Investment veteran Remgro’s “evolution towards asset scarcity” is already paying dividends. But management might need more slack from investors as it tries to narrow the hefty market discount on its R138bn portfolio.

At the time of writing Remgro’s shares were trading at a roughly 37% discount to the intrinsic net asset value (iNAV) of R249 a share at the end of June. Remgro’s trailing dividend yield has fattened to 4.2% if investors factor in an effective R3.5bn “distribution” in the past financial year...

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