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 The Sharenet Daily 
Tuesday, 16 February 2016 - 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)


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Seed Weekly - Fund Flows

Saving and investment is a topical issue, both from a regulation and a personal goal perspective. Regulators are trying to put measures in place encourage individuals to save more as South Africa’s saving rates have been branded poor by global standards. Individuals are more cognisant of the importance of saving and investment, not to be ready for a rainy day, but also to achieve personal goals and attaining financial freedom. Collective Investment Schemes (CIS) are centre to this as they provide an important vehicle for investors to save.

We explore South Africa’s fiercely competitive CIS industry, focusing on the trend in fund flows. It is logical to assume that good performance is rewarded by inflows although financial economics argues that performance may not necessarily be persistent. In fact, it is well known that past performance does not guarantee future performance.

Historically, industry performance awards have been dominated by the largest players in the industry. However, recent trends suggest a shifting landscape in the industry with boutique managers receiving a lot more recognition. Investors tend to favour the “tried and tested” managers, which supports the managers that have been in the industry for longer. However, consistent good performance does not go unnoticed.

Recent trends

Chart 1: Growth in Local CIS Industry

The local Collective Investment Schemes (CIS) industry attracted inflows amounting to R109 billion in 2015 according to industry statistics released by the Association for Savings and Investment South Africa (ASISA). Multi-Asset investment portfolios, due to their greater diversification are unquestionably the preferred investment vehicle. Of the R1.9 trillion invested with the CIS industry, 51% is invested in Multi-Asset portfolios. Investors committed a total of R58 billion during the course of 2015, with the Income subcategory proving the most popular, followed by Low Equity category as investors exercised risk averseness.

Remarkably, on a global scale, single asset portfolios are more popular. $36 trillion is invested in CIS portfolios and of this, Equity portfolios (including property) form the bulk (42%), followed by Bond and then Multi-Asset portfolios (22% and 14% respectively). Locally registered foreign portfolios held assets under management of R364 billion at the end of December 2015, compared to R283 billion at the end of December 2014 and recorded net inflows of R2.4 billion over the 12 months to the end of 2015.

Large Managers

Chart 2: South Africa’s largest Managers (R’ million)

Assessing the net flows data from Morningstar paints an interesting picture for the largest Managers. The managers’ experienced net outflows, save for Nedgroup Investments that gained R15 billion in assets. Nedgroup Investments was a bigger winner at the recent Raging Bull awards, winning 5 category awards and the coveted, Management Company of the year. Their strategy to allocate management of specific mandates to different manages including boutiques seems to be working well. Boutique managers also won handsomely at the awards and as can be seen in the next section, good performing funds like the Rezco Value Trend Fund, are getting rewarded with net inflows for their good performance.

Popular Funds

Chart 3: Estimated net flows as at 31 December 2015

Ranking the local CIS funds by 2015 net flows, gives results consistent with the notion that Multi-Asset portfolios are the preferred investment vehicle. The Rezco Value Trend Fund and Nedgroup Investment Opportunity Fund managed by Rezco and Abax respectively provide testimony to the growing popularity of funds managed by boutiques. The outperformance by boutique managers relative to their more accomplished counterparts is one of the reasons why they are gaining greater recognition.

As a reminder, it is important for one to have specific savings and investment goals. Matching return objectives, risk appetite and tolerance will help in determining which investments are appropriate for you. Multi-managers like Seed, offer solutions diversifying risk across different managers/funds/strategies to help you achieve your goals. Speak to your financial adviser to get more insight and work on attaining your investment targets.

Kind regards,

Tawanda Mushore

Click here to download PDF document

Tel +27 21 914 4966
Fax +27 21 914 4912
Email info@seedinvestments.co.za

Seed is hiring: Visit the Seed Analytics LinkedIn profile to view vacancies.

www.seedinvestments.co.za

Tue, 16 Feb 2016
Top News
[IMAGE]
Local markets The JSE ended 0.93% lower on Tuesday, with losses led by resource and financial shares.  Full story

