The text was written in September 2020 and not updated for any subsequent events. Hedge funds But Jardines is most like the Asian family conglomerates against which it competes, with weblike ownership structures, and a willingness to pursue opportunities across industries. It will buy up the rest of Jardine Strategic to create a single holding company Green rows indicate new positions. ( Log Out /  One of Hong Kong’s oldest business empires, Jardine Matheson, has announced plans for a sweeping restructuring that is expected to sharply increase its market Major shareholders can include individual investors, mutual funds, hedge funds, or institutions. Improved investor perception of its business would provide the best near-term opportunity to narrow the gap between market values and fair values. mostly about Real Estate and Chinese stocks. ( Log Out /  Since the formation of the cross-holding structure, Jardine Matheson has pursued a long term approach to the creation of shareholder value and further enhancing the Group's ownership positions through a series of share purchases and buybacks. Change ). complete picture of ownership, we have combined the ownernship of the the following securities on this page. Each firm then owned enough to prevent any outside party from gaining a controlling interest. One of Hong Kong’s oldest business empires, Jardine Matheson, has announced plans for a sweeping restructuring that is expected to sharply increase its market . RPGAX - T. Rowe Price Global Allocation Fund, Inc. WINAX - Wilmington International Fund Class A Shares, DWMF - WisdomTree International Multifactor Fund N/A, TCIEX - TIAA-CREF International Equity Index Fund Institutional Class, EQ ADVISORS TRUST - EQ/AB Dynamic Growth Portfolio Class IB, GEM - Goldman Sachs ActiveBeta(R) Emerging Markets Equity ETF, IEPIX - Voya Emerging Markets Index Portfolio Class I, LAZARD RETIREMENT SERIES INC - Lazard Retirement Emerging Markets Equity Portfolio Service Shares, ADVANCED SERIES TRUST - AST T. Rowe Price Diversified Real Growth Portfolio, ADVANCED SERIES TRUST - AST Prudential Flexible Multi-Strategy Portfolio, IEMG - iShares Core MSCI Emerging Markets ETF, HAIDX - Harbor Diversified International All Cap Fund Institutional Class, RMEAX - Aspiriant Risk-Managed Equity Allocation Fund Advisor Shares, TRANSAMERICA SERIES TRUST - Transamerica BlackRock Global Allocation VP Initial, FEMVX - Fidelity SAI Emerging Markets Value Index Fund, MXINX - Great-West International Index Fund Investor Class, SFENX - Schwab Fundamental Emerging Markets Large Company Index Fund Institutional Shares, RIFCX - International Developed Markets Fund, HCINX - The Institutional International Equity Portfolio HC Strategic Shares, ISEM - Invesco RAFI(TM) Strategic Emerging Markets ETF, LINCOLN VARIABLE INSURANCE PRODUCTS TRUST - LVIP Mondrian International Value Fund Standard Class, Jnl Series Trust - Jnl/jpmorgan Global Allocation Fund (a), SFNNX - Schwab Fundamental International Large Company Index Fund Institutional Shares, PDEV - Principal International Multi-Factor Core Index ETF, RIVGX - American Funds International Vantage Fund Class R-6, Calvert Variable Products, Inc. - Calvert VP EAFE International Index Portfolio - I Class, SUNAMERICA SERIES TRUST - SA Legg Mason Tactical Opportunities Portfolio Class 1, Voya Global Equity Dividend & Premium Opportunity Fund, SMQFX - Siit Emerging Markets Equity Fund - Class A, PEIFX - PIMCO RAE Emerging Markets Fund Institutional Class, RTNAX - Tax-Managed International Equity Fund Class A, TIABX - Touchstone Anti-Benchmark International Core Equity Fund Institutional Class, HLIRX - International Equity Research Portfolio Institutional Class, TEMRX - TIAA-CREF Emerging Markets Equity Fund Retail Class, CEZ - VictoryShares Emerging Market Volatility Wtd ETF, FNIDX - Fidelity International Sustainability Index Fund, CIUEX - Six Circles International Unconstrained Equity Fund, SDMGX - Sit Developing Markets Growth Fund, VEU - Vanguard FTSE