The sheer size of a nearly R11bn quarterly gain in Reinet’s net asset value (NAV) might raise a few eyebrows in the market. On Wednesday, the Rupert family-controlled investment company  reported an NAV of €5.5bn (R88bn) for the quarter ending December — a sprightly gain of €684m over the quarter to end-September.

With Reinet not releasing a detailed breakdown of the NAV, it seems safe to assume that the 14% gain was largely driven by Reinet’s shareholding in British American Tobacco (BAT). The BAT share price increased about 11% between end-September and end-December last year on the London Stock Exchange … and there would have been a generous quarterly dividend to boot...

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