Datt Absolute Return Fund Performance – November 2025

Disciplined Positioning Through a Volatile November

The Datt Absolute Return Fund delivered a net return of 0.49% in November, a steady outcome in a month where the S&P/ASX 200 Index fell 3%. Healthcare and Energy supported returns as defensive sectors strengthened. Technology detracted, reflecting wider market weakness and elevated beta across growth names. The Fund’s conservative positioning helped cushion downside while still allowing exposure to selective opportunities.

Since launching in 2018, the Fund has returned 254.47% in total, or 18.88% per annum, compared with the benchmark’s 67.71% total gain.

Performance Snapshot

• 1 month: 0.49%
• 3 months: 4.24%
• 1 year: 29.08%
• 3 years p.a.: 18.39%
• 5 years p.a.: 18.79%
• Since inception p.a.: 18.88%
• Since inception total: 254.47%

Download the full report here. Performance is reported after all fees and expenses. Past performance is not an indicator of future performance.

Market Overview

The broader Australian market closed November in negative territory. Large caps declined by 3% and small caps fell by 1.48%. Defensive sectors outperformed as investors rotated away from higher beta exposures. Healthcare and Energy led gains. Technology and Financials weakened.

Inflation data surprised to the upside and the RBA held cash rates at 3.60%. This contributed to a pullback late in the month as investors reduced risk. Liquidity remained healthy across the market, supporting selective opportunity creation.

Portfolio Insights

The Fund held 21 positions at month end with 86% of capital deployed. The top five positions represented 45% of exposure, consistent with our high-conviction framework.

Key drivers:

• Healthcare and Energy were the strongest contributors.
• Technology detracted due to sector-level weakness and higher beta dynamics.
• Conservative positioning continued to reflect our focus on resilience, supported by measured exposures across sectors.

We observed improving conditions for active fund managers, particularly given the persistent differential in valuations between large and small caps. M&A interest continued to lift in the small cap segment, reinforcing the opportunity set for bottom-up stock selection.

Why It Matters for Investors

Volatility in November reaffirmed the importance of disciplined risk control. The Fund’s positioning balanced near-term resilience with selective participation in medium-term opportunities. With dispersion across sectors widening, independent research and conviction-led portfolio construction remain critical to achieving less volatility and sustainable returns.

For long-term investors, the current environment rewards strategies that preserve capital first and deploy into opportunities with clear catalysts and strong fundamentals.

Outlook

We remain focused on the fundamental strength of our holdings. The medium-term opportunity set continues to expand across Australian equities, supported by valuation divergence, structural sector shifts, and a rising pipeline of corporate activity.

The Fund’s flexible mandate allows exposure across sectors and market caps. This supports a portfolio designed to mitigate downside risk while positioning for consistent, positive absolute returns.

About the Datt Absolute Return Fund

The Datt Absolute Return Fund is an independent, research-led investment strategy focused on delivering steady returns with less volatility across market cycles. Our approach prioritises capital preservation and disciplined stock selection informed by original research. Since inception, the Fund has aimed to achieve double-digit returns over rolling two-year periods.

Key details:

• Minimum investment: $100,000
• Management fee: 1.025%
• Performance fee: 20.5% above benchmark
• Benchmark: RBA Cash Rate + 5%
• Custodian: HSBC
• Auditor: Ernst & Young
• Trustee: Fundhost

To learn more or request a discussion, contact Daniel Liptak at daniel@datt.com.au or 0419 004 524.