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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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| 2023 Q1 | Apr 19, 2023 | Desert Lion Capital | -3.6% | -3.6% | SDO.JO | compounders, Concentration, Education, South Africa, value | Stadio operates in South African for-profit higher education with compelling supply-demand dynamics. With the ongoing collapse of government-subsidized public universities, fewer than 40% of qualified matriculants can be accommodated in the public system, creating a clear runway for Stadio to more than double its student base from 50,000 to over 100,000. | SDO SJ |
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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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| 2023 Q3 | Oct 27, 2023 | Desert Lion Capital | 19.3% | 36.6% | KARO.JO, MST.JO, SDO.JO, SGL.JO | Capitulation, emerging markets, JSE, Relative Performance, South Africa, value | Manager emphasizes extreme value opportunities in South African equities, citing companies trading at 3-4 PE ratios with strong fundamentals. Traditional value formula requires low entry multiples, dividends, buybacks, and organic growth without expecting multiple expansion. | 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 |
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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 | Stadio Holdings Limited | Consumer Discretionary | Education Services | Bull | Johannesburg Stock Exchange | asset-light, Education Services, Emerging markets, For-Profit Education, growth, Higher Education, operating leverage, Private education, ROE Expansion, South Africa | 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. | ||||||||