Naspers

EXTRACT FROM PORTFOLIO MANAGER COMMENTARIES – JUNE 2023

Naspers and Prosus remain sizeable holdings in our balanced and equity funds. We were pleased by recent management actions that, once again, illustrated their commitment to narrowing the discount to net asset value (NAV) and maximising shareholder value. As part of the recent results, management announced the simplification of its corporate structure, which involves removing the previously created cross-shareholdings. This cross-shareholding created complexity and most likely contributed to the persistent discount to NAV. This simplification also removed any constraints to Naspers’s ongoing share buyback programme, which continues to create shareholder value at both Prosus and Naspers daily.