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The Sharenet Daily 
Tuesday, 20 May 2014 - 20:00
 
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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)


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Seed Weekly - The Holistic View

It is very important to optimize a client’s investment portfolio on a proper risk adjusted basis and the only way to do this accurately is by looking at the client’s investments on a holistic or “all inclusive” basis.

I will illustrate by using the following example:
John Doe is a 50 year old male that inherits R 4m from the passing of his parents. John approaches his financial advisor for advice on investing the R 4m.

His asset base (before inheritance) consists of:

We have assumed that the Family Trust is invested in income centric assets (as most of the other beneficiaries require a high level of income). His asset allocation (before inheritance) is replicated below:

The advisor has 2 options with how he goes about giving John advice:

• Option 1:
Establish an asset allocation based on John’s needs and advise him to invest the money in a well-diversified portfolio that matches this asset allocation. In this option the advisor only takes the R 4m inheritance into account when making the recommendation.
• Option 2:
Here the advisor first considers John’s current asset base, establishes an asset allocation based on his needs and then decides how he can optimize John’s entire portfolio with the additional cash flow.

We have assumed that John’s target asset allocation is as follows:

The chart below shows the outcome of the 2 options described above. In Option 1 John invests into a portfolio that mimics his target asset allocation (described above). In Option 2 John invests 50% of the inheritance in equity and 50% globally and in doing so gets a lot closer (on a composite basis) to his target asset allocation than had his advisor given him advice purely focused on investing the inheritance.

Option 1 would have been perfect had John not had any other investments, but the importance of taking a holistic approach is clearly illustrated in this example. The advisor not only needs the required tools to ensure that the initial advice is holistically based, but that his clients’ portfolio are continually tracked on this basis so that he can ensure that his clients’ portfolios are in alignment with the optimal strategy.

At Seed we have developed the planning and reporting tools that ensure that we take great care, not only in planning holistically, but also reporting monthly on all of our clients’ investments, even the portion that isn’t under our management.

Kind regards,

Renier Hugo

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

Tue, 20 May 2014
Top News
[IMAGE]
Global stock indices were lower on Tuesday after weaker-than-expected earnings, while the dollar fell for a fifth straight session against the yen.  Full story
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The world's top platinum producers and the AMCU union agreed on Tuesday to court-mediated wage talks aimed at ending the longest and costliest mining strike in South African history.  Full story
Thailand's army declared martial law nationwide on Tuesday to restore order after six months of street protests that have left the country without a proper functioning government, but insisted the surprise intervention was not a military coup.  Full story
Thailand's army declared martial law on Tuesday to restore order after six months of anti-government protests that have left the country without a proper functioning government, but denied that it was staging a military coup.  Full story
A freight train jumped the tracks and collided with a passenger train near Moscow on Tuesday, ripping the side off one of the carriages and killing at least six people.  Full story
 
