Darren Sissons Naspers Ltd. NPSND-5 DON'T BUY May 11, 2018

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.

This is a company that was set in Africa, but you can think of it as a very big tech venture capital firm. An inexpensive way to own Tencent (TCEHY-5). They own 33% of that, as well as 29% of Mail.ru in Russia. Dividend yield of 0.2%. (Analysts’ price target is ZAR3,710.00.)

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.