| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15.39% | - | 30.8% |
SaltLight returned 30.78% in 2025 despite a volatile fourth quarter, demonstrating their opportunity maximalist investment approach across global markets. The firm has positioned for the ongoing AI epoch, viewing it as a general-purpose technological revolution with multi-decade implications rather than a single-application innovation. Key portfolio moves included taking profits in hyperscalers Amazon and Google while increasing NVIDIA exposure, based on upstream supply chain signals suggesting continued acceleration rather than the widely expected digestion phase. The manager sees three market paradoxes: upstream participants signaling higher future capex, market skepticism toward NVIDIA analyst forecasts, and software repricing for AI disruption despite unclear ROI. They view compressed software multiples as creating asymmetric opportunities where disruption expectations are already priced in. The firm also participated in the Cell C IPO, seeing compelling value in the transformed business model. Their expected value framework focuses on probability-weighted outcomes rather than exact predictions, positioning for ranges of scenarios while maintaining portfolio survival and growth potential across volatile market conditions.
SaltLight employs an opportunity maximalist approach, directing capital across asset classes and geographies to where opportunities exist rather than waiting for them within predefined constraints, with current focus on AI epoch beneficiaries and mispriced software companies.
The manager expects the AI epoch to remain transformational with multi-decade second-order effects. They anticipate continued acceleration in AI infrastructure spending rather than the widely expected digestion phase, supported by upstream supply chain signals. The software sector is viewed as offering asymmetric opportunities as disruption fears are already priced in at compressed multiples.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 4 2026 | 2025 Q4 | AMD, AMZN, ASML, BLU.JO, CCL.JO, GOOGL, INTC, MELI, MSFT, NVDA, SE, TSM | AI, global, growth, semiconductors, software, technology | - | SaltLight delivered 30.78% returns in 2025 through their opportunity maximalist approach, positioning for the ongoing AI revolution while taking profits in hyperscalers and increasing NVIDIA exposure. They see asymmetric opportunities in compressed software valuations where AI disruption fears are already priced in, and participated in Cell C's IPO at compelling valuations. |
| Nov 26 2025 | 2025 Q3 | 0700.HK, APP, GOOGL, NVDA, TSM | AI, Cloud, credit, infrastructure, semiconductors, technology, value | NVDA | SaltLight delivered 17.86% in Q3 2025 despite rand headwinds. Manager remains AI bullish but increasingly selective, preferring companies higher up the stack over infrastructure plays. Portfolio companies Tencent, AppLovin, and Google generating tangible AI benefits through GPU-powered hyper-targeting. Concerned about infrastructure over-capacity but credit markets remain supportive of continued build-out. |
| Aug 25 2025 | 2025 Q2 | 0700.HK, BAM, BIDU, BLU.JO, GOOGL, NVDA, RBLX, UBER | AI, Data centers, infrastructure, Long/Short, Multi-Geography, private credit, semiconductors, technology | GOOGL | SaltLight delivered +24.52% in Q2 2025 positioning for a multi-decade AI epoch while managing late-phase market risks. With 38% US allocation and global diversification, they maintain disciplined capital deployment focused on five-year outcomes. Despite stretched valuations and potential volatility, the manager sees opportunities in AI infrastructure and quality assets during anticipated market corrections. |
| May 26 2025 | 2025 Q1 | AAPL, AMZN, BLU.JO, CPI.JO, MELI, NVDA, SE | AI, China, E-Commerce, Fintech, gaming, growth, Southeast Asia, technology |
NVDA SE BLU.JO |
SaltLight returned 2.70% in Q1 2025, rebuilding NVIDIA position as AI infrastructure becomes compelling. Core thesis centers on transformative AI opportunity with intelligence embedded across software applications, while e-commerce margin expansion continues with Sea Limited achieving profitability. Blue Label Telecoms turnaround progressing well with Cell C restructuring showing promise. |
