African Rainbow Capital (ARC) must be bemused by how much it has been criticised. We are living in a time when investment trusts increasingly trade at a discount.

Even those as venerable as Remgro have come in for criticism. PSG which under Jannie Mouton has been lauded for its wealth creation is under pressure to collapse its holding companies such as Zeder. But ARC’s argument has always been that it does not collect assets like postage stamps, it adds value to its underlying companies — even if it is only to tick a  few more black empowerment boxes...

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