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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 | The Fund performed strongly in May with solid gains across the portfolio. Top performers included Lifestyle Communities, AMA Group and Interxion (US listed). There were no major changes to the portfolio. DS Capital noted the election result was embraced by the stock market with the policy agenda of the winners appearing favourable for economic growth. In the meantime, they expect low interest rates to have a favourable impact on stock market valuations. They add that although rates will ultimately normalise they don't believe this is likely in the near term. DS Capital feel the portfolio is well positioned as they work toward reporting season. |
| More Information |
