PSG’s departure from the market means there’s one less investment holding company to choose from. As the universe of investment opportunities on the JSE continues to shrink, it’s never good to see another major group using the exit door.

Though the problem of a discount to NAV plagues many such companies, the likes of Sabvest Capital (up 33% in 2022) show that these can be solid investments. The key is to offer an appropriate cost base and a solid mix of investments that aren’t easy to access elsewhere. These are critical in narrowing the discount to NAV to an acceptable level...

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