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Printed: 07 July 2022 8:21 PM

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

Report Date13 October 2021
ManagerDS Capital
Fund NameDS Capital Growth Fund
StrategyEquity Long
Latest Return DateSeptember 2021
Latest Return2.63%
Latest 6 Months18.90%
Latest 12 Months35.15%
Latest 24 Months (pa)23.20%
Annualised Since Inception17.13%
Inception Date01 January 2013
FUM (millions)AU$394
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 comprises 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, generally avoiding 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 +2.63% in September, an outperformance of +4.48% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +35.15% compared with the index which has returned +30.56%, and since inception in January 2013, the fund has returned +17.13% per annum, a difference of +7.31% relative to the index which has returned +9.82% on an annualised basis over the same period.

The fund's down-capture ratio for returns since inception is 41.96%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.66% over the most recent 36 months to a low of -141.82% 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 over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.

The fund's Sharpe ratio has ranged from a high of 4.96 for performance over the most recent 12 months to a low of 1.04 over the latest 60 months, and is 1.35 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.65.
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