The Fund was launched in December 2022. Coolabah Capital Investments Pty. Ltd. (‘CCI’ or the ‘Manager’) is 62% owned by its investment team and 38% owned by the Pinnacle Investment Management Group Ltd. (ASX: PNI), an Australia-based multi-affiliate investment firm. Coolabah Capital Investments (Retail) Pty. Ltd. (CCIR) is a wholly owned subsidiary of CCI and was established to offer investors fixed-income products with a low volatility profile.
The Coolabah Floating-Rate High Yield Fund’s objective is to provide investors with exposure to a portfolio of investment-grade Australian floating-rate notes with enhanced yields. The Fund had a running yield of 7.29% p.a. (before fees and expenses) as of May 2025, which will vary over time based on the 3-month bank bill swap rate (90-day BBSW) and credit spreads applicable to the sector. The target return is a function of 2 components. The first component is coupons received over the tenor of the bond (the ‘running yield’). The second is the expected capital uplift based primarily, but not solely, on the price discount provided in primary market issuances.
The Coolabah Floating-Rate High Yield Fund offers unique advantages for investors seeking steady returns
Offers a high-yield alternative to traditional fixed-income products by investing in Australian bank floating-rate notes (FRNs), with returns that adjust based on changes in the 90-day BBSW and market credit spreads.
Comprises senior and subordinated (Tier 2) FRNs issued by major Australian banks, with an average portfolio credit rating of A+ and minimal credit default risk.
Designed with short interest-rate duration (0.35 years) and daily liquidity, the use of repo-based leverage is implemented on a bond-by-bond basis to enhance control and reduce systemic exposure.
Delivers a strong Sharpe ratio (5.0x since inception) and a low volatility profile (~1.4%) while generating net returns of 9.83% p.a. since inception - outperforming many traditional high-yield strategies.
Supported by industrial-grade systems (Bloomberg AIM), daily NAV valuations, and strong compliance oversight through Equity Trustees and Apex Fund Services.
Utilises cost-effective repo funding (up to 400% gross exposure) to amplify returns on high-quality bank FRNs, with net yield enhancements (e.g., from 5.95% coupon to 14.2% net yield in a worked example).
Data-driven investment decisions backed by comprehensive market analysis
| Period | Fund | Benchmark | Excess |
|---|---|---|---|
| 1 month | 1.52% | 0.64% | 0.87% |
| 3 months | 0.98% | 1.19% | -0.20% |
| 6 months | 3.17% | 2.59% | 0.58% |
| 1 year | 7.20% | 5.35% | 1.85% |
| Inception | 9.83% | 5.31% | 4.52% |
Returns greater than 1 year are annualised. Inception was December 2022, Benchmark is Bloomberg AusBond Credit FRN 0+ Yr Index Source: Coolabah Capital Investments, * As of May 2025
An experienced team drives the investment strategy with extensive expertise in private credit
Coolabah Capital Investments is a specialist fixed-income investment manager with deep expertise in the Australian floating-rate note (FRN) market. Established in 2011, the firm now manages 29 institutional mandates and 16 retail funds, with a total FUM of approximately $14.6 billion (as of March 2025).The investment team is led by Christopher Joye (CEO, CIO, and Senior Portfolio Manager), a seasoned financial economist with prior experience at Goldman Sachs and the Reserve Bank of Australia. The broader investment team includes over 50 full-time professionals, including 12 portfolio managers/traders and 20 analysts, with backgrounds in macro strategy, credit research, data science, and market technicals.
| Team Member | Role | Experience |
|---|---|---|
| Christopher Joye | CEO, CIO and Senior Portfolio Manager | Christopher is a financial economist and funds management professional. He has led the investment team since its inception. His prior experience includes Goldman Sachs (M&A) and the RBA in special projects. He also established the quantitative research group Rismark, which managed asset-backed securities. |
| Roger Douglas | Senior Portfolio Manager | Roger Douglas joined Coolabah in 2022 as a Senior Portfolio Manager based in the London and Sydney offices. Roger was previously jointly responsible for EUR30BN in credit strategies at Deutsche Asset Management as a portfolio manager and Co-Head of Fixed-Income Solutions EMEA. |
| Ashley Kabel | Deputy CIO, Portfolio Manager and Quant Analyst | Ashley joined CCI in 2017. She was the Director of Quantitative Strategies at The Cambridge Strategy in London between 2012 and 2016, and prior to that, she was an investment analyst with PM responsibilities covering FX, equities and fixed income |
| Fionn O’Leary | Head of European Trading & Senior Portfolio Manager | Fionn joined Coolabah in 2023 as a Senior Portfolio Manager based in London. Fionn previously spent over a decade in various senior interest rate trading roles at Deutsche Bank in London, where he originally started his career in 2002. |
(Source: Coolabah Coolabah Capital Investments)
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