RECM & Calibre (RACP), the investment company spearheaded by fund management personalities Piet Viljoen and Jan van Niekerk, is building a compelling proposition of unlisted assets. Clearly, some people get it — which is why its preference shares listed on the JSE have soared 57% over the past three years.

Still, formulating an accurate valuation remains tricky. Most of the JSE’s large investment counters base their underlying value on listed investments. Think of Remgro (which includes Mediclinic, RCL Foods, FirstRand, RMI, Distell and Grindrod); Brimstone (Oceana, Life Health and Sea Harvest), PSG Group (Capitec, Curro, Zeder and PSG Konsult) and Hosken Consolidated Investments (Tsogo Sun, Niveus and Deneb Investments).

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