CKHGY - Desert Lion Capital Q3 2020 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.
• Desert Lion returned +20.4% for Q3. Returns were driven this quarter by many of the holdings we have detailed in our past letters and idea presentations. Highlights include Cartrack, which reported great results notwithstanding the lockdown period.
• PSG Group, a collection of great businesses trading at a deep holdco discount, was up +26% during the third quarter.
• The fund is almost fully invested across 8 businesses and retains a small cash holding to deploy opportunistically.

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