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 The Sharenet Daily 
Tuesday, 26 March 2013 - 20:00
 
Charts
News
Top News
Markets
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)


Charts
 
Investment Horizon

An investment horizon is the total length in time an investor is expected to hold a security or portfolio. Knowing an investor’s investment horizon aids in optimising the portfolio with enough risk assets. An example of this is saving for a holiday in a few months time, the investment horizon is less than a year and thus the investment needs to be of low risk. On the opposite spectrum is a person saving for their retirement that is more than 10 years away, they would be able to take on more risk and get a better average return over the period.

One of the biggest risks when there is a mismatch in the investment horizon and the level of risk in the portfolio is the risk of permanent capital loss. When you disinvest from a portfolio while it is at a loss, the loss is then realised and the possibility to recoup the loss is removed.

To illustrate the above mentioned statements, we look at three portfolios with different levels of risk:
• Multi Asset Low Equity portfolio – Moderately Conservative
• Multi Asset High Equity portfolio – Balanced
• General Equity portfolio – Aggressive

For ease of calculation we used the average manager return for each of the above ASISA categories. The rolling returns were calculated for different time period to simulate different investment horizons for each of the portfolios.

The graph below shows the range of possible returns for each of the portfolios for different investment horizons. The returns were annualised for periods longer than 1 year. If you were invested into the Low Equity portfolio your return over 1 year would have ranged between -1.2% and 23.3% depending on the start date of the investment. Looking at the 1 year range of returns, all of the portfolios experienced at least one year where returns were negative.

The first thing that you will notice from the above graph is that the range of returns become smaller and smaller as the investment horizon is increased. Secondly the minimum return increases, for the Equity portfolio the minimum over a 1 year period was -33% and over a 5 year period 6%.

When looking to make an investment with a 3 year investment horizon one can consider a fund in the MA High Equity category. Over a rolling 3 year period the chances of a capital loss are reduced with the probability of providing a better return over the period than a fund in the MA Low Equity category. A portfolio invested 100% into equity will not be an ideal investment as you run a risk of having a capital loss at the end of the 3 years.

As with everything else in life nothing is certain. These calculations were performed on historic data. While the average return, minimum, and maximum return will differ for future investment, the crux still remains relevant. One needs to select the correct level of risk for your portfolio depending on your investment horizon of the investment.

As always, we are available for any questions and feel free to contact us with any question regarding investment or retirement matters.

Kind regards,

Gerbrandt Kruger

www.seedinvestments.co.za
info@seedinvestments.co.za
021 914 4966

Tue, 26 Mar 2013
Top News
[IMAGE]
The China Development Bank has agreed to lend South African state rail freight group Transnet up to $5 billion to revamp ageing rail lines, used to carry commodities such as coal and iron ore, a source close to the deal said.  Full story

[IMAGE]
South Africa's rand firmed on Tuesday after a government bond auction drew strong demand, although gains were limited by nagging concern about the outlook for the euro zone.  Full story
Hong Kong shares eked out slim gains on Tuesday, as strength in the local property sector helped offset weakness in the Chinese consumer sector in moves largely driven by corporate earnings announcements.  Full story
Italian Foreign Minister Giulio Terzi resigned on Tuesday over his government's decision to return two marines to India to face trial for the murder of local fishermen while on anti-piracy duty.  Full story
U.N. Secretary-General Ban Ki-moon has named Swedish scientist Ake Sellstrom to head the U.N. investigation into allegations that chemical weapons were used in Syria, Ban's spokesman said on Tuesday.  Full story
 
Markets
Global equity markets and crude oil rose on Tuesday after more data pointed to an improving U.S. economy and helped offset any fallout. . .  Full story
European shares edged higher on Tuesday as the market focused on data showing continued gradual improvement in the U.S. economy, with the implications. . .  Full story
U.S. stocks gained on Tuesday, putting the S&P 500 within striking distance of its all-time high, as strong data on home prices showed. . .  Full story
Britain's top share index rose on Tuesday, as traders latched on to encouraging data from the United States while awaiting further news about. . .  Full story

