For one thing, the discount offered by the share price on the value of the underlying assets is not as deep as those usually associated with large investment companies such as Remgro, Reinet or Hosken Consolidated Investments. At the time of writing the discount was just 4% — not exactly a bargain when investment companies offer discounts of 15%-25% on quality assets and top management teams. What might also count against PSG is that about 90% of its portfolio is already listed on the JSE. Unlike counters such as Sabvest, African Equity Empowerment Investments and Brait, which offer entry points to sizeable unlisted investments, PSG’s portfolio of "private" holdings is minuscule. About half its portfolio value resides in Capitec Bank, with listed investments such as private education specialist Curro Holdings (15%), financial services hub PSG Konsult (12%) and agribusiness investor Zeder (7%) comprising another hefty chunk.

It could be argued that, in the absence of a compelli...

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