CRKHF - Desert Lion Capital Q1 2021 Investor Letter

• Desert Lion Capital is managed by Rudi van Niekerk who is a South African citizen. Due to a growing interest from US and other international investors, Desert Lion Capital was launched to meet the needs of non-South African investors.
• The Fund returned +15.8% for Q1 and outperformed the FTSE/JSE All Share Index by +4.5% for the quarter.
• The fund is presently invested in a core portfolio of 8 companies. It has a list of smaller cap companies with very attractive return characteristics, and are gradually allocating capital to these.

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