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Printed: 07 July 2022 9:11 PM


13 Aug 2021 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors

Report Date13 August 2021
ManagerDS Capital
Fund NameDS Capital Growth Fund
StrategyEquity Long
Latest Return DateJuly 2021
Latest Return2.54%
Latest 6 Months15.13%
Latest 12 Months35.93%
Latest 24 Months (pa)21.09%
Annualised Since Inception16.77%
Inception Date01 January 2013
FUM (millions)AU$378
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 rose by +2.54% in July, an outperformance of +1.44% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2013, the fund has returned +16.77% per annum, a difference of +6.83% relative to the index which has returned +9.94% on an annualised basis over the same period.

The fund's returns over the past 12 months have been achieved with a volatility of 8% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in January 2013 is 11.16% vs the index's 13.6%. Over all other periods, the fund's returns have been consistently less volatile than the index.

Since inception in January 2013 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 73.41%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.88% over the most recent 24 months to a low of 87.35% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.

The fund's down-capture ratio for returns since inception is 45%. Over all other periods, the fund's down-capture ratio has ranged from a high of 73.41% over the most recent 36 months to a low of 15.64% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
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