Markets
U.S. stocks fell on Tuesday as retailers' shares dropped after earnings from TJX Companies and Staples halted the market's two-day winning streak.. . .  Full story
European shares and peripheral bonds buckled for a second day running on Tuesday, as political angst outset optimism over fresh support from the. . .  Full story
European shares inched lower on Tuesday, held back by Vodafone after the world's second-largest mobile network operator reported 6.6 billion pounds ($11 billion) in. . .  Full story
Sell-offs in mobile operator Vodafone and retailer Marks & Spencer dragged down Britain's blue-chip equity index on Tuesday, after disappointing forecasts from both companies.. . .  Full story
Platinum prices edged higher on Tuesday as South Africa's longest and costliest miners' strike ground on, while gold steadied as gains in the. . .  Full story
U.S. stocks edged lower at the open on Tuesday, with the S&P 500 coming off a two-day rally as investors assessed some of. . .  Full story
The pan-European FTSEurofirst 300 index slipped on Tuesday as Vodafone, the world's second-largest mobile network operator, sank after reporting huge impairment costs.. . .  Full story
Hong Kong's benchmark index rose to a five-week closing high on Tuesday, helped by China Mobile after a broker upgrade pushed shares of. . .  Full story
SA Business
South Africa's rand and government bonds fell to two-week lows on Tuesday as investors worry about global economic growth and sell. . .  Full story
Shares of South Africa's PPC Ltd fell nearly 5 percent on Tuesday after the cement maker said its aggressive expansion plans. . .  Full story
The platinum market is expected to post a deficit of 1.218 million ounces this year, widening from 940,000 ounces in 2013,. . .  Full story
South Africa's No.2 drugmaker, Adcock Ingram Holdings Ltd, flagged a first-half loss on Tuesday, citing costs related to a failed $1.2. . .  Full story
Shares in Taste Holdings fell more than 3 percent on Tuesday after the restaurant group said it had received a legal. . .  Full story
South African platinum miner Lonmin has dismissed 235 essential services workers who were on an unsanctioned strike and defied a court. . .  Full story
South Africa's treasury sold 2.35 billion rand ($227 million) worth of its 2036, 2048 and 2031 bonds on Tuesday.. . .  Full story
Even as money floods into India, its central bank is bracing for the worst, building up currency reserves and drafting a game plan. . .  Full story
South Africa's rand was under pressure on Tuesday, tracking weaker Asian currencies due to political uncertainty in that region, while investors are increasingly worried about the impact of a protracted platinum sector strike on the local economy.. . .  Full story
British-based private equity firm Actis said on Monday it had sold part of its Ugandan subsidiary's stake in local power distributor Umeme Ltd for $85.5 million to institutional investors.. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0049617.00109.520.22%
JSE Top 4017:0044559.13145.290.33%
JSE Gold17:001478.88-.78-0.05%
JSE Financial17:0036557.59-94.33-0.26%
JSE Industrial17:0065021.91445.830.69%
JSE Indust 2517:0057426.84479.810.84%
JSE Resource17:0056265.13-226.40-0.40%
DJ Futures19:5816335.00-146.00-0.89%
DJ Ind19:5816345.83-166.03-1.01%
SP 50019:581868.70-16.38-0.87%
Nasdaq19:584082.45-43.37-1.05%
FTSE 10017:356802.00-42.55-0.62%
DAX18:089639.08-20.31-0.21%
CAC4018:084452.35-17.41-0.39%
Nikkei08:2814075.2568.810.49%
Shanghai09:282008.122.940.15%
Hang-Seng10:2822834.68130.180.57%
All Ords08:365401.7011.400.21%
NZSE 5007:485134.89-32.89-0.64%
NameTimeRPMove% Move
Gold $19:591294.692.420.19%
Gold R19:5813544.39160.511.20%
Gold R/kg19:5843529921350.49%
Silver $19:5919.3920.07100.37%
Platinum $19:591462.55-1.55-0.11%
Palladium $19:59824.6011.601.43%
R15717:27.00-6.58######%
R18617:27.00-8.08######%
R20417:27.00-7.37######%
R20717:27.00-7.59######%
Brent Crude19:58109.75-.67-0.61%
Rand / Dollar19:5910.46180.10621.03%
Rand / Pound19:5517.58690.20641.19%
Rand / Euro19:5514.32710.13070.92%
Rand / NZD19:588.96090.02520.28%
Rand / AUD19:559.67730.01680.17%
Yen / Dollar19:59101.2210-0.2460-0.24%
Euro / Dollar19:550.73010.00090.12%
Dollar / Euro19:591.3694-0.0014-0.10%
Pound / Dollar19:550.5936-0.0009-0.15%

Click here for the Sharenet Spot Price page
The JSE Today

 Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
20/05/201414719970416234,423,741R14,458,653,707161374497190
19/05/201421513268415183,453,462R14,084,876,5061681681644918
16/05/201416017876414191,741,884R13,243,234,7271659561540198
15/05/201416618559410217,147,969R14,580,081,0671787781655730
14/05/201421515163429263,580,412R22,678,897,9142229761240831
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 HOSP-B  75021740.71.%211
2 ADVHLTH  2302311.11.%3634912
3 CROOKES  80005006.67.%1293
4 INTEWASTE  14485.88.%71500
5 LITHA  17474.19.%19756
6 NETCARE  27611104.15.%10626626
7 CALGRO  820253.14.%85022
8 NASPERSN  11945034502.97.%1193994
9 RICHEMONT  108612942.78.%7617514
10 TORRE  27572.61.%55920
11 BCX  595152.59.%300370
12 PREMIUM  2000482.46.%176
13 SEARDELN  21552.38.%822500
14 CLIENTELE  1599372.37.%9233
15 CMH  1400302.19.%193400
16 KELLY  23552.17.%20350
17 BRAIT  57101192.13.%325586
18 MASTDRILL  1200252.13.%11300
19 FINBOND  29662.07.%34285
20 AVENG  2482471.93.%348437