[IMAGE]
South African short-term insurer Santam said on Tuesday it expects to post increased full-year profits, partly due to improved sales, sending its shares higher. The unit of long-term insurer Sanlam flagged a rise of up to 30 percent in headline earnings per share (EPS) to 1,880 cen  Full story
Turkey is asking allies including the United States to take part in a joint ground operation in Syria, as a Moscow-backed government advance nears its borders, raising the possibility of direct confrontation between the NATO member and Russia.  Full story
Austria will introduce quotas to limit the flow of migrants onto its territory and is preparing crowd-control measures at up to a dozen additional crossings in case a bottleneck prompts a shift in peoples' movements, it said on Tuesday.  Full story
Former U.N. Secretary-General Boutros Boutros-Ghali, whose term was marked by war in the former Yugoslavia, famine and genocide in Africa and confrontation with the United States, died on Tuesday. He was 93.  Full story
 
Markets
Net selling of Japanese cash stocks by foreign investors hit a near five-month high in the week of Feb. 1-5, exchange data showed, as a stronger yen and worries about a global economic slowdown threatened to erode exporters' profits.. . .  Full story
SA Business
South Africa's worst drought on record risks tipping an already weak economy into recession as rising agricultural imports feed into rising. . .  Full story
Diamond mining giant De Beers Group plans to cut 366 jobs in South Africa, the Solidarity trade union said on Tuesday.. . .  Full story
South Africa's Woolworths expects an announcement on personal tax hikes in next week's national budget, the retailer's chief executive said on. . .  Full story
South Africa's rand was weaker in early trade on Tuesday, giving up some of the gains triggered by the easing of. . .  Full story

South Africa's Tiger Brands said on Tuesday sales edged up slightly in the four months to end-Jan but warned that the weakness in the rand would raise input costs.. . .  Full story
Company News
WestconGroup, a subsidiary of Datatec Limited, will be hosting analyst and investor presentations on 17 and 18 February 2016 in Johannesburg. . .  Full story
The board of directors of Trustco wishes to inform shareholders that Ms Amanda Bruyns has been appointed as Company Secretary with. . .  Full story
Shareholders are advised that Santam expects its headline earnings per share (HEPS) for the year ended 31 December 2015 to be. . .  Full story
The group achieved a 7% increase in turnover from continuing operations in the four month period ended 31 January 2016, compared. . .  Full story

