The fund aims to protect at least 90% of investors’ capital on an ongoing basis and is regulation 28-compliant. The fund targets the growth of underlying capital and achieving increased income returns.
The fund is optimistic about the growth prospects of multinational media company Naspers*, according to Asief Mohamed, manager of the fund and director of Aeon Investment Management.
“The fund’s biggest exposure is to Naspers,” says Mohamed. Aeon’s approach is to value Naspers’ subsidiaries separately, he explains. In that regard, Tencent, the Chinese mobile-game company in which Naspers holds a 34% stake, constitutes about 100% of Naspers’s valuation. “We expect the company to grow its revenue by about 25% over the next five years,” says Mohamed.