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 The Sharenet Daily 
Tuesday, 14 July 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 Seed Flexible Fund

We recently celebrated the Seed Flexible Fund’s five year track record and this week I will be shedding some light on its ins and outs. The fund is a multi-managed unit trust that targets a return of 5% pa after inflation over rolling 5 year periods. The Fund sits in the ASISA South Africa Multi Asset High Equity category alongside most balanced unit trusts.

Process and Asset Allocation

    The investment objective is to provide investors with long term capital growth over a full investment period (5 years). Third party specialist managers are appointed to manage segregate mandates, including strategies that are not otherwise available to retail investors. The Fund is managed as a Regulation 28 compliant Fund and is suitable for investors in retirement products. The net equity weighting (including international equity) will never exceed 75% of the total market value of the fund. The Fund’s asset allocation is determined using Seed’s proprietary developed Tactical Asset Allocation (TAA) process, where those asset classes that offer the best risk/return prospects are over weighted versus a Strategic Asset Allocation (SAA) and vice versa. We do not take an “all or nothing approach” and therefore expect more consistent risk adjusted returns than strategies that aren’t always diversified across asset classes. Below is a graph depicting our current weights (as at 30 June 2015) in each of the asset classes (the blue bars) vs our historic highs and lows (green and red lines.)
    With local equity being on the expensive side, it makes sense that our allocation here is close to the historic minimum. On the local property side we are overweight (vs the benchmark) while being underweight local bonds and cash. We are almost fully invested in offshore (including Africa) assets. Fund Metrics

Below is a risk reward plot showing the Fund vs its peers and some larger funds in the range. What is notable is how the Fund differs to its peers. It is clear that for similar returns (the y-axis), investors in the Seed Flexible Fund have experienced less risk. Some other advantages, which has been extensively covered in previous articles, includes our size (being relatively small (R792m) vs many peers (10 funds in excess of R10bn, with the largest one over R100bn)) as well as the fact that we make use of a multi-manager process.

Source: Morningstar Direct

The Fund’s performance has been excellent in the recent past (3 and 1 year) mainly due to equities and property generating returns well in excess of their long term averages. These asset classes comprise 70% of the Fund’s allocation and therefore have had a large impact on performance.

While past performance is no indication of future returns, we pride ourselves in taking utmost care by utilising qualitative and quantitative research, combined with investment experience, to make prudent investment decisions.

Kind regards,

Renier Hugo

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

Seed is hiring: Click through to our LinkedIn profiles to see vacancies at Seed Investment Consultants and Seed Analytics


Tue, 14 Jul 2015
Top News
Coffee giant Starbucks will open stores in sub-Saharan Africa for the first time next year after agreeing a deal with Taste Holdings on Tuesday, sending the South African company's shares soaring 20 percent.  Full story

Local markets Financial shares fell 1.30% on Tuesday, leading losses across almost all sectors with the All Share down 0.70%. Gold miners however gained 1.21%.  Full story
Iran and six major world powers reached a nuclear deal on Tuesday, capping more than a decade of negotiations with an agreement that could transform the Middle East.  Full story
U.S. President Barack Obama heralded a nuclear deal with Iran on Tuesday as an opportunity for a new direction in the Middle East and warned Congress he would veto any legislation that prevented its successful implementation.  Full story
A secret International Monetary Fund study showed Greece needs far more debt relief than European governments have been willing to contemplate so far, as Germany heaped pressure on Athens on Tuesday to reform and win back its partners' trust.  Full story
Stock markets worldwide rose modestly on Tuesday after a landmark nuclear deal between Tehran and six global powers left sanctions on Iran in. . .  Full story
Gold steadied on Tuesday, recouping earlier losses, after downbeat retail sales data stoked concern over the outlook for the U.S. economy, knocking the dollar. . .  Full story
Hong Kong stocks fell on Tuesday, ending three straight days of gains, as many investors cautiously watched a slide in China key indexes. . .  Full story
China's key share indexes fell on Tuesday, following three days of rebound, as a sharp correction in blue chips offset gains in small. . .  Full story

