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 returned to positivity in November, rising by 1.69% (unfortunately Q4 2024 to-date remains negative at -1.05%).</li>
<li>For the year to date the sector is up 28.37%, and on a one-year rolling period the index is up 43.85% as measured by the J803 All Property TR Index.</li>
<li>SA listed property remains ahead of global listed property for 2024, with the FTSE EPRA Nareit Global Index’s TR of 3.48%, lagging the J803 TR Index by 18.99% in ZAR.</li>
</ul>


The South African listed property sector returned to positivity in November, rising by 1.69% (unfortunately Q4 2024 to-date remains negative at -1.05%).
For the year to date the sector is up 28.37%, and on a one-year rolling period the index is up 43.85% as measured by the J803 All Property TR Index.
SA listed property remains ahead of global listed property for 2024, with the FTSE EPRA Nareit Global Index’s TR of 3.48%, lagging the J803 TR Index by 18.99% in ZAR.


SA Listed Property Review – November 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>Indices will be rebalanced at the end of the month on Thursday the 29th of February.</li><li>The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)</li><li>The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)</li></ul>

Indices will be rebalanced at the end of the month on Thursday the 29th of February.The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)

FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same

<ul><li>We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>HAR is expected to enter the RESI and AMS is expected to fall out.</li><li>After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.</li></ul>

We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.HAR is expected to enter the RESI and AMS is expected to fall out.After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.

DMA ONE: JSE December ‘23 Rebalance Rankings

South Africa

Redefine Properties Limited invests in property related investments through a property portfolio and an equity portfolio. The property portfolio is comprised of commercial properties located throughout South Africa. The equity portfolio is made of investments in property unit trusts and property loan stock companies listed on the JSE. 1370323D SJ Equity has pre-2012 FA historical data

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Redefine Properties Ltd (RDF SJ)

SA Listed Property Review – November 2024

South African listed property continued its strong 2024, returning 1.69% in November. For the year-to-date the sector is up 28.37%, and on a one...

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

FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same

Indices will be rebalanced at the end of the month on Thursday the 29th of February. The three largest additions to the World Index measured by...

DMA

DMA ONE: JSE December ‘23 Rebalance Rankings

The Week Ahead, NPN x PRX discount update post Tencent results, trading statements released after close yesterday. We do not expect any constituent...

DMA

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