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Motor Vehicle Accident (MVA) Fund, one of the leading institutional investors on the Botswana Stock Exchange (BSE) companies has seen the value of listed equities reach P1.38 billion as at 31 December 2015. According to the Fund’s latest annual report, the value increased from P1.15 billion recorded the previous year with the increase attributed to positive share price movements during the period and the purchase of additional shares in Turnstar at a cost of P13.3 million between November and December 2015.
MVA has also during that period participated in the RDC Properties rights issue which included a bonus issue of 822 610 shares. Local listed equities now account for almost 60 percent of the fund’s total investments followed by fixed income at 23.8 percent. The fund has other investments in mutual society shares, unlisted equities and property investments. The fund has invested in 15 listed domestic companies slightly skewed towards commercial banks and retail. Local unlisted equities value for MVA for the year 2015 stood at P8.1 million, a slight increase form P7.7 million recorded in the previous year.
The property investment side , which is mainly made of residential and office space at 43 percent each, is valued at P132.6 million having increased by P9.5 million from P123.1 million due to fair value gains. Most of the Fund’s residential properties are said to be situated in prime areas with 62 percent in Phakalane. MVA offshore investments now account for 33.3 percent of the overall portfolio in value terms. The overall growth for the offshore component up to December 2015 was P152 million which is attributed to the depreciation of the Pula against the US Dollar. In USD terms the portion reportedly declined by $3.4 million mainly due to the poor performance in the global equity markets.