Investor Letters

Archive 2Q 2019 Letter

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Dear Shareholders, During the first half period, SaltLight Capital generated a growth in net worth per share of [redacted]. The JSE ALSI TRI index grew +12.21% – a formidable return from the JSE All-Share[1]. Our high exposure to SA Inc. has not rewarded us this… Read More »Archive 2Q 2019 Letter

Archive 2Q 2018 Letter

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“Moderation is better than muscle, self-control better than political power”– Proverbs 16:32 To our partners, this is a half-year review of SaltLight’s investment operations. Despite my best efforts, I haven’t quite worked out the very desirable skill of timing when an investment will yield performance. It… Read More »Archive 2Q 2018 Letter

Archive 1Q 2018 Letter

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Dear Fellow Shareholders, During the quarter, our Growth in NAV per share was [redcated] vs. the market return of-5.97%. If optimism could be bottled, the store shelves would have been ‘out of stock’ at the end of the quarter. Almost every company communication reflected a… Read More »Archive 1Q 2018 Letter

Archived 3Q 2017 Letter

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Dear Fellow Shareholders, This quarter has been a particularly difficult one to digest. As political and economic realities become evident, Mr Market has been in a fearful mood when it comes to South African-focused stocks. Contrast this to the constituents of the large-capitalisation indices that… Read More »Archived 3Q 2017 Letter

Archive 2Q 2017 Letter

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Year-end Letter: 4th quarter for the financial year ended June 2017 SaltLight Capital is an investment holding company that seeks to invest your capital for the long term with the objective of growing net worth[1] per share on a sustainable basis. Capital is allocated to… Read More »Archive 2Q 2017 Letter

Archive 1Q 2017 Letter

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Dear Fellow Shareholders, SaltLight Capital is an investment holding company that seeks to invest your capital for the long term with the objective of growing net worth[1] per share on a sustainable basis. Capital is allocated to a concentrated selection of my best ideas in… Read More »Archive 1Q 2017 Letter

Archive 4Q 2016 Letter

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Quarterly Update: 2nd quarter for the financial year ended June 2017 Dear Fellow Shareholders, SaltLight Capital is an investment holding company that seeks to invest your capital for the long term with the objective of growing net worth[1] per share on a sustainable basis. Capital… Read More »Archive 4Q 2016 Letter

Archive: 2Q 2016 Letter

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SaltLight is currently invested in nine businesses that are listed on the JSE. When allocating our capital, I view our investment decision as buying a piece of a business and SaltLight becomes a partner to that business. The market is continually quoting prices on a… Read More »Archive: 2Q 2016 Letter