Aim
The aim of the ORAH Fund is to deliver strong risk adjusted returns, that add value as a component of an investor’s equity portfolio.

Why Add ORAH to Your Investment Portfolio?
- Compelling risk adjusted returns
- Highly diversified and differentiated equity exposures i.e. significantly different to what investors are likely to already have in their equity portfolios
- No big bets that are inherent in the equity indexes – such as on the impact of the Magnificent 7 on the MSCI or Australian Resources or Banks
Analysis of Historical Returns
(1 July 2019 to 31 December 2024)1
Since 1 July 2019, on a net return basis, ORAH has generated returns of 9.3% p.a.
On a relative basis, gross returns of ORAH are almost identical to the gross returns from an equally weighted portfolio of ASX and MSCI World Indexes (“Indicative Benchmark”) but with lower risk of loss and lower volatility.
Analysis of Historical Returns p.a. 1
ORAH Fund (Net, Class A) | ORAH Fund (Gross, Class A)2 | Benchmark (Gross)3 | Excess / Deficit (Gross) | |
Return | 9.3% | 11.5% | 11.3% | 0.2% |
Volatility | 11.0% | 11.4% | 12.8% | 1.4% |
Return / Volatility | 0.84 | 1.01 | 0.88 | 0.13 |
Cumulative return in down months for ORAH | -42.6% | -42.0% | -46.2% | 4.1% |
Cumulative return in down months for Benchmark | -40.3% | -39.4% | -49.0% | 9.6% |
Largest Drawdown | -16.3% | -16.4% | -20.1% | 3.8% |
Recovery Periods | 11 | 11 | 14 | 3 |
In addition, as the ORAH portfolio is not managed to the Benchmark, it diverges significantly from period to period, thereby providing an added benefit to portfolio diversification as shown in the table below.
FY Ending | ORAH Fund (Net, Class A) | ORAH Fund (Gross, Class A)2 | Benchmark (Gross)3 | Excess / Deficit (Gross) |
30/06/2020 | -1.7% | -0.2% | -1.3% | 1.1% |
30/06/2021 | 30.9% | 35.4% | 28.1% | 7.3% |
30/06/2022 | -12.0% | -10.6% | -6.4% | -4.2% |
30/06/2023 | 17.1% | 18.3% | 18.5% | -0.2% |
30/06/2024 | 10.2% | 12.5% | 15.9% | -3.4% |
30/12/2024 (Partial) | 11.5% | 13.3% | 10.8% | 0.7% |
- Note, historical return analysis has been done over a period commencing 1 July 2019 to present. The reason for the selection of this period is that the composition of ORAH’s allocations have been largely unchanged over this period.
- ORAH gross returns have been calculated based upon mathematical estimates.
- Fund benchmark is 50% of the MSCI World Net Total Return Index (AUD Unhedged) and 50% of the ASX 300 Accumulation Index). The benchmark is rebalanced monthly.