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Major Moves Down
SharenameSaleMove% MoveVolume
1 WCC  101-19-15.83.%204118
2 SABVEST  3800-585-13.34.%875
3 DIPULA-A  973-127-11.55.%1000
4 CAMAC  600-55-8.40.%180
5 CSG  221-16-6.75.%47470
6 CML  9600-689-6.70.%5314949
7 CONVERGE  108-7-6.09.%92000
8 KEATON   224-14-5.88.%65559
9 MMG  850-50-5.56.%200
10 RANGOLD  410-24-5.53.%2990
11 NET1UEPS  10348-542-4.98.%2003
12 PPC  3135-160-4.86.%1538366
13 ARB  645-25-3.73.%6150
14 METMAR  130-5-3.70.%30000
15 BUILDMX  270-10-3.57.%12138
16 ROLFES  415-15-3.49.%46763
17 THARISA  2200-75-3.30.%1000
18 BELL  1880-59-3.04.%65386
19 SAPPI  3559-98-2.68.%1631870
20 JDGROUP  2630-70-2.59.%63821

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New Highs
SharenameSaleHighMove% MoveVolume
1 HOSP-B  75075021740.71.%211
2 ADVHLTH  2302352311.11.%3634912
3 NETCARE  276127811104.15.%10626626
4 CALGRO  820840253.14.%85022
5 BCX  595620152.59.%300370
6 NIVEUS  28802880301.05.%60500
7 REINET  25102530150.60.%2578536
8 RBPLAT  72067400260.36.%85499
9 MRPRICE  1669017153-39-0.23.%564309
10 BIDVEST  2940029800-100-0.34.%782883
11 SASFIN  49005149-125-2.49.%12080

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New Lows
SharenameSaleLowMove% MoveVolume
1 CAMAC  600600-55-8.40.%180
2 THARISA  22002200-75-3.30.%1000
3 BELL  18801699-59-3.04.%65386

