Look past so­cial un­rest to fu­ture re­al­i­ties

Financial Mail - Investors Monthly - - Analysis -

ne of the great in­vest­ment mys­ter­ies of 2015 ap­pears to have been at least partly ex­plained.

Last year our sis­ter publi­ca­tion Fi­nan­cial Mail picked up that two in­flu­en­tial in­sti­tu­tional in­vestors, Coro­na­tion Fund Man­agers and In­vestec As­set Man­age­ment, had sold out of con­struc­tion and engi­neer­ing group Esor. At roughly the same time two sig­nif­i­cant in­vestors emerged in the form of Ka­mal Parabhu Natha — a mys­tery in­vestor who speaks for nearly a

Othird of Esor — and for­mer em­pow­er­ment in­vest­ment pi­o­neer Mar­cel Gold­ing, who owns about 6% of the com­pany.

At face value it ap­peared Natha and Gold­ing were rush­ing in where in­sti­tu­tional in­vestors fear to tread — which hardly re­in­forced the al­ready brit­tle sen­ti­ment for strug­gling Esor.

But it seems the two are see­ing some early re­wards now that Esor has fash­ioned a come­back in the year to end Fe­bru­ary.

The process of cut­ting ex­cess

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