Largest Fund Owners of Lonmin PLC
Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today released a listing of the largest fund owners of Lonmin PLC.
Platinum miner Lonmin (JSE: LON) made headlines Thursday after escalating tensions between police and striking miners resulted in the death of 34 workers in a clash at Marikana mine. Police were attempting to disperse a large group of miners who were asking to speak with Lonmin CEO Ian Farmer. Miners were demanding a pay increase from roughly R4,500 to R12,500 per month (approximately USD $550 to $1,500 respectively). The interaction between police and miners turned tragic when police opened fire on a small group of advancing miners. While video footage is inconclusive police say they were being attacked and acted in self defence.
Thus far the strikes have cost the firm 15,000 ounces of platinum production. Since tensions began to surface in early August the company has lost 17% of its market value as investors express concerns about the firm’s governance, its ability to meet its debt obligations, and a potential credit rating downgrade.
Given Lonmin’s size and scale it is a core holding in many South African equity funds. The following funds in our database had an exposure to Lonmin greater than 3% of fund assets as of June 30th, 2012:
| Name Date Portfolio | Date | Portfolio | Position | # of Days |
| Weighting % | Market Value | to Liquidate | ||
| Kagiso Equity Alpha | 6/30/2012 | 7.4 | 59,121,694 | 0.05 |
| Old Mutual Mining & Res | 6/30/2012 | 6.6 | 103,029,648 | 0.9 |
| Kagiso Islamic Equity | 6/30/2012 | 6 | 8,945,682 | 0.1 |
| Old Mutual Value | 6/30/2012 | 6 | 49,844,390 | 0.5 |
| Old Mutual Gold | 6/30/2012 | 5.9 | 32,409,790 | 0.3 |
| Kagiso Balanced | 6/30/2012 | 5 | 4,608,460 | 0 |
| Kagiso Stable | 6/30/2012 | 3.9 | 3,505,158 | 0 |
| Nedgroup Inv Growth | 6/30/2012 | 3.6 | 40,350,540 | 0.4 |
| Cadiz Equity Ladder | 6/30/2012 | 3.5 | 25,097,530 | 0.2 |
| Element Islamic Equity | 6/30/2012 | 3.3 | 6,038,500 | 0 |
| Old Mutual Top Companies | 6/30/2012 | 3.1 | 52,343,378 | 0.5 |
| Old Mutual High Yield Opp | 6/30/2012 | 3.1 | 67,316,765 | 0.6 |
| Old Mutual Growth | 6/30/2012 | 3.1 | 42,351,233 | 0.4 |
| SYmmETRY Satellite Eq No.4 | 6/30/2012 | 3.1 | 4,029,087 | 0 |
| RE:CM Flexible Equity | 6/30/2012 | 3.1 | 36,212,280 | 0.3 |
It is worth noting that it is possible these funds have added to or reduced their exposures to Lonmin since their last reported holdings (June 30, 2012). According to the data none of the listed funds has an exposure to the stock that couldn’t be liquidated very quickly should the fund manager deem it desirable to do so.