| Feb 27 2025 | 2024 Q4 | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, Cloud, growth, semiconductors, technology, Valuations | - | SaltLight delivered 63% returns in 2024 driven by AI investments. The manager views AI as a multi-decade technological epoch comparable to industrial revolutions. They've evolved from AI infrastructure to software opportunities, particularly digital advertising. Despite valuation concerns mirroring dot-com peaks, they maintain strong 2030 conviction on AI's transformative potential through reasoning models and enterprise AI agents. |
| Nov 18 2024 | 2024 Q3 | 0700.HK, APP, BAM, BLU.JO, RBLX, SE | Advertising, AI, gaming, global, growth, technology |
APP 0700.HK SE RBLX |
SaltLight returned 15.61% in Q3, positioning for gaming industry consolidation by 2029. The fund owns franchise builders Tencent and Sea Ltd for predictable revenues, user-generated platforms Roblox for creator economy growth, and AI-powered enabler AppLovin for superior advertising targeting. Their benchmark-agnostic approach targets structural shifts rather than current market dynamics, with potential upside from AppLovin's e-commerce expansion. |
| Sep 11 2024 | 2024 Q2 | BAM, BN, KARO, MSFT, SE | AI, Capital Allocation, compounders, E-Commerce, energy, Second Acts, South Africa |
SE BAM |
SaltLight delivered 7.38% in Q2 through strategic positioning in AI software beneficiaries and energy transition plays. The fund targets compounders with strong capital allocation, particularly those executing successful second acts. Key holdings Sea Ltd and Brookfield exemplify this approach, leveraging core competencies into new markets. Currency hedging mitigates ZAR strength risks on 80% global allocation. |
| May 21 2024 | 2024 Q1 | 0700.HK, APP, BLU.JO, DO, META, NVDA, PDD, PRX.AS, TCP.JO, TDW.TO, WBC.JO | AI, Buybacks, China, Oil Services, Self-healing, South Africa, Spin-Offs, value |
700.HK JSETCP JSEBLU |
SaltLight delivered 9.2% in Q1 by focusing on self-healing companies that can overcome valuation discounts through buybacks and financial engineering. Trimmed AI infrastructure on valuation concerns while increasing exposure to asymmetric opportunities in offshore oil services and distressed South African companies. Portfolio showing solid momentum with multiple catalysts expected to unlock value in 2024. |
| Feb 23 2024 | 2023 Q4 | AMZN, APP, GOOGL, MELI, META, NVDA, RBLX, TCP.JO | Advertising, AI, gaming, Meta, Networks, software, technology |
ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO APP TCP.JO |
SaltLight delivered 30.8% returns in 2023 by investing in AI-enhanced advertising platforms while avoiding overvalued AI infrastructure. The fund focuses on companies like Meta and AppLovin that leverage AI to improve targeting and monetization, generating high-margin revenue streams. Manager sees 2024 as when investment theses from 2023's positioning begin to manifest. |
| Nov 13 2023 | 2023 Q3 | KARO, MELI, PPE.JO, SE, TCP.JO | E-Commerce, emerging markets, Fintech, long-term, marketplaces, South Africa, value |
ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ^FTSE KARO TCP.JO PPE.JO |
SaltLight maintains concentrated positions in emerging market e-commerce leaders MercadoLibre and SEA Ltd, plus distressed South African assets where excessive negativity creates opportunity. The fund employs a patient 2028 investment horizon, believing extraordinary returns come from investing during uncertainty phases while competitors flee. Portfolio companies are executing well despite macro headwinds. |
| May 18 2023 | 2023 Q1 | AAPL, AMZN, ASML, GOOGL, META, MSFT, NVDA | AI, disruption, innovation, Investment Philosophy, semiconductors, technology | - | SaltLight gained 11.69% in Q1 through technology investments while positioning for the AI revolution. Rather than chasing AI models directly, they invest in semiconductor infrastructure providers like NVIDIA and ASML. The manager views AI as a new technology epoch requiring decades to fully deploy, with current opportunities in the essential hardware and tools enabling the transformation. |
| Mar 2 2023 | 2022 Q4 | BAM, RBLX, TCEHY | - | - | |
| Nov 14 2022 | 2022 Q3 | BAM, KARO, MELI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
