REINET INVESTMENTSShare price: R26.64JSE code: REI BUYReinet Investments is all about perspective. Either investors are buying one of the best defensive stocks in the world, British American Tobacco (BAT), at a marked discount; or they are buying BAT and getting an array of other investments — including promising UK-based financial services business Pension Corp (PensCorp) — for free. At the time of writing, Reinet’s market capitalisation on the JSE was roughly equal to its remaining 3.7% stake in BAT. The situation is perhaps understandable, as the generous dividends from BAT do not flow through to Reinet shareholders in their entirety, but are mobilised to make additional investments in the existing portfolio or build new positions. Shareholders get a diversified portfolio of direct investments (US land, diamonds, financial services, physical gold) and indirect investments in other specialised investment funds. The non-tobacco parts of the portfolio, aside from PensCorp and maybe ...

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