Shareholders are advised that Spur is expecting to report earnings as follows: Six months to 31 December 2015, Six months to 31 December 2014 and % change *EPS and diluted EPS (cents). . .  Full story
Strategic focus on world-class assets and sustainable positive free cash flow to strengthen balance sheet ű creating the new Anglo American Asset portfolio * World class core portfolio of assets in diamonds,. . .  Full story
Kumba shareholders are referred to the announcement today by Anglo American plc (˘Anglo American÷), at its annual results presentation, of its intention to exit its 69.7% shareholding in the Company, at. . .  Full story
Company Results
Reveneu for he interim period grew to R7.3 billion (R6.9 billion). Operatign profit increased to R289.3 million (R205.6 million). Profit for. . .  Full story
Revenue rose to R39.6 million (R38.3 million). Operating profit increased to R5.1 million (R3.9 million). Profit for the period shot up. . .  Full story
Revenue for the interim period ended 31 December 2015 increased by 3% to R8.2 billion (2014: R8 billion). Operating profit before. . .  Full story
Net insurance premiums increased by 16% to R862.2 million (2014: R742.1 million). Net profit for the period attributable to equity holders. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0049387.10-464.85-0.93%
JSE Top 4017:0043951.37-427.73-0.96%
JSE Gold17:001846.70-9.98-0.54%
JSE Financial17:0039774.62-565.47-1.40%
JSE Industrial17:0075417.31-482.93-0.64%
JSE Indust 2517:0068378.05-436.58-0.63%
JSE Resource17:0026469.41-382.57-1.42%
DJ Futures19:5816107.00-17.00-0.11%
DJ Ind19:5816137.37163.531.02%
SP 50019:581888.1623.381.25%
Nasdaq19:584412.4974.981.73%
FTSE 10016:235860.8136.530.63%
DAX19:089135.11-71.73-0.78%
CAC4019:084110.66-4.59-0.11%
Nikkei08:2816054.4331.850.20%
Shanghai09:282836.5790.373.29%
Hang-Seng10:3019122.08203.941.08%
All Ords07:384961.6068.201.39%
NZSE 5006:506075.3741.090.68%
NameTimeRPMove% Move
Gold $19:591208.56-.33-0.03%
Gold R19:5519021.0038.000.20%
Gold R/kg19:5561818312350.20%
Silver $19:5915.2950-0.0340-0.22%
Platinum $19:58934.413.910.42%
Palladium $19:59506.60-3.90-0.76%
R18617:369.160.030.27%
R20417:008.400.000.00%
R20717:428.630.010.06%
Brent Crude19:5832.47-0.89-2.67%
USD / ZAR19:5915.74170.02750.18%
GBP / ZAR19:5522.4767-0.1832-0.81%
EUR/ ZAR19:5517.5276-0.0194-0.11%
NZD/ ZAR19:5510.3411-0.0936-0.90%
AUD / ZAR19:5511.1847-0.0325-0.29%
USD / JPY19:59113.8930-0.5500-0.48%
EUR / USD19:591.1137-0.0026-0.23%
GBP / USD19:591.4303-0.0133-0.92%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
16/02/201612622478428335,562,481R18,841,929,5942570902076440
15/02/201625011756423327,149,637R22,832,813,8422636411114447
12/02/201628210161444311,466,875R20,815,485,4132948852429419
11/02/201611524451410328,042,377R24,595,504,8692908682633970
10/02/201616617357396295,532,158R19,163,490,329232105583441
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 ARGENT  4005014.29.%73355
2 HOLDSPORT  51503998.40.%106553
3 CALGRO  19501488.21.%57819
4 SANTAM  2000013907.47.%118235
5 KUMBAIO  58004017.43.%1289342
6 DRDGOLD  548326.20.%1884305
7 SILVERB  180105.88.%95000
8 BOWCALF  1078585.69.%1786
9 MONTAUK  950485.32.%100
10 SANTOVA  419194.75.%303580
11 BLACKSTAR  868384.58.%750
12 MASTDRILL  1200504.35.%45667
13 Zakhele   75003004.17.%21131
14 COMAIR  260104.00.%178665
15 DIAMONDCP  18373.98.%91
16 TRUSTCO  384143.78.%81602
17 ANGLOPLAT  3060010273.47.%299571
18 DATATEC  43601453.44.%730833
19 MRHLD  930303.33.%1326581
20 RHODES  2230703.24.%84437

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Major Moves Down
SharenameSaleMove% MoveVolume
1 DENEB  190-25-11.63.%22976
2 ARCMITTAL  733-61-7.68.%545705
3 CSG  111-9-7.50.%91125
4 LONMIN  1791-125-6.52.%219263
5 TIGBRANDS  30000-1800-5.66.%923220
6 IMPLATS  3350-200-5.63.%4123143
7 DISCOVERY  12180-696-5.41.%1948161
8 NAMPAK  1754-96-5.19.%5845091
9 PAN-AF  282-14-4.73.%2652593
10 GRINDROD  882-43-4.65.%1274003
11 GoldBrand  105-5-4.55.%170595
12 ARM   6832-318-4.45.%807504
13 ADCORP  1636-76-4.44.%87717
14 BARWORLD  6708-310-4.42.%1050327
15 ASTRAPAK  400-18-4.31.%52325
16 TRENCOR  3420-153-4.28.%44023
17 SAPPI  6463-287-4.25.%1989066
18 ALTRON-P  561-24-4.10.%482
19 PSG-KST  650-27-3.99.%159893
20 PSG  17400-711-3.93.%287584

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New Highs
SharenameSaleHighMove% MoveVolume
1 S-InzaloB  2195219550.23.%322
2 RESILIENT  1256912907-106-0.84.%743381

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New Lows
SharenameSaleLowMove% MoveVolume
1 NAMPAK  17541745-96-5.19.%5845091
2 GoldBrand  105105-5-4.55.%170595
3 ADCORP  16361621-76-4.44.%87717
4 RIPLC  970970-23-2.32.%1715427

