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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 2024 Q1 | May 13, 2024 | Desert Lion Capital | 19.3% | 36.6% | ARA.JO, HCI.JO, KRO.JO | Mining, oil, South Africa, Tourism, value | HCI has exposure to extensive exploration acreage in the Orange Basin, which is emerging as the world's next hydrocarbon giant. Significant oil discoveries have been confirmed and HCI is part of a consortium led by Total commercializing these discoveries. The manager believes earnings from these operations will effectively triple HCI's current earnings in about 5 years. | ARA.JO KRO.JO HCI.JO |
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| 2024 Q4 | Feb 1, 2025 | Desert Lion Capital | -3.3% | 34.4% | ARI.JO, CLC.JO, KRO.JO, LEW.JO, SDO.JO, SOL.JO | Cyclical, emerging markets, infrastructure, Privatization, South Africa, value | Massive private sector capex in electricity generation has ended 5+ years of rolling blackouts. Huge waves of private and public sector capex are heading towards infrastructure spend in rail, roads, ports, water and energy with a multiplier effect. | 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 |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Desert Lion Capital | Karooooo | Information Technology | Application Software | Bull | JSE | AI, Fleet Management, growth, Long-term compounder, SaaS, Software, South Africa, technology, Vehicle Tracking | 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. | ||||||||