Investment Review – July 2021

Market Indicators

  • JSE All Share (ALSI) 68,970.78
  • Rand/Euro R 17.33
  • Rand/Pound R 20.30
  • Rand/US Dollar R 14.60
  • Rand/Aus Dollar R 10.72

Naspers and Prosus – The discount, deal and debate

Recently, Prosus shareholders announced that they had approved a deal with their parent company, Naspers, to effectively change the group’s financial structure. The hope is that the new structure will reduce the large historical discount that Naspers and Prosus trade at relative to the value of their underlying assets.

In this month’s commentary we look at the various components of the transaction with the goal of determining if the current deal will result in the best outcomes for shareholders.

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.