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Collateral damage: Who owns Steinhoff?

Government employees are the second largest shareholder.

There will hardly be an institutional shareholder in the country that escapes the carnage unleashed on the Steinhoff share price over the last few days. 

Moneyweb has sourced the shareholder register of the company as at November 24 when the share price was at R55.89. We calculated the damage using a share price of R16.70 – where it was trading at 1.30pm on Wednesday December 6.

It makes for grim reading.

The Government Employees Pension Fund (GEPF), directly, through its holdings managed by the Public Investment Corporation, and indirectly, through parts of its investments farmed out to private asset managers, will be the largest loser behind Christo Wiese. They will be in good company though. Behind them sits every large asset manager in the country, including Allan Gray, Coronation, Investec, Foord, Discovery and Old Mutual. Large pension funds including those of Eskom and Sasol have also been hit.

The implications are clear: virtually every South African with investments in the form of retirement savings via retirement annuities or provident and pension funds, will all be poorer because of what has happened to Steinhoff. 

We have highlighted South African institutional investors using italics in the table below. 

No

Shareholders as at 24 November 2017

Number of shares held

% of total shares

Value based on share price of R55.89 (R’m)

Value based on share price of R16.70 on 6 Dec 13.30 (R’m)

Change (R’m)

1

CLEARSTREAM BANKING S.A LUXEMBOURG

1,153,178,766

26.8%

R64,451

19,258.09

-R45,193

2

GOVERNMENT EMPLOYEES PENSION FUND PUBLIC INVESTMENT CORPORATION

320,729,253

7.4%

R17,926

5,356.18

-R12,569

3

CITICLIENT NOMINEES NO 8 HK GW

           122,934,974

2.9%

R6,871

                            2,053.01

-R4,818

4

JPMC-OPPENHEIMER LENDING ACCOUNT

           115,822,130

2.7%

R6,473

                            1,934.23

-R4,539

5

UBS SWITZERLAND AG- UBS WM UK CLIENT HOLDINGS

           100,881,227

2.3%

R5,638

                            1,684.72

-R3,954

6

UPINGTON INVESTMENT HOLDINGS B.V.

             71,150,542

1.7%

R3,977

                            1,188.21

-R2,788

7

STATE STREET BANK AND TRUST CO-OMN IBUS ACCOUNT-WEST CLIENT

             58,108,723

1.3%

R3,248

                               970.42

-R2,277

8

LANCASTER 101 PTY LTD CITI

             51,526,717

1.2%

R2,880

                               860.50

-R2,019

9

VANGUARD EMERGING MARKETS STOCK INDEX FUND

             44,533,078

1.0%

R2,489

                               743.70

-R1,745

10

FIHAG FINANZ UND HANDELS AG

             43,731,538

1.0%

R2,444

                               730.32

-R1,714

11

BUS VEN INVEST NO 1499 (PTY) LTD (P

             43,229,864

1.0%

R2,416

                               721.94

-R1,694

12

STEINHOFF INTERNATIONAL HOLDINGS NV

             40,377,900

0.9%

R2,257

                               674.31

-R1,582

13

UPINGTON INVESTMENT HOLDINGS BV N1

             38,265,935

0.9%

R2,139

                               639.04

-R1,500

14

GOVERNMENT EMPLOYEES PENSION FUND PICIND CAM

             37,156,600

0.9%

R2,077

                               620.52

-R1,456

15

SSBTC CLIENT OMNI NON LUX OM01

             36,389,917

0.8%

R2,034

                               607.71

-R1,426

16

CITICLIENT NOMINEES NO 8 NY GW

             35,624,988

0.8%

R1,991

                               594.94

-R1,396

17

STANDARD CHARTERED BANK AS TRUSTEE FOR CORO BALANCED PLUS FUND   -COBP

             35,259,510

0.8%

R1,971

                               588.83

-R1,382

18

STEINHOFF AFRICA HOLDINGS PTY LTD

             33,995,232

0.8%

R1,900

                               567.72

-R1,332

19

SSBTC CLIENT OMNI LENDING NON LUX OM79

             33,567,872

0.8%

R1,876

                               560.58

-R1,316

20

BBH(LUX) FIDELITY FUNDS-EMERGING MARKETS

             32,239,499

0.7%

R1,802

                               538.40

-R1,263

21

UPINGTON INVESTMENT HOLDINGS BV N2

             31,000,000

0.7%

R1,733

                               517.70

-R1,215

22

UPINGTON INVESTMENT HOLDING BV(NO1)

