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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 10, 2025 | Bonhoeffer Capital Management | 8.7% | - | ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L | banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio. | View | |
| 2025 Q2 | Jul 23, 2025 | Desert Lion Capital | 9.1% | 1.1% | ART.JO, CPI.JO, HCI.JO, IOC.JO, KRO.JO, SDO.JO | Buybacks, dividends, earnings, Industrial, South Africa, value | The portfolio contains several names with significant embedded upside trading at deeply depressed valuations. Argent Industrial trades on an ex-cash P/E of below 4× despite strong fundamentals, representing a textbook mispricing of a high-quality, globally diversified, cash-generating company. This is a classic case of a global business trading at South African discounts. | ART.JO ART SJ |
View |
| 2025 Q3 | Dec 5, 2025 | Desert Lion Capital | - | 13.4% | ACS.JO, ARA.JO, ART.JO, HCI.JO, IOC.JO, KRO.JO, LEW.JO, SDO.JO, SOL.JO | Buybacks, dividends, Industrial, JSE, real estate, small caps, South Africa, value | Portfolio companies trading at deeply dislocated valuations with strong fundamentals. Acsion trades at 0.3 times book value and 4 times earnings. Argent trades at 6 times earnings or 4 times excluding cash. Lewis trades at 5 times earnings with 11% dividend yield. | LEW SJ ARA SJ ART SJ ACS SJ |
View |
| 2023 Q2 | Jul 15, 2023 | Desert Lion Capital | 19.3% | 36.6% | ART.JO | Capital Allocation, Industrial, small cap, South Africa, value | Manager emphasizes finding compelling opportunities in inefficient corners of the market, specifically highlighting Argent Industrial as an example of market inefficiency trading at sub-4 PE despite strong fundamentals. Uses Peter Lynch's PEG ratio methodology to identify undervalued companies with strong growth prospects. | ART.JO |
View |
| 2025 Q1 | Mar 31, 2025 | Desert Lion Capital | -7.4% | -7.4% | ART.JO, CWL.JO, HCI.JO, KRO.JO, SDO.JO, SOL.JO | Concentration, Education, small caps, South Africa, value | Stadio operates for-profit higher education in South Africa with strong operating leverage, growing from 8% student growth to 14% revenue growth and 28% EPS increase. The supply-demand dynamics are compelling as fewer than 40% of qualified matriculants can be accommodated in the public system due to government-subsidized university collapse. Stadio has a clear runway to double its student base from 50,000 to over 100,000. | SDO.JO |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Desert Lion Capital | Argent Industrial | Industrials | Industrial Conglomerates | Bull | Johannesburg Stock Exchange | capital allocation, debt-free, Fuel Storage, industrial conglomerate, international diversification, manufacturing, Mining equipment, Rail Systems, Share Buybacks, South Africa, Steel Trading, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Desert Lion Capital | Argent Industrial | Industrials | Industrial Conglomerates | Bull | Johannesburg Stock Exchange | capital allocation, cash generation, Developed Markets, dividend, industrial conglomerate, mispricing, ROE, Security Barriers, Share Buybacks, South Africa, specialty equipment, Steel fabrication, UK, US, Value | View Pitch |
| Feb 18, 2026 | Substack | Praya Value | Argent Industrial | Industrial | Specialized Industrial Manufacturing | Bull | Johannesburg Stock Exchange | Argent Industrial, balance sheet strength, capital allocation, internationalization, light industrial manufacturing, M&A strategy, Rand depreciation, relocation strategy, South Africa, specialized industrial supplier | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||