Astoria’s a long-term, slow-burn value play
Investors will probably still prefer the bigger investment holding companies such as Remgro and HCI, but Astoria is worth a look
Astoria is a strange story. The investment company was founded in 2015 by the prime movers behind asset management group Anchor as a vehicle to house offshore investments for punters keen on a strong rand hedge position.
Astoria traded at a wide discount to the NAV of its portfolio, and an opportunistic RECM & Calibre (RAC) built a formidable position as an activist shareholder. Astoria started to liquidate its portfolio and return capital to shareholders, while RAC pushed for a complete takeover of the business...