Reinet, the investment company controlled by the Rupert family, continues to lessen its reliance on tobacco slowly. A management statement for the third quarter of the financial year to end March, released on Tuesday, showed the 3.7% holding in cigarette giant British American Tobacco (BAT) represented 67% of Reinet’s €5.5bn portfolio. In the September quarter BAT — Reinet’s sole investment, aside from cash, when it listed in late 2008 — represented more than 70% of the portfolio. At the end of March 2012 the tobacco interests represented more than 87% of the portfolio. While Reinet has diversified its portfolio into numerous direct and fund-aligned investments, the company is still largely viewed by the market as a proxy for BAT. Reinet’s holding in BAT is worth €3.7bn. Reinet has also made a promising investment in UK-based financial services specialist Pension Insurance Corporation (PensCorp). PensCorp provides tailored pension insurance buyouts and buy-ins to the trustees and sp...

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