Long-term investment company RECM and Calibre (RACP) — headed by asset-management personalities Piet Viljoen and Jan van Niekerk — easily outsprinted the JSE in the year to March. Results released on Wednesday showed RACP increased net asset value — the best gauge of performance of an investment company — a whopping 39% to R27.35 per share. Over the same period the JSE’s all share index managed a much more modest 2.5% total return. The largest component of the return stemmed from dividends triggered by the sale of RACP’s indirect stake in recently listed healthcare retailer Dis-Chem. Viljoen said this partially reflected the way the company’s investment in Dis-Chem was structured — via Fledge Holdings, "as a result of which the proceeds from the sale of this investment of R324m was paid out as a dividend". During the year, RACP also sold off minority interests in boutique hotel group Gooderson, American Homes and Afrocentric Health for a small profit. About R250m was spent on invest...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.