|Latest Return Date|
|Latest 6 Months|
|Latest 12 Months|
|Latest 24 Months (pa)|
|Annualised Since Inception|
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.
The DS Capital Growth Fund has a track record of 9 years and 6 months and has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of 12.54% compared with the index's return of 8.06% over the same period.
On a calendar year basis, the fund has only experienced a negative annual return once in the 9 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -21.05% vs the index's -11.9%, and since inception in January 2013 the fund's largest drawdown was -22.53% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 6 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by August 2020.
The Manager has delivered these returns with 1.91% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.94 since inception. The fund has provided positive monthly returns 89% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 66% and a down-capture ratio of 62%.