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| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
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| FUM (millions) | |
| Fund Overview | 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 Comments | The fund's returns over the past 12 months have been achieved with a volatility of 6.85% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in January 2013 is 11.12% vs the index's 13.55%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.99 for performance over the most recent 12 months to a low of 1.01 over the latest 60 months, and is 1.33 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.67. 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 73.67%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.64% over the most recent 24 months to a low of 87.73% 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 has a down-capture ratio for returns since inception of 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. |
| More Information |
