It listed at the Rand equivalent of USD1 based on exchange rate of R14.23 - it should therefore trade close to the value of USD1 - which is slightly lower now at R14.03 - the current share price is therefore at a premium to their USD cash holdings which is USD1 per share. That makes it simple to compare share price to underlying value. Fees to Anchor capital will also be charged for managing the investments. Its performance will be amplified by the Rand appreciating / depreciating over time. Per pre-listing doc it is focused on investing in high growth global businesses with "high quality, strong cash flows, long term growth potential durability and a strong franchise" They must however still deploy the cash and choose these investments which may or may not be good.