The Bottom Line

We believe its time for investors to consider increasing/buying into some areas of the battered software space:

• Our preferred vehicle locally is WTC following yesterdays clear intentions around AI.
• We like TNE especially due to security reasons but its not cheap at current levels.
• In the marketplace space, we have concerns around classifieds type businesses, and are not looking to invest in this space, however if pushed, we prefer CAR over REA.