Portfolio Review 2021

Portfolio Review 2021

“All overnight success takes about 10 years.” ― Jeff Bezos

In 2021, we achieved several milestones at Lunar Capital:

  • Celebrated 5 years of the Lunar BCI Worldwide Flexible Fund
  • Launched the Offshore Portfolio management Service
  • Increased our assets under management by 79% through growth and investments from existing and new clients, and take-up of our Offshore Portfolio management service
  • We more than doubled our client base to 138 active clients.

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:

  • MTN: +173%
  • Long 4 Life: +80%
  • Metair: +50%
  • Shoprite: +39%

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:

  • ASML: +57%
  • Microsoft: +54%
  • Berkshire Hathaway: +30%
  • iShares MSCI UK: +17%

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.

December 2021 Fund Fact Sheet

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.

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Privacy Notice

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.

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The Lunar BCI Worldwide Flexible Fund achieved a Top 10% ranking of all Funds available in South Africa since its inception 8 years ago. Source: Moneymate.

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