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 The Sharenet Daily 
Tuesday, 09 June 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 - Hedge Fund Industry

The local hedge fund industry has been in the spotlight this year. Not for any nefarious reasons, like a fund going bust or being a ponzi scheme, but because there has been some new legislation. Earlier in the year the Financial Service Board ( FSB ) and National Treasury finally published new legislation that will bring the hedge fund industry under the Collective Investment Scheme Act (CISCA). Hedge funds will now be regulated under CISCA and provide the same safe guards that unit trusts provide investors. We are all familiar with the unit trust industry, but how does the hedge fund industry compare?

While local hedge funds have been around since the late 1990’s / early 2000’s, the public still isn’t very familiar with the industry, partially as a result of hedge funds falling outside the regulatory framework for most of this period. While hedge funds are only now getting regulated formally, the fund managers have been regulated by the FSB for a few years now. Hedge funds have the stigma of being high risk, high return and very expensive, but South African hedge funds are generally run much more conservatively and with much better transparency than their global counterparts.

Novare Investments publishes an annual survey on the local hedge fund industry and I would like to share some of the insights from the report. Compared to the unit trust industry the hedge fund industry is still very small. The graph below shows the growth in assets in hedge funds since 2002.

Source: Novare Investments SA Hedge Fund Survey 2014

At the June 2014 there was just over R53.6 billion invested in hedge funds compared to R1.6 trillion in unit trusts. The hedge fund industry manages just over 3% of the total assets in unit trusts. The largest unit trust in South Africa (R108 billion) is twice the size the whole hedge fund industry! The biggest hedge fund is South Africa is just over R5 billion.

There are around 60 active hedge fund managers with just over a 100 different funds. Mangers with experience exceeding 10 years manage a third of the assets. The graph below shows the size of the 10 largest funds compared with the industry.

Source: Novare Investments SA Hedge Fund Survey 2014

The 10 largest hedge funds make up 44% of the assets. These funds also received 38% of all flows between June 2013 and June 2014. These are the funds with experienced management teams and proven track records.

With hedge funds now falling under CISCA they will become more accessible to investors and the industry will continue to attract assets. You will be hearing more about these strategies in the future. As retail solutions get launched, hedge fund investing will/should form part of the average investor’s plan, and not just high net worth investment plans. Seed advises on a fund of hedge funds which has been able to consistently outperform its benchmark of CPI + 4% over the past 5 years.

Kind regards,

Gerbrandt Kruger

Tel 021-914-4966
Fax 021-914-4912
Email info@seedinvestments.co.za

Seed is hiring: Click through to our LinkedIn page to see vacancies available.


Tue, 09 Jun 2015
Top News
Local markets The All Share fell 1.05% on Tuesday, with losses led by industrial shares. However, gold mining shares soared 6.08%.  Full story

South Africa's rand edged weaker early on Tuesday as public sector wage pressures threatened to scupper the unit's recovery from 13-1/2 year lows. At 0645 GMT the rand had softened 0.2 percent to 12.5000 per dollar, having pulled away from the 12.6600 low in preceding sessions on w  Full story
Hong Kong issued a "red alert" advisory on Tuesday against non-essential travel to South Korea, where eight new cases of Middle East Respiratory Syndrome (MERS) were reported, bringing the total to 95 with seven fatalities.  Full story
A massive fire at a Ukrainian fuel depot killed five people on Tuesday, officials said, including three firemen who went missing after the flames triggered a powerful explosion.  Full story
Greek Prime Minister Alexis Tsipras called on his fractious Syriza party to rally behind the government on Tuesday as time runs critically short to unlock funding from international lenders and avert a debt default.  Full story
European shares fell on Tuesday on weak economic data out of China and uncertainty about Greece's debt negotiations while U.S. stocks were little. . .  Full story
Gold rose on Tuesday as stock markets weakened and commodities picked up across the board, but prices remained rangebound as investors awaited clearer. . .  Full story
Hong Kong's Hang Seng index fell more than 1 percent on Tuesday to its lowest close in two months, as investor risk appetite. . .  Full story
China shares closed lower on Tuesday, hours ahead of MSCI's decision on including mainland stocks in its global indexes, as some investors took. . .  Full story