Australian shares rose 1.9 percent on Monday as the news that Greece had struck a deal with creditors lifted sentiment, while stabilising commodity. . .  Full story
Japanese share prices rose on Tuesday in line with most of those elsewhere after Greece and its euro zone creditors agreed on a. . .  Full story
World equity prices rallied on Monday as investors welcomed a conditional agreement to negotiations aimed at keeping Greece afloat with a bailout and to. . .  Full story
Gold slipped 1 percent on Monday as the dollar rose against the euro after leaders struck a deal to negotiate a Greek bailout,. . .  Full story
SA Business
South Africa will finalise its bid requirements for six nuclear power stations by the end of July and hopes to have. . .  Full story
South African telecoms group Vodacom is planning to outsource maintenance to cut costs, the company said, raising union concerns amid. . .  Full story
South Africa's state-owned logistics firm Transnet expects its capital expansion plan will now cost 336.6 billion rand ($27.07 billion), up from. . .  Full story
South Africa's Association of Mineworkers and Construction Union (AMCU) will return to wage talks with gold producers after walking out of. . .  Full story

South Africa's rand steadied against the dollar early on Tuesday as Greece's truce with its creditors provided broad market relief but traders remained wary ahead of a slew of local and global economic data.. . .  Full story
South Africa's Public Investment Fund (PIC), which manages civil servant pension funds, said on Tuesday it planned to sell a part of the stake it recently acquired in mobile phone firm Vodacom.. . .  Full story
Company News
ChemSpec wishes to advise shareholders of the resignation of Mr Iain Bruce Brereton Buchan and Mr Zack Maxwell Buchan, as Non-Executive. . .  Full story
MiX Telematics (NYSE: MIXT and JSE: MIX), a leading global provider of fleet and mobile asset management solutions, announced it will. . .  Full story
Resource Generation is developing its Boikarabelo coal mine in the Waterberg region of South Africa, which accounts for 40% of the. . .  Full story
The board of directors of Taste (˘board÷) is pleased to announce that Taste Food Franchising (Pty) Ltd. (˘TFF÷), a wholly-owned subsidiary. . .  Full story

On behalf of the Government Employees Pension Fund (˘GEPF÷) represented and acting through the Public Investment Corporation Ltd. (÷PIC÷), which hereby announces that it has appointed Deutsche Bank AG, London Branch as sole bookrunner to sell 25 million ordinary shares in Vodacom Group Ltd., representing approximately 1.7% of the companyĂs issued share capital. This placement is in relation to a hedging activity in respect of certain risk mitigation arrangements entered into by Merrill L. . .  Full story
Company Results
Total income increased to GBP726 138 (GBP78 976), while total comprehensive income came in at GBP457 991 (loss of GBP83 150). In addition, headline earnings per share per share was GBP1.35 (loss of GBP0.84pps). Outlook Atleaf will continue to pursue further asset acquisitions over the balance of the year. The Board is also pleased that there is now a solid asset base of income producing assets, from which to grow the Company.. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0052109.52-365.30-0.70%
JSE Top 4017:0046571.30-336.60-0.72%
JSE Gold17:00983.5711.801.21%
JSE Financial17:0044984.33-592.38-1.30%
JSE Industrial17:0075249.12-386.92-0.51%
JSE Indust 2517:0067160.20-366.09-0.54%
JSE Resource17:0037957.46-212.33-0.56%
DJ Futures10/0717669.00-11.000.00%
DJ Ind19:5818040.0162.330.35%
SP 50019:582107.467.860.37%
FTSE 10017:356753.7515.800.23%
All Ords08:375561.90101.501.86%
NZSE 5007:485750.8844.180.77%
NameTimeRPMove% Move
Gold $19:591154.15-3.40-0.29%
Gold R19:5914234.76-167.44-1.16%
Gold R/kg19:58457784-3717-0.81%
Silver $19:5915.3490-.1510-0.97%
Platinum $19:591025.50-6.50-0.63%
Palladium $19:59653.50-2.50-0.38%
Brent Crude19:4258.46-.27-0.46%
USD / ZAR19:5912.3329-0.1069-0.86%
GBP / ZAR19:5519.2396-0.0072-0.04%
EUR/ ZAR19:5513.5770-0.1170-0.85%
NZD/ ZAR19:598.2743-0.0507-0.61%
AUD / ZAR19:559.1891-0.0273-0.30%
USD / JPY19:59123.3150-0.1270-0.10%
EUR / USD19:591.10060.00010.00%
GBP / USD19:591.56330.01450.93%