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Index Summary
Index NameRPMove% Move
Top 4044,559.13145.290.33%
Industrial65,021.91445.830.69%
Mid Cap63,663.44-267.84-0.42%
Small Cap54,451.2531.190.06%
Resource 2056,265.13-226.40-0.40%
Industrial 2557,426.84479.810.84%
Financial 1514,037.75-15.76-0.11%
Financial & Ind. 3061,023.96368.060.61%
All Share49,617.00109.520.22%
Oil & Gas 45,170.14-158.92-0.35%
Mining 33,396.48-133.60-0.40%
Gold Mining1,478.88-.78-0.05%
Platinum Mining47.82-.30-0.62%
GENERAL MINING9,695.19-37.25-0.38%
Oil & Gas Producers 24,287.15-85.45-0.35%
Basic Materials 29,469.38-95.02-0.32%
Chemicals 24,310.6729.360.12%
Forestry & Paper 30,562.02232.260.77%
Industrial Metals 19,667.38-225.23-1.13%
Industrials 46,554.31-88.77-0.19%
General Industrials 146.29-.25-0.17%
Consumer Goods 60,461.07536.120.89%
Automobiles & Parts 9,171.06-113.22-1.22%
Household Goods366.02-1-0.26%
Health Care 79,702.86509.380.64%
Beverages 193.49-.28-0.14%
Index NameRPMove% Move
Food Producers 72,245.73-427.93-0.59%
Personal Goods 1,084.7629.372.78%
Consumer Services 11,778.89176.281.52%
General Retailers 64,890.53-164.00-0.25%
Travel & Leisure 5,926.85-17.46-0.29%
Media 260.797.492.96%
Support Services 2,747.32-33.67-1.21%
Telecommunications 10,585.03-48.53-0.46%
Financials 36,557.59-94.33-0.26%
Banks 63,648.71-71.62-0.11%
Non-life Insurance 53,833.07-274.01-0.51%
Life Insurance 34,881.65-96.60-0.28%
General Financial 3,676.79-37.38-1.01%
Technology 41,821.4243.600.10%
SHARIAH TOP40 4,185.64-13-0.32%
FTSE/JSE SHARIAH ALL4,306.35-10-0.23%
COAL MINING17,700.99-418-2.31%
FTSE JSE Fledgling 6,841.92-39-0.56%
FTSE/JSE Alt X 1,227.35-3-0.28%
SA LISTED PROPERTY 509.12-0.51%
CAPPED PROPERTY 442.22-0.12%
RESOURCE 30,770.16-120-0.39%
DIVIDEND PLUS224.02-2-0.87%
FTSE/JSE RAFI 409,875.84-6-0.06%
Capped Top 4023,607.96830.35%
Capped All Share25,129.77570.23%
JSE TABACO 7,876.89210.26%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
BILBHP BILLITON PLCBUY19/05/2014
PFGPIONEER FOODS GROUP LTDHOLD19/05/2014
AGLANGLO AMERICAN PLCBUY19/05/2014
SBKSTANDARD BANK GROUP LIMIT...HOLD18/05/2014
OMLOLD MUTUAL PLCBUY16/05/2014
Results Expected**
ExpectedCompany NameFin. Date
21/05/2014DIAMONDCPDecember 2013 (Final)
21/05/2014MEDCLINMarch 2014 (Final)
21/05/2014REUNERTMarch 2014 (Interim)
21/05/2014REUNERT5.5March 2014 (Interim)
21/05/2014REUNERTPRMarch 2014 (Interim)
Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
ABIL PREF19/05/1406/06/1417/06/14ZAR 3.4900
BARWORLD19/05/1406/06/1417/06/14ZAR 1.0600
JDG CONV19/05/1406/06/1420/06/14ZAR 375.0000
VODACOM19/05/1420/06/1430/06/14ZAR 4.3000
PNR FOODS19/05/1427/06/1407/07/14ZAR 0.6500
Ex Div**
Share NameDec-DateLDTPay-DateAmount
METAIR25/03/1416/05/1426/05/14ZAR 0.7000
REBOSIS24/04/1416/05/1426/05/14ZAR 0.4850
DELPROP06/05/1416/05/1426/05/14ZAR 0.4018
PHUMELELA11/04/1416/05/1426/05/14ZAR 0.2800
SPANJAARD25/02/1416/05/1426/05/14ZAR 0.1200
Upcoming AGMs**
CodeCompany NameDateStatus
WKFWorkforce Holdings Ltd.20/05/2014Confirmed
GLNGlencore Xstrata plc20/05/2014Confirmed
BRTBrimstone Investment Corporation Ltd.21/05/2014Confirmed
BRNBrimstone Investment Corporation Ltd.21/05/2014Confirmed
AFXAfrican Oxygen Ltd.22/05/2014Confirmed
Stock Exchange News Service
DateTimeHeadline
20/05/201417:40CARGO CARRIERS LIMITED - Summarised audited annual financial statements for the ...
20/05/201417:30PSG GROUP LIMITED - No change statement and notice of meetings
20/05/201417:10ZEDER INVESTMENTS LIMITED - Appointment as member of the audit and risk committe...
20/05/201417:06HULAMIN LIMITED - Acceptance of rights to participate in share incentive plans b...
20/05/201417:05VIVIDEND INCOME FUND LIMITED - Dealing In Vividend Linked Units By An Associate ...
