Global deep value · Expert fund
Maxia Value Fund
A niche, equity-focused, long-only strategy targeting outsized returns through concentrated investments in global deep value situations.
Portfolio manager: Arno Dames
The fund
The Maxia Value Fund (“Maxia”) is a Mauritius-domiciled Expert Fund regulated by the Financial Services Commission (FSC), approved by the South African FSCA under section 65 of CISCA, and offered to a select group of qualified investors.
Philosophy
A dual objective: outsized absolute returns over the long term, whilst protecting capital from permanent loss.
Invest in remarkable businesses
Maxia defines a remarkable business as a “cash flow compounding machine” characterised by:
- A propensity to generate growing and durable unencumbered cash flow.
- A strong balance sheet supported by an optimal capital structure.
- Continuously improving unit economics that underpin growing owner earnings.
- An ability to operate resiliently within its underlying competitive and macro environment.
- Low capital reinvestment requirements to sustain steady-state trading levels.
- The stewardship of smart, honest and shareholder-aligned management who are best-in-class operators.
- A stellar track record for compounding incremental capital, organically, through acquisitions (serial acquirers) or through accretive share buybacks (share cannibals).
Maxia underwrites every holding as if buying the entire business, value investing is not purchasing ostensibly cheap pieces of paper or statistical discounts on a screen.
Pay 40 cents on the dollar
“Price is the most important factor to use in relation to value.”
Walter Schloss
Schloss’ simple yet profound observation is the North Star of our deep value philosophy. Generating outsized returns whilst ensuring adequate downside protection invariably comes down to one obvious, yet underappreciated idea: paying the right price. For Maxia, that means no more than 40 cents on the dollar of intrinsic value, a reflection of our stubbornly high minimum return hurdle.
The right price creates the ideal asymmetry, one at which little needs to go right to earn a respectable return, while a great deal must go wrong before capital is permanently eroded.
Returns are made at the entry multiple, even one that continues to dislocate from intrinsic value counterintuitively enhances the fundamental return: accretive buybacks retire more shares, while a higher starting yield reinvests distributed cash at superior rates of return.
Maxia aims to generate the lion’s share of its return through the compounding of owner earnings per share growth and yield, multiple reversion is a welcome amplifier but not a prerequisite.
The two pillars are conceptually simple, yet most investors optimise for one whilst compromising the other: Maxia insists on both. Remarkable businesses trading at 40 cents on the dollar are the path to achieving its dual objective.
Approach
Maxia is not contrarian for the sake of being contrarian, remarkable businesses at 40 cents on the dollar are, by definition, found where others are not looking. The philosophy therefore demands an approach that defies convention: hunting in overlooked corners and concentrating capital in the very best ideas.
Hunt in the overlooked corners
“It is impossible to produce a superior performance unless you do something different from the majority.”
Sir John Templeton
High concentration, sizeable positions
Remarkable businesses trading at 40 cents on the dollar are rare, at any given time there are only a small number of golden needles in the global investment haystack.
Our approach requires us to be eclectic generalists, agnostic of size, geography or industry. We cast the net wide: idea generation at Maxia means working through entire stock exchanges company by company, A to Z.
Only a select few portfolio candidates clear our rigorous criteria and minimum return hurdle, this leaves a concentrated book of our very best ideas, each sized to matter.
“I can’t be involved in 50 or 75 things. That’s a Noah’s Ark way of investing, you end up with a zoo. I like to put meaningful amounts of money in a few things.”
Warren Buffett
Portfolio management
8 to 16 high-conviction positions diversified across multiple industries and geographies.
“Cash flow compounding machines trading at 40c on the dollar.”
Special situations, event-driven workouts, asset liquidations and high-yield corporate bonds.
An appropriate cash allocation serves as our primary risk-management tool and dry powder to deploy opportunistically when lucrative setups arise.
Portfolio manager
Arno Dames
Arno heads Maxia Capital Management and is portfolio manager of the Maxia Value Fund, which he launched in September 2026 in partnership with RECM.
He joined RECM five years ago as an analyst and later portfolio manager. With RECM he honed the deep value approach he applies today, spending most of his time researching companies across a wide range of industries and geographies.
Before RECM he spent over 10 years in financial services in South Africa, the rest of Africa and the UK, holding senior roles in audit, commercial finance, corporate finance advisory and private equity.
Arno holds a BCom (Hons) from the University of Pretoria and is a Chartered Accountant (South Africa).
The ideal Maxia investor
Fund terms
| Minimum initial investment | US$100,000 |
| Minimum incremental investment | US$50,000 |
| Subscriptions | Monthly |
| Management fee | 1% p.a. |
| Performance fee | 10% of absolute performance, crystallised quarterly with no hurdle, subject to a perpetual high-water mark |
| Redemptions | Quarterly, 90 days’ notice. No lock-up period and no redemption fees |
| Distribution policy | Net investment income is retained and reinvested |
Fund information
| Launch date | 1 September 2026 |
| CIS and investment manager | PIM Capital Fund Services |
| Sub-investment manager | Regarding Capital Management (Pty) Ltd Maxia Capital Management is a division of RECM |
| Portfolio manager | Arno Dames Representative of Regarding Capital Management |
| Legal structure | Protected Cell Company: a cell of PIM Capital Specialist PCC |
| Domicile | Mauritius |
| Local fund regulator | Financial Services Commission (FSC) |
| Other fund regulator | Financial Sector Conduct Authority (FSCA) |
| Risk profile | High |
| Base currency | US Dollar |
| Valuation frequency | Monthly |
| Reporting frequency | Quarterly |
| Custodian | Peresec International Limited |
| Auditor | Moore Mauritius |
More information
Arno Dames heads up Maxia Capital Management, a division of RECM. To learn more about Maxia Capital Management and the Maxia Value Fund, visit maxiacapital.com.
Fund fact sheets
The fund launched on 1 September 2026. Monthly minimum disclosure documents will be published here from the first month-end valuation.
Fund disclaimer
This fund is a cell of PIM Capital Specialist PCC, licence number C117017356, which was duly authorised by the FSC on 11 October 2017 to operate as a Collective Investment Scheme under Section 97 of the Securities Act 2005 and also to operate as an Expert Fund under Regulation 79 of the Securities (Collective Investment Scheme and Closed-end Funds) Regulations 2008. PIM Capital Fund Services is registered with the Financial Services Commission under section 72 (6) of the Financial Services Act as a Collective Investment Schemes Manager in Mauritius.
Prime Collective Investment Schemes Management Company (RF) (Pty) Ltd (“Prime CIS”) is a registered Collective Investment Schemes Manager under section 5 of the Collective Investment Schemes Control Act (CISCA) and is the South African representative office for this fund. Prime CIS is a wholly owned subsidiary of Prime Financial Services (Pty) Ltd, a full member of the Association for Savings & Investment SA (ASISA). The fund is approved under section 65 of CISCA by the Financial Sector Conduct Authority of South Africa.
Collective investment schemes are generally medium to long-term investments. The value of participatory interests or the investment may go down as well as up. Past performance is not necessarily a guide to future performance. Collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from the manager. No guarantee is provided, either with respect to the capital or the return of the Collective investment schemes. The portfolio may include underlying foreign investments, and may as a result be exposed to macroeconomic, political, foreign exchange, tax, settlement, reporting or illiquidity risk factors that may be different to similar investments in South African markets.