Naspers

JSE-listed global consumer internet group and one of the largest technology investors in the world, operating through its portfolio company Prosus and investing in ecommerce, payments, food delivery and education technology across emerging markets including India, Brazil, and Europe.

"Naspers was particularly weak in the quarter (declining -22%), reflecting concerns over whether Tencent was lagging on AI deployment. Tencent has recently signalled increased AI investment. This will impact near-term earnings. Longer term, we believe that Tencent is well-positioned to win as it deploys AI to leverage its moat and deepen user engagement. Tencent has a massive data advantage from its 1.4bn monthly active users and integration across the Chinese economy in sectors spanning gaming, advertising, and fintech.”