Why Numbers Matter – Lunar Capital Client Event Replay
Why Numbers Matter – Lunar Capital Client Event Replay Read More »
Index / Fund / Rate | Start of Year | Last week | This Week | % change YTD |
---|---|---|---|---|
JSE ALSI | 73 723 | 65 662 | 68 327 | -10.92% |
NASDAQ Composite | 15 833 | 11 128 | 11 635 | -28.87% |
S&P 500 | 4 797 | 3 825 | 3 899 | -19.74% |
Prime Lending Rate | 7.25% | 8.25% | 8.25% | 13.79% |
Lunar BCI WW Flexible Fund | 165.68 | 137.95 | 144.63 | -16.74% |
USD/ZAR | 15.96 | 16.34 | 16.90 | 2.45% |
EUR/ZAR | 17.95 | 17.00 | 17.21 | -6.23% |
Brent Crude | 77.86 | 111.38 | 107.08 | 37.53% |
Source: iress
Join us this Wednesday at 18H00 as we will be hosting our client event: Why Numbers Matter
Numbers were used to predict trends and influence decisions during the Covid 19 epidemic, and Ridhwaan Suliman was at the forefront of making sense of these. The numbers paved the way to helping the world understand the pandemic and how to handle it. Lunar Capital also use numbers to determine market trends and the valuations of companies they invest in. Join Lunar Capital as Ridhwaan and Sabir explore and discuss the relevance of numbers in their respective fields and how Lunar Capital uses these to manage risk and grow your investments.
Sign up for our free event here.
Please forward this to anyone else you think may be interested.
ASML
On Monday last week, A Bloomberg article reported that there were rumours that the US Government wanted to restrict ASML from selling some of their older semiconductor equipment like the DUV (Deep Ultraviolet) lithography equipment to China. A spokesperson from ASML said that, “No decisions have been made, and we do not want to speculate or comment on rumours.” Shares for ASML U.S. dropped from $449.96 on the Monday before the article was released to $432.21 by the end of Tuesday. However – by the end of the week the share price for ASML was $452.95.
Lithography and semiconductor equipment require licenses to sell overseas. Since 2019,The Dutch Government in conjunction with the US Government have not granted ASML the license to sell their Lithography machines, that use EUV (Extreme Ultraviolet) light waves to make high-powered semiconductor chips, to China. However ASML were still able to sell older equipment, that uses DUV technology, to Chinese customers. Of the €18.6 bl revenue in 2021, 14.7% of revenue still came from China. It accounted for the third largest revenue figure behind Taiwan (39.4%) and South Korea (33.4%).
As of Friday 8 July 2022, ASML was trading $452.95 on the Nasdaq compared to $796.14 at the beginning of the year. This represents a decrease in the share price of just under 40%, compared to the tech heavy NASDAQ which is down 26.51% since the beginning of the year.
Since the begging of 2019, revenue for ASML have grown at a CAGR rate of 19.36%, and net profits have grown at a CAGR rate of 31.43%. The company has averaged a net-margin of 25.66% since 2018. The company was trading at a PE of 34.55 as of Friday 8 June 2022. At Lunar Capital, we believe that the company has strong fundamentals and is still really well positioned due to ASML effectively having a monopoly on selling Lithography equipment in an industry with a high demand for semiconductors.
Disclosure: ASML is held in the Lunar BCI Worldwide Flexible Fund.
Read our full Disclosure statement: https://lunarcapital.co.za/disclosures/
Our Privacy Notice: https://lunarcapital.co.za/privacy-policy/
The Lunar BCI Worldwide Flexible Fund Fact Sheet together with our Disclaimers can be read here.
Weekly Roundup 2022-07-08 Read More »
Index / Fund / Rate | Start of Year | Last week | This Week | % change YTD |
---|---|---|---|---|
JSE ALSI | 73 723 | 66 349 | 65 662 | -10.92% |
NASDAQ Composite | 15 833 | 11 608 | 11 128 | -28.87% |
S&P 500 | 4 797 | 3 912 | 3 825 | -19.74% |
Prime Lending Rate | 7.25% | 8.25% | 8.25% | 13.79% |
Lunar BCI WW Flexible Fund | 165.68 | 136.20 | 137.95 | -16.74% |
USD/ZAR | 15.96 | 15.81 | 16.34 | 2.45% |
EUR/ZAR | 17.95 | 16.69 | 17.00 | -6.23% |
Source: iress
Nike, one of the world’s leading designers, marketers and distributors of athletics wear, released their 2022 Q4 and full year results on the 27th June. The company’s share price closed at $101.18 on Friday last week. The stock is down 38.6% since the beginning of the year, compared to the S&P 500 which is down 20.26%.
