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 |
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 13
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and 17, the biggest.
Vote 7
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they were there.
Vote 7
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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
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Steinhoff shares are tumbling…on a different note, technically how much can Naspers drop? Assuming the tencent portion stays stable.
Vote 3
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the support level is at 2600. I will wait for it there.
Vote 9
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Whew!!! Is it time to buy yet, surely NAV is above R17 unless liquidation is on the cards
Vote 4
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Probably – company insolvent & will be involved in court cases
Vote 4
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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 ?
Vote 7
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Why on earth does the Government Employee Pension Fund own 7.5% of frankfurt listed mattress and furniture company??
Vote 11
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Because everybody needs to sleep on something and sit on something ……
Vote 14
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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
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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.
Vote 32
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Completely agree except for your statement “mistake made by capitalists”…this is a fraudulent cooking of the books.
Vote 22
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Please help my understanding: Rh column heading says “Change (R’m)”
– So the PIC lost R12.6 billion? Thanks
Vote 7
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Correct. The ‘ is sometimes used as an abbreviation for thousands, typically by bankers.
Vote 4
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Some people are saying this is a good time to buy?
Vote 2
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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?
Vote 1
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Clearstream will be a nominee for Christo Wiese, not a beneficial holding.
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