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 The Sharenet Daily 
Tuesday, 19 February 2013 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

Betting on last year?s winner

There is always a continuous search for excellent performing funds in which to invest. But can we just go by investing into previous year’s top performing fund? Is past performance and indication of future performance? Somewhere on most funds’ fact sheet the following is stated: “Past performance is not necessarily indicative of future results” or something to a similar affect.

The table below shows the Top 10 performing General Equity funds over the last 5 years. The oldest share class was used and the fund needed to exist for the full calendar year to be included.

Over the past 5 years 35 funds were at one point in the Top 10. 21 of those funds were only once in the Top 10, 13 funds were twice and only one fund appeared three times. The Foord Equity fund was the only fund that was in the Top 10 for three consecutive years, from 2010 to 2012.

The question we then asked is should a fund appear in the Top 10, does it subsequently remain in the top quartile or does it drop to the lower quartiles? The table below indicated the quartile rankings of the Top 10 funds of 2008 over the following 4 years.

The following year, only one fund was able to remain in the top quartile. Most of the funds dropped to the 3rd quartile. By 2012, 5 years later, half the funds that were in the Top 10 in 2008 were in the bottom quartile.

If one is not able to predict the future winner from just past performance, how does an investor select a fund to invest into?
Rather than focusing on which funds was at the top of a certain year more time needs to be taken to understand the investment philosophy and process of the manager. If this is understood a better judgement call can be made to invest into the fund.

By understanding the investment process of the fund manager you would have a better understanding of which market conditions the fund will perform and underperform.

Instead of only focusing on the top performing manager we also ascertain how consistent the fund manager’s performance is, aiming for a fund to be consecutively in the top two quartiles rather than the best performing fund over just one period.

With the end of the financial year in sight, this is a friendly reminder to top up your retirement annuity.

As always we are available for any questions.

Kind regards

Gerbrandt Kruger

021 914 4966

Tue, 19 Feb 2013
Top News
South African stocks rose for the first time in four sessions on Tuesday, lifted by a rebound in shares of mining companies including Anglo American Platinum.  Full story

Anglo American Platinum expects operations at its South African mines to resume on Wednesday after workers staged a one-day walk-out following union violence at one of its mines, a spokeswoman said.  Full story
"Blade Runner" Oscar Pistorius put on his artificial legs and walked across his bedroom before firing four shots through a locked toilet door, killing his cowering girlfriend in cold blood, prosecutors said on Tuesday.  Full story
Prime Minister Boiko Borisov sought to calm mass protests on Tuesday by promising to slash electricity prices and punish foreign-owned power companies, setting Bulgaria on a collision course with EU partner the Czech Republic.  Full story
A Syrian army rocket attack on a rebel-held district in the city of Aleppo killed at least 20 people and another 25 were missing, opposition activists said on Tuesday.  Full story
U.S. stocks rose on Tuesday as merger activity suggested the market could offer investors still more value even as the S&P 500 and. . .  Full story
European shares rebounded on Tuesday from three days of losses, with stronger-than-expected German sentiment data prompting investors to return to sectors like autos and. . .  Full story
Britain's blue chip index posted its highest close in five years on Tuesday in a broad-based surge across all major sectors, as a. . .  Full story
Global stock markets rose on Tuesday, with U.S. stocks boosted by merger and acquisition activity, while a pick-up in German economic sentiment supported European. . .  Full story

Gold moved lower on Tuesday as signs economic recovery on both sides of the Atlantic was well underway diverted Western investors' attention to. . .  Full story
The yen climbed on Tuesday after two days of losses after Japanese Finance Minister Taro Aso said he was not considering buying foreign. . .  Full story
U.S. stocks opened slightly higher on Tuesday, putting the S&P 500 on track to extend its seven-week winning streak on increased mergers and. . .  Full story
European shares rose on Tuesday, lifted by gains at food group Danone and fresh signs of a German economic recovery, although broader market. . .  Full story
SA Business
South Africa's rand softened against the dollar on Tuesday amid fears of more trouble in the mining sector after Anglo American Platinum's said workers at its Rustenburg operations were likely to stay away following violence the previous day.. . .  Full story

