800.01	0.34	87,311.9400	87800.01	100.559
BANK OF NOVA SCOTIA	AU3FN0096772	AUD	471,874.10	1.82	473,256.0100	471874.1	99.708
NOW TRUST	AU3FN0095915	AUD	36,899.39	0.14	36,801.1300	36899.39	100.267
NOW TRUST	AU3FN0095923	AUD	13,371.41	0.05	13,352.9800	13371.41	100.138
SYDNEY AIRPORT FINANCE	AU3CB0321008	AUD	264,494.57	1.02	259,405.0400	264494.57	101.962
MYSTATE LTD	AU3FN0098612	AUD	131,197.64	0.51	127,804.4300	131197.64	102.655
QBE INSURANCE GROUP LTD	AU3CB0321834	AUD	23,077.69	0.09	22,777.0300	23077.69	101.32
QBE INSURANCE GROUP LTD	AU3FN0098729	AUD	91,555.12	0.35	89,842.7200	91555.12	101.906
HERITAGE PEOPLES CHOICE	AU3FN0098836	AUD	106,873.83	0.41	103,762.0100	106873.83	102.999
LLOYDS BANKING GROUP PLC	AU3CB0322063	AUD	38,203.15	0.15	37,961.7100	38203.15	100.636
LLOYDS BANKING GROUP PLC	AU3FN0098950	AUD	80,715.30	0.31	79,719.6000	80715.3	101.249
MACQUARIEBANK LTD	AU3FN0098984	AUD	116,216.37	0.45	113,885.1400	116216.37	102.047
PLENTI PLGREEN ABS TRUST	AU3FN0098471	AUD	9,919.10	0.04	9,870.0500	9919.1	100.497
PLENTI PLGREEN ABS TRUST	AU3FN0098455	AUD	19,312.09	0.07	19,256.0500	19312.09	100.291
PLENTI PLGREEN ABS TRUST	AU3FN0098489	AUD	6,368.14	0.02	6,326.9500	6368.14	100.651
PLENTI PLGREEN ABS TRUST	AU3FN0098497	AUD	6,358.27	0.02	6,326.9500	6358.27	100.495
PLENTI PLGREEN ABS TRUST	AU3FN0098463	AUD	13,578.81	0.05	13,539.4100	13578.81	100.291
AVANTI FINANCE LTD	AU3FN0099073	AUD	285,093.90	1.10	280,916.6700	285093.9	101.487
COMMONWEALTH BANK AUST	AU3FN0099339	AUD	116,027.32	0.45	113,885.1400	116027.32	101.881
BPCE SA	AU3FN0099271	AUD	19,167.25	0.07	18,980.8600	19167.25	100.982
VOLKSWAGENFIN SERV AUST	AU3CB0322667	AUD	820,113.28	3.16	821,238.3800	820113.28	99.863
NEXTERA ENERGY CAPITAL	AU3CB0322691	AUD	136,639.71	0.53	135,396.7700	136639.71	100.918
NEXTERA ENERGY CAPITAL	AU3FN0099594	AUD	91,743.79	0.35	89,842.7200	91743.79	102.116
CNH CAPITAL AUS PTY LTD	AU3CB0322956	AUD	342,661.45	1.32	344,186.1900	342661.45	99.557
HOUSEHOLDCAPITAL	AU3FN0099164	AUD	234,020.71	0.90	233,686.5400	234020.71	100.143
BANQUE FEDCRED MUTUEL	AU3FN0099701	AUD	109,984.73	0.42	108,823.5800	109984.73	101.067
BANQUE FEDCRED MUTUEL	AU3CB0323053	AUD	84,173.28	0.32	84,781.1600	84173.28	99.283
CREDABL TRUST	AU3FN0098562	AUD	57,349.53	0.22	56,816.0300	57349.53	100.939
DYNO NOBELLTD	AU3CB0324382	AUD	329,031.70	1.27	330,266.9000	329031.7	99.626
DYNO NOBELLTD	AU3CB0324390	AUD	155,764.42	0.60	155,643.0200	155764.42	100.078
CREDIT AGRICOLE SA	AU3FN0101044	AUD	196,657.23	0.76	196,135.5100	196657.23	100.266
SAUDI AWWAL BANK	XS3170344314	USD	567,511.39	2.19	361,901.6600	366527.23	101.27813
WPAC	AU3EC2825992	AUD	325,510.80	1.25	329,001.5100	325510.8	98.939
NABL	AU3EC2890160	AUD	262,912.57	1.01	265,731.9900	262912.57	98.939
CBAA	AU3EC2868976	AUD	325,510.80	1.25	329,001.5100	325510.8	98.939
ANZB	AU3EC2874990	AUD	325,510.80	1.25	329,001.5100	325510.8	98.939
JUDO BANKPTY LTD	AU3EC2956490	AUD	337,203.64	1.30	341,655.4100	337203.64	98.697
RESIMAC	AU3FN0101861	AUD	205,787.79	0.79	205,771.3300	205787.79	100.008
DEFENCE BANK LTD	AU3FN0102133	AUD	43,308.08	0.17	43,023.2700	43308.08	100.662
TEACHERS MUTUAL BANK LTD	AU3FN0102141	AUD	162,062.29	0.62	161,969.9700	162062.29	100.057
LONSDALE FINANCE PTY LTD	AU3CB0326650	AUD	77,324.47	0.30	78,454.2100	77324.47	98.56
JUDO BANKPTY LTD	AU3FN0102885	AUD	159,772.42	0.62	159,439.1900	159772.42	100.209
VOLKSWAGENFIN SERV AUST	AU3CB0327054	AUD	109,450.45	0.42	110,088.9700	109450.45	99.42
CREDIT UNION AU LTD	AU3FN0103958	AUD	19,000.03	0.07	18,980.8600	19000.03	100.101
REGION RETAIL TRUST	AU3CB0327773	AUD	302,387.49	1.17	306,224.4800	302387.49	98.747
VOLKSWAGENFINANCIAL SERVICES	AU3CB0327955	AUD	88,539.24	0.34	88,577.3300	88539.24	99.957
NOW TRUST	AU3FN0103206	AUD	22,771.34	0.09	22,777.0300	22771.34	99.975
NSW ELECTRICITY NETWORKS	AU3CB0328482	AUD	213,329.64	0.82	212,585.5900	213329.64	100.35
NSW ELECTRICITY NETWORKS	AU3FN0104832	AUD	73,661.99	0.28	73,392.6400	73661.99	100.367
PLENTI AUTO ABS TRUST	AU3FN0103651	AUD	24,041.46	0.09	24,042.4200	24041.46	99.996
MME AUTOPAY ABS	AU3FN0103578	AUD	123,976.02	0.48	124,008.2600	123976.02	99.974
90-DAY BANK BILL DEC25		AUD	-1.59	0.00	-1.5900	-1.59	.000001
AUST 3YR BOND FUT DEC25		AUD	-0.01	0.00	-6.7700	-.01	.000001
US 5YR NOTE (CBT) MAR26		USD	-0.01	0.00	-3.6400	0	.000001
US 2YR NOTE (CBT) MAR26		USD	0.05	0.00	12.0300	.02	.000001
BNP PARIBAS	FR0014008M32	AUD	511,679.70	1.97	518,810.0700	511679.7	98.62563
SPY 11 OP567 25 KAPSTREAM		USD	22.17	0.00	5.6310	14.32	.025425
SPY 11 OP537 25 KAPSTREAM		USD	-10.35	0.00	-5.6310	-6.68	.011869

