Christine Tan Naspers Ltd. NPSND-5 TOP PICK Aug 31, 2017

A South African company, Tech media. A fascinating business model. You could think of them almost as a private equity firm. 80% of their NAV and almost 100% of their market cap and is basically reflected in their stake in Tencent (TCEHY-5). This is her way of investing in Tencent, with a free option on all their other businesses.

(A Top Pick Sept 30/16. Down 5.04%.) A South African company, but think of it as a technology private equity business. The biggest value in their NAV is the Chinese tech company Tencent (TCEHY-5). However, they own a lot of little companies in India and the middle east.

You are effectively getting a cheaper way to buy Tencent (TCEHY-5) along with a bunch of other businesses that you are effectively getting for free. The trouble with the other businesses is that they are insignificant on a relative basis compared to Tencent. He would rather own the key driver of his wealth as opposed to a more diluted vehicle. He would rather just buy Tencent directly.

He looked at this in the past, but he thinks there are better ways to get emerging market exposure. Alternatively, you could pick an ETF or conglomerate. He would not be a buyer.