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| Fund Overview | The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
| Manager Comments | DS Capital remind investors that their philosophy is that short term share prices can be influenced more by noise and emotional behaviour, whereas long term share price performance will more often be influenced by the underlying fundamentals. They say that, whilst unpleasant in the short term, the current environment is offering opportunities to those with a longer term investment horizon. DS Capital expect stock markets will remain volatile while a heightened level of uncertainty continues in relation to US tariff policy, Brexit and interest rates. Domestically, they note they'll also have to contend with the economic policy outcomes of the Federal election in the first half of 2019. They believe all of these issues will result in good businesses being available for investment at significantly lower prices and, to that end, the portfolio has 24% cash which they expect to deploy to some extent over the next six months. |
| More Information |
