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 The Sharenet Daily 
Tuesday, 28 April 2015 - 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)

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Seed Weekly - The Benefits of Multi Management

Multi management, much like other investment style/process, is just one way of investing. While it can’t be considered the ‘holy grail’ of investing (if someone finds the ‘holy grail’ please let me know!) it does have advantages over some of the more traditional/well known forms of asset management for the average retail investor.

The first problem that investors into single manager solutions funds face is that the underlying manager requires investment skills across the entire range of asset classes. There are many top managers out there, and many do have decent skills across a broad set of asset classes, but we generally find that managers have an area of excellence which drives performance, rather than being the best across all areas (jack of all trades, master of none – or in this case one!)

As multi managers, we believe that manager focus and specialisation is key to ensuring consistent top performance. Multi managers have the luxury of allocating capital to a variety of carefully selected managers (manager research and selection is a key skill of a multi manager). The chart below shows the range of managers currently used in the Seed Flexible Fund. ‘Other’ comprises some more niches strategies that include China and Africa equity and global property – skill sets in these more niched areas are even more difficult to replicate within one organisation.

A common argument in favour of single managers is that the manager has full sight into the portfolio and can make changes taking the entire portfolio into account, whereas investors trying to build a portfolio with multiple building blocks don’t have the same information. While this line of thinking holds for the average investor trying to blend a range of funds, at Seed we have insight into all of the mandates that are part of our Funds. Most of the mandates that form part of our solutions are segregated mandates, where we have full see through into the holdings on a daily basis, and can therefore use this data to inform any decisions that are required.

We believe that our multi managed process, whereby segregated mandates are accessed as far as possible, is superior to the more common Fund of Fund (FoF) process in that we generally customise each mandate with the manager to ensure that the Fund is optimised. This typically takes the form of more concentrated portfolios comprising the managers’ best views, but can also involve either increasing or decreasing the risk taken when compared to their retail fund offering. As previously mentioned, accessing segregated mandates also gives us greater insight into the manager’s investment process, which enables us to build greater conviction in the manager’s abilities.

The Seed Flexible and Seed Absolute Return Funds are both multi managed multi asset class Funds. Both have performed particularly well over the past few years when compared to both their inflation targets and peers. The Seed Flexible Fund has top quartile performance over 3 and 1 years, while the Seed Absolute Return Fund (with a shorter track record) has top quartile performance over 1 year. For more information on these Funds please contact us.

Take care,

Mike Browne

021 914 4966

Tue, 28 Apr 2015
Top News
South African stocks retreated from record highs on Tuesday on as Coronation Fund Managers flagged lower first-half earnings but iron ore companies bucked the weaker trend.  Full story

Local markets On Tuesday, the JSE All Share fell 0.27% as 4.35% gains in gold miners and 1.58% advances in resource shares were not enough to offset losses in other sectors.  Full story
The day after rioters tore through Baltimore, the city's mayor was criticized on Tuesday for a slow police response to some of the worst U.S. urban unrest in years after the funeral of a 25-year-old black man who died in police custody.  Full story
Greek Prime Minister Alexis Tsipras said on Tuesday he was confident of an outline deal with international creditors within two weeks, after shaking up his negotiating team and sidelining his finance minister who has infuriated euro zone partners.  Full story
Nine drug traffickers held emotional farewell meetings with their families at an Indonesian prison on Tuesday, after Jakarta rejected last-ditch pleas from around the world for clemency and ordered their mass execution to proceed within hours.  Full story
Disappointing corporate earnings handed European shares their biggest daily decline in over a week on Tuesday and left U.S. stocks little changed, while Iran's. . .  Full story
Gold rose nearly one percent on Tuesday after disappointing U.S. data hit the dollar and dampened expectations that the Federal Reserve will hint. . .  Full story
Hong Kong stocks ended flat on Tuesday as strength in financial shares was offset by a slump in oil giants PetroChina and Sinopec. . .  Full story
China stocks ended lower on Tuesday, easing off a new seven-year high, as a tumble in start-up board ChiNext soured investor sentiment despite strength. . .  Full story

