Investor Letters

SaltLight SNN Worldwide Flexible Fund – Investor Letter 2Q23

Instead of melodies and rhythms, our composition unfolds on a different stage. We see ourselves as treasure hunters, sifting through a vast terrain, discovering hidden opportunities, and appraising their potential for reward. Over time, as we collect these coarse rocks, we observe, adjust, and refine our approach

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

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