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 TASTE  4998219.66.%1527886
2 ARGENT  5007016.28.%1500
3 Cognition  200158.11.%16800
4 ARCMITTAL  1284857.09.%485685
5 HOWDEN  31501996.74.%6944
6 MAZOR  14496.67.%10000
7 ILIAD  925525.96.%5864
8 AQUARIUS  13075.69.%791094
9 TRUSTCO  485245.21.%1116853
10 PUTPROP  565254.63.%2000
11 LONMIN  1480644.52.%4188154
12 ANGGOLD  102063903.97.%749837
13 NORTHAM  36481333.78.%731775
14 KUMBAIO  124244423.69.%558122
15 AECI  120634143.55.%134787
16 CENRAND  416143.48.%51539
17 BLUETEL  886293.38.%102065
18 ASSORE  93003003.33.%70301
19 ADVHLTH  25083.31.%83585
20 EXXARO  80992192.78.%346703

Click here for more Major Moves...
Major Moves Down
SharenameSaleMove% MoveVolume
1 SILVERB  135-25-15.62.%9680
2 DIAMONDCP  241-24-9.06.%1404
3 INFRASORS  127-8-5.93.%100000
4 HOSP-A  1176-74-5.92.%12729
5 BELL  850-50-5.56.%2000
6 EQSTRA  255-14-5.20.%1589877
7 KEATON   128-7-5.19.%12350
8 HYPROP  12500-541-4.15.%905216
9 SPURCORP  3560-140-3.78.%33471
10 CADIZ  130-5-3.70.%615905
11 DAWN  588-22-3.61.%4200
12 CML  8050-288-3.45.%400664
13 OCTODEC  2485-85-3.31.%498023
14 RMIH  4322-142-3.18.%870333
15 VODACOM  13466-434-3.12.%6482739
16 SAPPI  4277-129-2.93.%541740
17 RESILIENT  9655-291-2.93.%320884
18 CAPITEC  43801-1274-2.83.%209790
19 CAPPROP  1430-41-2.79.%1094661
20 SPAR  19050-525-2.68.%315063

Click here for more Major Moves...

New Highs
SharenameSaleHighMove% MoveVolume
1 TASTE  4995258219.66.%1527886
2 TRUSTCO  485485245.21.%1116853
3 CALGRO  21502195492.33.%85003
4 CASHBIL  31880327232440.77.%44061
5 NVEST  24125510.42.%74400
6 STEINHOFF  77717938-103-1.31.%7243827

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New Lows
SharenameSaleLowMove% MoveVolume
1 HOSP-A  11761176-74-5.92.%12729
2 PAN-AF  153151-3-1.92.%1463904
3 GRINDROD  12431239-18-1.43.%1539635
4 INVICTA  66206551-80-1.19.%60947
5 AFROX  12811201-9-0.70.%130456
6 RBPLAT  39203710290.75.%284775

Click here for more Major Moves...

