Letters, Research and Whitepapers

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

Archive 2Q 2020 Letter

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

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