DS Capital

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Comments46

Companies19

Positions opened3

Positions exited2

Last published30 Jun 2026

Companies discussed, last 12 months

17 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

SGHSGH LtdReduced RMCResimacHeld ZIPZip CoHeld NWLNetwealthHeld BRGBrevilleHeld

12 more companiesEvery company DS Capital has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

30 Jun 2026DS Capital SGHReducedDS Capital reduced its position in SGH during the year on concerns about its exposure to the Australian economy, after the share price finished about 15% lower on a de-rating of its earnings multiple as half-year revenue flatlined amid stabilising capital sales at WesTrac and cyclical construction softening at Coates Hire. Sentiment was also affected by uncertainty around SGH's joint bid for BlueScope Steel. Despite the reduction, DS Capital remains invested, backing management's execution and integration track record with Boral, noting the business generated $1.1 billion in operating cashflow, de-levered its balance sheet, and continued share buybacks during the year.

Annual Report, price recorded $46.64

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30 Jun 2026DS Capital RMCHeldDS Capital continues to hold Resimac Group, describing it as an excellent investment for the Fund that has delivered strong dividends, including another special fully franked dividend this year. After years of brutal, bank-led mortgage price wars, the manager notes profitability rebounded in the first half, driven by modest home loan growth alongside stronger growth in the higher-margin asset finance division, lifting net interest margin and, combined with disciplined cost management, driving operating leverage through to shareholders via a second consecutive special dividend. Cyclical credit risk remains an ongoing focus, but DS Capital remains comfortable with the position given its valuation.

Annual Report, price recorded $0.82

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44 more commentsEvery comment this manager has published, with sources.

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About DS Capital

Value Focused, Small/Mid-Cap

DS Capital is a Melbourne (South Yarra)-based independent equities fund manager founded in 2012, led by CEO Rodney Brott, running a focused, disciplined Australian equities strategy aimed at delivering absolute returns. The firm invests in industrial businesses it can readily understand, deliberately avoiding large-caps, pure mining, biotechnology and early-stage start-ups, and instead favouring profitable companies with strong margins, competitive advantages, structural industry tailwinds and reliable dividend growth. DS Capital targets a long-term pre-tax compound return objective on each holding and holds meaningful cash reserves, adjusting exposure based on market conditions. The firm operates with a co-investment structure where unit holders invest alongside the manager, supported by an investor portal for portfolio reporting and transparency.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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