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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 15, 2026
Desert Lion Capital delivered +8.3% net year-to-date through June 2026, outperforming the JSE All Share Index by 12.1%. Manager Van Niekerk maintains high conviction in SA small- and mid-cap equities, where capital outflows and market inefficiency have created a compelling valuation opportunity with double-digit growth companies trading at single-digit PEs. The fund holds 8-15 concentrated positions with top 6 representing 86% of assets.
Desert Lion Capital offers access to an overlooked, capacity-constrained, and inefficient corner of the South African small- and mid-cap equities market where double-digit growth companies trade at single-digit PEs due to capital outflows, limited analyst coverage, and negative consensus narratives around political risk.
Manager expresses strong conviction that the fund is just getting started despite already delivering +34% net in 2024, +20% net in 2025, and a strong start to 2026. He acknowledges uncertainty about how and when the eventual unlock will happen but maintains high confidence in the prospective return setup. The tone is both frustrated by the inability to attract more capital and excited about the opportunity this scarcity creates.
High Conviction Bullish
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