"Despite the dearth of earnings growth in the market, there are still good companies trading at reasonable prices. High-quality small caps are generally growing faster than the economy at large and are typically taking market share as well. One such company is TFS Corporation – one of a few legitimate suppliers of natural, high-quality sandalwood. Sandalwood is used in furniture production and luxury flooring and its oil in pharmaceutical and cosmetic industries. TFS customers span a number of geographies. TFS has contracts that see about 80 percent of its volume pre-sold, the remaining 20 percent likely going to high-end perfume manufacturers such as Chanel. TFS also supplies a subsidiary of Nestle for an acne product. The company is also investing in trials to patent its oil for derma and oncology conditions." - Don Williams, Chief Investment Officer. (Quote originally appeared in the AFR: (VIEW LINK) )



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