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Printed: 05 July 2022 11:45 PM

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20 Jan 2022 - Performance Report: DS Capital Growth Fund
By: FundMonitors.com

Report Date20 January 2022
ManagerDS Capital
Fund NameDS Capital Growth Fund
StrategyEquity Long
Latest Return DateDecember 2021
Latest Return1.35%
Latest 6 Months7.84%
Latest 12 Months18.30%
Latest 24 Months (pa)19.10%
Annualised Since Inception16.30%
Inception Date01 January 2013
FUM (millions)AU$420
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 +1.35% in December, taking 12-month performance to +18.30% vs the ASX200 Total Return Index's +17.23%.

The DS Capital Growth Fund has a track record of 9 years and 1 month and has consistently outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with a return of 16.3%, compared with the index's return of 9.79% over the same time period.

On a calendar basis the fund has had 1 negative annual return in the 9 years and 1 month since its inception. Its largest drawdown was -22.53% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%.

The Manager has delivered these returns with -2.29% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 once and currently sits at 1.29 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 37% of the time when the market was negative, contributing to an up capture ratio since inception of 72% and a down capture ratio of 45%.
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