Industrial stocks, within their broader definition (ie stocks that aren't miners or explorers), are what the Equitable Investors Dragonfly Fund is focused on. We ran some numbers for a presentation on the Fund and pulled together the following two charts on the historical performance of ASX industrials. Past performance is not an indicator of future performance but we think there is still much to learn from history. Our take from the charts below: the distribution of individual stock returns has been favourable but you've still got to carefully avoid a reasonable number of booby traps; the smallest stocks have been, consistent with our expectation, the source of the greatest performance - on average and in terms of the best performed stocks; but mid-caps have also been a sweet spot.
Showing posts from May, 2018
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