SBYSF - Desert Lion Capital Q4 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 South African Reserve Bank has been much more conservative in monetary expansion compared to developed markets.
• Fundamentally, I believe the ZAR weakness (relative to the USD) is overdone and there is a meaningful probability that currency moves could be supportive for 2022 performance.
• As various industries and financial instruments hit inflection points, diversification and exposure to off the beaten path value can become even more compelling.

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