KARO - Desert Lion Capital Q2 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 -2.0% for the quarter and +13.5% year-to-date through June. Since inception, the Fund outperformed the FTSE/JSE All Share Index (J203) by +5.3% per annum compounded.
• We spend a lot of time trying to understand where our companies are going, instead of just focusing on where they are.
• The Fund is invested in a core portfolio of 8 holdings, and we are building positions in 4 newcompanies that are totally off the beaten path and we believe have the potential for excitingreturns.

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