20/05/201416:30ZEDER INVESTMENTS LIMITED - No change statement and notice of annual general mee...
20/05/201416:29BELL EQUIPMENT LIMITED - Trading Statement
20/05/201416:10SOUTHERN VIEW FINANCE LTD - Change in Function of Director
20/05/201416:00NYATI SECURITISATION 1 (RF) LIMITED - GCR affirms the long term credit ratings a...
20/05/201415:52STEINHOFF INTERNATIONAL HOLDINGS LD - Dealing in securities by a director
20/05/201415:40IMPERIAL HOLDINGS LIMITED - Dealings in Securities
20/05/201415:39WOOLWORTHS HOLDINGS LIMITED - Announcement by Country Road Group
20/05/201415:36GLENCORE XSTRATA PLC - GLN - Results of AGM and Company Name Change
20/05/201415:30VILLAGE MAIN REEF LIMITED - Difficult Quarter as Safety Stoppages Impact on Oper...
20/05/201415:11GLENCORE XSTRATA PLC - GLN - Results of the 2014 AGM
20/05/201415:02JSE LIMITED - Amendments to the JSE Listings Requirements Section 12 (Mineral C...
20/05/201414:57GRINDROD LIMITED - Dealing in securities by directors - allocation of forfeitabl...
20/05/201414:03SA SECURITISATION PROGR (RF) LTD - Interest rate reset announcement - LRFA1/LRFB...
20/05/201414:00AFRIMAT LIMITED - Directors' dealings
20/05/201413:45CADIZ HOLDINGS LIMITED - Trading Statement
20/05/201413:34GOLD FIELDS LIMITED - Disclosure of beneficial interests securities
20/05/201413:06BUILDMAX LIMITED - Retraction of press advertisement
20/05/201413:00LIFE HEALTHCARE GROUP HOLDINGS LTD - Dealings in securities by director
20/05/201412:45PALLINGHURST RESOURCES LIMITED - Dealing in securities by Director
20/05/201412:15CROOKES BROTHERS LIMITED - Trading Statement
20/05/201412:00ASPEN PHARMACARE HOLDINGS LIMITED - Director's Dealings
20/05/201411:55WORKFORCE HOLDINGS LIMITED - Results of annual general meeting
20/05/201411:35SYNTHESIS FUNDING LIMITED - New Financial Instrument Listing - SY1095
20/05/201411:33DELRAND RESOURCES LIMITED - Management's Discussion and analysis of financial co...
20/05/201411:22NEW GOLD ISSUER LIMITED - NGPLD-Additional Listing of NewGold Palladium Debentur...
20/05/201411:15NEW GOLD ISSUER LIMITED - GLD-Additional Listing of NewGold Debentures
20/05/201411:03NEW GOLD ISSUER LIMITED - NGPLT-Additional Listing of NewGold Platinum Debenture...
20/05/201411:03NEW GOLD ISSUER LIMITED - NGPLT-Additional Listing of NewGold Platinum Debenture...
20/05/201410:55FORTRESS INCOME FUND LIMITED - Posting of rights offer circular
20/05/201410:26TASTE HOLDINGS LIMITED - Dominos Pizza Master Franchise Agreement Update
20/05/201409:45BRIKOR LIMITED - Update on Liquidation Proceedings
20/05/201409:35SHOPRITE HOLDINGS LIMITED - Disclosure of disposal of securities
20/05/201409:33ADCOCK INGRAM HOLDINGS LIMITED - Trading Statement
20/05/201408:50ANSYS LIMITED - Trading Statement
20/05/201408:30ESOR LIMITED - Trading update
20/05/201408:05FIRESTONE ENERGY LIMITED - Expiry Of Options
20/05/201408:00REUNERT LIMITED - Unaudited Group Results and cash dividend declaration for the ...
20/05/201407:10PPC LIMITED - Presentation of 2014 Interim Financial Results
20/05/201407:09PPC LIMITED - Unaudited interim group results for the half-year ended 31 March 2...
20/05/201407:08NEDBANK LIMITED - CFRNIF - Proposed Dividend Distribution
20/05/201407:07NEDBANK LIMITED - REINIF - Dividend Announcement
20/05/201407:06NEDBANK LIMITED - VODNNH - Dividend Announcement
20/05/201407:05WINHOLD LIMITED - Unaudited condensed interim consolidated results of the group ...
20/05/201407:05CORONATION FUND MANAGERS LIMITED - Reviewed interim results for the six months e...
20/05/201407:05BRITISH AMERICAN TOBACCO PLC - Transaction in own shares
20/05/201407:05NEDBANK LIMITED - VODNIF - Dividend Announcement

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