It’s an investment vehicle of a highly successful businessman who owns 70% of the ordinary shares and 11% of the "N" shares of a highly illiquid R2.6bn investment fund, listed on the JSE. Its name is Sabvest.Over many years its CEO, Chris Seabrooke, has built a niche investment holding company of a range of domestic and offshore listed and unlisted assets. It has a near unbroken 10-year record of NAV growth averaging 21% compound; 65% of assets are offshore and just over half the vehicle’s value is in unlisted investments (52.6%).So why am I writing about an illiquid family investment trust? The simple answer is that after many years, the conservative and matronly Sabvest has become unrecognisable. Its facelift began at the start of 2018, when its biggest asset, SA Bias, agreed to sell its International Trimmings & Labels arm (ITL) for $186.9m (the equivalent of R2.3bn at the time of the announcement) to Mandarin Industries. This sale was pretty much equal to the entire market valua...

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