Naspers (JSE:NPN) is a holding company listed and headquartered in South Africa. It owns and invests in a range of interesting internet and media businesses, but its principal asset is a large shareholding in Tencent, one of the most important companies in China—and the world. Tencent operates China’s dominant social media platform, gaming portal and instant messaging services. It also owns one of the two largest mobile payments platforms in the world, in addition to leading Chinese online video and music services. By investing in Tencent via Naspers, we believe we were able to purchase a stake in one of the world’s most impressive and fastest-growing franchises at a substantial discount to both its market valuation and intrinsic value.
From Ruane Cunniff (Trades, Portfolio)'s first quarter 2018 shareholder commentary.