             29,481,543

0.7%

R1,648

                               492.34

-R1,155

23

LIBERTY LIFE ASS.OF AFRICA LTD

             29,079,464

0.7%

R1,625

                               485.63

-R1,140

24

STATE STREET BANK AND TRUST CO-OMN IBUS ACCOUNT-A

             28,633,382

0.7%

R1,600

                               478.18

-R1,122

25

OLD MUTUAL LIFE ASSURANCE CO SA

             28,369,400

0.7%

R1,586

                               473.77

-R1,112

26

JPMC-VANGUARD BBH LENDING ACCOUNT

             27,563,525

0.6%

R1,541

                               460.31

-R1,080

27

UPINGTON INVESTMENT HOLDINGS B.V.-P

             27,127,398

0.6%

R1,516

                               453.03

-R1,063

28

AJVH HOLDINGS PTY LTD

             23,125,021

0.5%

R1,292

                               386.19

-R906

29

OLD MUTUAL LIFE ASSURANCE CO SA LTD

             22,166,282

0.5%

R1,239

                               370.18

-R869

30

FOORD BALANCED FUND

             21,975,098

0.5%

R1,228

                               366.98

-R861

31

STANDARD CHARTERED BANK AS TRUSTEE FOR CORO TOP 20 FUND  -COTTF

             20,801,760

0.5%

R1,163

                               347.39

-R815

32

UPINGTON INVESTMENT HOLDING BV(NO2)

