Reinet Investments chairman Johann Rupert has derisked the portfolio of investment company Reinet Investments through the current period of geopolitical and economic uncertainty.
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The net asset value of Reinet Investment Manager, the investment company chaired and mostly owned by well-known South African businessman Johann Rupert, fell 4.5% to €6.6 billion (R125.51bn) in the year to end March 31, 2026, as it derisked.
Since March 2009, however, the Luxembourg-based company’s net asset value reflects a compound growth rate of 8.3% per year in euro terms. Net asset value per share at March 31, 2026, came to €36.31 versus €38.04 at the same time last year.
Rupert said that over the last 18 months, Reinet, which is listed on the JSE, Luxembourg and in Amsterdam, has significantly de-risked its portfolio with the sale of two of its major investments, materially reducing portfolio concentration and increasing liquidity (over 80% of portfolio value is now in cash).
On the JSE, the share price plunged 9,64% to R520,00 on Wednesday morning, although the price was up from R479,00 a year ago. In rand terms at Wednesday’s exchange rates, Reinet’s net asset value per share was R690,62.
Dividends received from the Pension Insurance Corporation Group (PICC) investment during the year amounted to €303m. Reinet sold 100 percent of its holding in PICC to Athora Holding for some €3,3bn.
A Reinet dividend of €0.37 per share meant some €67m was paid in dividends during the year. A €0.435 per share dividend was proposed, payable after the 2026 annual general meeting, which was 17,6% higher over the dividend at the end of the 2025 year.
The decrease in the NAV reflected decreases in the fair value of investments including PICC, Trilantic Capital Partners, TruArc Partners and NanoDimension, together with the dividend paid by the company and expenses for management and performance fees.
Offsetting these decreases are increases in the fair value and gains realised on certain investments including listed investments, Coatue funds, Prescient China funds and United States land development and mortgages, together with dividends received from PICC.
Rupert said geo-political tensions, economic risks and market uncertainty remain. The Ukraine crisis, war in the Middle East and other global flashpoints continue to have an impact on worldwide fuel supplies, along with the availability and cost of other essential goods and services, leading to volatility in financial markets. There is a risk that inflation may increase again.
“Reinet has no direct exposure to Russia, Ukraine or the Middle East through its underlying investments or banking relationships and has not experienced any significant direct impacts in respect of interest rate fluctuations or inflation,” he said.
During the year, the holding in British American Tobacco was fully exited in early 2025, and the investment in PICC was sold in March 2026. As a result, Reinet currently holds some €5,5bn in cash and liquid funds, being 83% of its net asset value at March 31, 2026.
This liquidity position provides flexibility and resilience in uncertain market conditions, said Rupert. The sales proceeds of the PICC investment received in March 2026 amounted to some £2,94bn, in addition to £257m of dividends received from PICC in the year. Reinet first invested in Pension Corporation in 2012 with an initial £400m commitment; subsequent primary and secondary share purchases brought Reinet’s total investment to some £1.1bn.
Reinet received sales proceeds and dividends amounting to some £3.4bn over the last years of its investment in PICC; a return on investment of over three times its investment cost.
Reinet is invested in four funds managed by Trilantic Capital Partners, of which two are in the process of realising investments. Reinet received proceeds from the sale of investments in the year amounting to some €94m, along with carried interest and current income of €12m.
“Reinet’s strong liquidity position provides the flexibility to evaluate new investment opportunities selectively, with a focus on long-term value creation and capital preservation,” said Rupert.
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