For the year, Nike’s revenue grew by 5% to $46.7 billion, and had a net earnings of $6 billion (grew by 6%). The company did, however, return approximately $5.8 billion to shareholders through dividends and share buybacks. One of the struggles the company has been facing is the global supply-chain issues. Inventories for Nike increased 23% to $8.4 billion, mainly as a result of Nike having more unfinished products that they currently aren’t able to sell.
Generally, the more high-end a clothing company, the greater their gross margin. This means that companies with lower gross margins are more susceptible to inflationary price pressure as they could be forced to increase the price of their products if their costs increase dramatically. And that would lead to fewer people buying their products. The large decrease in the share price is likely due to the high levels of inflation in the US and Europe; the possibility of the US going into a recession; global supply chain issues; and Nike exiting operations in Russia. These factors are all likely affecting the near-term earning potential for the company. It is worth noting that one of the huge upsides for Nike, is that they have a really strong global brand with a large base of loyal customers that will only buy from them.
Nike’s competitors such as Adidas and Lululemon have also suffered similar fates to their share prices this year. Below is a table comparing certain metrics for these companies as recorded on the 1st of July 2022.
Company | Market Cap ($’bn) | PE Ratio | Rolling 12 months Gross Margin | % Change in Price YTD |
---|---|---|---|---|
Nike | 159.20 | 26.98 | 46.00% | -39.59% |
Adidas | 33.75 | 25.91 | 50.23% | -33.79% |
Lululemon | 33.62 | 35.98 | 57.68% | -33.94% |
Source: Iress; Nike, Adidas and Lululemon financial statements
Disclosure: Lululemon is held in the Lunar BCI Worldwide Flexible Fund.
Read our full Disclosure statement: https://lunarcapital.co.za/disclosures/
Our Privacy Notice: https://lunarcapital.co.za/privacy-policy/
The Lunar BCI Worldwide Flexible Fund Fact Sheet together with our Disclaimers can be read here.
Weekly Roundup 2022-07-01 Read More »
Index / Fund / Rate | Start of Year | Last week | This Week | % change YTD |
---|---|---|---|---|
JSE ALSI | 73 723 | 65 390 | 66 349 | -10.00% |
NASDAQ Composite | 15 833 | 10 798 | 11 608 | -26.68% |
S&P 500 | 4 797 | 3 901 | 3 912 | -18.44% |
Prime Lending Rate | 7.25% | 8.25% | 8.25% | 13.79% |
Lunar BCI WW Flexible Fund | 165.68 | 131.69 | 136.20 | -17.79% |
USD/ZAR | 15.96 | 16.06 | 15.81 | -0.94% |
EUR/ZAR | 17.95 | 16.89 | 16.69 | -7.02% |
Source: iress
Prosus and Naspers released their annual results for the year ended 31 March 2022. In the annual results, they announced that they would start a share repurchase programme for their Prosus and Naspers’ shares. This would be funded by regularly a selling small number of the Tencent shares. The idea is that they want to decrease the difference between their Market Cap and Net Asset Value (NAV), which has been trading at a significant discount.
As it currently stands, Prosus effectively owns 29% of Tencent. This is by far their biggest holding, which is currently worth $134 billion. Prosus also owns a multitude of small ventures in the E-commerce space such as OLX, PayU, and Movile. According to Prosus, on the 31 March 2022, the NAV per share of Prosus was ZAR 1,759 versus a closing price of R795.76, representing a discount 54.8%. post the announcement of the results, the closing price on the 27th of June 2022, was R1 039.48, increasing by 18% from the day before the results and announcement of the sale of Tencent shares and repurchase of Prosus and Naspers shares were published. This has reduced the discount.
Similarly, Naspers has also been trading at a discount to its NAV and its shares went up by 22.8% on 27 June 2022, from the day before the results were announced. The estimated NAV per share of Naspers on 24 June 2022 was R5 398.30 per share versus the closing price on 27 June 2022 of R2 348.69, presenting a discount to NAV of 56% despite the 22.8% increase.
