Monday, 3 December 2012

Blissfully Olam Free Funds

I haven’t read anything about fund exposure to Olam, so I figure this would be blogworthy.

19 November, Muddy Waters’ Carson Block is quoted by Jesse Westbrook for Bloomberg, saying he is betting against Olam. Requote: “We think the company will fail.” And with the recent saber rattling between Olam vs Muddy Waters, I’d thought it’d be worth a little time to dig up all the end-October factsheets of the various Singapore equity funds to see if any fund managers had a position in the neck-deep-in-Muddy-Waters Olam.

Based on end-October factsheets, none of the following funds on Fundsupermart have listed Olam in their top holdings.

Olam-free Singapore Equity funds
Olam-free Singapore Bond Funds

source: respective factsheets, as at end-Oct 2012

This doesn’t discount the possibility of being exposed to Olam; since top holdings are only updated on factsheets monthly, there’s the possibility of a fund taking a position between 1 Nov 2012 and 19 Nov 2012, which would then expose the fund to Olam’s share price movements. 
source: Yahoo!Finance, last accessed 2 Dec 2012
Looking through Olam’s 2012 Annual Report throws up a list of shareholders, with some pretty big names, as well-reported in the media.
Source: Olam 2012 Annual Report, last accessed 2 Dec 2012
As far as I’m aware, the asset management firm there with any sort of retail presence is AllianceBerstein, and parent, the AXA Group. But, as they’re not present in the Singapore equity/bond space, I’ll leave it at that for now.

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