Prosus

Euronext Amsterdam-listed (secondary JSE listing) global consumer internet group and one of the world's largest technology investors, building leading companies in online classifieds, food delivery, payments & fintech, and education technology across emerging markets globally.

“…Naspers/Prosus underperformed in the quarter as stock markets struggled to assess the winners and losers from artificial intelligence (AI) in the technology space. As many speculate that AI will destroy the case for a lot of software products, the market has reacted immediately by broadly selling off a large amount of prior tech winners, including Tencent. We are, however, of the view that Tencent’s main strength, a dominant position in the Chinese online space and an enormous wealth of data, makes it uniquely positioned to be an AI winner. Given this, we have added to our holding in Naspers/Prosus, especially as the discount to their underlying holdings has widened.”