The sale of Tencent shares will be done in an orderly way, with no more than 2-3% of the daily trading volume of Tencent shares on the Hing Stock Exchange being traded.
Over and above the share repurchase programme, Naspers and Prosus have indicated that they plan to continue investing in other ventures that have the goal of generating sustainable returns over the long term. However, for the current year none of their other ventures, apart from the classified portfolio in Prosus\’s books and Media portfolio in Naspers’ books, have generated a profit. These loss making businesses together with high management costs will continue to discount Nasper and Prosus share prices versus their respective NAV.
Disclosure: Prosus and Naspers are held in the Lunar BCI Worldwide Flexible Fund.
Read our full Disclosure statement: https://lunarcapital.co.za/disclosures/
Our Privacy Notice: https://lunarcapital.co.za/privacy-policy/
The Lunar BCI Worldwide Flexible Fund Fact Sheet together with our Disclaimers can be read here.
Weekly Roundup 2022-06-24 Read More »
Index / Fund / Rate | Start of Year | Last week | This Week | % change YTD |
---|---|---|---|---|
JSE ALSI | 73 723 | 67 803 | 65 390 | -11.30% |
NASDAQ Composite | 15 833 | 11 340 | 10 798 | -31.80% |
S&P 500 | 4 797 | 3 901 | 3 901 | -23.38% |
Prime Lending Rate | 7.25% | 8.25% | 8.25% | 13.79% |
Lunar BCI WW Flexible Fund | 165.68 | 138.08 | 131.69 | -20.52% |
USD/ZAR | 15.96 | 15.88 | 16.06 | 0.63% |
EUR/ZAR | 17.95 | 16.73 | 16.89 | -5.91% |
Source: iress
Last Wednesday, The US Federal Reserve (Fed) announced that it will increase its benchmark interest rate by 75 basis points. This comes after the announcement that the yearly US consumer price index for May increased by 8.6%, compared to expectations that it would only increase by 8.1%. The benchmark funds rate range now sits at between 1.5% and 1.75%. This is still a long way from giving investors in US treasury bonds a real positive rate of return (ie. a return after inflation has been accounted for).
A 75-basis points increase has not been seen since 1994. Jerome Powell (the Fed chairman) said that they expect that the rate will increase by another 50 to 75 basis points in the July meeting. The decisions will be made after the inflation figures for June come out.
The Fed is effectively trying to tame inflation by decreasing demand. But they do not want to push the US economy into a recession. Some market analysts believe that the rate increases have been too little and too late, and that the risk of a recession in the USA next year is very high.
At the June meeting of the Federal Open Market Committee (the committee that makes decisions about the interest rates and US money supply), at least half of the members indicated that the Fed fund rate might need to rise to around 3.375% by the end of the year. This is about 1.5 percentage points higher than what they expected in March. The market, through the rate that it wishes to earn on US Treasury bonds has been predicting a rate of around 3.5% in the FED funds rate by the end of the year.
The long-term goal of the Fed is to get inflation to a 2% level while keeping the labour market strong.
Read our full Disclosure statement: https://lunarcapital.co.za/disclosures/
Our Privacy Notice: https://lunarcapital.co.za/privacy-policy/
The Lunar BCI Worldwide Flexible Fund Fact Sheet together with our Disclaimers can be read here.
Weekly Roundup 2022-06-17 Read More »
Index / Fund / Rate | Start of Year | Last week | This Week | % change YTD |
---|---|---|---|---|
JSE ALSI | 73 723 | 70 920 | 67 803 | -8.03% |
NASDAQ Composite | 15 833 | 12 013 | 11 340 | -28.38% |
S&P 500 | 4 797 | 4 109 | 3 901 | -18.67% |
Prime Lending Rate | 7.25% | 8.25% | 8.25% | 13.79% |
Lunar BCI WW Flexible Fund | 165.68 | 142.61 | 138.08 | -16.66% |
USD/ZAR | 15.96 | 15.54 | 15.88 | -0.50% |
EUR/ZAR | 17.95 | 16.68 | 16.73 | -6.80% |
Source: iress
Remgro is a holding company with several listed and unlisted investments. It has a market capitalisation of R70.3bl. As at the end of December 2021, it had a net asset value (NAV) of R114.2bl, giving it an estimated discount to NAV of approximately 38%.
