Desert Lion
Our archive holds 7 letters from Desert Lion, behind 5 investment theses and positions in 7 companies. Every quote below is copied verbatim from the letter it came from.
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Performance
as of Sep 30, 2026 · net of fees · USD · Standard Class
- YTD+19.9%index −5.4%
- Inception · total+108%
Index: FTSE/JSE All Share Index (J203)
| YTD | Since inceptiontotal | |
|---|---|---|
| Desert Lion Capital Fund | +19.9% | +108% |
| FTSE/JSE All Share Index (J203) | −5.4% | — |
Calendar years
- 2025+25.3%index −5.4%
- 2024−36.8%index +57.0%
- 2023+28.4%index +6.0%
- 2022−4.0%index −2.1%
- 2021−3.2%index −7.3%
- 2020−5.0%index +14.6%
- 2019+12.2%index −1.0%
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What they bought and sold · 1 move
- AddediOCOSeptember 2026
“Over the past 18 months we have been building a position in iOCO, adding as our conviction grew with each earnings release, share buyback announcement, and management interaction.”
Read the letter
Companies held · 7
Every company Desert Lion has disclosed a position in across our archive, with the letter that last mentioned it.
Theses · 5
- September 2026
iOCO is a South African IT services turnaround with strong earnings growth, low leverage, high ROIC/ROE, and value creation supported by acquisitions and buybacks at a low valuation.
Read the full thesis - June 2025
Argent is a transformed, globally diversified industrial conglomerate with strong cash generation and impressive growth potential, currently trading at undervalued multiples.
Read the full thesis - March 2025
Stadio is a South African for-profit higher education company aiming to increase access to quality tertiary education, demonstrating strong growth and excellent cash conversion while being well-positioned to double its student base amid a growing demand for private education.
Read the full thesis - March 2025
Hosken Consolidated Investments is a diversified investment holding company with significant growth potential in the energy sector, driven by its participation in the promising Namibian Orange Basin oil developments and a resilient portfolio poised for substantial earnings growth.
Read the full thesis - iOCOMarch 2025
iOCO is undergoing a significant turnaround under new leadership, refocusing on profitable verticals and showing early signs of financial improvement.
Read the full thesis
Letter archive · 7
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