All-World ex-US Index Fund ETF Shares, CWGIX - CAPITAL WORLD GROWTH & INCOME FUND Class A, Thrivent Core Funds - Thrivent Core Emerging Markets Equity Fund, SA FUNDS INVESTMENT TRUST - SA Emerging Markets Value Fund, FSGGX - Fidelity Global ex U.S. Index Fund, FIVA - Fidelity International Value Factor ETF, PACIFIC SELECT FUND - International Equity Income Portfolio Class P, TRAOX - T. Rowe Price Asia Opportunities Fund, DEEF - Xtrackers FTSE Developed ex US Comprehensive Factor ETF, EQ ADVISORS TRUST - EQ/AB Dynamic Moderate Growth Portfolio Class IB, PIIOX - International Equity Index Fund R-3, HLREX - Emerging Markets Research Portfolio Institutional Class, VHGEX - Vanguard Global Equity Fund Investor Shares, SUNAMERICA SERIES TRUST - SA BlackRock VCP Global Multi Asset Portfolio Class 3, Advanced Series Trust - Ast Fidelity Institutional Am Quantitative Portfolio, Global Macro Capital Opportunities Portfolio - Global Macro Capital Opportunities Portfolio, SUNAMERICA SERIES TRUST - SA Emerging Markets Equity Index Portfolio Class 1, EAEMX - Parametric Emerging Markets Fund Investor Class, TRANSAMERICA SERIES TRUST - Transamerica JPMorgan Tactical Allocation VP Initial, EMXC - iShares MSCI Emerging Markets ex China ETF, MXECX - Great-West Core Strategies: International Equity Fund Institutional Class, HAIGX - Harbor International Growth Fund Institutional Class, ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST - AZL International Index Fund Class 2, AVEEX - Avantis Emerging Markets Equity Fund Institutional Class, DFA INVESTMENT DIMENSIONS GROUP INC - Emerging Markets Social Core Equity Portfolio Shares, Managed Account Series - BlackRock GA Dynamic Equity Fund Class K, First Trust/aberdeen Emerging Opportunity Fund, TRANSAMERICA SERIES TRUST - Transamerica International Equity Index VP Service, GSID - Goldman Sachs MarketBeta International Equity ETF, EMSG - Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, AMERICAN FUNDS INSURANCE SERIES - New World Fund Class 1, HDEF - Xtrackers MSCI EAFE High Dividend Yield Equity ETF, KEMX - KraneShares MSCI Emerging Markets ex China Index ETF, ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST - AZL MSCI Emerging Markets Equity Index Fund Class 2, THRIVENT SERIES FUND INC - Thrivent International Allocation Portfolio Class A, KTRAX - DWS Global Income Builder Fund Class A, Aberdeen Funds - Aberdeen Asia Pacific (ex-Japan) Equity Fund Institutional Class, FITFX - Fidelity Flex International Index Fund, PRMSX - T. Rowe Price Emerging Markets Stock Fund, CAGLX - Cornerstone Advisors Global Public Equity Fund Institutional Shares, ECON - Columbia Emerging Markets Consumer ETF, LAZARD RETIREMENT SERIES INC - Lazard Retirement Global Dynamic Multi-Asset Portfolio Investor Shares, ISZE - iShares Edge MSCI Intl Size Factor ETF, PBEE - Invesco PureBeta FTSE Emerging Markets ETF, RINYX - International Developed Markets Fund Class Y, DEM - WisdomTree Emerging Markets High Dividend Fund N/A, John Hancock Funds II - International Strategic Equity Allocation Fund Class NAV, HCIEX - The International Equity Portfolio HC Strategic Shares, FEOVX - First Eagle Overseas Variable Fund, IEMGX - Voya Multi-Manager Emerging Markets Equity Fund Class I, Advanced Series Trust - Ast Prudential Growth Allocation Portfolio, FRONTIER FUNDS, INC. - Frontier Caravan Emerging Markets Fund Institutional Class Shares, APHEX - Artisan Sustainable Emerging Markets Fund Institutional Shares, WELLS FARGO MASTER TRUST - Wells Fargo Factor Enhanced International Portfolio, Brighthouse Funds Trust I - PanAgora Global Diversified Risk Portfolio Class B, DEW - WisdomTree Global High Dividend Fund N/A, MPIEX - MONDRIAN INTERNATIONAL VALUE EQUITY FUND, LOWC - SPDR MSCI ACWI Low Carbon Target ETF, AB VARIABLE PRODUCTS SERIES FUND, INC. - AB Dynamic Asset Allocation Portfolio Class A, ADVANCED SERIES TRUST - AST BlackRock Global Strategies Portfolio, NORTHWESTERN MUTUAL SERIES FUND INC - Emerging Markets Equity Portfolio, GBFFX - GMO Benchmark-Free Fund Class III, BlackRock Series Fund, Inc. - BlackRock Global Allocation Portfolio, IIIAX - Voya International Index Portfolio Class ADV, Gabelli Global Small & Mid Cap Value Trust, Aberdeen Funds - Aberdeen Emerging Markets Fund Institutional Class, Dimensional Emerging Markets Value Fund - Dimensional Emerging Markets Value Fund, ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST - AZL MSCI Global Equity Index Fund, BBIEX - Bridge Builder International Equity Fund, John Hancock Funds II - Strategic Equity Allocation Fund Class NAV, MEMQX - Mercer Emerging Markets Equity Fund Class Y-3, IFTAX - Voya International High Dividend Low Volatility Portfolio Class ADV, ROAM - Hartford Multifactor Emerging Markets ETF, AVEM - Avantis Emerging Markets Equity ETF, TLTD - FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, Voya Asia Pacific High Dividend Equity Income Fund, JOHN HANCOCK VARIABLE INSURANCE TRUST - Strategic Equity Allocation Trust Series NAV, GSEE - Goldman Sachs MarketBeta Emerging Markets Equity ETF, RTIYX - Multifactor International Equity Fund Class Y, HDAW - Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Morningstar Funds Trust - Morningstar International Equity Fund, GMEMX - GMO Emerging Markets Fund Class II, SUNAMERICA SERIES TRUST - SA Schroders VCP Global Allocation Portfolio Class 3, LINCOLN VARIABLE INSURANCE PRODUCTS TRUST - LVIP SSGA Developed International 150 Fund Service Class, DBEM - Xtrackers MSCI Emerging Markets Hedged Equity ETF, SUNAMERICA SERIES TRUST - SA Templeton Foreign Value Portfolio Class 2, MGSSX - MassMutual Select BlackRock Global Allocation Fund Class R5, GAGAX - The Gabelli Global Rising Income and Dividend Fund CLASS A, PPYIX - PIMCO RAE International Fund Institutional Class, EQ ADVISORS TRUST - ATM International Managed Volatility Portfolio Class K, GCAEX - The Gabelli Equity Income Fund Class A, HCEMX - The Emerging Markets Portfolio HC Strategic Shares, HFXI - IQ 50 Percent Hedged FTSE International ETF, HLRGX - Global Equity Research Portfolio Institutional Class, Aberdeen Funds - Aberdeen Global Absolute Return Strategies Fund (formerly, Aberdeen Global Unconstrained Fixed Income Fund) Institutional Class, PALCX - AllianzGI Global Allocation Fund Class C, JDVSX - JPMorgan Diversified Fund Class I, JGDAX - Janus Henderson Global Income Managed Volatility Fund Class A, BKEM - BNY Mellon Emerging Markets Equity ETF, WELLS FARGO MASTER TRUST - Wells Fargo International Growth Portfolio International Growth Portfolio, EQ ADVISORS TRUST - EQ/Global Equity Managed Volatility Portfolio Class IA, MPLAX - Praxis International Index Fund Class A, XSOE - WisdomTree Emerging Markets ex-State-Owned Enterprises Fund N/A, HAINX - Harbor International Fund Institutional Class, TWAAX - Thrivent International Allocation Fund Class A, AALGX - Thrivent Global Stock Fund Class A, TEDMX - Templeton Developing Markets Trust Class A, QCGLRX - Global Equities Account Class R1, SPEM - SPDR(R) Portfolio Emerging Markets ETF, GIEYX - INTERNATIONAL EQUITY FUND Institutional, Voya Emerging Markets High Dividend Equity Fund, JOBIX - JOHCM Global Income Builder Fund Institutional Shares, FERGX - Fidelity SAI Emerging Markets Index Fund, TEQKX - TIAA-CREF Emerging Markets Equity Index Fund Retail Class, PCIEX - PACE International Equity Investments Class P, Delaware Vip Trust - Delaware Vip Emerging Markets Series Standard Class, PGDIX - Global Diversified Income Fund Institutional Class, BKIE - BNY Mellon International Equity ETF, GIIAX - Nationwide International Index Fund Class A, HCSRX - The Catholic SRI Growth Portfolio HC Strategic Shares, RODM - Hartford Multifactor Developed Markets (ex-US) ETF, PQIN - PGIM QMA Strategic Alpha International Equity ETF, OWLSX - Old Westbury Large Cap Strategies Fund, FIDI - Fidelity International High Dividend ETF, DMRI - DeltaShares S&P International Managed Risk ETF, Jnl Series Trust - Jnl/rafi Fundamental Asia Developed Fund (a), IGHSX - Voya Global Equity