Ardea Investment Management

Ardea logo

Ardea Investment Management (Ardea) is a specialist fixed income investment boutique with a focus on delivering consistent alpha to clients through an investment process supported by a highly intuitive risk system.

About

Formed in 2008 by its four founding principles, Ardea is a boutique fixed income investment manager with a focus on delivering stable, risk-controlled returns to investors. With extensive capabilities across inflation linked and nominal bonds, as well as credit and cash markets, Ardea has a long and successful track record in managing fixed income portfolios from traditional, defensive products, inflation-linked bonds, and also benchmark unaware and objectives-based solutions. Across all of these strategies, the team seeks to identify and exploit inefficiencies to deliver excess returns over and above the relevant benchmark with comparatively low risk. 

For more information, please visit www.ardea.com.au

Approach

Ardea’s focus is on low-risk, medium return strategies in the fixed income space. Portfolios are constructed to take advantage of particular inefficiencies through innovative ideas which maintain market beta but add alpha. These inefficiencies result from:

  • Supply and demand factors driven by market participation
  • Fundamental inefficiencies arising from market valuations which are inconsistent with economic fundamentals
  • Technical inefficiencies where assets or instruments with the same or similar risk characteristics are not priced consistently

As alpha is derived from inefficiencies in the market rather than wholly from directional risk taking, the portfolio risk taken is low relative to the net benefit to the client and relative to other asset classes such as equities. Ardea customises their investment approach by switching on or off, or scaling, their broad investment strategies - credit, interest rates and arbitrage – to take advantage of the inefficiencies above. Ardea has a proprietary set of risk management systems and processes that allow detailed assessment of the relative risks and value of these various assets, while a qualitative overlay ensures that trades bring the intended risk and return to the portfolio. 

Funds

Ardea Australian Inflation Linked Bond Fund

Strategy

The Ardea Australian Inflation Linked Bond Fund (the Fund) primarily invests in securities within the Bloomberg AusBond Inflation Government 0+ years Index plus government and semi-government bonds in Australia to achieve an inflation-linked return. The investment approach is based primarily on fundamental analysis with a focus on an accurate measurement and disciplined management of risk. Ardea achieves diversification in the Fund by implementing multiple trade ideas to capture alpha from market inefficiencies whilst maintaining market beta and minimising transaction costs.

Suits Investors Seeking:

  • Protection against inflation
  • Potential for capital growth over the long term
  • To invest for at least three years

Fund Downloads

Fund Report

PDS

Benchmark

Bloomberg AusBond Government Inflation Index 0+ years

Overview

Current as of March 2017

18 March 2010

Inception Date

0.35% p.a.

Management Cost

3 Years

Suggested Minimum Time Frame

A$352.5M

Funds Under Management*

Quarterly

Distribution Frequency

$10,000

Minimum Investment

HOW0062AU

APIR Code

*Funds under management displayed at a class level only. 

Interests in the Ardea Inflation Linked Bond Fund ARSN 141 165 362 are offered by Fidante Partners Limited ABN 94 002 835 592 AFSL 234668 (Fidante Partners). Fidante Partners has appointed Ardea Investment Management Pty Limited as the investment manager of the Fund.

Fund Performance (Net) as at: 31 Mar 2017

0.93%

1 month

1.53%

3 months

1.92%

1 year

5.64%

3 years

5.44%

5 years

-

10 years

7.25%

Since inception

Past performance is not a reliable indicator of future performance.
1. Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.
2. The inception date for the Fund is 18 March 2010

Unit Prices and Distributions

To view historical unit prices and distributions click here

Cumulative Fund Growth

loading...
As at Date: 31 Mar 2017
Inception Date: 18 Mar 2010
Past performance is not a reliable indicator of future performance.
1 Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.

Ardea Real Outcome Fund  

Strategy

The Ardea Real Outcome Fund (the Fund) aims to provide a minimum return of CPI + 2.5% - 3.5%. This is achieved through incorporating an efficient benchmark replication, and generating returns through interest rates and arbitrage. These are managed within an overall risk framework.