European shares edged higher on Tuesday as the market focused on data showing continued gradual improvement in the U.S. economy, with the implications. . .  Full story
Gold fell on Tuesday as safe-haven demand ebbed after Cyprus clinched a last-ditch rescue deal, and U.S. data showing continued gradual improvement in the. . .  Full story
European shares rose on Tuesday, trading near session highs, as investors snapped up shares in large multinationals such as miners, heartened by data showing. . .  Full story
U.S. stocks trimmed some early gains on Tuesday after data showed new home sales fell more than expected in February and consumer confidence. . .  Full story
SA Business
South Africa cut its forecast of maize output for 2013 to 11.75 million tonnes from 12.35 million tonnes in a previous forecast, a government agency said on Tuesday.. . .  Full story
Cattle graze the fields around Anglo American Platinum's South African mines, a familiar sight for workers with a rural past, and possibly a hint of their future as the world's largest. . .  Full story
South African mining company Shanduka Coal said on Tuesday it had fired 250 workers who had been on a wildcat strike at its Graspan Colliery.. . .  Full story

BRICS finance ministers meeting in South Africa have not been able to agree on funding for and the location of a development bank. . .  Full story
China and Brazil agreed on Tuesday to swap up to the equivalent of $30 billion in each other's currencies if need be so. . .  Full story
Glencore's warehousing and logistics unit Pacorini has made its first move into Africa, breaking into a major growth region for its. . .  Full story
Sinopec Group, parent of Asia's largest refiner Sinopec Corp, said on Tuesday it had signed a framework agreement with South African. . .  Full story

South Africa's Treasury sold a total 2.1 billion rand of its 2023, 2031 and 2041 government bonds on Tuesday.. . .  Full story
Malaysia is ahead of China in terms of the size of its direct foreign investment (FDI) into Africa and the gap is widening, according to United Nations data published on Monday.. . .  Full story
Company News
Shareholders are referred to the announcement released on SENS on 27 February 2013 and are advised that the conditions precedent relating. . .  Full story
Calgro advise shareholders that in light of the changes to the Listing Requirements Mr Wikus Lategan, presently the Financial Director and. . .  Full story
Calgro M3 wishes to advise shareholders that the company∆s Headline earnings per share (HEPS) for the period is expected to be. . .  Full story
Shareholders are referred to the condensed reviewed provisional results for the year ended 31 August 2012, as announced on 29 November. . .  Full story

Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD127 cents per pound for the second quarter of 2013, an increase of 13% from the USD112.5 cents per pound price in the first quarter of 2013.. . .  Full story
Company Results
Revenue for the year rose to R107.9 million (R106.8 million) and results from operating activities were greater at R61.9 million (R34.3. . .  Full story
Revenue increased to R558.6 million (R456 million). Gross profit rose to R243.1 million (R179.7 million). Earnings before interest, tax, depreciation and. . .  Full story
Revenue for the year ended 31 December 2012 plummeted to R29 000 (2011: R1.8 million). Results from operating activities came. . .  Full story
The net attributable loss narrowed to R18.6 million (loss of R24.6 million). In addition, the headline and diluted headline loss per. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0040253.25245.000.61%
JSE Top 4017:0035631.50216.000.61%
JSE Gold17:001861.43-18.00-0.99%
JSE Financial17:0031197.89235.000.76%
JSE Industrial17:0049858.06326.000.66%
JSE Indust 2517:0043029.08253.000.59%
JSE Resource17:0048541.36216.000.45%
DJ Futures17:4214460.0065.000.45%
DJ Ind19:5814540.4992.740.64%
SP 50019:581561.029.330.60%
Nasdaq19:583247.4212.120.37%
FTSE 10018:356399.3720.990.33%
DAX19:087879.678.770.11%
CAC4019:083748.6420.660.55%
Nikkei08:2812471.62-74.84-0.60%
Shanghai09:342297.67-29.05-1.25%
Hang-Seng10:2822311.0859.930.27%
All Ords07:414964.70-36.80-0.74%
NZSE 5006:484346.035.300.12%
NameTimeRPMove% Move
Gold $19:591597.03-8.00-0.50%
Gold R19:5914775.03-139.06-0.93%
Gold R/kg19:58474963-2737-0.57%
Silver $19:5928.7440-.0740-0.26%
Platinum $19:591577.00-3.50-0.22%
Palladium $19:59762.005.600.74%
R15717:345.50-.01-0.27%
R18617:347.43-.06-0.74%
R20417:346.20-.01-0.24%
R20716:516.44-.01-0.23%
Brent Crude19:58108.55.890.83%
Rand / Dollar19:599.2529-0.0385-0.41%
Rand / Pound19:5513.9834-0.0972-0.69%
Rand / Euro19:5511.8917-0.0565-0.47%
Rand / NZD19:597.7495-0.0199-0.26%
Rand / AUD19:559.6948-0.0322-0.33%
Yen / Dollar19:5994.42000.25800.27%
Euro / Dollar19:590.7781-0.0001-0.01%
Dollar / Euro19:591.28520.00010.01%
Pound / Dollar19:550.66000.00140.21%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
26/03/201321211167390211,011,294R14,001,877,581160250834923
25/03/201320916771447215,738,722R13,567,963,2581660461164332
22/03/201319015971420204,911,869R14,513,035,7631890391217908
20/03/201317815365396283,829,299R25,615,144,7801530271439946
19/03/201318417469427222,443,805R15,668,812,6271500021263754
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 FINBOND  1161616.00.%308614
2 ATLATSA  200158.11.%4919
3 CALGRO  548387.45.%358655
4 CURRO  18301237.21.%94466
5 VUNANI  180105.88.%7620
6 BRIMST-N  1325705.58.%29300
7 ALTRON-P  21481035.04.%64870
8 DIPULA-B  1000474.93.%250000
9 JDGROUP  35901604.66.%409862
10 COAL  21294.43.%687578
11 KUMBAIO  4875019954.27.%530717
12 TSOGO-SUN  2500994.12.%241270
13 SANTOVA  10543.96.%1169568
14 ALERT  16163.87.%44271
15 BARWORLD  95353353.64.%804974
16 PRESCIENT  11443.64.%135
17 ARGENT  590203.51.%420839
18 LONMIN  43071463.51.%1412421
19 SIBANYE  1290423.37.%6705171
20 STEINHOFF  2501763.13.%6025723