Australian shares fell on Tuesday as investors shrugged off a rebound in iron ore prices and booked gains after a recent winning streak.. . .  Full story
Japan's Nikkei share average rose on Tuesday helped by hopes of better shareholder returns after Fanuc Corp doubled its dividend payout ratio, but gains. . .  Full story
Wall Street shares fell on Monday, dragged lower by biotech and healthcare stocks, while European shares and the euro advanced on optimism over. . .  Full story
Gold jumped more than 2 percent on Monday above $1,200 an ounce, on track for its biggest one-day rise since January as the. . .  Full story
SA Business
South Africa's rand firmed more than one percent to 11.8590, close to its strongest in a month, as optimism over the. . .  Full story
South Africa will likely raise its 2015 maize output forecast after rains in crop-producing areas boosted production and yields, a. . .  Full story
Ivory Coast will sell its debut Islamic bond in the next two to three months, and is assessing whether to make. . .  Full story
Anglo American said on Tuesday it was ramping up output at its South African coal mine to meet its production targets. . .  Full story

Zambia's Copperbelt Energy Corp. (CEC) said on Tuesday it had restored electricity supply to its mining customers after a countrywide blackout, the company's spokeswoman said.. . .  Full story
Zimbabwe's maize production is forecast to drop by 35 percent to 950,000 tonnes this year from 2014 due to poor rains, a United Nations agency said on Tuesday, leaving the country. . .  Full story
Lower oil prices will reduce growth in sub-Saharan Africa's major petroleum producing countries and push governments to implement significant policy adjustments, the International Monetary Fund said on Tuesday.. . .  Full story
Company News
Shareholders are referred to the announcements released on the Stock Exchange News Service ("SENS") on 1 April 2015 and 10 April 2015 relating to the declaration and finalisation of a special. . .  Full story
Notice is hereby given that the company has during its financial year ended 31 March 2015, pursuant to the authority granted to the board of directors by shareholders at the annual. . .  Full story
Aquarius released their Financial and Production Results to 31 March 2015. Highlights. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0055039.29-149.05-0.27%
JSE Top 4017:0048758.27-207.09-0.42%
JSE Gold17:001354.5956.504.35%
JSE Financial17:0046675.50-258.16-0.55%
JSE Industrial17:0077853.75-504.11-0.64%
JSE Indust 2517:0069374.37-513.79-0.74%
JSE Resource17:0044921.97699.961.58%
DJ Futures19:5818027.0037.000.21%
DJ Ind19:5818112.8574.880.42%
SP 50019:582115.526.600.31%
FTSE 10017:357030.53-73.45-1.03%
All Ords08:405921.50-33.30-0.56%
NZSE 5007:505769.654.290.07%
NameTimeRPMove% Move
Gold $19:591214.2612.511.04%
Gold R19:5914376.45-41.90-0.29%
Gold R/kg19:5846235863101.38%
Silver $19:5916.6540.25501.55%
Platinum $19:591160.1018.601.63%
Palladium $19:59779.404.400.57%
Brent Crude19:5864.82-.03-0.05%
Rand / Dollar19:5911.8415-0.1542-1.29%
Rand / Pound19:5518.1155-0.1251-0.69%
Rand / Euro19:5513.0058-0.0497-0.38%
Rand / NZD19:599.1491-0.0163-0.18%
Rand / AUD19:559.49640.07710.82%
Yen / Dollar19:59118.9160-0.1580-0.13%
Euro / Dollar19:570.9103-0.0086-0.94%
Dollar / Euro19:591.09850.01010.93%
Pound / Dollar19:550.6524-0.0042-0.64%