BMW is recalling about 750,000 of its vehicles in the United States, Japan, Canada and South Africa due the chance of an electrical failure that may cause the cars to stall unexpectedly, U.S. regulators and the company said.. . .  Full story
Company News
Mvelaserve released a trading statement on SENS on 6 February 2013 ("the first trading statement"), which reported an expected increase of. . .  Full story
Shareholders are referred to the announcement released on SENS on 21 January 2013 relating to the extension granted by the Takeover. . .  Full story
Following the announcement that Mr Chris van den Heever has been seconded to Rainbow from Remgro Ltd. for a period of. . .  Full story
Shareholders are referred to the cautionary announcement released by the Company on SENS on 21 November 2012 and renewed on 8. . .  Full story

Shareholders were advised that Spur is expecting to report growth of between 32% and 37% in earnings per share and headline. . .  Full story
Further to the trading statement released on SENS on 25 January 2013, shareholders were advised that the group anticipates continuing operations. . .  Full story
Anglo draws attention to an announcement issued by Anglo American Platinum Ltd., the text of which is set out below: An incident. . .  Full story
An incident occurred today at the company's Siphumelele mine in the Rustenburg area, involving members of the Workers Committee and NUM. . .  Full story
Company Results
Profit before interest and income taxes for the quarter rose to USD98 000 (2011: loss of USD5.9 million), while total loss. . .  Full story
Revenue for the interim period ended 31 December 2012 jumped by 55% to R7.9 billion (2011: R5.1 billion). Earnings before interest,. . .  Full story
Insurance premium revenue increased by 2% to R608.9 million (R598.5 million). Net attributable profit improved by 42% to R147.6 million (R104.3. . .  Full story
Sale of merchandise grew 13.81% to R46.7 billion (R41.1 billion) whilst gross profit increased by 17.06% to R9.6 billion (R8.2 billion).. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0040732.52220.000.54%
JSE Top 4017:0036328.85235.000.65%
JSE Gold17:002068.78-18.00-0.87%
JSE Financial17:0030473.41179.000.59%
JSE Industrial17:0048908.19295.000.61%
JSE Indust 2517:0042290.60292.000.70%
JSE Resource17:0053212.83290.000.55%
DJ Futures19:4814000.0046.000.33%
DJ Ind19:5214022.1640.400.29%
SP 50019:521527.007.210.47%
FTSE 10018:356379.0760.880.96%
All Ords07:415101.0018.100.36%
NZSE 5006:484244.2129.730.71%
NameTimeRPMove% Move
Gold $19:591605.30-4.20-0.26%
Gold R19:5814206.72-92.19-0.64%
Gold R/kg19:52456822-3205-0.70%
Silver $19:5929.4000-.5200-1.74%
Platinum $19:591693.501.000.06%
Palladium $19:59763.001.400.18%
Brent Crude19:48116.88-.78-0.66%
Rand / Dollar19:598.8543-0.0306-0.34%
Rand / Pound19:5513.6181-0.1007-0.73%
Rand / Euro19:5511.8513-0.0185-0.16%
Rand / NZD19:587.51260.00530.07%
Rand / AUD19:559.17030.00750.08%
Yen / Dollar19:5993.5100-0.3760-0.40%
Euro / Dollar19:550.7468-0.0019-0.25%
Dollar / Euro19:591.33860.00330.25%
Pound / Dollar19:550.64840.00220.34%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 ZCI  77025449.22.%1200
2 YORK  4705713.80.%134
3 EQSTRA  631416.95.%389434
4 HOWDEN  28501505.56.%5802
5 ADAPTIT  258135.31.%150142
6 MIXTEL  345154.55.%41183
7 CONTROL  11654.50.%1767
8 PREMIUM  1888794.37.%7313
9 DRDGOLD  744294.06.%1292755
10 DIGICOR  260104.00.%33108
11 GOLDONE  289113.96.%108352
12 CLOVER  1750603.55.%95578
13 BEE-SASOL  3000010003.45.%699
14 BUILDMX  24083.45.%118498
15 HUDACO  98003003.16.%115199
16 ROLFES  515153.00.%18009
17 ESORFRANK  13942.96.%85494
18 RAUBEX  1899512.76.%83728
19 KEATON   20552.50.%5348
20 PINNACLE  2035492.47.%106737