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Major Moves Down
SharenameSaleMove% MoveVolume
1 NICTUS  120-10-7.69.%41138
2 BRIMSTON  1390-105-7.02.%8160
3 JUBILEE  106-7-6.19.%107088
4 DIGICOR  220-10-4.35.%264850
5 MMG  250-10-3.85.%17900
6 ADAPTIT  222-8-3.48.%46015
7 CONDUIT  173-6-3.35.%259918
8 AFRO-C  475-14-2.86.%93774
9 TRNSHEX  340-10-2.86.%506
10 LIFEHC  3350-92-2.67.%4337704
11 MUSTEK  565-15-2.59.%1999
12 BOWCALF  820-20-2.38.%3700
13 ASCEN A  440-10-2.22.%52632
14 PETMIN  220-5-2.22.%185328
15 HARMONY  5712-127-2.18.%693924
16 EASTPLATS  135-3-2.17.%40332
17 RANGOLD  230-5-2.13.%10000
18 INVPROP  1651-34-2.02.%122019
19 EHSV  1300-25-1.89.%3750
20 MAZOR  172-3-1.71.%4293

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New Highs
SharenameSaleHighMove% MoveVolume
1 FINBOND  1161251616.00.%308614
2 CIL  19001900502.70.%62055
3 GRINDROD  20602084522.59.%568773
4 SUPRGRP  23902404512.18.%475123
5 MMIHLDGS  23802400492.10.%4018983
6 ACUCAP  49805290781.59.%193597
7 MEDCLIN  64206548901.42.%845971
8 MPACT  22922325140.61.%92725
9 SASOL  41602422752.1703732

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New Lows
SharenameSaleLowMove% MoveVolume
1 KEATON   16315510.62.%100518
2 JDGROUP  359034101604.66.%409862