             20,700,000

0.5%

R1,157

                               345.69

-R811

33

GOVERNMENT EMPLOYEES PENSION FUND SANLAM INVESTMENT MANAGERS PTY LTD I

             18,379,999

0.4%

R1,027

                               306.95

-R720

34

K2016159084 (SOUTH AFRICA) PTY LTD

             17,939,979

0.4%

R1,003

                               299.60

-R703

35

JPMCB NA RE DEPO JPMEL RE UCITS CLIENTS ASSETS

             17,608,936

0.4%

R984

                               294.07

-R690

36

CITICLIENT NOMINEES NO 8 LDN GW

             17,225,212

0.4%

R963

                               287.66

-R675

37

HSBC BANK PLC SAUDI ARABIA MONETARYAGENCY

             17,025,979

0.4%

R952

                               284.33

-R667

38

BNYMSANV AS AGENT/CLIENTS BT G NON TREATY ACC 1

             16,532,202

0.4%

R924

                               276.09

-R648

39

UPINGTON MAYFAIR ABSA PLEDGE

             14,490,000

0.3%

R810

                               241.98

-R568

40

UPINGTON MAYFAIR

             14,021,454

0.3%

R784

                               234.16

-R550

41

FOORD EQUITY FUND

             12,855,351

0.3%

R718

                               214.68

-R504

42

SBSA ITF NEDG INV OPP FUND

             12,700,000

0.3%

R710

                               212.09

-R498

43

ALEXANDER FORBES INVESTMENTS LTD FOORD FDL AM

             12,543,606

0.3%

R701

                               209.48

-R492

44

PIC UIF

             12,411,352

0.3%

R694

                               207.27

-R486

45

INVESTEC OPPORTUNITY FUND

             12,338,017

0.3%

R690

                               206.04

-R484

46

SIMLEND MAIN ACCOUNT

             12,298,869

0.3%

R687

                               205.39

-R482

47

BNYM AS AGT/CLTS BTG NON TREATY 10 PERCENT

             12,294,415

0.3%

R687

                               205.32

-R482

48

SANLAM LIFE INSURANCE LIMITED

             12,068,272

0.3%

R674

                               201.54

-R473

49

UPINGTON INVESTMENT HOLDINGS (PLEDG

             11,683,387

0.3%

R653

                               195.11

-R458

50

GOVERNMENT EMPLOYEES PENSION FUND MAZI CAPITAL PTY LTD

             11,676,269

0.3%

R653

                               194.99

-R458

51

FAST EMERGING MARKETS FUND

             11,097,185

0.3%

R620

                               185.32

-R435

52

SBSA ITF OMUT INV FND

             10,640,553

0.2%

R595

                               177.70

-R417

53

SBSA ITF NGI INV RAINMAKER FND

             10,600,000

0.2%

R592

                               177.02

-R415

54

SBSA ITF SIS EQ FND – COR

             10,351,198

0.2%

R579

                               172.87

-R406

55

NORTHERN TRST CO LDN

             10,233,369

0.2%

R572

                               170.90

-R401

56

BNYMSANV AS AGENT/CLIENTS BT G TREATY ACC 5 PERCENT WHT 1

               9,778,779

0.2%

R547

                               163.31

-R383

57

JPMORGAN CHASE BANK NA RE JPMBI AS TRUSTEE FOR CORONATION

               9,659,813

0.2%

R540

                               161.32

-R379

58

JPM SA RE UCITS CLIENTS ASSETS

               9,365,289

0.2%

R523

                               156.40

-R367

59

FIDELITY FDS EMG EUROPE MIDDLE EASTAND AFRICA

               9,078,538

0.2%

R507

                               151.61

-R356

60

GOVERNMENT EMPLOYEES PENSION FUND ARGON ASSET MANAGEMENT PTY LTD

               8,879,029

0.2%

R496

                               148.28

-R348

61

NIANTE TRUST

               8,852,085

0.2%

R495

                               147.83

-R347

62

NOVARE CREST WORLDWIDE FLEXIBLE QUALIFIED INVESTOR HEDGE FUND

               8,826,227

0.2%

R493

                               147.40

-R346

63

BN1 – .UPINGTON INVESTMENT HOLDINGS

               8,707,283

0.2%

R487

                               145.41

-R341

64

ABU DHABI INVESTMENT AUTHORITY

               8,641,479

0.2%

R483

                               144.31

-R339

65

JPMBI RE UCITS CLIENTS ASSETS

               8,574,324

0.2%

R479

                               143.19

-R336

66

STEINHOFF INT. SHARE TRUST

               8,066,179

0.2%

R451

                               134.71

-R316

67

ABAX EQUITY PRESCIENT FUND ABAXEQT

               7,942,000

0.2%

R444

                               132.63

-R311

68

STATE STREET BANK AND TRUST UK LONDON BRCH GEN OMN1

               7,730,244

0.2%

R432

                               129.10

-R303

69

ALLAN GRAY BALANCED FUND

               7,420,664

0.2%

R415

                               123.93

-R291

70

OFIGTC EMG MKTS EQUITY FND

               6,807,859

0.2%

R380

                               113.69

-R267

71

ALEXANDER FORBES INVESTMENTS LTD INVESTEC FDL AM

               6,720,304

0.2%

R376

                               112.23

-R263

72

PIC – COMP COMM

               6,644,433

0.2%

R371

                               110.96

-R260

73

BN1 – .UPINGTON INVESTMENT HOLDINGS

               6,433,273

0.1%

R360

                               107.44

-R252

74

SBSA ITF SIM GEN EQ FND

               6,432,039

0.1%

R359

                               107.42

-R252

75

UPINGTON INVESTMENT HOLDINGS B.V –

               6,376,641

0.1%

R356

                               106.49

-R250

76

STANDARD CHARTERED BANK AS TRUSTEE FOR DISC BALANCED FUND-

               6,175,298

0.1%

R345

                               103.13

-R242

77

VANGUARD INV SRS PLC/VANGUARD EMARGMARKT STCK IND

               6,055,563

0.1%

R338

                               101.13

-R237

78

ALEXANDER FORBES INVESTMENTS LTD FOORD EQUITY AM

               5,914,025

0.1%

R331

                                 98.76

-R232

79

BN1 – .UPINGTON INVESTMENT HOLDINGS

               5,813,014

0.1%

R325

                                 97.08

-R228

80

MMI GROUP LIMITED