Suits Investors Seeking:

  • Stable returns above inflation to preserve capital
  • Diversification and reliable income
  • To invest for at least two years

Fund Downloads

Fund Report

Fund Profile

PDS

Benchmark

CPI

Overview

Current as of March 2017

20 July 2012

Inception Date

0.50% p.a.

Management Cost

2 Years

Suggested Minimum Time Frame

A$147.8M

Funds Under Management*

Quarterly

Distribution Frequency

$10,000

Minimum Investment

HOW0098AU

APIR Code

*Funds under management displayed at a class level only. 

Interests in the Ardea Real Outcome Fund are offered by Fidante Partners Limited ABN 94 002 835 592 AFSL 234668 (Fidante Partners). Fidante Partners has appointed Ardea Investment Management Pty Limited as the investment manager of the Fund.

Fund Performance (Net) as at: 31 Mar 2017

1.15%

1 month

1.57%

3 months

6.69%

1 year

3.37%

3 years

-

5 years

-

10 years

3.50%

Since inception

Past performance is not a reliable indicator of future performance.
1. Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.
2. The inception date for the Fund is 20 July 2012.

Unit Prices and Distributions

To view historical unit prices and distributions click here

Cumulative Fund Growth

loading...
As at Date: 31 Mar 2017
Inception Date: 20 Jul 2012
Past performance is not a reliable indicator of future performance.
1 Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.

Ardea Real Outcome Plus Fund 

Strategy

The Ardea Real Outcome Plus Fund (the Fund) aims to provide a minimum return of CPI + 3.5%-4.5%.  This is achieved through incorporating an efficient benchmark replication, and generating alpha through three distinct strategies - credit, interest rates and arbitrage. These are managed within an overall risk framework. The broadened investment universe and higher allocation to riskier asset classes, allows the Fund to target higher returns than the Ardea Real Outcome strategy. 

Suits Investors Seeking:

  • Stable returns above inflation to preserve capital
  • Diversification and reliable income
  • To invest for at least two years

Fund Downloads

Fund Report

Fund Profile

PDS

Benchmark

CPI

Overview

Current as of March 2017

18 March 2016

Inception Date

0.60% p.a.

Management Cost

2 Years

Suggested Minimum Time Frame

A$97.1M

Funds Under Management*

Quarterly

Distribution Frequency

$10,000

Minimum Investment

HOW0162AU

APIR Code

*Funds under management displayed at a class level only. 

Interests in the Ardea Real Outcome Plus Fund are offered by Fidante Partners Limited ABN 94 002 835 592 AFSL 234668 (Fidante Partners). Fidante Partners has appointed Ardea Investment Management Pty Limited as the investment manager of the Fund.

Fund Performance (Net) as at: 31 Mar 2017

0.98%

1 month

1.24%

3 months

5.98%

1 year

-

3 years

-

5 years

-

10 years

5.78%

Since inception

Past performance is not a reliable indicator of future performance.
1. Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.
2. The inception date for the Fund is 18 March 2016.

Unit Prices and Distributions

To view historical unit prices and distributions click here

Cumulative Fund Growth

loading...
As at Date: 31 Mar 2017
Inception Date: 18 Mar 2016
Past performance is not a reliable indicator of future performance.
1 Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.

Our Team

Ben Alexander
Ben Alexander
Principal
Andrew Bartlett
Andrew Bartlett
Principal
Tamar Hamlyn
Tamar Hamlyn
Principal
Steve Clout
Stephen Clout
Principal
Cameron Shaw
Cameron Shaw
Portfolio Analyst
Mark Bonnici
Mark Bonnici
Portfolio Analyst

Related Resources

Charts

Two Charts we are Watching Closely Right Now

Ardea discuss three questions: What are the most important charts we are watching? What are they currently telling us? What are the implications for investors?

Read more
Washington

Trump Election... The Impact so Far

Ardea Flash Note: Ardea discuss the Trump election and how this will impact investors.

Read more
Equilibrium

Market Outlook - Fragile Equilibrium

Ardea share their market outlook following a tour of the world capitals of global macroeconomic policy. This report includes observations after meeting with key policy making officials, economists and market participants across the US, EU, UK, China and Japan.

Read more