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 YORK  2533214.48.%221483
2 ASSORE  1196610519.63.%328463
3 PETMIN  127119.48.%6070575
4 HOWDEN  44493498.51.%147860
5 KUMBAIO  1735013508.44.%2482214
6 ARM   112958478.11.%983046
7 KIBO  160128.11.%9500
8 IMPLATS  67954777.55.%4724491
9 ANGLOPLAT  3264022557.42.%561180
10 RBPLAT  50623276.91.%289436
11 ARCMITTAL  20461326.90.%587185
12 NORTHAM  48043046.76.%651627
13 ATLATSA  170106.25.%35000
14 ERIN  67253755.91.%428
15 ADVTECH  989545.78.%128557
16 GFIELDS  54202795.43.%3897712
17 PUTPROP  599284.90.%2106
18 THARISA  570254.59.%7000
19 EXXARO  102504454.54.%1928254
20 ANGGOLD  135805804.46.%1832195

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Major Moves Down
SharenameSaleMove% MoveVolume
1 SEARDELN  104-16-13.33.%31320
2 NET1UEPS  15800-1548-8.92.%3128
3 CML  9556-917-8.76.%1375373
4 DELTAINT  1805-140-7.20.%1670
5 CULLINAN  161-12-6.94.%50080
6 DIGICOR  242-16-6.20.%46950
7 ENX  235-15-6.00.%19500
8 CSG  170-10-5.56.%11100
9 NIVEUS  2181-109-4.76.%36336
10 GIJIMA  205-10-4.65.%185165
11 BASREAD  267-13-4.64.%51985
12 BELL  826-39-4.51.%64896
13 FAIRVEST  192-8-4.00.%389214
14 AMECOR  240-10-4.00.%140
15 BATS  66151-2549-3.71.%576809
16 DRDGOLD  222-8-3.48.%489946
17 VALUE  360-12-3.23.%22016
18 DENEB  160-5-3.03.%30000
19 MEDCLIN  12672-386-2.96.%1345090
20 SANTOVA  349-10-2.79.%138538

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New Highs
SharenameSaleHighMove% MoveVolume
1 ERIN  672567253755.91.%428
2 VODACOM  15493154935793.88.%3130169
3 PIVOTAL  24202420210.88.%562030
4 FIRSTRAND  57205847-39-0.68.%8663441
5 INVLTD  1128011483-98-0.86.%580142

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New Lows
SharenameSaleLowMove% MoveVolume
1 ASTRAPAK  340335-5-1.45.%1052713
2 ROLFES  299285-1-0.33.%33915
3 ATLATSA  170145106.25.%35000