Australian shares fell to their lowest in four months on Tuesday, led by losses in the mining and financial sectors on worries about. . .  Full story
Japan's Nikkei share average posted its biggest loss in almost a month on Tuesday, hurt by the prospect of an early U.S. rate. . .  Full story
U.S. and European stocks declined on Monday as investors fretted about Greece and the timing of a U.S. rate hike, while bond yields. . .  Full story
Gold rose slightly after a three-day streak of declines on Monday as the dollar and stock markets fell, though prices hovered near 11-week. . .  Full story
SA Business
Newmont Mining Corp has agreed to buy the Cripple Creek & Victor gold mine in Colorado from AngloGold Ashanti Ltd for $820 million, giving the world's No. 2 gold producer an expanding asset in a mining-friendly jurisdiction.. . .  Full story
Company News
Shareholders of Alaris (Shareholders) are referred to the SENS announcements released by the Company on 19 February 2015 and 1 April. . .  Full story
Shareholders are referred to the detailed cautionary announcement dated 15 May 2015 relating to the finalisation of the financial information for. . .  Full story
Morvest shareholders are referred to the announcement published by Morvest on 15 May 2015 (the Announcement), regarding the firm intention of. . .  Full story
Shareholders are referred to the previous cautionary announcements dated 6 March 2013, 22 April 2013, 5 July 2013, 8 July 2013,. . .  Full story

Business Report highlighted that Telkom, South Africa's biggest landline provider, will pay its first dividend since 2011, and revamp its operations to revive falling earnings. The stock gained the most in more than two months. Chief executive Sipho Maseko said Telkom. . .  Full story
Old Mutual announced that OM Asset Management plc (˘OMAM÷) has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (˘SEC÷) in preparation for a proposed public offering of OMAMĂs ordinary shares (˘OMAM Shares÷) by Old Mutual.. . .  Full story
Company Results
Total revenue increased to R32.4 billion (R31.9 billion). An operating profit of R2.9 billion (R4.1 million) was recorded. Profit attributable to owners of the parent decreased to R3.2 billion (R3.8 billion).. . .  Full story
The following results are the company's maiden final results. Fee and commission income was R5.3 billion. Operating profit came in at R782 million. A profit attributable to equity holders of R253. . .  Full story
Group revenue increased to USD124.5 million (USD104.3 million). Operating profit rose to USD5.1 million (USD3.7 million). Profit attributable to owners grew to USD2.3 million (USD1.8 million). In addition, headline earnings per. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0051080.26-543.04-1.05%
JSE Top 4017:0045395.91-546.76-1.19%
JSE Gold17:001077.8261.766.08%
JSE Financial17:0042860.00-377.09-0.87%
JSE Industrial17:0072810.81-976.40-1.32%
JSE Indust 2517:0064766.79-973.49-1.48%
JSE Resource17:0041103.10-74.47-0.18%
DJ Futures19:2214565.26-3202.74-18.03%
DJ Ind19:5817791.9425.390.14%
SP 50019:582082.913.630.17%
FTSE 10016:516753.53-36.51-0.54%
All Ords08:365479.70-26.80-0.49%
NZSE 5007:485862.11-23.70-0.40%
NameTimeRPMove% Move
Gold $18:591177.403.470.30%
Gold R19:5814643.79-0.25-0.00%
Gold R/kg19:584707984370.09%
Silver $18:5915.9930.03800.24%
Platinum $18:591106.806.800.62%
Palladium $18:59740.84-.16-0.02%
Brent Crude19:4864.821.512.39%
USD / ZAR18:5912.4374-0.0371-0.30%
GBP / ZAR18:5519.0743-0.0384-0.20%
EUR/ ZAR18:5514.0121-0.0607-0.43%
NZD/ ZAR18:598.8762-0.0229-0.26%
AUD / ZAR18:559.5460-0.0568-0.59%
USD / JPY18:59124.2840-0.2550-0.20%
EUR / USD18:591.1270-0.0011-0.10%
GBP / USD18:591.53690.00280.18%

