Investor Letters

SaltLight SNN Worldwide Flexible Fund – Investor Letter 1Q22

For us, these turbulent periods are somewhat cathartic for our investment process. Investing mistakes are usually made in the ‘good times’ when the price one pays can diminish the returns on even the most wonderful businesses because future price expectations are based on a hopeful set of outcomes rather than probabilistic realism.

SaltLight SNN Worldwide Flexible Fund – Investor Letter 2Q21

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The second quarter of 2021 would probably rank as the most ‘reflationary’ economic environment that we’ve seen in decades. 

We’ve utilised this buoyancy to reposition the portfolio outside of South Africa and into global opportunity sets that we’ve been working on over the last few years

Archive 2Q 2020 Letter

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Dear Shareholder This quarter shall probably be remembered in the history books as the quarter that the world suddenly stopped. Dispersion amongst our portfolio companies was evident with a standout performance from technology investments and further declines in domestically-exposed businesses. The portfolio continues to be… Read More »Archive 2Q 2020 Letter

Archive 1Q 2020 Letter

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Breakfast, Burgers and Complexity Early in March, in what seems like a lifetime ago and days prior to South Africa’s lockdown, we took a trip down to KwaZulu-Natal Coast. A full trip to the coast usually takes around six hours and if one leaves early… Read More »Archive 1Q 2020 Letter

Archive 4Q 2019 Letter

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Build Something That’s Enduring In December 2015, I took a giant leap and apprehensively redirected the vast majority of my liquid capital to seed the second business that I had started over my lifetime – fusing the lessons learned whilst working in traditional investment banking… Read More »Archive 4Q 2019 Letter

Archive 3Q 2019 Letter

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Dear Shareholder, A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was. – Joseph Hall During the third quarter, SaltLight Capital generated a decline in net worth per share of [redacted] vs.… Read More »Archive 3Q 2019 Letter