Kapstream Absolute Return Income Plus Fund

Overview Features Characteristics & Performance Resources How to Invest

Fund Overview

The Kapstream Absolute Return Income Plus Fund (the Fund) is an actively managed, absolute return fixed income strategy that aims to deliver a superior stream of income while maintaining capital stability over the medium to long term. The Fund aims to outperform the RBA Cash Rate across market cycles, with a strong emphasis on risk management and low volatility outcomes.

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Fund Features

Enhanced returns and regular income

The Fund aims to enhance overall fixed income returns via a higher yielding, predominantly investment grade portfolio to deliver a superior stream of income

Capital stability

Aims to generate returns above the RBA Cash Rate while minimising downside risk, rather than tracking traditional fixed income indices

Global diversification

A global, diversified portfolio of predominantly investment grade fixed income securities

Unconstrained approach

Investing wherever the best risk-adjusted opportunities can be found irrespective of the benchmark index

Fund Characteristics & Performance

Fund Characteristics

Fund	Kapstream Absolute Return Income Plus Fund
Objective	The Fund aims to provide a superior stream of income and capital stability over the medium term while aiming to outperform its benchmark through market cycles
Benchmark	RBA cash rate
Inception date	6 November 2019
Distribution frequency	Quarterly
Minimum investment	$10,000 or $1,000 when a Regular Investment Plan is established
Management fee	0.60% p.a.
APIR code	HOW5504AU

Performance (after fees) as at 30 September 2026

Kapstream Absolute Return Income Plus Fund	REPORTING_DATE	1 month (%)	3 months (%)	CYTD (%)	1 year (%)	3 years (% p.a.)	5 years (% p.a.)	Since inception (% p.a.)	SORT
Fund Return	30 September 2026	0.09	0.96	3.22	4.73	6.88	5.19	4.09	3
RBA Cash Rate	30 September 2026	0.35	1.08	3.08	4.00	4.13	3.29	2.45	4
Active Return	30 September 2026	-0.26	-0.12	0.14	0.73	2.75	1.90	1.64	5
Ausbond Bank Bill Index	30 September 2026	0.36	1.11	3.13	4.06	4.21	3.34	2.49	6

Past performance is not a reliable indicator of future performance.
1 Net of fee returns inclusive of 0.60% annualised total expenses. No allowance is made for tax. Numbers may not add due to rounding.
Data Source: Fidante Partners Limited

Resources

Fund Flyer

Product Disclosure Statement

Fund Report

Target Market Determination

Fund Analyser

Annual Report

How to Invest

Before making a decision about whether to make an investment or additional investment in one of our funds please read the Fund’s Target Market Determination (TMD), Product Disclosure Statement (PDS), Additional Information Booklet and Product Updates to ensure the key attributed of the fund as described in the TMD and PDS aligns with your objectives, financial situation and needs.

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Portfolio Managers

Daniel Siluk

Managing Director & Portfolio Manager

Daniel Siluk

Managing Director & Portfolio Manager

Areas Asset Allocation, Macro, Rates

Experience 23 years

Daniel Siluk is Head of Kapstream Capital and Head of Global Short Duration & Liquidity at Janus Henderson Investors.

He is responsible for portfolio management and investment leadership across the firm’s global short duration, absolute return income and cash plus strategies, focused on developed market rates and credit. He leads multi regional investment teams across Australia, the United States and EMEA, with accountability for investment outcomes, portfolio construction, risk management and the continued evolution of the investment platform.

Daniel joined Kapstream in 2009 and has played a central role in the development of the firm and its integration into Janus Henderson Investors following the acquisition by Janus Capital Group in 2015 and the subsequent merger of Janus Capital with Henderson Investors in 2017. Kapstream is a 100% owned subsidiary of Janus Henderson Investors.

Daniel joined the investment management industry in 1999 and, prior to joining Kapstream, held senior roles in investment analytics and risk, supporting portfolio management teams in their decision making across Australia and the UK. These included positions at Challenger Financial Services Group, ING Investment Management Australia and Perpetual Fund Services in Sydney, as well as Insight Investment, Morley Fund Management and Northern Trust in London.

He holds a Bachelor of Applied Finance from Macquarie University.

Dylan Bourke

Managing Director & Portfolio Manager

Dylan Bourke

Managing Director & Portfolio Manager

Areas Credit, Macro, Securitised, Private Credit

Experience 18 years

Dylan Bourke is a Managing Director and Portfolio Manager at Kapstream Capital and a member of the firm’s Investment Committee. Dylan is jointly responsible for oversight of investment strategy and portfolio leadership, as well as credit analysis and portfolio management.

Prior to joining Kapstream in 2014, Dylan worked at Moody’s Investors Service for over three years, rating Australian structured finance products including asset‑backed securities, residential mortgage‑backed securities and covered bonds. During this time, he authored numerous research publications and received two global structured finance research awards.

Earlier in his career, Dylan worked as a Credit Analyst at Macquarie Bank and on the Macquarie Special Situations Fund, investing in high‑yield subordinated debt, bridge financing, warrants and unlisted equity investments.

He holds a Bachelor of Commerce and Bachelor of Law from Bond University and is a CFA Charterholder.

Fund Ratings

The Fund has received a ‘Recommended’ rating — from Lonsec Research and Zenith.

For more information, please read the Ratings Disclaimer.

Latest News & Insights

News & Media

Ausbiz | Private credit’s pressure test as yields rise

Mark Bayley joins ausbiz to discuss the outlook for private credit and how rising yields are reshaping risks and opportunities for investors.

News & Media

Ausbiz | Where to invest in fixed income as rates rise

According to Dylan Bourke higher interest rates and sticky inflation are reshaping the fixed income landscape, with investors facing greater volatility in traditional income strategies.

Quick View

Quick View: Fed chooses to pay now rather than pay more later

Daniel Siluk explains why he believes that, while a rate hike and a hawkish stance were merited given strong U.S. economic performance, other sources of volatility require bond investors to maintain cautious positioning.

Insights

Why Kapstream’s Dan Siluk says the “old normal” is back

In this Livewire interview, Daniel Siluk discusses the outlook for fixed income, the impact of ongoing AI-driven investment spending, and why income opportunities in bond markets remain compelling.