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Index Summary
Index NameRPMove% Move
Top 4035,631.00216.000.61%
Industrial49,858.00326.000.66%
Mid Cap56,339.00364.000.65%
Small Cap43,992.00184.000.42%
Resource 2048,541.00216.000.45%
Industrial 2543,029.00253.000.59%
Financial 1511,731.00102.000.88%
Financial & Ind. 3046,953.00334.000.72%
All Share40,253.00245.000.61%
Oil & Gas 31,482.002.000.01%
Mining 30,316.00152.000.50%
Gold Mining1,861.00-18.00-0.99%
Platinum Mining49.001.003.71%
GENERAL MINING8,190.0044.000.54%
Oil & Gas Producers 16,927.001.000.01%
Basic Materials 26,483.00157.000.60%
Chemicals 19,699.00-31.00-0.16%
Forestry & Paper 22,107.00150.000.69%
Industrial Metals 24,607.00912.003.85%
Industrials 41,511.00444.001.08%
General Industrials 122.001.001.24%
Consumer Goods 46,777.0078.000.17%
Automobiles & Parts 8,489.00-24.00-0.29%
Household Goods170.0063.66%
Health Care 60,286.00-3.00-0.01%
Beverages 165.00.000.01%
Index NameRPMove% Move
Food Producers 69,540.001195.001.75%
Personal Goods 732.006.000.95%
Consumer Services 80,872.001094.001.37%
General Retailers 62,999.00436.000.70%
Travel & Leisure 5,304.0034.000.65%
Media 125.002.001.94%
Support Services 2,353.0016.000.70%
Telecommunications 79,853.00432.000.55%
Financials 31,197.00235.000.76%
Banks 54,430.00666.001.24%
Non-life Insurance 49,742.00-12.00-0.02%
Life Insurance 28,845.00149.000.52%
General Financial 2,860.0016.000.58%
Technology 36,513.00281.000.78%
SHARIAH TOP40 3,342.00200.62%
FTSE/JSE SHARIAH ALL3,481.00200.59%
COAL MINING21,225.005422.62%
FTSE JSE Fledgling 5,991.00-7-0.13%
FTSE/JSE Alt X 905.00-18-2.02%
SA LISTED PROPERTY 528.000.91%
CAPPED PROPERTY 422.000.43%
RESOURCE 26,693.001140.43%
DIVIDEND PLUS217.0031.66%
FTSE/JSE RAFI 408,220.00580.72%
Capped Top 4018,823.001220.66%
Capped All Share20,388.001260.63%
JSE TABACO 6,275.00-69-1.10%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
IPLIMPERIAL HOLDINGS LTDHOLD21/01/2013
BILBHP BILLITON PLCHOLD21/01/2013
TRUTRUWORTHS INTERNATIONAL L...SELL21/01/2013
AMSANGLO AMERICAN PLATINUM C...HOLD21/01/2013
ANGANGLOGOLD ASHANTI LIMITEDHOLD21/01/2013
Results Expected**
ExpectedCompany NameFin. Date
27/03/2013BASREADDecember 2012 (Final)
27/03/2013CAPITECFebruary 2013 (Final)
27/03/2013CAPITEC-PFebruary 2013 (Final)
27/03/2013PALLINGHTDecember 2012 (Final)
27/03/2013PALLINGHTMDecember 2012 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
TRENCOR25/03/201319/04/201329/04/2013R 3.6000
ASTRAPAKP20/03/201312/04/201322/04/2013R 3.9745
REMGRO19/03/201312/04/201322/04/2013R 1.4500
METAIR18/03/201305/04/201315/04/2013R 0.9500
ADVTECH18/03/201305/04/201315/04/2013R 0.1400
Ex Div**
Share NameDec-DateLDTPay-DateAmount
SHOPCONV11/03/201322/03/201303/04/2013R 325.0000
MTN GROUP06/03/201320/03/201302/04/2013R 5.0300
IMPERIAL27/02/201320/03/201302/04/2013R 3.8000
IMPERIALP27/02/201320/03/201302/04/2013R 3.5430
LIB-HOLD28/02/201320/03/201302/04/2013R 3.3600

Upcoming AGMs**
CodeCompany NameDateStatus
MTEMarshall Monteagle PLC26/03/2013Confirmed
MMPMarshall Monteagle PLC26/03/2013Confirmed
SLLStella Vista Technologies Ltd.28/03/2013Confirmed
HDCHudaco Industries Ltd.28/03/2013Confirmed
AMSPAnglo American Platinum Ltd.29/03/2013Unconfirmed