Portfolio Class S, FDRR - Fidelity Dividend ETF for Rising Rates, EMGAX - Wells Fargo Emerging Markets Equity Fund Class A, RBIN - Nationwide Risk-Based International Equity ETF, Forethought Variable Insurance Trust - Global Atlantic BlackRock Disciplined International Core Portfolio Class I Shares, DFAE - Dimensional Emerging Core Equity Market ETF, BlackRock Variable Series Funds, Inc. - BlackRock International Index V.I. Wary that Chinese control of Hong Kong from 1997 could facilitate a hostile takeover, Jardine moved the domiciles for its major businesses to Bermuda in the 1980s and the primary listing of its group companies to London in 1994 with secondary listings in Bermuda and Singapore (where the majority of trading occurs). The Keswick family stake in Jardine Matheson is still relatively small, but the Board of each holding company is effectively controlled by the Board of the other so the votes of shareholders (even the Keswicks) are irrelevant. On completion, Jardine Matheson will become the single holding company for its subsidiaries, a move the group said will result in a “ conventional ownership structure and a … Jardine Matheson Holdings Ltd (BM:JARJ) institutional ownership structure shows current … The acquisition is valued at approximately US$5.5 billion. Figure 3 ownership structure of jardine matheson. - JARDINE Cycle & Carriage (Jardine C&C) has appointed Benjamin Birks its new group managing director to take over Alex Newbigging, who is stepping down after more than seven years at the helm. School Dalton State College; Course Title ECON 101; Type. On completion of the deal, Jardine Matheson will become the single holding company for its subsidiaries, a move the group’s Monday statement said will result in a “conventional ownership structure and a further increase in the group’s operational efficiency and financial flexibility.” The deal is expected to come into effect by the end of April. Formed after the breakup of the East India Company's tea monopoly in 1832, JSH was instrumental in the formation of Hong Kong. Subsequent open market purchases (which have continued through this year) have raised Jardine Matheson’s stake in Jardine Strategic to 85% while Jardine Strategic now owns 58% of Jardine Matheson. The planned simplification will include the acquisition by the Company, for cash, of the c.15% of the issued share capital of Jardine Strategic Holdings Limited (‘JSH’) that it does not already own. Improve your mastery of Fintel and investing by attending a webinar. Change ), You are commenting using your Google account. Click the link icon to see the full transaction history. Nothing on this website constitutes, or is meant to constitute, advice of any kind. It has primary listing on the London Stock Exchange and secondary listings on the Singapore Exchange and Bermuda Stock Exchange. The company placed orders for open market purchase of 10% of the shares of HongKong Land (bringing its ownership over 40%) while HongKong Land simultaneously placed orders to buy 10% of Jardines (bringing its ownership over 30%). It s… Subsequent open market purchases (which have continued through this year) have raised Jardine Matheson’s stake in Jardine Strategic to 85% while Jardine Strategic now owns 58% of Jardine Matheson. Jardine participates in a range of businesses so broad that it’s impossible for an outside investor to understand all of them and there’s a real risk that corporate management may not understand it all themselves. Jardine Matheson Holdings Limited (also known as Jardines) is a Hong Kong-based Bermuda-domiciled British multinational conglomerate. HongKong Land is the most important asset. The legal argument that would have required the Directors to act on the consolidation proposal did not end up being tested in court because the proposal only received support from 13% of Jardine Matheson shareholders. Jardine Strategic remained public, the holding company discount was never removed, but anybody who held Jardine