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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 11, 2024 | Saltlight Capital | 15.6% | 35.6% | BAM, BN, KARO, MSFT, SE | AI, Capital Allocation, compounders, E-Commerce, energy, Second Acts, South Africa | The 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. | BAM SE |
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| 2022 Q3 | Nov 14, 2022 | Saltlight Capital | 15.6% | 35.6% | BAM, KARO, MELI | - | View | ||
| 2023 Q3 | Nov 13, 2023 | Saltlight Capital | 15.6% | 35.6% | KARO, MELI, PPE.JO, SE, TCP.JO | E-Commerce, emerging markets, Fintech, long-term, marketplaces, South Africa, value | Portfolio 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. | PPE.JO TCP.JO KARO ^FTSE ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2022 Q3 | Oct 26, 2022 | Polen Capital – Emerging Markets Growth | 12.6% | -21.8% | ATHM, KARO, MBLY, MELI, TITANIN IN | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Mobius Capital Partners | 2.9% | 0.0% | EPAM, KARO, MELI, MMYT, TCOM | active management, Asia, emerging markets, mid cap, Quality, Recovery, technology, underperformance | The strategy focuses on high-quality, innovative, under-researched mid-cap compounders with strong fundamentals. Quality stocks suffered significant underperformance in 2025 due to style headwinds, with investors favoring perceived safe-haven assets and larger, more liquid equities during periods of macroeconomic uncertainty. The portfolio benefits from AI-driven demand, particularly in the software/IT services sector. Recovery prospects are supported by AI-driven demand and the resumption of previously deferred projects, with companies like Elite Material benefiting from GPU customers utilizing additional printed circuit boards. Taiwan continues to benefit from a powerful semiconductor investment cycle and globally competitive innovation ecosystem. The portfolio includes exposure to semiconductor testing equipment manufacturers like Chroma, which should benefit from wider adoption of system-level testing solutions and continued data center investment. The portfolio includes exposure to Latin American e-commerce platform Mercado Libre, which faced short-term pressure due to Brazilian election volatility but maintains intact long-term market and operational fundamentals. The strategy also initiated positions in online travel agencies benefiting from India's growing online travel market. The fund initiated a position in MakeMyTrip, the dominant Indian online travel agency, positioned to benefit from India's online travel market expected to grow at 22% CAGR from $12bn in 2022 to $60bn in 2030. The company enjoys high brand recall and organic traffic, resulting in strong operating leverage. | KARO MMYT RADL3 BZ 2383 TT EPAM |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Saltlight Capital | Karooooo | Information Technology | Application Software | Bull | NASDAQ | Fleet Management, founder-led, SaaS, South Africa, Telematics, Vehicle Tracking, working capital | View Pitch |
| Jan 30, 2026 | Fund Letters | Carlos Hardenberg | Karooooo Ltd | Information Technology | Application Software | Bull | NASDAQ | ARPU, Fleet Management, SaaS, Subscriptions, Telematics | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Mountainside Research | Karooooo Ltd. | Information Technology | Software - Application | Bull | NASDAQ | — | 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. | ||||||||