The trading volumes of both A units and B units increased year on year, demonstrating the high level of tradability. 79,533,923 ApexHi A units, or 44%, were traded, up 11% from the same period last year. ApexHi B units saw an even greater increase in tradability with volumes increasing by 17% to 46%, equating to 84,536,167 units traded.

“Liquidity is particularly important for ApexHi as it gives our vendors comfort when we purchase properties for a combination of cash and ApexHi units,” says ApexHi CEO Gerald Leissner.

The number of shareholders has also increased by 14% for the 12 months to end December 2004. This has resulted in more units being traded. At the same time the units are not concentrated in the hands of a few large funds which would inhibit trade. Nearly 87% of ApexHi’s combined units are held by the broad based public.

“The broad base of our shareholders ensures that the liquidity levels will remain high. Because of ApexHi’s unique structure and tradability, our shareholders may trade between the A and B units from time to time as market conditions and personal circumstances change,” he says.

ApexHi’s substantial growth since being launched has contributed towards the increase in liquidity. The portfolio value has grown from R267-million when it originally listed in March 2001, to its current R3,998-billion.

“Because ApexHi buys properties for a combination of cash and units, the number of units in circulation increases as the portfolio size increases. The increase in the number of units in issue generally leads to an increase in the number of unit holders. In addition, the bigger the fund, the higher the proportion some institutional investors can invest in any one counter,” he says.