Key Highlights

  • DCOR is benchmarked against the RBA Cash Rate Target and is actively managed across a diversified mix of fixed income, hybrid securities, Credit and cash.
  • The fund's portfolio spans 497 companies, with the top 10 holdings accounting for 20.20% of total assets.
  • DCOR reported an annual Yield of 3.99%, with its August distribution recorded at $0.180, down from $0.287 in July.
  • Asset allocation includes a notable 54.87% weighting to "Other" instruments, alongside 63.16% in bonds and 9.35% in cash.

Fund Overview and Objective

DCOR, admitted to the ASX on 4 September 2024, falls under the Unconstrained Fixed Income category and is benchmarked against the RBA Cash Rate Target. The fund's stated aim is to provide a steady income stream and Capital stability over the medium term through a diversified portfolio of fixed income securities, hybrid securities, credit and cash, with Derivatives used in limited circumstances for Investment and risk management. The management fee was reported at 0.45% per annum.

Portfolio Composition

DCOR's asset allocation is notably diversified relative to several peer funds, comprising 63.16% in bonds, 9.35% in cash, 54.87% in "Other" instruments (reflecting overlapping categorisation across hybrid and credit exposures) and a small 0.04% Equity component.

The fund held 497 companies, with the top 10 holdings representing 20.20% of the portfolio. Leading holdings included Australia and New Zealand Banking Group 1.88% notes (2.68%), BNP Paribas 1% notes (2.36%) and Stockland Trust Management 2.3% notes (2.36%).

Geographic Exposure

Australia represented 79.21% of the fund's geographic exposure, considerably higher than the Unconstrained Fixed Income category average of 31.88% shown in the comparison data. The United States accounted for 8.34%, the United Kingdom 6.00%, and smaller allocations were reported to Switzerland, Singapore, the Netherlands, Ireland, Canada and the Cayman Islands.

Distribution Profile

DCOR reported an annual yield of 3.99%. The fund's distributions showed a decline in the most recent period, falling from $0.287 in July to $0.180 in August, following a steadier run of $0.200 across April, May and June. The most recent ex-date, Record Date and payment date were 17 August, 18 August and 24 August 2026.

Conclusion

DCOR's active, diversified approach spanning fixed income, hybrid securities and credit differentiates it from more narrowly defined passive bond ETFs, with a broad base of 497 holdings and a meaningful allocation to "Other" instruments. The decline in its August distribution to $0.180 from $0.287 in July stands out among the funds reviewed, and its heavier-than-category-average Australian exposure further defines its risk and income profile.