Index Summary
Index NameRPMove% Move
Top 4046,571.30-336.60-0.72%
Mid Cap68,206.28-527.62-0.77%
Small Cap59,053.64104.720.18%
Resource 2037,957.46-212.33-0.56%
Industrial 2567,160.20-366.09-0.54%
Financial 1517,132.45-227.60-1.31%
Financial & Ind. 3072,484.10-518.47-0.71%
All Share52,109.52-365.30-0.70%
Oil & Gas 11,343.79-42.33-0.37%
Mining 22,720.81-109.20-0.48%
Gold Mining983.5711.801.21%
Platinum Mining23.56.381.64%
GENERAL MINING6,849.11-63.43-0.92%
Oil & Gas Producers 60,993.45-227.59-0.37%
Basic Materials 22,061.22-133.70-0.60%
Chemicals 22,110.44-144.71-0.65%
Forestry & Paper 45,989.72-690.31-1.48%
Industrial Metals 7,313.71261.333.71%
Industrials 44,381.50-434.98-0.97%
General Industrials 158.76-1.81-1.13%
Consumer Goods 67,220.15-240.08-0.36%
Automobiles & Parts 7,730.86101.901.34%
Household Goods533.31-7-1.31%
Health Care 9,868.27-77.89-0.78%
Beverages 227.91-1.16-0.51%
Index NameRPMove% Move
Food Producers 8,656.814.740.05%
Personal Goods 1,023.73.900.09%
Consumer Services 16,524.29-129.88-0.78%
General Retailers 82,019.56-1301.91-1.56%
Travel & Leisure 6,134.15-1.27-0.02%
Media 405.55-2.14-0.52%
Support Services 3,299.1117.700.54%
Telecommunications 10,610.7846.110.44%
Financials 44,984.33-592.38-1.30%
Banks 79,120.66-681.65-0.85%
Non-life Insurance 57,399.45-25.52-0.04%
Life Insurance 42,499.30-808.67-1.87%
General Financial 4,630.45-73.20-1.56%
Technology 63,900.27-82.78-0.13%
SHARIAH TOP40 3,503.20-23-0.64%
FTSE/JSE SHARIAH ALL3,707.10-18-0.47%
COAL MINING10,238.562772.78%
FTSE JSE Fledgling 6,762.23350.52%
FTSE/JSE Alt X 1,331.0150.35%
CAPPED PROPERTY 554.30-1.23%
RESOURCE 20,635.53-99-0.48%
DIVIDEND PLUS218.43-1-0.66%
FTSE/JSE RAFI 409,565.31-74-0.77%
Capped Top 4024,840.45-181-0.72%
Capped All Share26,430.90-185-0.70%
JSE TABACO 8,928.80-38-0.43%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
15/07/2015ROCKWELLMay 2015 (Q)
15/07/2015SIBANYEJune 2015 (Interim)
20/07/2015AMPLATSJune 2015 (Interim)
20/07/2015ANGLOPLATCCPJune 2015 (Interim)
20/07/2015SACOVENMarch 2015 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
AMECOR30/06/1517/07/1527/07/15ZAR 0.0800
ARGENT30/06/1525/09/1505/10/15ZAR 0.0900
ILPREF230/06/1517/07/1527/07/15ZAR 13.8847
ILRPREF130/06/1517/07/1527/07/15ZAR 12.8930
NICTUS30/06/1517/07/1527/07/15ZAR 0.0300
Ex Div**
Share NameDec-DateLDTPay-DateAmount
AEG CONV26/06/1510/07/1524/07/15ZAR 362.5000
TFG28/05/1510/07/1520/07/15ZAR 3.2500
LEWIS27/05/1510/07/1520/07/15ZAR 3.0200
OMNIA23/06/1510/07/1520/07/15ZAR 3.0000
TELKOM08/06/1510/07/1520/07/15ZAR 2.1500

Upcoming AGMs**
CodeCompany NameDateStatus
ILVIllovo Sugar Ltd.15/07/2015Confirmed
GAMGlobal Asset Management Ltd.15/07/2015Confirmed
SMMSable Metals and Minerals Ltd.16/07/2015Confirmed
VODVodacom Group Ltd.16/07/2015Confirmed
AELAllied Electronics Corporation Ltd.20/07/2015Confirmed