OilOil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, disrupting 20 million barrels per day. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin. |
Crude Oil Brent WTI Shale OPEC |
Natural GasNatural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices. |
Henry Hub LNG Shale Gas Permian | |
SilverSilver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting investors should consider reducing precious metals exposure in the short term despite the strong performance. |
Silver Gold Ratio Precious Metals | |
CopperCopper markets have moved back into surplus with exchange inventories rising to levels last seen in 2003. Despite strong Q4 performance, modeling suggests the market has entered a prolonged period of surplus, with inventories now covering approximately 17 days of global demand. |
Copper Base Metals Exchange Inventories | |
Platinum Group MetalsPGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe regarding electric vehicle mandates are unwinding the bearish narrative around internal combustion engine phase-outs, suggesting demand forecasts for PGMs will need meaningful upward revision. |
Platinum Palladium Auto Catalysts ICE | |
CommoditiesThe commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in over a century, suggesting the current cycle may only be one-third complete in both duration and magnitude. |
Commodity Cycle Capital Cycle Valuation | |
UraniumUranium prices were largely unchanged during the quarter despite surging demand meeting a fragile supply base. The uranium section is referenced in the table of contents but detailed analysis is not provided in the available text. |
Uranium Nuclear | |
| 2025 Q3 |
AIManager remains bullish on AI as a multi-decade technology epoch but has become more discriminating about positioning. Concerned about over-capacity and bubble dynamics in infrastructure layer, particularly around OpenAI's massive deal announcements. Prefers companies higher up the stack that benefit from falling inference costs and improving model capability. |
Infrastructure OpenAI Capacity Bubble Stack |
CloudMajor hyperscalers have tapped debt markets to fund AI compute build-out, with issues heavily oversubscribed and trading at tight spreads. Credit markets remain sanguine about AI infrastructure investments, suggesting still early in the cycle. Private credit likely to be incremental supplier of capital for next phase of AI build-out. |
Hyperscalers Debt Infrastructure Credit Build-out | |
SemiconductorsNVIDIA and TSMC downstream supply chain capturing most value in AI infrastructure layer. Manager sees heightened risk in infrastructure layer due to massive capital absorption with common thread leading back to OpenAI. Fabs and infrastructure designers currently dominating profit pool distribution. |
NVIDIA TSMC Infrastructure Value Profit | |
| 2025 Q2 |
AIAI is viewed as a multi-decade technology epoch spanning 40-60 years, currently in the installation phase marked by significant capital expenditure. The manager sees AI as capital-intensive, with $300-400 billion projected spending this year, building strategic positions for future robotics and physical AI applications. |
Data Centers GPUs Cloud Semiconductors Infrastructure Spending |
Data CentersGlobal data center capacity is 59 GW with only 7 GW dedicated to AI workloads. Brookfield projects a tenfold increase to 82 GW by 2034, representing $7 trillion in infrastructure spending over the coming decade, with power becoming the critical gating factor. |
Infrastructure Spending Energy Cloud AI | |
Private CreditPrivate credit markets backed by institutional investors are set to take over AI infrastructure financing as internal cash flows become insufficient. Brookfield has committed $200 billion over five years to major projects, though debt funding cycle appears in early phases. |
Infrastructure Spending Credit Alternative Asset Managers | |
| 2025 Q1 |
AIManager maintains strong conviction that AI is a transformative multi-decade opportunity, with intelligence being embedded in all software applications. Focus on AI agents driving productivity gains and higher API usage for cloud providers. NVIDIA's Blackwell series offers 30-fold improvement in inference performance, likely to reignite enthusiasm. |