               5,773,196

0.1%

R323

                                 96.41

-R226

81

JPMBLSA NORDEA UCITS LEN

               5,735,183

0.1%

R321

                                 95.78

-R225

82

INV ASS LTD BALANCED FUND

               5,630,041

0.1%

R315

                                 94.02

-R221

83

BN1 – .UPINGTON INVESTMENT HOLDINGS

               5,609,049

0.1%

R313

                                 93.67

-R220

84

SYFRETS SECURITIES LTD

               5,503,493

0.1%

R308

                                 91.91

-R216

85

INVESTEC EQUITY FUND

               5,405,139

0.1%

R302

                                 90.27

-R212

86

ESKOM PENSION FUND ESKPEN

               5,390,784

0.1%

R301

                                 90.03

-R211

87

THE TOKARA BEE TRUST

               5,214,554

0.1%

R291

                                 87.08

-R204

88

SSBTC CLIENT OMNIBUS ACCOUNT OU2A

               5,118,414

0.1%

R286

                                 85.48

-R201

89

BN1 – .UPINGTON INVESTMENT HOLDINGS

               5,102,866

0.1%

R285

                                 85.22

-R200

90

SANLAM PRIVATE WEALTH PTY LIMITED

               5,044,790

0.1%

R282

                                 84.25

-R198

91

BN1 – .UPINGTON INVESTMENT HOLDINGS

               5,000,000

0.1%

R279

                                 83.50

-R196

92

STANDARD CHARTERED BANK AS TRUSTEE FOR CORO EQUITY FUND   -COHGF

               4,985,689

0.1%

R279

                                 83.26

-R195

93

DU TOIT JACOBUS HAUPTFLEISCH

               4,984,720

0.1%

R279

                                 83.24

-R195

94

SASOL PENSION FUND

               4,972,347

0.1%

R278

                                 83.04

-R195

95

THE TOKARA EMPLOYEES TRUST

               4,946,840

0.1%

R276

                                 82.61

-R194

96

SBSA ITF SIM BAL FND

               4,941,261

0.1%

R276

                                 82.52

-R194

97

SBSA ITF PRUD CORE VAL FND

               4,908,995

0.1%

R274

                                 81.98

-R192

98

HSBC PLC A/C IB EQUITY FINANCE

               4,761,865

0.1%

R266

                                 79.52

-R187

99

ALEXANDER FORBES INVESTMENTS LTD PRUDENTIAL FDL AM

               4,727,471

0.1%

R264

                                 78.95

-R185

100

JPMCB NA RE DEPO JPMEL AB RE AIF C LIENT ASSETS APG

               4,658,971

0.1%

R260

                                 77.80

-R183

 

 

AUTHOR PROFILE

COMMENTS   19

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BP
I do not see Coronation on the list

NUMBERS 31, 57 & 92

and 17, the biggest.

Thanks Warren for a brilliant piece of work.

It is so sad. Was it greed, or what made these companies load up? I can’t help thinking this is another ABIL in the making.

Would love to know who is buying! They see value. Sadly i remember last time CORONATION was offloading and ALLAN GRAY was loading up. That is what makes a market I suppose.

Steinhoff shares are tumbling…on a different note, technically how much can Naspers drop? Assuming the tencent portion stays stable.

the support level is at 2600. I will wait for it there.

Whew!!! Is it time to buy yet, surely NAV is above R17 unless liquidation is on the cards

Probably – company insolvent & will be involved in court cases

Well, there have been buyers for all the shares sold yesterday. As to NAV – there is no indication of the scale of the irregularities but it must be significant. In this wonderful age of Corporate Governance, where have the Board been all this time ? and the auditors only stop playing along now ?

Why on earth does the Government Employee Pension Fund own 7.5% of frankfurt listed mattress and furniture company??

Because everybody needs to sleep on something and sit on something ……

The above table means nothing and depends actually on the percentage of the fund invested in SNH. If the fund held 5% or 1 % in SNH, that is the question.

This is a true “black swan” event. The equity that took the company 7 years to build, was lost within 3 days. This is a very unfortunate event and no one wishes a loss like this on the GEPF.

I am quite outspoken about the negative effects of BEE on the economy. BEE is a socialist policy and an extra tax on shareholders. We want government employees to start believing in the free market. We want people who vote for the ANC to see the potential of the capitalist, free-market economy. We all want previously disadvantaged citizens to acquire wealth. We need government employees to build their assets so they are in a position to retire securely. It is important for the social stability in our country.

When something like this happens, when investors lose money because of a mistake made by capitalists, when the free-market system with all it’s rules and regulations and checks and balances leaves investors with a disaster like this, they will be inclined to hang on to socialist policies like BEE.

This situation is not only a huge loss for investors, it is a blow to everybody who believes in a free market, capitalist system. The price should recover, there is a solid underlying business and there are assets which has value, but the negative emotional effect of the crash in the share-price will be felt for a long time.

Completely agree except for your statement “mistake made by capitalists”…this is a fraudulent cooking of the books.

Please help my understanding: Rh column heading says “Change (R’m)”
– So the PIC lost R12.6 billion? Thanks

Correct. The ‘ is sometimes used as an abbreviation for thousands, typically by bankers.

Some people are saying this is a good time to buy?

H Ryk and others, the biggest Steinhoff shareholder seems to be the Deuche Exchange through CLEARSTREAM BANKING S.A LUXEMBOURG. Is this correct? How can they be the policeman and shareholder?

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