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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 Manager's quarterly report to the end of September noted that the fund started the financial year well, enjoying a strong quarter with the main influence on stock markets during the quarter continuing to be interest rates, ongoing trade negotiations between the US and China, and the slowdown in global economic growth. The quarter featured many full year earnings results. In general, profit improvement was modest, outlook guidance disappointed more than usual, and growth expectations became more measured. The uncertain geopolitical environment saw investors focus closely on outlook commentary and any negativity saw share prices punished. Fortunately, most of the Fund's holdings delivered good results that were in line with our expectations with the main exception being cinema software provider, Vista Group. The Funds discretionary consumer businesses performed well with both Zip Money and Collins Foods reporting strong results. |
| More Information |