Agents Infrastructure Software Productivity Cloud |
E-commerceContinuing thesis on e-commerce margin expansion through advertising monetization. Sea Limited demonstrates excellent progress with EBITDA profitability across all regions, going from losing $1.20 per order to making $0.09 per order. Fintech integration following MercadoLibre's playbook provides additional margin expansion opportunities. |
Margins Advertising Fintech Southeast Asia Profitability | |
GamingSea Limited has successfully reinvigorated its gaming business with Free Fire franchise showing steady growth. Management announced 'Free City,' an ambitious mobile game inspired by Grand Theft Auto, with early announcement suggesting management confidence in potential success. |
Mobile Free Fire Southeast Asia Growth | |
| 2024 Q4 |
AIThe manager views AI as a defining technological epoch comparable to previous industrial revolutions. They believe AI is progressing up the intelligence curve with reasoning models and test-time compute capabilities, making it a veritable competitor to humans. The focus has shifted from AI infrastructure to AI software opportunities, particularly in digital advertising markets. |
Artificial Intelligence Machine Learning LLMs Reasoning Models Test-time Compute |
CloudCloud giants are projected to spend over a trillion dollars in the next three years on data centers and GPUs. The manager sees cloud providers as primary beneficiaries of AI agent adoption through increased inference demand. Test-time compute queries utilize 10-20 times more tokens than traditional queries, creating exponentially more revenue opportunities for cloud providers. |
Data Centers Cloud Infrastructure Inference Compute Capex | |
SemiconductorsThe manager previously identified NVIDIA as the optimal winner in the early AI phase, arguing that GPUs are structurally superior for AI problems. They have since pruned AI infrastructure investments due to high valuations but continue to see semiconductors as critical to the AI ecosystem with declining inference costs. |
GPUs NVIDIA AI Chips Inference Cost Hardware | |
| 2024 Q3 |
GamingThe gaming industry is maturing with growth slowing to 2-4% and undergoing structural consolidation into three buckets: dominant franchise builders, user-generated content platforms, and traditional hit-driven studios. The fund has exposure across all three segments through companies like Tencent, Roblox, AppLovin, and Sea Ltd. |
Gaming Franchise User Generated Content Mobile Gaming Free To Play |
AIAppLovin's AI-driven Axon 2 model creates competitive advantages in mobile advertising by optimizing user acquisition and targeting for game studios. The AI model continuously improves through data ingestion from both advertisers and publishers, potentially expanding into e-commerce advertising. |
AI Machine Learning Advertising Targeting Data | |
| 2024 Q2 |
AIThe fund shifted from AI infrastructure to AI software beneficiaries and continues to see healthy returns. AI's high energy intensity requires unprecedented electricity build-out over the next two decades. Gigawatt-size data centres will likely be on the horizon in the next few years as AI reaches the point where it will augment human intelligence. |
Software Infrastructure Energy Data Centers Computing |
Energy TransitionGlobal installed electricity capacity needs to expand from 8,000 gigawatts to more than 20,000 gigawatts in the next 20 years. Nearly half of existing capacity will need to be retired as it is carbon-intensive. This unprecedented build-out is essential to reach net-zero goals and drive the AI revolution. |
Electricity Renewables Infrastructure Net Zero Power | |
E-commerceSea Ltd leveraged its gaming audience-building skills into the largest e-commerce business in Southeast Asia through Shopee. The company invested heavily to develop network effects common in e-commerce marketplaces, with management guiding that Shopee will be adjusted-EBITDA positive for the next quarter. |
Marketplaces Southeast Asia Network Effects Gaming FinTech | |
| 2024 Q1 |
AIManager sold AI infrastructure investments due to high valuations despite validating the thesis. Concerns about narrow predictions required by high multiples and wide distribution of outcomes. AI expected to enhance advertising opportunities for Tencent through improved video engagement and ad targeting. |