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Index Summary
Index NameRPMove% Move
Top 4043,951.37-427.73-0.96%
Industrial75,417.31-482.93-0.64%
Mid Cap67,034.08-567.06-0.84%
Small Cap53,158.34-247.08-0.46%
Resource 2026,469.41-382.57-1.42%
Industrial 2568,378.05-436.58-0.63%
Financial 1514,681.86-264.27-1.77%
Financial & Ind. 3071,274.94-632.82-0.88%
All Share49,387.10-464.85-0.93%
Oil & Gas 7,195.69.000.00%
Mining 17,366.96-338.21-1.91%
Gold Mining1,846.70-9.98-0.54%
Platinum Mining18.11-.39-2.11%
GENERAL MINING4,242.60-107.23-2.47%
Oil & Gas Producers 38,689.88.000.00%
Basic Materials 18,556.95-261.89-1.39%
Chemicals 21,508.77-65.10-0.30%
Forestry & Paper 49,690.97-519.80-1.04%
Industrial Metals 4,307.33297.807.43%
Industrials 40,823.54-444.46-1.08%
General Industrials 156.71-1.69-1.07%
Consumer Goods 79,182.36-865.03-1.08%
Automobiles & Parts 5,129.0058.881.16%
Household Goods541.8920.34%
Health Care 8,780.57-112.39-1.26%
Beverages 318.48-3.41-1.06%
Index NameRPMove% Move
Food Producers 7,916.16-246.74-3.02%
Personal Goods 1,024.33-16.28-1.56%
Consumer Services 15,413.79-47.24-0.31%
General Retailers 7,114.75-89.75-1.25%
Travel & Leisure 5,181.3519.680.38%
Media 389.99.040.01%
Support Services 1,951.54-48.91-2.44%
Telecommunications 7,876.98146.121.89%
Financials 39,774.62-565.47-1.40%
Banks 6,348.37-129.24-2.00%
Non-life Insurance 51,044.423547.597.47%
Life Insurance 35,974.70-620.05-1.69%
General Financial 4,275.45-82.15-1.89%
Technology 48,774.32222.260.46%
SHARIAH TOP40 2,778.19-14-0.51%
FTSE/JSE SHARIAH ALL3,043.56-22-0.71%
COAL MINING8,975.651241.40%
FTSE JSE Fledgling 6,398.29-4-0.06%
FTSE/JSE Alt X 1,524.88120.78%
SA LISTED PROPERTY 615.27-0.28%
CAPPED PROPERTY 547.37-0.53%
RESOURCE 14,806.56-209-1.39%
DIVIDEND PLUS186.51-2-1.11%
FTSE/JSE RAFI 408,678.64-91-1.03%
Capped Top 4023,379.37-239-1.01%
Capped All Share25,166.57-244-0.96%
JSE TABACO 11,018.94-44-0.39%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
KIOKUMBA IRON ORE LTD BUY15/02/2016
CMLCORONATION FUND MANAGERS ...BUY15/02/2016
NPNNASPERS LIMITEDBUY15/02/2016
WHLWOOLWORTHS HOLDINGS LIMIT...BUY15/02/2016
AMSANGLO AMERICAN PLATINUM C...HOLD15/02/2016
Results Expected**
ExpectedCompany NameFin. Date
17/02/2016CAPREGDecember 2015 (Final)
17/02/2016DISTELLDecember 2015 (Interim)
17/02/2016EMIRADecember 2015 (Interim)
17/02/2016TRNPACODecember 2015 (Interim)
17/02/2016ZPLPDecember 2015 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
GROUP 515/02/1608/04/1618/04/16ZAR 0.4200
ROCKCASTLE12/02/1626/02/1608/03/16USD 0.0463
ITLTILE11/02/1626/02/1607/03/16ZAR 0.1400
WOOLIES11/02/1626/02/1607/03/16ZAR 1.3300
INDLU10/02/1626/02/1607/03/16ZAR 0.2293
Ex Div**
Share NameDec-DateLDTPay-DateAmount
IMPL CONV27/01/1612/02/1622/02/16ZAR 250.0000
CULINAN5.529/01/1612/02/1622/02/16ZAR 0.0550
AEEI04/11/1512/02/1622/02/16ZAR 0.0250

Upcoming AGMs**
CodeCompany NameDateStatus
TBSTiger Brands Ltd.16/02/2016Confirmed
OCEOceana Group Ltd.18/02/2016Confirmed
RDFRedefine Properties Ltd.18/02/2016Confirmed
QFHQuantum Foods Holdings Ltd.19/02/2016Confirmed
RARRare Holdings Ltd.22/02/2016Confirmed

