Since listing in late 2017, African Rainbow Capital Investments (ARCI) has hardly set the JSE alight. On the contrary, it has been a dismal share-price performer, declining 54% since its October 2017 high. This is a pity, as it has not exhibited a disastrous showing during this period in terms of net asset value (NAV) growth.

Co-CEO Johan van der Merwe puts it succinctly: “We have been singularly unsuccessful in convincing the market of the value proposition of ARCI.”

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