RECM & Calibre (RAC) is actively looking for new opportunities, as the investment company moves to further reduce its exposure to the cyclical mining and construction sectors, which weighed on its first-half performance. Executive chair Piet Viljoen has overseen changes in the make-up of the company’s portfolio, which is now heavily tilted in favour of the unlisted assets. The core investments, made up of companies such as Goldrush, JB Private Equity Investors Partnership and College SA, constitute 84% of the asset base, valued at just more than R2bn. Its portfolio investments, which include listed diamond miner Trans Hex and building materials specialist Distribution & Warehousing Network (Dawn), made up 10% of the asset base. Other investments took up the remaining balance. RAC net asset value (NAV) per share, which is the indicator of the underlying performance, dropped 3.6% to R26.86 in the six months to end-September, from a matching period a year go. The drop in NAV came as th...

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