WHAT IT MEANS: Growth in Remgro’s listed investments tops unlisted stakes. No structural changes planned for portfolio.Investment behemoth Remgro, which holds a portfolio worth more than R150bn, may be facing a structural quandary.The company’s year to end-June financials show that the makeup of intrinsic net asset value (NAV) — the most appropriate measure for an investment company — is now very much skewed to listed investments, despite Remgro reiterating that unlisted investments are preferable.The problem is that Remgro’s listed investments have — thanks to compelling organic growth or game-changing corporate activity — easily outstripped the growth in unlisted investments.A breakdown shows that 70% of Remgro’s NAV resides in the health care, banking and insurance cluster — listed counters like Mediclinic International, FirstRand/RMB and RMI.If the holdings in listed liquor giant Distell and RCL Foods are worked into the equation (along with smaller listed investments like Grind...
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