Naspers investment summary

Our balanced and equity funds have a sizeable exposure to the global stocks listed locally. These holdings are both independently attractive and provide diversification away from a challenged domestic economy. The largest amongst these include Naspers amongst others. In Naspers, we have high conviction in the prospects of its core Tencent investment. Tencent's gaming and advertising businesses are growing strongly, whilst fintech is picking up. This topline growth is driving widening margins. At a Naspers/Prosus level, investors benefit from an additional pickup from the accretive share buyback programme.

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