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 RENERGEN  170045036.00.%34433
2 MONTAUK  92419426.58.%781823
3 THARISA  6609516.81.%50
4 ANGGOLD  11846120811.36.%2754044
5 KIBO  1291311.21.%24556
6 BELL  1000909.89.%2470
7 ALARIS  225157.14.%1000
8 ERIN  79804806.40.%923
9 ADRENNA  15996.00.%335150
10 AFRIMAT  1890894.94.%19448
11 CASHBIL  2859011794.30.%15287
12 DIAMONDCP  22794.13.%1600
13 PINNACLE  990383.99.%156551
14 PALLINGHT  390143.72.%85150
15 STEFSTOCK  700253.70.%29834
16 TORRE  450153.45.%189900
17 SAPPI  46641483.28.%1125179
18 EXXARO  85702713.27.%703356
19 HULAMIN  640203.23.%494885
20 HARMONY  1687513.12.%977207

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Major Moves Down
SharenameSaleMove% MoveVolume
1 CMH  1800-200-10.00.%316726
2 LONFIN  550-50-8.33.%600
3 COAL  113-10-8.13.%310960
4 ATLATSA  140-10-6.67.%15140
5 EQSTRA  362-24-6.22.%4749313
6 FAIRVEST  160-10-5.88.%375000
7 TOWER  900-50-5.26.%5000
8 PAN-AF  202-11-5.16.%3446948
9 ASCEN_A  520-27-4.94.%402076
10 CROOKES  5900-300-4.84.%1200
11 MUSTEK  839-41-4.66.%6412
12 ROCKCASTL  2670-130-4.64.%892896
13 FORTRESSB  2449-113-4.41.%511727
14 RHODES  1680-69-3.95.%213524
15 SEARDEL  124-5-3.88.%139449
16 SIRIUS  620-25-3.88.%81017
17 ASTRAPAK  380-15-3.80.%3919
18 GROUP-5  2695-105-3.75.%721970
19 ASSORE  10542-407-3.72.%29967
20 ASTRAL  16640-611-3.54.%202851

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New Highs
SharenameSaleHighMove% MoveVolume
1 RENERGEN  1700170045036.00.%34433
2 MONTAUK  92495019426.58.%781823
3 TASTE  4254700.166747
4 NET1UEPS  1970020500-521-2.58.%220

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New Lows
SharenameSaleLowMove% MoveVolume
1 CROOKES  59005900-300-4.84.%1200
2 SEARDEL  124106-5-3.88.%139449
3 CML  83838307-153-1.79.%960389
4 MAS  16651625-25-1.48.%64025
5 ILLOVO  16001592-20-1.23.%196181
6 HOWDEN  300029850.36277
7 GRINDROD  15271512100.66.%1054269