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Index Summary
Index NameRPMove% Move
Top 4048,758.27-207.09-0.42%
Mid Cap76,601.28336.360.44%
Small Cap61,105.28480.350.79%
Resource 2044,921.97699.961.58%
Industrial 2569,374.37-513.79-0.74%
Financial 1517,786.46-124.90-0.70%
Financial & Ind. 3074,605.41-563.77-0.75%
All Share55,039.29-149.05-0.27%
Oil & Gas 30,814.47253.970.83%
Mining 27,135.19449.341.68%
Gold Mining1,354.5956.504.35%
Platinum Mining32.751.966.37%
GENERAL MINING7,903.7266.360.85%
Oil & Gas Producers 16,568.37136.550.83%
Basic Materials 25,348.49316.561.26%
Chemicals 25,059.58189.120.76%
Forestry & Paper 41,472.28-617.04-1.47%
Industrial Metals 10,229.78706.877.42%
Industrials 46,491.44-417.86-0.89%
General Industrials 165.11-2.06-1.23%
Consumer Goods 66,773.16-1116.59-1.64%
Automobiles & Parts 8,333.21-45.29-0.54%
Household Goods533.24-6-1.03%
Health Care 10,701.36-108.16-1.00%
Beverages 219.43-4.20-1.88%
Index NameRPMove% Move
Food Producers 9,009.83-27.80-0.31%
Personal Goods 1,062.78-11.79-1.10%
Consumer Services 17,077.78-131.52-0.76%
General Retailers 85,755.49-563.18-0.65%
Travel & Leisure 6,580.12-55.22-0.83%
Media 419.18-4.09-0.97%
Support Services 2,890.19-51.04-1.74%
Telecommunications 12,092.13309.282.62%
Financials 46,675.50-258.16-0.55%
Banks 85,036.8984.580.10%
Non-life Insurance 58,318.24-329.24-0.56%
Life Insurance 44,267.34-654.67-1.46%
General Financial 4,435.77-62.40-1.39%
Technology 61,651.2722.660.04%
SHARIAH TOP40 3,879.65340.90%
FTSE/JSE SHARIAH ALL4,125.12380.94%
COAL MINING12,957.805634.54%
FTSE JSE Fledgling 6,917.84350.51%
FTSE/JSE Alt X 1,323.78-6-0.44%
RESOURCE 24,628.224081.68%
DIVIDEND PLUS245.3031.08%
FTSE/JSE RAFI 4010,462.68450.43%
Capped Top 4026,040.37-103-0.39%
Capped All Share27,916.93-76-0.27%
JSE TABACO 8,452.94-326-3.71%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
29/04/2015OAKBAYFebruary 2015 (Final)
30/04/2015BEIGEDecember 2014 (Interim)
30/04/2015BEIGEPDecember 2014 (Interim)
30/04/2015BEIGEPREF2December 2014 (Interim)
30/04/2015GIJIMADecember 2014 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
BLACKSTAR24/04/1508/05/1508/06/15GBP 0.0077
CLICKS23/04/1526/06/1506/07/15ZAR 0.6550
ECSP A22/04/1508/05/1518/05/15ZAR 0.7671
ECSP C22/04/1508/05/1518/05/15ZAR 1.0164
CULINAN5.522/04/1508/05/1518/05/15ZAR 0.0550
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ILIAD17/03/1522/04/1504/05/15ZAR 0.2200
ZEDER08/04/1522/04/1504/05/15ZAR 0.0550

Upcoming AGMs**
CodeCompany NameDateStatus
CILConsolidated Infrastructure Group Ltd.30/04/2015Confirmed
CPFCapital Property Fund Ltd.30/04/2015Confirmed
ABSPAbsa Bank Ltd.01/05/2015Unconfirmed
BELBell Equipment Ltd.04/05/2015Confirmed
WKFWorkforce Holdings Ltd.05/05/2015Confirmed

