Marc Hasenfuss Editor-at-large

Market perceptions that small-cap investment company Trematon is merely a proxy for Western Cape real estate must change.

Results for the year to end-August for the group — headed by former asset manager Arnold Shapiro and irrepressible property entrepreneur Allan Groll — show a marked (and important) shift in the portfolio spread. Trematon’s private schools business, Generation, now accounts for 30% of intrinsic NAV, up from 22% a year ago.

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