Management has been attempting to unlock this discount to NAV, by cleaning up their portfolio through distributing certain listed investments to their shareholders, offering to acquire certain listed investments and delisting these, and bulking up some of their unlisted investments in joint ventures with other industry players. By acquiring listed companies and making them private, Remgro will have greater influence in the management and strategic direction of those companies. If this strategy is successful, then these companies could be brought back to the market at a later stage and provide substantial returns to Remgro shareholders.
One of the companies in their portfolio is Mediclinic, of which Remgro own approximately 44.5%. On 31 May 2022, Remgro together with MSC Mediterranean Shipping Company, offered to acquire the shares not already owned by Remgro at a price of 463 British pence per share. Perhaps, the consortium of Remgro and MSC viewed Mediclinic to be undervalued or that they be able to reposition Mediclinic’s strategic direction and grow its value faster. The take-over proposal for Mediclinic was rejected by the Mediclinic Board. The Mediclinic board (excluding Remgro representatives) believed that the bid undervalued the company. Remgro and MSC have until 7 July 2022 to decide whether to make another offer or withdraw any intention to do so.
Remgro was also a beneficiary of the unbundling of certain assets in the Rand Merchant Investment Holdings (RMIH) portfolio. At 31 December 2021, Remgro had a stake in RMIH valued at R21.2 bl. The RMIH unbundling would effectively unbundle Discovery and Momentum Metropolitan Holdings (MMH) from the RMIH stock. There doesn\’t seem to have been any indication from Remgro as to what they will be doing with their Discovery and MMH assets. Remgro has also unbundled most of its stake in FirstRand after the Rand Merchant Holdings (RMH) unbundling.
We believe that Remgro’s strategy is an interesting one to keep an eye on, and if they are successful in acquiring companies at good prices and repositioning their strategy, it may yield good returns over the long-term.
On Friday, The US released inflation figures for May. The consumer price index increased 8.6% from a year earlier, compared to the expected 8.1%. Shelter, food and fuel were the biggest contributors to the increased prices. Due to the higher than expected inflation figures, the market anticipates that the US Federal Reserve will likely increase the US interest rates by more than they currently planned to.
On Thursday 9 June 2022, The European Central Bank (ECB) said it plans to raise key interest rates by 0.25% in July, and a further unspecified-increase later in the year. This would be the first time in more than 11 years since the ECB has raised rates. The ECB has been lagging the US in terms of interest rate hikes. The ECB\’s interest rate is currently -0.50%. And the latest inflation figures for the Eurozone are 8.1% (well over the targeted 2%).
On Friday the S&P 500 closed the day 2.91% lower.
Disclosure: Remgro is held in the Lunar BCI Worldwide Flexible Fund
Read our full Disclosure statement: https://lunarcapital.co.za/disclosures/
Our Privacy Notice: https://lunarcapital.co.za/privacy-policy/
The Lunar BCI Worldwide Flexible Fund Fact Sheet together with our Disclaimers can be read here.
Weekly Roundup 2022-06-10 Read More »
“The earth, the sea and air are the concern of every nation. And science, technology, and education can be the ally of every nation.”
South Africa, through the Independent Communications Authority of South Africa (ICASA) took a big step, when it finally auctioned off the 5G spectrum last month (March 2022). 5G stands for fifth generation cellular network.
Let’s quickly look at the advantages of 5G technology:
Now, let’s look at some of the disadvantages:
Our experience with most technologies is that we may not fully appreciate how our needs may change as these technologies mature. Newer technologies enable newer services or products that we may not even have thought about. According to Computer Weekly, 5G technology provides some exciting prospects for innovation in:
At Lunar Capital, we are optimistic on these possibilities of 5G and we have invested in a number of companies (e.g. MTN, Vodacom, Qualcomm) that we think may benefit as these technologies roll out and mature.
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The Lunar BCI Worldwide Flexible Funds February 2022 Fund Fact Sheet can be found on our website, showing the latest performance of the fund, amongst other pertinent information.
If you wish to subscribe to our mailing list, you can do so here. Please feel free to forward this to anyone who may be interested in receiving our Insights.
Lunar Capital is committed to safeguarding the privacy of all persons transacting with us. We collect personal information from you, and you may submit personal information to us. We handle the collection, processing, and storage of your personal information in accordance with the Protection of Personal Information Act (POPIA) No. 4 of 2013, and your information will not be shared for direct marketing purposes.
