Ceybank Surakum Fund vs First Capital Gilt Edged Fund

Ceybank Surakum Fund is run by Ceybank Asset Management Ltd and First Capital Gilt Edged Fund by First Capital Asset Management Limited, so this compares two houses as well as two funds. Both are gilt / short-term treasury funds licensed by the Securities and Exchange Commission of Sri Lanka, which means they are doing broadly the same job, and the differences below are differences in how each house has chosen to do it.

The two charge almost the same management fee, 0.50% and 0.50% a year. In a category where the funds hold similar instruments, a fee difference is often the largest durable difference between two products; here it is not, so the comparison rests on what each holds and how much its price has moved.

Over the 180 days to the date shown, First Capital Gilt Edged Fund returned +3.81% against Ceybank Surakum Fund's +2.28%, a gap of 1.53 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 0.94% and 1.12%. 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 8 gilt / short-term treasury funds we price daily, Ceybank Surakum Fund ranks 6th on 180-day return and First Capital Gilt Edged Fund 2nd, against a category median of +3.11% over the same window. On fee they sit 1st and 1st cheapest of the 8, where the median is 0.50%. On how much the price has moved, Ceybank Surakum Fund is 4th steadiest and First Capital Gilt Edged Fund 5th.