Montauk Holdings is an incredible growth story — yet its successes are largely ignored by local investors, who prefer not to dabble in unfamiliar stocks.The business was spun out of Hosken Consolidated Investments (HCI) in 2014, and listed separately on the JSE. The initial market response was underwhelming, and the shares drifted to around 200c at a value of about R270m. Four years later Montauk has a market value of more than R13bn — around the same size as HCI.Some HCI shareholders will be wondering why the investment company did not retain a stake in Montauk. HCI’s major shareholder, the SA Clothing & Textile Workers Union was not keen to hold offshore investments. But some HCI directors opted to back Montauk. They have been richly rewarded.One can forgive local investors, who at the best of times shy away from investments that require great leaps of faith, for not cottoning on to the attributes of Montauk.The company hasn’t gone out of its way to clearly communicate its busines...

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