Our Privacy Policy can be found on our website, www.lunarcapital.co.za as amended from time to time.
“The stock market is a device for transferring money from the impatient to the patient.”
– Warren Buffett
What a tumultuous time we live in currently, with the Russia/Ukraine War, increasing commodity prices, including oil; higher inflation and we don’t even know what Covid-19 has in store for us in the next round.
Understandably, clients of Lunar Capital have called us to ask what they should do under these circumstances. Some are concerned and want to sell; some see this as a buying opportunities and others who want to invest don’t know whether they should or shouldn’t invest now.
In our view, it is not easy to predict what will happen in the short-term. The answers to our clients’ questions also depends very much on their own financial circumstances, risk appetite and their long-term plans.
If you are investing for the long-term, then the biggest mistake that you can make as an investor is to sell in a panic. Panic selling is an emotional decision. It locks in a loss in your portfolio. But perhaps the biggest mistake is that you will more than likely stay out of the market and miss out when market rebounds, losing out on potential future gains as well.
Another mistake is that investors may be a bit too aggressive early on in a bear market. This may be because they have excess cash that has yielded very low returns, or they missed out on a previous bull market, or they have a higher risk appetite. This approach may pay off if the bear market is short and sharp (like we experienced in March 2020). However, it could be a longer bear market and the aggressive investor may miss out on future cheaper prices.
Our view is to take a more considered and cautious approach. Invest in small amounts (like regular debit orders) and ride out the peaks and troughs of the market swings. This reduces the risk of large capital losses but also allows you to take advantage of prices as they are lower.
The best approach is to have a long-term strategy which guides you through the swings in the market. For example:
You can also take advantage of sale prices in excellent businesses that will likely pay-off in the long-term. You will need the patience to ride out the volatility and bear market conditions in the short-term, however.
Be cautious, there may still be more volatility and pain in the short-term, many stocks are certainly offering better value then a few months ago.
* * * * *
The Lunar BCI Worldwide Flexible Funds January 2022 Fund Fact Sheet can be found on our website, showing the latest performance of the fund, amongst other pertinent information.
If you wish to subscribe to our mailing list, you can do so here. Please feel free to forward this to anyone who may be interested in receiving our Insights.
Lunar Capital is committed to safeguarding the privacy of all persons transacting with us. We collect personal information from you, and you may submit personal information to us. We handle the collection, processing, and storage of your personal information in accordance with the Protection of Personal Information Act (POPIA) No. 4 of 2013, and your information will not be shared for direct marketing purposes.
Our Privacy Policy can be found on our website, www.lunarcapital.co.za as amended from time to time.
Time to Panic? Time to Buy? Read More »
“All overnight success takes about 10 years.” ― Jeff Bezos
In 2021, we achieved several milestones at Lunar Capital:
We would not have achieved this without the support of our clients. We are grateful for the trust that you have placed in Lunar Capital managing your hard-earned money. All our shareholders and directors continue to have a significant portion of our wealth invested in the fund. This keeps us aligned with our clients, as co-investors in our fund. Be rest assured that we look after the fund like it is our own (because it is).
We are very pleased with the performance of the Lunar BCI Worldwide Flexible Fund to end December 2021 as summarized below. These performance figures are net of costs:
Period | % Return pa | % Total Return |
1 year | 19.37% | 19.37% |
3 years | 17.35% | 62.34% |
5 years | 11.36% | 71.25% |
Since inception 1 June 2016 | 9.98% | 69.95% |
Source: MoneyMate
Our performance last year was primarily driven by the performance of the local portion of our fund. The following investments gave us exceptional returns last year:
Our offshore holdings did not return as spectacular returns last year, but performed well, nonetheless. Here are some of our top performers of our offshore investments for the year:
We held a large portion of cash in the last few months of the year, selectively buying where we saw value. A stance we are taking going into the new year as well.
Our view is that in as much as there are risks in the current market (inflation, US-China and US-Russia tensions, Covid-19, high valuations), there are opportunities as well. Many good businesses have been re-rated sharply, providing opportunities to acquire these businesses at better prices than a few months ago.
* * * * *
We wish all our clients a prosperous and healthy 2022.
The Lunar BCI Worldwide Flexible Funds December 2021 Fund Fact Sheet can be found on our website, showing the latest performance of the fund, amongst other pertinent information.