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Major Moves Down
SharenameSaleMove% MoveVolume
1 SIBANYE  1360-169-11.05.%19235237
2 HWANGE  130-15-10.34.%2500
3 SASFIN  3500-200-5.41.%1669
4 CADIZ  141-8-5.37.%291631
5 TRNSHEX  305-15-4.69.%88908
6 SANTOVA  108-5-4.42.%205550
7 LITHA  324-15-4.42.%124700
8 HULAMIN  480-20-4.00.%75758
9 EASTPLATS  183-7-3.68.%9719
10 ASSORE  38250-1444-3.64.%96011
11 MRPRICE  12305-428-3.36.%1171673
12 PHUMELELA  1015-35-3.33.%4500
13 METROFILE  385-13-3.27.%6459
14 EHSV  1550-50-3.13.%16400
15 SHOPRIT  17250-549-3.08.%3124960
16 CALGRO  505-15-2.88.%33100
17 TIGBRANDS  29950-838-2.72.%332537
18 CIL  1650-45-2.65.%4603
19 AQUARIUS  878-22-2.44.%125591
20 TASTE  400-10-2.44.%15766

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New Highs
SharenameSaleHighMove% MoveVolume
1 YORK  4704705713.80.%134
2 PREMIUM  18881893794.37.%7313
3 BEE-SASOL  300003000010003.45.%699
4 TREMATON  22522552.27.%63500
5 OLDMUTUAL  27682784602.22.%7403915
6 BIDVEST  23141231414912.17.%432611
7 SUPRGRP  20002000351.78.%212958
8 MONDILTDP  11402114141991.78.%351491
9 SA-CORP  39541061.54.%561014
10 BILLITON  30950311564501.48.%1988841
11 SYNERGY-B  67067091.36.%35000
12 EMIRA  14941503130.88.%683753
13 ARROW-B  72674040.55.%107048
14 CAPCO  35143690-1-0.03.%240935
15 ARB  478485-2-0.42.%1028989
16 ARROW-A  739748-6-0.81.%295543

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New Lows
SharenameSaleLowMove% MoveVolume
1 GOLDONE  289220113.96.%108352

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Index Summary
Index NameRPMove% Move
Top 4036,328.00235.000.65%
Mid Cap54,967.00-57.00-0.11%
Small Cap42,920.00231.000.54%
Resource 2053,212.00290.000.55%
Industrial 2542,290.00292.000.70%
Financial 1511,461.0068.000.60%
Financial & Ind. 3046,166.00348.000.76%
All Share40,732.00220.000.54%
Oil & Gas 30,024.00122.000.41%
Mining 34,028.00135.000.40%
Gold Mining2,068.00-18.00-0.87%
Platinum Mining54.00.000.11%
GENERAL MINING9,258.0070.000.77%
Oil & Gas Producers 16,143.0065.000.41%
Basic Materials 29,408.00129.000.44%
Chemicals 18,072.00-52.00-0.29%
Forestry & Paper 20,381.00298.001.49%
Industrial Metals 29,237.00135.000.47%
Industrials 39,411.00386.000.99%
General Industrials
Consumer Goods 44,893.00561.001.27%
Automobiles & Parts 7,561.0016.000.21%
Household Goods190.000-0.36%
Health Care 55,482.00517.000.94%
Index NameRPMove% Move
Food Producers 68,741.00-889.00-1.28%
Personal Goods 736.0016.002.29%
Consumer Services 81,789.00-571.00-0.69%
General Retailers 63,711.00-800.00-1.24%
Travel & Leisure 5,
Support Services 2,362.00-22.00-0.94%
Telecommunications 84,364.0078.000.09%
Financials 30,473.00179.000.59%
Banks 53,860.00243.000.45%
Non-life Insurance 48,236.00599.001.26%
Life Insurance 27,105.00253.000.94%
General Financial 2,844.00-2.00-0.10%
Technology 34,341.00293.000.86%
SHARIAH TOP40 3,554.00250.72%
FTSE/JSE SHARIAH ALL3,662.00210.60%
COAL MINING23,298.002761.20%
FTSE JSE Fledgling 5,979.00-23-0.39%
FTSE/JSE Alt X 806.00232.97%
RESOURCE 29,221.001170.40%
DIVIDEND PLUS217.0000.43%
FTSE/JSE RAFI 408,336.00550.67%
Capped Top 4019,122.001160.61%
Capped All Share20,593.001080.53%
JSE TABACO 5,937.00550.94%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
20/02/2013CAPITALDecember 2012 (Final)
20/02/2013CAXTONDecember 2012 (Interim)
20/02/2013CAXTON6%CPPDecember 2012 (Interim)
20/02/2013JDG CONVDecember 2012 (Interim)
20/02/2013JDGROUPDecember 2012 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
SHOPRIT 6%15/02/201301/03/201311/03/2013R 0.0600
SHOPRIT 5%15/02/201301/03/201311/03/2013R 0.0500
SHPRT 2ND515/02/201301/03/201311/03/2013R 0.0500
SHPRT 3RD515/02/201301/03/201311/03/2013R 0.0500
ANGLO15/02/201314/03/201325/04/2013R 0.5300
Ex Div**
Share NameDec-DateLDTPay-DateAmount
FIRSTRANDB-P01/02/201315/02/201325/02/2013R 3.2025
CAPITAL30/01/201315/02/201325/02/2013R 0.3650
CULINAN5.501/02/201315/02/201325/02/2013R 0.0550

