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Printed: 05 July 2022 11:27 PM

News

14 Jul 2021 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors

Report Date14 July 2021
ManagerDS Capital
Fund NameDS Capital Growth Fund
StrategyEquity Long
Latest Return DateJune 2021
Latest Return2.56%
Latest 6 Months12.17%
Latest 12 Months35.46%
Latest 24 Months (pa)20.71%
Annualised Since Inception16.60%
Inception Date01 January 2013
FUM (millions)AU$366
Fund OverviewThe Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund will comprise a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis.

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 CommentsThe DS Capital Growth Fund returned +2.56% in June, a difference of +0.3% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +35.46%, compared with the index, which returned +27.8%. Since inception in January, 2013, the fund has returned +16.6% per annum, a difference of +6.7% vs the index which has returned +9.91% over the same period.

Over the past 12 months, the fund's volatility has been 8.01% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 11.21% vs the index's volatility of 13.67%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index.

The fund's Sharpe ratio has ranged from a high of 3.85 over the most recent 12 months, to a low of 1 over the past 3 years. Since inception the fund's Sharpe ratio has been 1.29. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 48.9 over the most recent 12 months, to a low of 1.32 over the past 3 years. Since inception the fund's Sortino ratio has been 1.95.

The fund has an up-capture ratio ranging between 114.31% (2 years) and 72.09% (since inception), and over the most recent 12 months has provided an up-capture ratio of 110.95%. It has a down-capture ratio of 45% since inception, and ranging between 73.41% (3 years) and 15.64% (12 months).
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