If you wish to subscribe to our mailing list, you can do so here. Please feel free to forward this to anyone who may be interested in receiving our Insights.
Lunar Capital is committed to safeguarding the privacy of all persons transacting with us. We collect personal information from you, and you may submit personal information to us. We handle the collection, processing, and storage of your personal information in accordance with the Protection of Personal Information Act (POPIA) No. 4 of 2013, and your information will not be shared for direct marketing purposes.
Our Privacy Policy can be found on our website, www.lunarcapital.co.za as amended from time to time.
Portfolio Review 2021 Read More »
\”It is better to be roughly right than precisely wrong\” – John Maynard Keynes
Just when you thought it was time for a good break, along comes Omicron, the latest variant of the SARS Cov-19 virus. In many ways, this is another reminder that the future is not certain. Trying to predict the future precisely is thus a futile exercise. However, there is significant opportunity in trying to pick out certain themes that could play out over the near to medium future, with the understanding that these themes may play out in different ways.
So, what are some of the key themes that we are watching and thinking about?
In 2021, we experienced a brutal third wave of Covid-19 caused by the Delta variant. We had high levels of infections and lost many of or friends and family. For a brief time, our infection and death rates were coming down and we thought that life would soon return to normal. Alas, the dreaded virus mutated and our brilliant scientists in South Africa discovered the latest variant of the virus, named Omicron.
What are we looking for? How will the virus mutate, how quickly can we develop herd immunity either naturally or through vaccinations? We watch this to try and understand how we should manage our risks or even take advantage of opportunities that may be presented depending on how this plays out. An example is the continued acceleration in the technology trends of online and digital growth for work from home, on-line shopping, on-line gaming on the one hand and release of the pent-up demand for travel and physical entertainment, increase in elective surgeries that were curtailed during the peak of the pandemic.
We are witnessing one of the longest bull markets in history, fueled by easy monetary policy (i.e., central banks printing money and creating liquidity) since the GFC (Global Financial Crisis) in 2008. Covid-19 providing another reason to extend this easy monetary policy. At some stage this easy monetary policy must stop, otherwise we will witness high inflation across the globe. In fact, inflation has been ticking up and there are views that this may not be transitory impacting consumers, especially the poor and investors.
What are we looking for? What will central bankers do with interest rates and quantitative easing? Will this tame inflation or could we witness sustained high levels of inflation in the coming years? How will the stock market react and how should we be positioned for different outcomes? When will the stock market correction come and which sectors will be mostly impacted? An example of industries benefiting from mildly higher inflation are banks and retailers. In contrast, companies that require continued investments to grow tend to do badly.
One of the risks we are also watching closely now is the increasing tension between the West and Russia on the one side and the West and China on the other side. The situation in the Ukraine and the diplomatic boycott of the Beijing Olympics are pointing to increasing tensions.
What are we looking for? Could this lead to war or a cold war or even both? And how could this impact the world order, global and local security, the markets, the supply chain, etc. Ironically, markets tend to do well in war times. Could this trend continue? How should we position our and our clients’ funds?
* * * * *
These are a few of the themes that we are tracking.
To date, 2021 has been a good year for the portfolio and we have attracted significant flows from existing and new clients. Some of our winners this year include MTN, Aspen and Shoprite locally, and ASML, Microsoft and Berkshire Hathaway offshore.
Going into the new year, our fund has excess cash that we plan to deploy as these, and other themes play out and we see opportunities in specific companies or sectors to invest in.
Finally, we wish all our clients, staff, and partners well over the festive season. We hope you can rest and spend quality time with your loved ones.
Stay safe.
The Lunar BCI Worldwide Flexible Funds November 2021 Fund Fact Sheet can be found on our website, showing the latest performance of the fund, amongst other pertinent information.
If you wish to subscribe to our mailing list, you can do so here. Please feel free to forward this to anyone who may be interested in receiving our Insights.
Lunar Capital is committed to safeguarding the privacy of all persons transacting with us. We collect personal information from you and you may submit personal information to us. We handle the collection, processing, and storage of your personal information in accordance with the Protection of Personal Information Act (POPIA) No. 4 of 2013, and your information will not be shared for direct marketing purposes.
Our Privacy Policy can be found on our website, www.lunarcapital.co.za as amended from time to time.
Just when you thought … Read More »