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Index Summary
Index NameRPMove% Move
Top 4045,395.91-546.76-1.19%
Mid Cap68,870.76-239.50-0.35%
Small Cap59,438.11-184.72-0.31%
Resource 2041,103.10-74.47-0.18%
Industrial 2564,766.79-973.49-1.48%
Financial 1516,313.75-128.78-0.78%
Financial & Ind. 3069,548.89-971.14-1.38%
All Share51,080.26-543.04-1.05%
Oil & Gas 78,221.3416423.0926.58%
Mining 24,811.06-44.95-0.18%
Gold Mining1,077.8261.766.08%
Platinum Mining29.40.020.07%
GENERAL MINING7,384.48-74.41-1.00%
Oil & Gas Producers 42,058.178830.3926.58%
Basic Materials 23,309.77-46.96-0.20%
Chemicals 21,881.67-230.80-1.04%
Forestry & Paper 43,912.40494.491.14%
Industrial Metals 9,087.80-29.97-0.33%
Industrials 43,846.61-260.24-0.59%
General Industrials 153.27-1.12-0.73%
Consumer Goods 64,532.38-1192.74-1.81%
Automobiles & Parts 7,982.22-54.34-0.68%
Household Goods492.13-8-1.59%
Health Care 9,516.46-110.80-1.15%
Beverages 217.06-3.39-1.54%
Index NameRPMove% Move
Food Producers 8,235.93-111.28-1.33%
Personal Goods 1,019.04-27.26-2.61%
Consumer Services 15,941.58-231.59-1.43%
General Retailers 80,425.09-69.40-0.09%
Travel & Leisure 5,948.41-69.36-1.15%
Media 391.82-9.32-2.32%
Support Services 3,192.59-52.76-1.63%
Telecommunications 10,315.21-114.37-1.10%
Financials 42,860.00-377.09-0.87%
Banks 76,964.54-62.42-0.08%
Non-life Insurance 53,856.96-122.51-0.23%
Life Insurance 40,097.40-678.32-1.66%
General Financial 4,313.62-56.42-1.29%
Technology 62,128.61132.030.21%
SHARIAH TOP40 3,523.65-34-0.97%
FTSE/JSE SHARIAH ALL3,750.66-31-0.83%
COAL MINING10,833.993433.27%
FTSE JSE Fledgling 6,845.42-65-0.95%
FTSE/JSE Alt X 1,321.06-14-1.05%
CAPPED PROPERTY 520.71-0.91%
RESOURCE 22,530.58-37-0.16%
DIVIDEND PLUS220.33-2-0.74%
FTSE/JSE RAFI 409,566.09-78-0.80%
Capped Top 4024,221.11-287-1.17%
Capped All Share25,908.84-275-1.05%
JSE TABACO 8,336.91-98-1.16%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
10/06/2015ARCMITTALMarch 2015 (Q)
10/06/2015CULINAN5.5March 2015 (Interim)
10/06/2015CULINANPRMarch 2015 (Interim)
10/06/2015CULLINANMarch 2015 (Interim)
10/06/2015CULPREF3March 2015 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
AFORBES08/06/1526/06/1506/07/15ZAR 0.1200
TELKOM08/06/1510/07/1520/07/15ZAR 0.3000
TELKOM08/06/1510/07/1520/07/15ZAR 2.1500
AME04/06/1503/07/1513/07/15ZAR 2.5000
SAFARI03/06/1519/06/1529/06/15ZAR 0.3400
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ASTRAL18/05/1505/06/1515/06/15ZAR 5.7500
INVPREFR21/05/1505/06/1522/06/15ZAR 4.3817
JSE05/03/1505/06/1515/06/15ZAR 4.0000
INVESTEC-P21/05/1505/06/1522/06/15ZAR 3.8435
INVLTDPREF21/05/1505/06/1522/06/15ZAR 3.5870

Upcoming AGMs**
CodeCompany NameDateStatus
TED2Trencor Ltd.09/06/2015Confirmed
TRETrencor Ltd.09/06/2015Confirmed
TBGTiso Blackstar Group SE09/06/2015Confirmed
GGMGoliath Gold Mining Ltd.10/06/2015Confirmed
EPSEastern Platinum Ltd.12/06/2015Unconfirmed