Upcoming AGMs**
CodeCompany NameDateStatus
AWTAwethu Breweries Ltd.20/02/2013Confirmed
CULCullinan Holdings Ltd.22/02/2013Confirmed
CULPCullinan Holdings Ltd.22/02/2013Confirmed
CUP2Cullinan Holdings Ltd.22/02/2013Confirmed
CNDConduit Capital Ltd.22/02/2013Confirmed

Stock Exchange News Service
19/02/201317:47MVELASERVE LIMITED - Further Trading Statement
19/02/201317:43A HOLDINGS LIMITED - Further Extension Of The Time in Which To Post Offer Circul...
19/02/201317:28ANGLO AMERICAN PLC - Treasury shares - transfers
19/02/201317:20IVUZI INVESTMENTS LIMITED - Full Capital Redemption - IVA308
19/02/201317:05INGUZA INVESTMENTS (PTY) LIMITED - Interest Rate Reset - ING100
19/02/201316:55RAINBOW CHICKEN LIMITED - Appointment Of Director
19/02/201316:55INDWA INVESTMENTS LIMITED - New Instrument Listing
19/02/201316:45DELTA PROPERTY FUND LIMITED - Announcement regarding the acquisition of letting ...
19/02/201315:41ALEXANDER FORBES PREF SHARE INV LTD - Changes To The Board Of Directors
19/02/201315:12FINBOND GROUP LIMITED - Director's share dealings
19/02/201315:05EMIRA PROPERTY FUND - Interest Rate Reset - EPF001
19/02/201314:20TIONAL HOLDINGS LIMITED - Changes to the board of directors
19/02/201314:18CIPLA MEDPRO SOUTH AFRICA LIMITED - CMP - Renewal of Cautionary Announcement
19/02/201314:15JUBILEE PLATINUM PLC - Cautionary renewal and update on proposed merger
19/02/201314:00EIGN FOOD INVESTMENTS LIMITED - Notice of General Meeting
19/02/201314:00ITE (AFRICA) LIMITED - Trading update
19/02/201313:24INGUZA INVESTMENTS (PTY) LIMITED - New Instrument Listing - ING192-195
19/02/201312:50M & S HOLDINGS LIMITED - Dealings by an associate of a director
19/02/201312:32INVESTEC BANK LIMITED - Dividend SHPIHE
19/02/201312:11A HOLDINGS LIMITED - Further Trading Statement And Notification Of Interim Resul...
19/02/201312:00SPUR CORPORATION LIMITED - Trading statement
19/02/201312:00SYNTHESIS FUNDING LIMITED - SYN979 Synthesis Funding Limited - New Financial In...
19/02/201311:27DELRAND RESOURCES LIMITED - Management discussion and results of operations as a...
19/02/201310:57STANDARD BANK OF SOUTH AFRICA LD - SCIB: The Standard Bank of South Africa Limit...
19/02/201310:55BIDVESTCO LIMITED - Full Capital redemption - BIDC28
19/02/201310:40AFRICAN BANK LIMITED - African Bank Issues Two Domestic Bonds Totalling R1.050 B...
19/02/201310:40FIRSTRAND BANK LIMITED - New Instrument Listing - FRC164 FRC165
19/02/201310:07JSE LIMITED - Gen- General - Pro active monitoring of financial statements
19/02/201310:00ADCORP HOLDINGS LIMITED - Results of the Adcorp General Meeting
19/02/201309:05ANGLO AMERICAN PLC - AngloAmerican re Anglo Platinum
19/02/201309:00SHOPRITE HOLDINGS LIMITED - Results for the 6 months ended December 2012 and dec...
19/02/201309:00HOME OBLIGORS MORT ENH SEC PTY LTD - HMS1B2 and HMS1B3 - Partial Capital Redempt...
19/02/201308:17THE BIDVEST GROUP LIMITED - Voluntary Trading Statement
19/02/201307:06ANGLO AMERICAN PLAT LTD - Incident at Siphumelele mine in Rustenburg

Click here for more SENS news