ApexHi CEO, Gerald Leissner says this total return comprises 264% capital growth and 122% income return. “The B units have done particularly well, delivering a total return of 560%, comprising 399% capital growth and 161% income return. The B units were issued at R4,00 per unit in 2001, and have peaked at R17,94,” says Leissner.

The A units, which were always pitched as low-risk units with an initial “almost guaranteed” minimum return, have delivered a total return of 270% - 173% capital growth and 97% income return.

The combined A and B units (taking into account the C units received by the A and B unit holder) performed well in 2006, delivering an annual total return for the year of 40%, slightly ahead of the sector average of 39%. The B units performed particularly well, delivering a total annual return of 47%.

Leissner says the new C unit which listed in October closed at R2,80 on the first day of trade and is currently priced at R4,55. The current combined unit price of the A, B and C unit is currently about R37,20, compared to the combined A and B unit price of R28,80 before the listing of the C unit. “The C units will only start participating in earnings when the combined total annual distribution exceeds R3,00. We are expecting to reach these earnings in 2008,” says Leissner.