Last alphabetically is Naspers (JSE:NPN), a South African-based holding company with leading internet and media assets. Naspers was an early investor in Tencent, one of China’s most valuable technology companies, and today it owns a 31% stake in the company. In addition, Naspers is a global leader in various online businesses, such as classifieds, food delivery and e-commerce. We are attracted to the quality of the company’s assets and to its attractive valuation. The company trades near an all-time high discount to the underlying assets it owns. Naspers management team also has an excellent long-term track record of value creation, and we believe the discount to underlying assets will close over time.
From Bill Nygren (Trades, Portfolio)'s first quarter 2018 Oakmark Global Fund commentary.