Stock Exchange News Service
DateTimeHeadline
16/02/201617:30SCHRODER EUROPEAN REAL ESTATE INV TRUST PLC - Acquisition of two freehold office...
16/02/201617:30SCHRODER EUROPEAN REAL ESTATE INV TRUST PLC - Notifications of Major Interests i...
16/02/201617:30SCHRODER EUROPEAN REAL ESTATE INV TRUST PLC - Notifications of Major Interests i...
16/02/201617:30ELLIES HOLDINGS LIMITED - Dealing in securities by an associate of a director of...
16/02/201617:00DATATEC LIMITED - WestconGroup investor briefings
16/02/201616:45REUNERT LIMITED - Report on proceedings at the annual general meeting
16/02/201616:45ARGENT INDUSTRIAL LIMITED - General Repurchase of Ordinary Shares
16/02/201616:30TRUSTCO GROUP HOLDINGS LIMITED - Appointment of company secretary
16/02/201616:02THE THEKWINI FUND 13 (RF) LIMITED - Partial Capital Redemption of TH13A1 & TH13A...
16/02/201615:05SANTAM LIMITED - Trading statement - for the year ended 31 December 2015
16/02/201615:04CAPITAL & REGIONAL PLC - Disclosure of home member state
16/02/201614:32ABSA BANK LIMITED - ASN125 - New Financial Instrument Listing
16/02/201614:14FOX STREET 1 (RF) LIMITED - Credit Ratings Accorded by Global Credit Ratings
16/02/201614:00SPUR CORPORATION LIMITED - Trading Statement
16/02/201614:00TIGER BRANDS LIMITED - Trading update for the four month period ended 31 January...
16/02/201614:00INVESTEC LIMITED - INL/INP/ILRP2 - Preference share partial redemption announcem...
16/02/201614:00DELTA AFRICA PROPERTY HOLDINGS LIMITED - Acquisition of warehousing compound in ...
16/02/201613:20OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
16/02/201612:18ANGLO AMERICAN SA FINANCE LIMITED - Moody's Rating Action - AA02 - AA07
16/02/201611:42INDWA INVESTMENTS LIMITED - INA608-Full Capital Redemption
16/02/201611:23COMAIR LIMITED - Unaudited interim results for the six months ended 31 December ...
16/02/201611:00MURRAY & ROBERTS HOLDINGS LIMITED - Voluntary trading statement for the six-mont...
16/02/201610:39SABMILLER PLC - Rule 2.10 announcement
16/02/201610:21BSI STEEL LIMITED - Dealing in securities
16/02/201609:23ANGLOGOLD ASHANTI LIMITED - Information Update on Situation at Idled Obuasi Gold...
16/02/201609:08KUMBA IRON ORE LIMITED - Anglo Americans intention to exit its Kumba shareholdin...
16/02/201609:01ANGLO AMERICAN PLC - Strategic focus on world-class assets and sustainable posit...
16/02/201609:00MONDI LIMITED - Mondi Group: Trading Statement
16/02/201609:00NEW GOLD ISSUER LIMITED - NGPLD/NGNPLD - Partial de-listing of NewGold Palladium...
16/02/201609:00NOVUS HOLDINGS LIMITED - Change in Senior Management - Resignation of Chief Exec...
16/02/201609:00REDEFINE INTERNATIONAL PLC - Placing to raise minimum proceeds of GBP100 million
16/02/201609:00ANGLO AMERICAN PLC - Year end financial report for the year ended 31 December 20...
16/02/201609:00RESOURCE GENERATION LIMITED - Change of Directors Interest Notice
16/02/201609:00GREEN FLASH PROPERTIES LIMITED - Abridged unaudited consolidated results for the...
16/02/201609:00FERRUM CRESCENT LIMITED - Option to Acquire Interests in Lead-Zinc Exploration P...
16/02/201609:00AFRICAN BANK LIMITED - Investor conference call for creditors subject to the Afr...
16/02/201608:10STANDARD BANK OF SOUTH AFRICA LD - SCIB: - Issue of stock warrants
16/02/201608:00DRDGOLD LIMITED - Report to Shareholders for the six months ended December 2015
16/02/201607:05SUPER GROUP LIMITED - Unaudited Interim Results for the six months ended 31 Dece...

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