Collateral damage: Who owns Steinhoff?

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

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.

COMMENTS 20

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I do not see Coronation on the list

Vote 12

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NUMBERS 31, 57 & 92

Vote 14

and 17, the biggest.

Vote 7

they were there.

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.

Vote 6

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

Vote 3

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

Vote 9

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

Vote 4

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??

Vote 11

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.

Vote 10

Vote 32

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

Vote 22

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?

Vote 2

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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Collateral damage: Who owns Steinhoff?

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