ValueCap investment portfolio grows to RM704m in 28 Bursa-listed firms

ValueCap’s largest exposure was to Maybank, holding a total of 134m shares or 1.25% interest


ValueCap Sdn Bhd’s investment portfolio has grown over the last six months to a total of 28 Bursa Malaysia-listed companies from just 16 companies earlier this year.

The investment firm — jointly owned by Khazanah Nasional Bhd, Retirement Fund Inc and Permodalan Nasional Bhd — has a total holding value of RM704 million now from RM482.6 million in May this year.

According to data from annual reports compiled by Bloomberg, ValueCap’s largest exposure was to Malayan Banking Bhd (Maybank), holding a total of 134 million shares, or 1.25% interest, in Malaysia’s largest banking group worth some RM310 million.

The fund also invested in BIMB Holdings Bhd worth some RM8.3 million.

In terms of holding value, Sunway Real Estate Investment Trust (REIT) came in second in ValueCap’s portfolio, with a 3.42% stake, or 100.8 million shares, with a market value of RM41.93 million.

The fund’s investments are generally in defensive, old economy sectors like property, fast-moving consumer goods makers and REITs, with stakeholding of less than 5% interest in all investee companies which allows it to operate below the radar of market watchers.

ValueCap is a major shareholder in Sarawak-based property and construction concern, Naim Holdings Bhd, with a 5.26% holding worth a market value of RM3.27 million.

The company has also purchased additional shares in two companies IGB REIT (66.3 million shares) and AmFIRST REIT (15.95 million shares).

A total of nine listed entities under its portfolio are REITs — steady dividend-paying players for investors seeking steady returns and less risk.

ValueCap held a 1.72% stake in IGB REIT, Pavilion REIT (0.69%), MRCBQuill REIT (1.6%), Hektar REIT (2.41%), AmFIRST REIT (3.18%), AmanahRaya REIT (0.53%), YTL Hospitality REIT (2.57%) and UOA REIT (0.8%), the data revealed.

The fund also owned 66.3 million shares in YTL Corp Bhd, 60 million shares in Sime Darby Bhd, 26 million shares in SP Setia Bhd, YTL Power International Bhd (55.68 million shares), KLCCP Stapled Group (25.39 million shares) and Media Prima Bhd (18.62 million shares) to name a few.

ValueCap was reactivated in 2015 when the government announced an injection of up to RM20 billion in fresh funds by ValueCap’s shareholders, to boost the local bourse and shore up confidence in the equity market.

How much of the amount has been raised is not known, but sources suggest about RM5 billion has been channelled to ValueCap so far from some of its shareholders.