Stock Exchange News Service
09/06/201517:30ALARIS HOLDINGS LIMITED - Extention of Timeline in Distribution of Circular to S...
09/06/201517:30AFRICAN DAWN CAPITAL LIMITED - Trading Statement And Renewal Of Cautionary Annou...
09/06/201517:30ESOR LIMITED - Notification in Terms of Section 122(3) of the Companies Act and ...
09/06/201516:40MORVEST GROUP LIMITED - Posting of Circular, Notice of General Meeting, Importan...
09/06/201516:00CORONATION FUND MANAGERS LIMITED - Dealings in securities by CFM Bonus Pool Trus...
09/06/201515:37SUN INTERNATIONAL LIMITED - Results of General Meeting
09/06/201515:37CLOVER INDUSTRIES LIMITED - Dealing in securities by a director of the company
09/06/201515:20RESILIENT PROPERTY INCOME FUND LTD - Dealings in securities by an associate of a...
09/06/201515:00ERIN ENERGY CORPORATION - Provides operational update
09/06/201514:56CoreShares Index Tracker Managers (RF) Proprietary Limited - Listing of 50 000 a...
09/06/201514:55UBS AG - UBS announces expected effective date of UBS AG's asset transfer to UBS...
09/06/201514:45INTERWASTE HOLDINGS LIMITED - Disclosure of offers in Interwaste Holdings shares...
09/06/201514:40LEWIS GROUP LIMITED - Dealings in Securities by Share Trust
09/06/201514:30SANLAM LIMITED - Dealings by shareholder approved Share Incentive Scheme in Sanl...
09/06/201514:29BONATLA PROPERTY HOLDINGS LIMITED - Renewal of Cautionary Announcement
09/06/201513:40FIRSTRAND BANK LIMITED - FRS136 - Listing of Tap Issue
09/06/201513:05NAMPAK LIMITED - TRP121: Notification of acquisition of beneficial interest in s...
09/06/201512:55ELB GROUP LIMITED - Dealing in securities by a director of a major subsidiary
09/06/201512:45OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
09/06/201512:30ASCENDIS HEALTH LIMITED - Proposed appointment of executive director of Ascendis
09/06/201512:20OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
09/06/201512:10BRITISH AMERICAN TOBACCO PLC - Botification of transactions by directors, person...
09/06/201511:40SYNTHESIS FUNDING LIMITED - New Financial Instrument Listing - SY1249
09/06/201511:40MONTAUK HOLDINGS LIMITED - Director Dealing in Securities
09/06/201510:42ASCENSION PROPERTIES LIMITED - TRP121: Notification of an acquisition of benefic...
09/06/201510:00THE FOSCHINI GROUP LIMITED - The Foschini Group Ltd - Directors dealing in secur...
09/06/201509:52CONSOLIDATED INFRASTRUCTURE GRP LTD - Disclosure of share trade
09/06/201509:25THE WATERBERG COAL COMPANY LTD - Further Cautionary Announcement and Update on V...
09/06/201509:05BNP PARIBAS - Release of Annual Financial Statements
09/06/201509:00BLUE TITANIUM CONDUIT (RF) LIMITED - New Financial Instrument Listing: BTC050
09/06/201509:00MARSHALL MONTEAGLE PLC - Interim results to 31 March 2015 and dividend declarati...
09/06/201509:00SOUTH32 LIMITED - Samancor Manganese joint venture to delay restarting three fur...
09/06/201508:30FIRESTONE ENERGY LIMITED - Request for Extension of Voluntary Suspension
09/06/201508:15PSG GROUP LIMITED - Dealing in PSG Shares by associates of a Director
09/06/201508:00PAN AFRICAN RESOURCES PLC - Shanduka shareholding in Pan African
09/06/201508:00MPACT LIMITED - Dealings in securities by the Mpact Limited Incentive Scheme Tru...
09/06/201508:00OLD MUTUAL PLC - OM Asset Management Files S-1 Registration Statement
09/06/201508:00SACOIL HOLDINGS LIMITED - Receipt of US$10 million Associated with the Expiry of...
09/06/201508:00KIBO MINING PLC - Mbeya Coal to Power Project SEPCO III Board Approves Joint De...
09/06/201507:06CARGO CARRIERS LIMITED - Posting of Integrated Report, No Change Statement and N...
09/06/201507:05ANGLOGOLD ASHANTI LIMITED - AngloGold Ashanti Sells CC&V for $820m Plus Royalty ...

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