Long-term investment company RECM and Calibre (RACP) — headed by asset-management personalities Piet Viljoen and Jan van Niekerk — easily outsprinted the JSE in the year to March. Results released on Wednesday showed RACP increased net asset value — the best gauge of performance of an investment company — a whopping 39% to R27.35 per share. Over the same period the JSE’s all share index managed a much more modest 2.5% total return. The largest component of the return stemmed from dividends triggered by the sale of RACP’s indirect stake in recently listed healthcare retailer Dis-Chem. Viljoen said this partially reflected the way the company’s investment in Dis-Chem was structured — via Fledge Holdings, "as a result of which the proceeds from the sale of this investment of R324m was paid out as a dividend". During the year, RACP also sold off minority interests in boutique hotel group Gooderson, American Homes and Afrocentric Health for a small profit. About R250m was spent on invest...

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