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14 June 2021
By Maynard Paton
Everybody loves shares that keep going up.
SharePad lists 167 names that have consistently delivered 15% or more annualised returns during the last five years:
The shares of fund manager Impax Asset Management have certainly kept going up; they have almost tripled during the last twelve months and have 20-bagged since 2016.
The winning combination appears to have been:
- Impressive profit growth driven by favourable long-term trends;
- A ‘scalable’ business that could service extra customers without a commensurate increase to the workforce;
- A shareholder register dominated by company insiders and a key client, and;
- A modest valuation that gave scope for a significant P/E re-rating.
Let’s take a closer look.