First Samuel clients had a much better time
First Samuel clients enjoyed the opposite experience. On average, profit delivered for FY-15 was ahead of expectations, and this flowed through to higher growth expectations for FY-16. We now expect earnings per share for our companies to increase at a rate of at least 10% in FY-16.
This is with a portfolio that stands today with a value of only 9.3x its earnings (only 60% of the market's P/E). In investing, often the best way to be “safe” is to have an inexpensive portfolio (but that it can grow). It is for this reason that we have fallen only a fraction of the market in the past couple of week’s turbulence, and in fact retain positive investment returns for FY-16 (against a negative market) thus far.
In terms of standout results, there were several.