Our FUnd

The DKAM Capital ideas fund

The performance of the DKAM Capital Ideas Fund is our top priority. Many members of our team are significantly invested in the fund – alongside our clients – resulting in the highest possible alignment of interests. We believe this is one of the keys to our success.

Compounding Excellence

How We Consistenly Outperform the Market

We invest in a group of high conviction companies, of which the top 10 names generally make up 75% of the overall portfolio. These companies will typically be run by a strong management team that have a significant ownership stake, and are characterized by having a track record of earning high returns on shareholders’ equity. The companies will also be capable of generating high returns on equity for many years to come without the addition of significant amounts of equity capital other than that which is being generated internally.

	JAN	FEB	MAR	APR	MAY	JUN	JULY	AUG	SEP	OCT	NOV	DEC	*YTD%
2008										-0.90	-5.71	0.46	-6.13
2009	-0.12	-2.01	9.48	10.68	9.98	3.09	9.41	1.21	3.41	3.62	12.01	5.36	88.17
2010	3.20	2.94	2.23	2.04	-8.04	-1.00	3.04	-0.94	3.19	4.54	4.30	6.11	22.94
2011	2.25	2.23	2.23	3.84	0.70	-3.32	2.60	-6.03	-5.56	3.62	1.54	1.76	5.31
2012	6.22	2.34	-3.51	-1.73	-2.98	1.30	0.15	1.69	3.42	1.40	-1.59	2.56	9.22
2013	5.06	2.07	1.06	3.98	-0.33	1.19	5.60	3.42	1.36	5.54	10.39	3.48	51.68
2014	1.25	3.87	-1.36	3.71	1.73	3.54	-0.20	2.93	0.56	1.28	2.26	1.21	22.68
2015	2.36	6.23	3.46	0.17	0.47	0.26	1.91	-4.17	-7.03	-5.73	5.83	1.22	4.06
2016	-8.77	0.68	-1.29	1.49	2.56	-4.16	1.95	-0.47	2.50	2.02	2.72	-0.24	-1.66
2017	2.36	1.71	4.16	-0.19	0.18	-3.62	-2.82	-0.75	2.16	2.93	2.31	2.24	10.85
2018	-1.83	1.31	-0.93	-1.41	5.62	1.75	-0.56	2.50	-0.64	-6.74	2.06	-5.45	-4.85
2019	9.27	4.58	-1.58	5.85	-4.00	1.90	0.00	-0.73	-0.37	-1.15	4.75	-0.11	19.24
2020	0.97	-3.26	-24.48	11.89	6.74	2.49	2.57	7.18	0.71	-0.17	8.86	12.62	22.35
2021	-1.00	9.29	-4.68	2.84	-0.54	1.78							7.36

*Year to date (YTD) returns are Time Weighted Rates of Return as of June 30, 2021, net of fees and expenses.

DKAM Capital ideas fund LP vs the S&P

Since Inception – Oct 1st, 2008

	Total Return	Annualized Return
DKCI (1)	685.4%	17.5%
S&P 500 Total Return Index (2)	380.4%	13.1%
S&P/TSX Total Return Index (3)	152.0%	7.5%

1 Time weighted rates of return for Class A Series 1, net of all fees and expenses as of June 30, 2021.
2 S&P 500 Total Return Index is the Net Total Return version of the S&P 500 Index.
3 S&P TSX Composite Total Return Index is the Net Total Return version of the S&P/TSX Composite Index.

How we do it

Investment Process

Learn more about the relationship between our Portfolio Managers.

Proprietary database ranking

Once we have identified a company that meets our initial criteria, we make several adjustments to company/analyst earnings forecasts in order to take into account non-cash items. Subsequent to the adjustments being made, we enter the relevant data into our proprietary database where each company’s ROE, valuation and share price momentum are scored in relation to all other stocks in our universe.

Analytics

Those stocks that achieve the highest aggregate scores in our database are then subject to comprehensive quantitative analysis, which includes extensive earnings modeling as well as scenario analysis.

Management Evaluation

Our final step involves face to face meetings with company management, channel checks and discussions with industry analysts. If this process is successful, the position is added to the portfolio, constantly monitored and actively traded.

The Power of Compounders

Fundamentally, we believe in holding compounders for the long term and thus we won’t trade in and out of names. We believe that great management teams think much like portfolio managers– they carefully consider capital allocation and they make a point of knowing the intricacies of their businesses and industries. We expect the management teams of our companies to be able to put capital to work to further increase their profitability as opportunity arises. These opportunities may be based on the uniqueness of their businesses, the dynamics of the industries in which they operate, or the overall condition of the financial markets or economies.

Put another way, we are always on the lookout for management teams that can compound their growth to deliver outstanding returns.

Our Portfolio

UNIQUE AND DIFFERENTIATED

As of June 30, 2021.

In our portfolio we own:

$

0 of 30 companies in the SPDR Dow Jones Industrial Average ETF

$

1 of 60 companies in the ishares S&P/TSX 60 Composite ETF

$

3 of 2048 companies in the iShares Russell 2000 ETF

$

0 of 505 companies in the spdr S&P 500 ETF

$

0 of 102 companies in the invesco qqq trust ETF

$

59 stocks that are not part of any of these major ETF's†

SECTOR
CONCENTRATION*

*Per DKAM estimates as of June 30, 2021.

Geographic Concentration refers to percentage of DKAM Capital Ideas Fund allocated to assets listed in Canada or the USA.

† iShares Russell 2000, SPDR Dow Jones Industrial Average ETF, iShares S&P/TSX 60 Index ETF, Invesco QQQ Trust, SPDR S&P 500 ETF.

GEOGRAPHIC CONCENTRATION*

return ytd

7.36%*

1 YEAR RETURN

45.47%*

5 YEAR RETURN

12.43%*

RETURN SINCE INCEPTION

17.54%**

*Year to date (YTD) returns are Time Weighted Rates of Return as of June 30, 2021, net of fees and expenses.
**Return Since Inception is the Time Weighted Rate of Return since October 1, 2008, net of fees and expenses.

Fund Information

DKAM Capital Ideas Fund LP

Management Fee: Class A 2.0%, Class F 1.0%	Currency: Canadian dollars ($CAD)
Performance Fee: 20%	Lock-Up Period: 3 months
High-Water Mark: Perpetual	Prime Broker: BMO Capital Markets
FundSERV Don200: Class A	Auditor: Deloitte
FundSERV Don250: Class F	Legal Counsel: AUM Law Professional Corporation
	Administrator: SGGG Fund Services Inc