Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The South African listed property sector had a positive month in December, capping a robust year of excellent returns.</li>
<li>For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.</li>
<li>South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.</li>
</ul>


The South African listed property sector had a positive month in December, capping a robust year of excellent returns.
For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.
South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.


SA Listed Property Review – December 2024

<ul>
<li>The South African All Property Index (J803) continued its strong run in August, rising 8.37% for the month.</li>
<li>The All Property Index’s 2024 Total Return is now up 23.91%. </li>
<li>Investor in South African Listed Property are finally reaping the rewards for their patience through a long and difficult down-cycle for the sector.</li>
</ul>


The South African All Property Index (J803) continued its strong run in August, rising 8.37% for the month.
The All Property Index’s 2024 Total Return is now up 23.91%. 
Investor in South African Listed Property are finally reaping the rewards for their patience through a long and difficult down-cycle for the sector.


SA Listed Property and Fund Snapshot - August 2024

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>Last night the price snapshot was taken for the March 2024 rebalance.</li><li>We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>EXX is expected to enter the RESI with NPH falling out. </li></ul>

Last night the price snapshot was taken for the March 2024 rebalance.We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.EXX is expected to enter the RESI with NPH falling out. 

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

South Africa

Fortress REIT Limited operates as a property loan stock company. The Company objective is to provide a source of capital for the group of institutional and private investors, as well as participates directly in income streams and future capital growth. Fortress REIT serves customers in South Africa.

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Fortress REIT Ltd (FFA SJ)

SA Listed Property Review – December 2024

The South African listed property sector completed a robust year of excellent returns. For 2024 the SA All Property Index rose +28.85%,...

Golden Section Capital

SA Listed Property and Fund Snapshot - August 2024

South African Listed Property has continued its strong recovery in 2024. August was another strong month seeing the All Property Index rise by 8.37%.

Golden Section Capital

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

DMA

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