"At the end of the day, they need to drive sales growth and lower costs."

Stores open at least a year had 12 percent sales growth last month.

The average sales growth of the fund's companies over the last five years has been 24.9 percent.

It reported sales growth of just 0.5 percent in October.

That would be well below its 20 percent annual sales growth from 2003 to 2006.

"But I am not yet convinced they'll get the sales growth they need."

Storage systems also have room for sales growth, they said.

However, sales growth slowed at the end of last year.

Many market participants had expected sales growth to ease below 2 percent.

But sales growth will probably slow to more normal levels for the rest of the year, he added.