CAL Corporate Treasury Fund vs CAL High Yield Fund

Both funds are run by Capital Alliance Investments Ltd, so this is a comparison within one house rather than between two. That removes a variable: the same investment team, the same operational setup and the same trustee arrangements sit behind each. What is left to separate them is what each fund is mandated to hold and what it charges for doing so.

The clearest difference is the management fee. CAL Corporate Treasury Fund charges 0.50% a year against CAL High Yield Fund's 0.75%, a gap of 0.25 percentage points. On LKR 100,000 held for a year that is about LKR 250 more retained by a holder of CAL Corporate Treasury Fund, before any difference in what the two funds actually earn. The fee is deducted from the fund's assets before the unit price is struck, so it applies whatever the market does — which makes it the one number here that is knowable in advance.

Over the 180 days to the date shown, CAL High Yield Fund returned +5.52% against CAL Corporate Treasury Fund's +3.59%, a gap of 1.93 percentage points. That is one window: a different 180 days would very likely order them differently, and neither figure predicts the next six months. Both are price returns on the bid side and exclude income a fund distributed rather than accrued into its price.

Both have moved by a similar amount, with annualised volatility of 0.27% and 0.30%. For two funds in the same category that is the expected result, and it means neither has taken noticeably more price movement than the other to arrive at its return.

Among the 19 income / fixed income funds we price daily, CAL Corporate Treasury Fund ranks 11th on 180-day return and CAL High Yield Fund 1st, against a category median of +3.71% over the same window. On fee they sit 2nd and 15th cheapest of the 19, where the median is 0.50%. On how much the price has moved, CAL Corporate Treasury Fund is 2nd steadiest and CAL High Yield Fund 4th.