Bidcorp is a global food service business. Its typical customers include restaurants, hotels and caterers. The pandemic hasn’t been kind to any of them. Despite this, Bidcorp paid dividends in 2020 and 2021, so it’s arguably a more defensive play than most Reits.

Bidcorp was unbundled from Bidvest in 2016, a clever bit of timing during a frothy period on the JSE when investment holding companies were all the rage and people threw tomatoes at you in the streets if you owned platinum shares. My, how times can change!..