Infrastructure Valuations Advertising Video |
Oil ServicesOffshore oil suppliers present asymmetric opportunity with aging fleet, conservative balance sheets, and decade-low investment. Companies trading at 25-35% of replacement cost with temporary moat lasting five years. Day rates below levels justifying new builds. |
Offshore Asymmetric Replacement Cost Day Rates Moat | |
BuybacksSelf-healing strategy focuses on companies engaging in share repurchases to overcome persistent valuation discounts. Tencent doubling repurchases and Prosus expected to step up buybacks. Blue Label positioned for aggressive share repurchases once debt is repaid. |
Self-healing Valuation Capital Return Debt | |
ChinaIncreased investment in China despite past losses. Tencent thesis based on advertising monetization and AI enhancement rather than macro conditions. Negative sentiment toward Chinese investments creating opportunity through compressed valuations. |
Tencent Advertising Sentiment Valuations | |
South AfricaDistressed 5 companies showing signs of self-healing despite macro uncertainties. Transaction Capital spin-off creating classic special situation. Blue Label gaining control of Cell C to simplify financials and unlock value. |
Distressed Self-healing Spin-off Cell C | |
| 2023 Q4 |
AIManager discusses AI infrastructure capex concerns but sees opportunities in AI software applications. Believes market overestimates short-term AI adoption while underestimating long-term potential. Focuses on AI-enhanced advertising platforms where high margins justify expensive AI compute costs. |
Infrastructure Software Advertising Compute Enterprise |
AdvertisingDigital advertising generates high incremental margins (~80%) and serves as a profitability lever for tech companies. AI enhances targeting efficiency and creates network effects. Manager sees advertising as key monetization strategy across e-commerce, gaming, and social platforms. |
Digital Targeting Margins Monetization Networks | |
GamingAppLovin operates in the gaming advertising ecosystem, connecting advertisers with over one billion game players. Manager sees opportunity in contextual targeting for connected TV advertising, potentially expanding beyond the $100bn gaming market. |
Mobile Contextual Connected TV Monetization Performance | |
| 2023 Q3 |
E-commercePortfolio includes two major e-commerce marketplace investments: MercadoLibre in Latin America and SEA Ltd in Southeast Asia. Both companies are building network effects and scale over decades, with MercadoLibre demonstrating the long-term potential after 24 years of development. The manager emphasizes that marketplaces require extraordinary patience to build but offer significant returns during the uncertainty phase. |
Marketplaces Network Effects LatAM Southeast Asia Scale |
FinTechMercadoLibre has leveraged its e-commerce platform into financial services, with over a fifth of Argentina's population using MELI high-interest accounts as protection against inflation. Purple Group's Easy Equities is democratizing investing for younger retail investors with 830,000 active clients, implementing new fee structures to improve unit economics. |
Digital Payments Retail Investing Financial Services Argentina Democratization | |
South AfricaThe fund maintains a 'Distressed Five' South African portfolio, betting that excessive negativity is priced in. Holdings include Transaction Capital (WeBuyCars), Purple Group, and Karooooo. The manager expects perceived risks to be mitigated over the next two years, with potential for significant returns if just two or three opportunities pan out. |
Distressed Value Risk Mitigation Asymmetric Survivors | |
| 2023 Q1 |
AIManager views AI as a new technology epoch comparable to the industrial revolution, with LLMs solving the complexity bottleneck through natural language interfaces. Believes we are in early 'irruption' phase with significant long-term potential but current limitations in speed, data age, and cost. |
ChatGPT LLMs Machine Learning Natural Language Automation |
SemiconductorsFocused on semiconductor supply chain as 'selling shovels' strategy during AI adoption. Views compute capacity as primary bottleneck with NVIDIA as dominant player. Investing in companies that manufacture tools for semiconductor production. |
