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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 returned +10.00% after fees over the financial year. In most cases, the Fund's core Australian investments delivered the earnings growth DS Capital were expecting. Top contributors included Lifestyle Communities, CME Group, Credit Corp, AMA, Interxion, MYOB, Zip Co, Collins Foods, Rightmove, Vista Group, Over the Wire, Uniti Wireless, Experience Co, Seven Group Holdings and Premier Asset Management. Key detractors included Challenger and Axesstoday. DS Capital don't expect interest rates to rise significantly in the short term, however, they remain conscious of the stock market's sensitivity to increases in interest rates and the potential for a rotation from equities back to bank deposits and have therefore positioned the portfolio accordingly. They expect the market to remain susceptible to macro-economic issues, particularly the trade relationship between the US and China. |
| More Information |