Stock Exchange News Service
28/04/201517:41COMBINED MOTOR HOLDINGS LIMITED - Detailed announcement regarding the voluntary...
28/04/201517:05JSE LIMITED - Index Change Advice - 20150504 Gijima Group Deletion
28/04/201517:00ANGLO AMERICAN SA FINANCE LTD - Standard and Poors downgrades Anglo American SA ...
28/04/201516:30CORONATION FUND MANAGERS LIMITED - Voluntary Trading Update and Assets Under Man...
28/04/201516:30EXXARO RESOURCES LIMITED - Acceptance of conditional awards granted in terms of ...
28/04/201516:13TOYOTA FIN SERVICES (SA) LTD - TFS134-New Instrument Listing
28/04/201516:11EQUITES PROPERTY FUND LIMITED - Results of general meeting
28/04/201516:00OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
28/04/201515:55GREENHOUSE FUNDING (RF) LIMITED - Interest Rate Reset
28/04/201515:45OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
28/04/201515:30OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
28/04/201514:59AFRICA ETF ISSUER LTD (RF) - Listing of Additional AfricaPlatinum debentures - E...
28/04/201514:58AFRICA ETF ISSUER LTD (RF) - Listing of additional AfricaPalladium debentures - ...
28/04/201514:52AFRICA ETF ISSUER LTD (RF) - Africa ETF Issuer Limited (RF) - ETFPLT
28/04/201514:19ASTRAPAK LIMITED - Dealing in securities by a director
28/04/201514:13JSE LIMITED - Index Change Advice - 20150505 Beige Holdings Shares In Issue With...
28/04/201513:43PRECINCT FUNDING 1 (RF) LTD - Interest Rate Reset
28/04/201513:03SYNTHESIS FUNDING LIMITED - New Financial Instrument Listing - SY1238
28/04/201512:55IVUZI INVESTMENTS LIMITED - IVA518 - Full Capital Redemption
28/04/201512:53SYNTHESIS FUNDING LIMITED - New Financial Instrument Listing - SY1237
28/04/201512:35ABSA BANK LIMITED - ASN059 - New Financial Instrument Listing
28/04/201512:30CAPITEC BANK HOLDINGS LIMITED - Notification ito Section 122(3)(b) of the Compan...
28/04/201512:30TIMES MEDIA GROUP LIMITED - Further update on scheme of arrangement and pre-acqu...
28/04/201512:21MPACT LIMITED - Acceptance of performance share awards to directors and prescrib...
28/04/201512:20MPACT LIMITED - Acceptance of bonus share grants to directors, prescribed office...
28/04/201512:06INVESTEC BANK LIMITED - Decrease in Issue size: ESPIBP
28/04/201512:00THE STANDARD BANK OF SA LTD - New Financial Instrument Listing - SBS38
28/04/201512:00THE THEKWINI FUND 12 (RF) LIMITED - New financial instrument listing announceme...
28/04/201511:52ERIN ENERGY CORPORATION - Fractional Share Payments in terms of the one-for-six-...
28/04/201511:52GROWTHPOINT PROPERTIES LIMITED - Results of Dividend Re-Investment Alternative
28/04/201511:40RAUBEX GROUP LIMITED - Notification of acquisition of securities
28/04/201511:33ASTRAPAK LIMITED - Dealings in securities by a director
28/04/201511:28MERCEDES-BENZ SOUTH AFRICA LIMITED - MBP34-New Instrument Listing
28/04/201511:23JSE LIMITED - GEN - BNP Paribas - Redemption on certificates relating to Cadiz D...
28/04/201510:59LABAT AFRICA LIMITED - Detailed renewal of cautionary announcement and withdrawa...
28/04/201510:44OMNIA HOLDINGS LIMITED - Notification in terms of Section 122(3) of the Companie...
28/04/201510:40HUGE GROUP LIMITED - Cautionary announcement
28/04/201510:32FERRUM CRESCENT LIMITED - BFS Infrastructure Process Update, South Africa
28/04/201510:21INVESTEC BANK LIMITED - New Listing - ESPIBT
28/04/201510:07INVESTEC BANK LIMITED - New Listing: IVC056
28/04/201510:00CADIZ HOLDINGS LIMITED - Notice in terms of Section 45(5)(b) of The Companies Ac...
28/04/201509:27OLD MUTUAL PLC - Form 8.3 Disclosure
28/04/201509:15OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
28/04/201509:15PETMIN LIMITED - Operational update for the nine months ended 31 March 2015
28/04/201509:10OLD MUTUAL PLC - Form 8.3 Disclosure
28/04/201509:07OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
28/04/201509:05NEW GOLD ISSUER LIMITED - NGPLT - Additional Listing of NewGold Platinum ETF's
28/04/201509:00NEW GOLD ISSUER LIMITED - NGPLD - Additional Listing NewGold Palladium ETF's
28/04/201509:00Letshego Holdings Limited - Cautionary announcement - LHL01, LHL02, LHL03
28/04/201508:33GLENCORE PLC - GLN - 2014 Sustainability Report Published
28/04/201508:30THE WATERBERG COAL COMPANY LTD - Further cautionary announcement
28/04/201508:00AQUARIUS PLATINUM LIMITED - Financial and Production Results to 31 March 2015

Click here for more SENS news