PERFORMANCE OVERVIEW
Starling Fund

Starling is the flagship implementation of the Adaptive Alpha Research framework. Australian-domiciled and trading across 19 ETF markets since July 2025 — systematic, rules-based, and built to behave the same way in every market condition. The numbers below are live. Real capital, real positions, no backtested smoothing.

Fund Performance

After all fees, as at 31-May-2026 Actual Target
Returns
Last Month % 0.59
3 Months % 1.78
Year to Date % 5.02
Since Inception (4-Aug-2025) % 9.94 9.93
Current Month to 4-Jun-2026 % 1 −0.04
Statistics
Unit Price (AUD) 1.0994
Sharpe Ratio 2 0.88 0.67
Standard Deviation (%pa) 3 9.2 12.0
Maximum Drawdown % 4 −11.3
Beta to Equities 5 0.62 0 – 0.3
Frequency of Positive Months (%) 90.0
¹ Unofficial estimated figure  ·  ² Annualised  ·  ³ Annualised  ·  ⁴ Peak to trough  ·  ⁵ Rolling 12-month

Monthly Returns

JanFebMarAprMayJun JulAugSepOctNovDec Year
2025 ——— ——— — 0.161.07 0.591.900.89 4.68
2026 1.231.93 −4.75 6.23 0.59 *−0.04 — ——— —— *4.99
* Estimated month to date, unofficial · All figures are total return · Past performance is not indicative of future results

Cumulative Return Since Inception

Cumulative Return Since Inception — After All Fees
Estimated MTD
Official NAV
Target (Cash+8%pa)
12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
Official NAV verified end of month · Estimated MTD is unofficial and subject to change · Target: RBA Cash Rate + 8%pa · Past performance is not indicative of future results

Notes to Fund Performance

  1. Estimated return for the current month-to-date at the time this report was prepared. All other returns and statistics are calculated as at the date of this report.
  2. Sharpe Ratio is calculated using monthly returns. The numerator is the monthly return of the unit class over the RBA Cash Rate. The denominator is the standard deviation described in Note 3 below.
  3. Standard Deviation uses the monthly return of the unit class, annualised by multiplying by the square root of 12.
  4. Maximum Drawdown uses the compounded estimated daily return series, measured from each peak to the subsequent trough.
  5. Beta to Equities is derived from a linear regression analysis comparing the monthly return of the unit class over the RBA Cash Rate against the monthly return of the SPY ETF over the Fed Funds Rate.

Important Disclosures

This report has been prepared by Adaptive Alpha Research Pty Ltd (AFSL No. 554884) and is intended solely for wholesale clients as defined in the Corporations Act 2001 (Cth). This report is not intended for retail clients or public distribution.

The information contained in this report is general in nature and does not take into account the objectives, financial situation or needs of any particular investor. It does not constitute financial product advice, an offer to invest, or a solicitation to invest.

Past performance, whether actual or simulated, is not indicative of future performance. Investments in equities, foreign exchange and derivatives (including futures) involve risks, including the potential loss of capital.

While the information in this report has been prepared in good faith and from sources believed to be reliable, no representation or warranty is made as to its accuracy or completeness.

The Fund may use derivatives and hedging techniques as part of its investment strategy, which may increase portfolio volatility and investment risk. Investors should consider whether an investment is appropriate to their circumstances and seek professional advice before investing.

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What to look for:
‍Three metrics tell most of the story: Sharpe ratio measures return earned per unit of risk; maximum drawdown shows the worst peak-to-trough decline; and standard deviation tracks whether risk is being managed to target. A fund can have a rough month and still be behaving exactly as intended — these figures show whether the framework is working, not just whether markets cooperated.

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Adaptive Alpha Research Pty Ltd (ABN 21 659 177 536, AFSL No. 554884) provides general financial product services to wholesale clients only, as defined in the Corporations Act 2001 (Cth). The information on this website is general in nature and does not take into account your objectives, financial situation or needs. It does not constitute financial product advice, an offer, or a solicitation to invest.
Past performance is not indicative of future performance. Investments involve risk, including the potential loss of capital.
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