Stock Exchange News Service
14/07/201517:21INVICTA HOLDINGS LIMITED - Dealing in securities by director
14/07/201517:10JSE LIMITED - Index Change Advise - 20150717 Combined Motor Hldgs Deletion
14/07/201517:07JSE LIMITED - Index Change Advice - 20150722 Afrocentric Investment Corp Shares ...
14/07/201517:05JSE LIMITED - Index Change Advice - 20150722 Ansys Shares In Issue and Free Floa...
14/07/201517:00HOSPITALITY PROPERTY FUND LIMITED - Update on capital restructure circular, REIT...
14/07/201516:15THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Instrument Listing...
14/07/201516:15THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Instrument Listing...
14/07/201516:15THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Instrument Listing...
14/07/201516:15HUGE GROUP LIMITED - Posting of Integrated Report and Notice of Annual General M...
14/07/201516:00THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Instrument Listing...
14/07/201516:00CHEMICAL SPECIALITIES LIMITED - Resignation of Directors
14/07/201516:00THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Instrument Listing...
14/07/201516:00THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Instrument Listing...
14/07/201516:00THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - New Financial Listing - TWC097 (...
14/07/201515:42GLOBAL ASSET MANAGEMENT LTD - Trading Statement
14/07/201515:40DIPULA INCOME FUND LIMITED - Dealings in securities by an associate of a directo...
14/07/201515:30OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
14/07/201515:21BSI STEEL LIMITED - Dealing in securities by an associate of a director
14/07/201515:20EQUITES PROPERTY FUND LIMITED - Dealings in securities by directors of Equites
14/07/201515:00MIX TELEMATICS LIMITED - MiX Telematics announces date of first 2016 conference ...
14/07/201514:49AFRICAN BANK INVESTMENTS LIMITED - Further cautionary: sale of the entire issued...
14/07/201514:34BARLOWORLD LIMITED - BAW10-Interest Rate Reset
14/07/201514:30BARLOWORLD LIMITED - BAW3-Interest Rate Reset
14/07/201514:01ADCORP HOLDINGS LIMITED - Dealing in securities by a director and his associate
14/07/201513:48INDWA INVESTMENTS LIMITED - INA543-Listing of Tap Issue
14/07/201513:45OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
14/07/201513:23MUSTEK LIMITED - Acquisition of securities by Peregrine Equities Proprietary Lim...
14/07/201513:00SATRIX COLLECTIVE INVESTMENT SCHEME - Listing of Additional 1 Million Satrix Ind...
14/07/201512:45OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
14/07/201512:30CALGRO M3 HOLDINGS LIMITED - Dealings In Securities by Directors
14/07/201512:30METROFILE HOLDINGS LIMITED - Change to the board of directors of a major subsidi...
14/07/201512:20BLUE TITANIUM CONDUIT (RF) LIMITED - New Financial Instrument Listing Announceme...
14/07/201512:15BLUE TITANIUM CONDUIT (RF) LIMITED - New Financial Instrument Listing Announceme...
14/07/201511:45RESOURCE GENERATION LIMITED - Quarterly report for the three months ended 30 Jun...
14/07/201511:20OCTODEC INVESTMENTS LIMITED - Results of the accelerated book build
14/07/201511:06THE SPAR GROUP LIMITED - Dealing in securities by The SPAR Group Limited Employe...
14/07/201511:05THE SPAR GROUP LIMITED - Exercise of options and sale of shares by a director
14/07/201510:10SAPPI LIMITED - Sappi sells Cape Kraft recycled packaging mill to Golden Era Gro...
14/07/201510:00SUPER GROUP LIMITED - Presentation to investors - Proposed INtIME Acquisition
14/07/201508:50TASTE HOLDINGS LIMITED - Taste signs exclusive licence with Starbucks Coffee Com...
14/07/201508:50TAWANA RESOURCES NL - Africa's most viable new Iron Ore Project
14/07/201508:37OCTODEC INVESTMENTS LIMITED - Accelerated Book Build
14/07/201507:38JSE LIMITED - GEN - General - Announcement
14/07/201507:05BHP BILLITON PLC - Sir John Buchanan

Click here for more SENS news