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| Strategy | |
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| 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 following statistics (since inception) highlight the Fund's capacity to outperform in falling and volatile markets: Sortino ratio of 1.82 vs the Index's 0.67, average negative monthly return of -2.01% vs the Index's -3.14%, and down-capture ratio of 45%. The Fund delivered +11.50% over the December quarter. Key positive contributors included Resimac, Uniti Group, Money3, Kogan and SG Fleet. DS Capital expect COVID-19 to be the dominant influence on asset markets going into 2021. They added that, while it is expected that stimulus and low interest rates will continue in the near-term, any change to this expectation will create volatility. |
| More Information |
