SA’s better-than-expected economic performance in last six months of 2021 helped most investees recover, with some above pre-pandemic levels
Ethos Private Equity, an investment manager whose interests range from gyms to airtime credit services, says SA’s better-than-expected economic recovery helped to lift its asset value by double digits in the last half of 2021.
This variant turned out to be far more transmissible, but also less deadly than pervious forms of Covid-19, with Ethos saying on Wednesday that SA had also recovered strongly from July’s civil unrest. Ethos has a portfolio of 23 companies, including a R267m stake in gym-owner Virgin Active, which makes up about 10% of its assets, while its R673m stake in Channel VAS, a provider of airtime credit services, makes up 26% of assets. Ethos owns a fifth of Channel VAS, which fared well, with its return jumping 29% during the six months.
Mobile phone operators were among the beneficiaries of Covid-19, which has led to more people working from home. Ethos said on Wednesday that Channel VAS was a market leader in terms of its ability to perform credit scoring and it had low default rates of less than 1%.
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