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Kapstream: Ausbiz TV Interviews

The Kapstream team share their market insights in these short video interviews with Ausbiz.

The Fed’s September decision – separating the data from the sideshow

The Federal Reserve’s September meeting delivered a widely anticipated 25 basis point rate cut. While headlines focused on the policy shift, the more significant takeaway lies in the Fed’s continued emphasis on data dependency and economic resilience. This article offers a breakdown of the rationale behind the decision, highlighting the contrast between dovish policy actions and resilient growth projections, and what this means for investors.

How to invest $100,000 for income: 3 experts go head-to-head

The hunt for income is on: Here’s where these fund managers are looking.

Resources

Please read the Fund's TMD and this PDS to ensure the key attributes of the Fund as described in the TMD and PDS aligns with your objectives, financial situation and needs before making a decision about whether to acquire or continue to hold the Fund.

Reports & Flyers

Fidante Listed Product Distribution Reinvestment Plan

Annual Report

Offer Documents

Product Disclosure Statement

Target Market Determination

Ways to Invest

Fund Ratings

Organisation	Rating
Lonsec	Recommended
Morningstar	Neutral
Zenith	Approved

The rating issued 10/2024 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.  

The Morningstar Analyst Rating™ for Kapstream Absolute Return Income Fund is Neutral as of 03/2025. © 2025 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Kapstream Absolute Return Income Fund - assigned March 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.  