NVIDIA ASML GPU Compute Manufacturing | |
TechnologyTechnology investments in US and China drove quarterly performance. Believes incumbent tech giants may not necessarily win in AI epoch, drawing parallels to historical technology disruptions where nimble newcomers often prevailed. |
Innovation Disruption Software Hardware Platforms |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 26, 2025 | Fund Letters | David Eborall | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CapEx, data centers, growth, Monopoly, semiconductors, valuation | Login |
| Aug 25, 2025 | Fund Letters | Saltlight Capital | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Antitrust Risk, Artificial Intelligence, Cloud computing, digital advertising, large language models, Platform Transition, search engine, technology, TPU Chips | Login |
| May 26, 2025 | Fund Letters | Saltlight Capital | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Enterprise Technology, Gpu, Hardware, semiconductors | Login |
| May 26, 2025 | Fund Letters | Saltlight Capital | BLU.JO | Blue Label Telecoms Limited | Communication Services | Wireless Telecommunication Services | Bull | JSE | Mobile Network, MVNO, restructuring, South Africa, telecommunications, turnaround, value unlock | Login |
| May 26, 2025 | Fund Letters | Saltlight Capital | SE | Sea Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Digital Entertainment, e-commerce, Fintech, Gaming, margin expansion, Mobile payments, Southeast Asia | Login |
| Nov 18, 2024 | Fund Letters | Saltlight Capital | 0700.HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | Hong Kong Stock Exchange | China Gaming, E-sports, Evergreen Games, Gaming Franchises, network effects, recurring revenue, Social Gaming, User-generated content, WeChat Platform | Login |
| Nov 18, 2024 | Fund Letters | Saltlight Capital | SE | Sea Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Capital-light, Emerging markets, Free Fire Franchise, high margins, Low Spec Optimization, Mobile Gaming, Southeast Asia Gaming, user engagement | Login |
| Nov 18, 2024 | Fund Letters | Saltlight Capital | RBLX | Roblox Corporation | Communication Services | Interactive Media & Services | Bull | NYSE | Advertising Monetization, Creator economy, Cross Platform, Gaming Platform, network effects, Platform economics, User-generated content, Youth Demographics | Login |
| Nov 18, 2024 | Fund Letters | Saltlight Capital | APP | AppLovin Corporation | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising technology, AI platform, Data Flywheel, e-commerce expansion, Mobile Gaming, network effects, Performance Marketing, programmatic advertising, user acquisition | Login |
| Sep 11, 2024 | Fund Letters | Saltlight Capital | SE | Sea Limited | Communication Services | Interactive Media & Services | Bull | NYSE | digital platform, e-commerce, Emerging markets, Fintech, Gaming, growth, network effects, Scale economies, Southeast Asia | Login |
| Sep 11, 2024 | Fund Letters | Saltlight Capital | BAM | Brookfield Asset Management | Financials | Asset Management & Custody Banks | Bull | NYSE | AI, alternative investments, asset management, capital deployment, data centers, energy transition, infrastructure, Real assets, renewable energy | Login |
| May 6, 2024 | Fund Letters | Saltlight Capital | 700.HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | Hong Kong Stock Exchange | advertising, AI, China, monetization, Share Buybacks, social media, Video Content, WeChat | Login |
| May 6, 2024 | Fund Letters | Saltlight Capital | JSEBLU | Blue Label Telecoms Limited | Communication Services | Wireless Telecommunication Services | Bull | Johannesburg Stock Exchange | consolidation, debt reduction, Self-healing, Share Buybacks, South Africa, telecommunications, turnaround | Login |
| May 6, 2024 | Fund Letters | Saltlight Capital | JSETCP | Transaction Capital Limited | Financials | Consumer Finance | Bull | Johannesburg Stock Exchange | debt restructuring, financial services, South Africa, Special Situation, spin-off, value unlock | Login |
| Nov 13, 2023 | Fund Letters | Saltlight Capital | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Emerging markets, Fintech, Latin America, marketplace, network effects | Login |