Stock Exchange News Service
DateTimeHeadline
26/03/201317:50LONRHO PLC - TR-1: Notification of major interest in shares
26/03/201317:35SABLE HOLDINGS LIMITED - Unaudited Interim Consolidated Condensed Group Results ...
26/03/201317:25OLD MUTUAL PLC - Form 8.3 Disclosure
26/03/201317:06ANDULELA INVESTMENT HOLDINGS LTD - Reviewed Provisional Condensed Consolidated R...
26/03/201317:02CAPE EMPOWERMENT LIMITED - Cape Empowerment Trust : Litigation Summary
26/03/201317:01REBOSIS PROPERTY FUND LIMITED - Further Cautionary Announcement
26/03/201317:00SABMILLER PLC - Directors Dealings in Securities Notification of transactions of...
26/03/201317:00OLD MUTUAL PLC - Notification of Transactions of Directors/Persons Discharging M...
26/03/201316:59MORVEST BUSINESS GROUP LIMITED - Financial effects of the acquisition and with...
26/03/201316:40Mondi Limited - Posting of integrated report and notice of AGM, and proposed odd...
26/03/201316:40INDWA INVESTMENTS LIMITED - Listing of Tap Issue - IND325
26/03/201316:34JCI LIMITED - Delisting Announcement
26/03/201316:05EXXARO RESOURCES LIMITED - Trading of Exxaro ordinary shares on behalf of the Ex...
26/03/201316:00OSIRIS PROP INTERNATIONAL CO LTD - Results of Notice of Annual General Meeting a...
26/03/201316:00ARROWHEAD PROPERTIES LIMITED - Posting of circullar
26/03/201316:00SABMILLER PLC - SABMiller ZAR 1,000,000,000 Bond Issue
26/03/201315:50MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the...
26/03/201315:50CALGRO M3 HOLDINGS LIMITED - Changes to the board of directors
26/03/201315:45CALGRO M3 HOLDINGS LIMITED - Further Trading Update
26/03/201315:38INVICTA HOLDINGS LIMITED - Directors Dealing In Securities
26/03/201315:30MIRANDA MINERAL HOLDINGS LIMITED - Shareholder update and withdrawal of cautiona...
26/03/201314:52RMB CIS MANCO (PTY) LIMITED - Distribution Finalisation Announcement - RMBT40
26/03/201314:48RMB CIS MANCO (PTY) LIMITED - Distribution Finalisation Announcement - RMBINF
26/03/201314:46CONTROL INSTRUMENTS GROUP LIMITED - Dealing in Securities by Director and Altern...
26/03/201314:45CONTROL INSTRUMENTS GROUP LIMITED - Notification in terms of S122(3) of the Comp...
26/03/201314:38BIOSCIENCE BRANDS LIMITED - Revised trading statement and further cautionary ann...
26/03/201314:15AFRICAN OXYGEN LIMITED - No change statement and notice of annual general meetin...
26/03/201313:59BRIMSTONE INVESTMENT CORPORATION LD - Dealing in securities by the company secre...
26/03/201313:21COAL OF AFRICA LIMITED - Co-operation Agreement signed with Haohua Energy Intern...
26/03/201313:20FOORD COMPASS LIMITED - No change statement and posting of annual report
26/03/201313:20FOORD COMPASS LIMITED - Notice of annual general meeting of debenture holders
26/03/201312:47CURRO HOLDINGS LIMITED - Finalisation Announcement of the Curro Rights Offer
26/03/201312:00SYNTHESIS FUNDING LIMITED - SYN988 Synthesis Funding Limited - New Financial In...
26/03/201312:00PINNACLE TECHNOLOGY HOLDINGS LTD - Dealing in securities by a family trust of Mr...
26/03/201311:30INTU PROPERTIES PLC - Director/PDMR Shareholding
26/03/201311:08ALERT STEEL HOLDINGS LIMITED - Revised trading statement
26/03/201311:00SABMILLER PLC - Board and Committee Changes - Appointment of New Non-Executive D...
26/03/201310:10RAINBOW CHICKEN LIMITED - Dealings In Securities By A Director Of A Major Subsid...
26/03/201309:01ALERT STEEL HOLDINGS LIMITED - Further cautionary announcement
26/03/201309:00GROWTHPOINT PROPERTIES LIMITED - Dealing in securities by Directors, Associates ...
26/03/201309:00ASCENSION PROPERTIES LIMITED - Opening of private placement announcement
26/03/201308:55SIBANYE GOLD LIMITED - Sibanye Gold Redeems Debt
26/03/201308:47ARGENT INDUSTRIAL LIMITED - Dealing in securities by a director
26/03/201308:40FIRESTONE ENERGY LIMITED - ASX Waiver from Listing Rule 14.7
26/03/201308:30MURRAY & ROBERTS HOLDINGS LIMITED - Disposal by Clough Limited of its Forge Shar...
26/03/201308:30MERAFE RESOURCES LIMITED - Second Quarter 2013 Ferrochrome Price Announcement
26/03/201308:29MURRAY & ROBERTS HOLDINGS LIMITED - CANCELLATION OF S329898 Disposal by Clough L...
26/03/201308:00THE DB X-TRACKER COL INVEST SCHEME - Listing of additional 3 000 000 DBXUS secur...
26/03/201307:30MASTER DRILLING GROUP LTD - Audited Provisional Report for Master Drilling Group...
26/03/201307:10CIPLA MEDPRO SOUTH AFRICA LIMITED - Reviewed, condensed, provisional, consolidat...

Click here for more SENS news