Christo Wiese-backed Tradehold, which has historically been a pure rand hedge play, has successfully reinvented itself over the past 2½ years. But it seems the market hasn’t bought into the simpler structure, in which 60% of its assets are now based in SA.

Previously, Tradehold’s portfolio was something of a hodgepodge. It spanned the financial services and real estate sectors, with the bulk of its assets being UK shopping centres. Most of those shopping centres were bought years ago through the various offshore business ventures of Wiese, who still chairs Tradehold and owns 49.7% of it...

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