| Nov 13, 2023 | Fund Letters | Saltlight Capital | PPE.JO | Purple Group | Financials | Investment Banking & Brokerage | Bull | JSE | Capital-light, Democratization, digital platform, Philippines Expansion, Retail Brokerage, South Africa, Young Investors | Login |
| Nov 13, 2023 | Fund Letters | Saltlight Capital | TCP.JO | Transaction Capital | Consumer Discretionary | Specialty Retail | Bull | JSE | founder-led, Free Cash Flow, inventory management, South Africa, undervalued, Vehicle Retail, WeBuyCars | Login |
| Nov 13, 2023 | Fund Letters | Saltlight Capital | KARO | Karooooo | Information Technology | Application Software | Bull | NASDAQ | Fleet Management, founder-led, SaaS, South Africa, Telematics, Vehicle Tracking, working capital | Login |
| Nov 13, 2023 | Fund Letters | Saltlight Capital | ^FTSE | SEA Ltd | Communication Services | Interactive Media & Services | Bull | NYSE | Digital Entertainment, e-commerce, Early stage, Emerging markets, Gaming, marketplace, Southeast Asia | Login |
| Feb 23, 2023 | Fund Letters | Saltlight Capital | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, Artificial Intelligence, digital advertising, iOS Privacy Changes, network effects, Performance Marketing, Personalization, programmatic advertising, social media, user engagement | Login |
| Feb 23, 2023 | Fund Letters | Saltlight Capital | APP | AppLovin | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Tech, Connected tv, Contextual Advertising, CTV Advertising, digital advertising, Free-to-Play Games, Gaming Monetization, Household Targeting, Mobile Gaming, Performance Marketing | Login |
| Feb 23, 2023 | Fund Letters | Saltlight Capital | TCP.JO | Transaction Capital | Financials | Consumer Finance | Bull | JSE | asset-light model, Automotive Retail, Capital Light Growth, Corporate Restructuring, Inventory Turnover, market share growth, South Africa, spinoff, Used Car Dealer, Value Realization | Login |
| TICKER | COMMENTARY |
|---|---|
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| BLU.JO | We first came to Cell C through Blue Label Unlimited (BLU). BLU remains a compelling opportunity, even if it has been an exceptionally volatile business to own over the last three years: we have seen the market capitalisation move from roughly R2.5bn to R15bn, and then back down to around R9bn today. BLU's core business is a high free-cash-flow, capital-light distribution operation, currently valued at roughly 4x FCF. In November last year, BLU listed Cell C by selling down its 95% stake. BLU proceeded with the IPO at a valuation of R9bn. Based on our estimates, that implied a c. 19% free-cash-flow yield — meaning new IPO investors would capture most of the discount, not BLU shareholders. |
| CCL.JO | Cell C's new economic model radically transforms it into a capital-light FCF generator with mid-teens FCF growth over the next couple of years. It is now essentially debt-free, aside from asset-backed financing related to post-paid contracts and lease liabilities, and is supported by a top-tier management team. We estimate the business could generate roughly R1.6–R1.8bn of free cash flow in 2027, and we expect 50% of this to be returned to shareholders via dividends. Cell C is building a 'second act' as an MVNO platform growing at roughly 20% p.a., as retailers and banks increasingly 'white-label' mobile offerings and mobile/banking continue to converge. The value left on the table was sufficiently compelling that we decided to participate directly in the IPO. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| INTC | even Intel (a frequent punchline for missing cycles) found itself unexpectedly capacity-constrained in data-centre CPUs. |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| SE | During the quarter, we initiated a new position in Sea Limited, a Southeast Asian consumer internet company with an integrated ecosystem combining e-commerce, digital payments, and entertainment. Sea has a diversified business model, with its Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics infrastructure, and seller services. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
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