Strategic (or Jardine Matheson) for the past two decades enjoyed a very high return. Pages 7 Ratings 100% (1) 1 out of 1 people found this document helpful; This preview shows page 5 - 7 out of 7 pages. Enter your email address to follow this blog and receive notifications of new posts by email. The arrangement was refined in 1986 through the creation of Jardine Strategic as an intermediate holding company. The consolidation of Matheson and Strategic would simplify the business for investors leading to an immediate valuation boost, but there’s no reason to expect it to happen in the near-term. The move will result in a "conventional ownership structure and a further increase in the group's operational efficiency and financial flexibility". The 190-year-old group is considered one of the territory’s original hongs, or British owned trading houses. Jardine Matheson said it would delist its second-largest unit, Jardine Strategic, in a $5.5bn buyout deal aimed at simplifying a complex, cross-shareholding structure originally set up to thwart takeover bids. In 2000-2001 Brandes Investment Partners launched proxy fights to force Jardine Matheson to privatize Jardine Strategic (at a proposed price between US$4.25-5.25share). Elimination of the dual holding company structure will improve governance and simplify valuation analysis (company announcement). The Keswick family unwisely retained a stake of only about 10% when Jardine Matheson listed on the Hong Kong Stock Exchange in 1961. Jardine Matheson’s share price has fallen about 42% from its 2019 peak and is all the way back to 2010 levels even though equity value is 115% higher. It worked out pretty well ;). William Jardine, the founder this dynastic enterprise, died with no children so control passed to William Keswick, the son of his niece. 2020-01-28 theedgemarkets.com 13F Universe (Hedge Fund Holdings Tracker), 4711153AT / Jardine Matheson Holdings Ltd. COM, JPIN - JPMorgan Diversified Return International Equity ETF, GSIE - Goldman Sachs ActiveBeta(R) International Equity ETF, EFAV - iShares Edge MSCI Min Vol EAFE ETF, AMERICAN FUNDS INSURANCE SERIES - International Fund Class 1, DIISX - BNY Mellon International Stock Index Fund Investor Shares, PIEQX - T. Rowe Price International Equity Index Fund, PXH - Invesco FTSE RAFI Emerging Markets ETF, BLACKROCK INDEX FUNDS, INC. - iShares MSCI EAFE International Index Fund Investor A, DEUTSCHE DWS VARIABLE SERIES II - DWS Global Income Builder VIP Class A, DPEGX - Macquarie Emerging Markets Portfolio II DPT CLASS, TFIIX - TIAA-CREF Quant International Equity Fund Institutional Class, MKRSX - MM MSCI EAFE International Index Fund Service Class, PQDMX - PGIM QMA International Developed Markets Index Fund Class R6, EEMA - iShares MSCI Emerging Markets Asia ETF, PMSAX - Global Multi-Strategy Fund Class A, BLACKROCK GLOBAL ALLOCATION FUND, INC. - BLACKROCK GLOBAL ALLOCATION FUND, INC. Investor A, BlackRock Funds II - BLACKROCK MULTI-ASSET INCOME PORTFOLIO INVESTOR C SHARES, VEIEX - Vanguard Emerging Markets Stock Index Fund Investor Shares, VCIEX - International Equities Index Fund, BLACKROCK FUNDS - iShares Edge MSCI Min Vol EAFE Index Fund Institutional, DBEF - Xtrackers MSCI EAFE Hedged Equity ETF, ADVANCED SERIES TRUST - AST J.P. Morgan Global Thematic Portfolio, GBLAX - AMERICAN FUNDS GLOBAL BALANCED FUND Class A, THRIVENT SERIES FUND INC - Thrivent Global Stock Portfolio Class A, IIFAX - Voya Balanced Income Portfolio Class ADV, NOEMX - Northern Emerging Markets Equity Index Fund, BGCWX - Baillie Gifford EAFE Choice Fund Class 2, EMRGX - EMERGING MARKETS GROWTH FUND INC Class M, EAISX - Parametric International Equity Fund Investor Class, LINCOLN VARIABLE INSURANCE PRODUCTS TRUST - LVIP BlackRock Global Allocation Fund Standard Class, BGICF2 - Baillie Gifford International All Cap Fund Class 2, VT - Vanguard Total World Stock Index Fund ETF Shares, ASGAX - AllianzGI Global Dynamic Allocation Fund Class A, DFA INVESTMENT DIMENSIONS GROUP INC - T.A.