An overview of the initial performance of South African Real Estate Investment Trusts

A research report submitted to the Faculty of Engineering and the Built Environment in partial fulfilment of the requirements for the degree of Master of Science (Building), University of the Witwatersrand, 2016South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This report assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This reports contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation.MT201

“The Hellenistic ruler cult and Ptolemy I’s quest for legitimacy”

Alexander III died suddenly in Babylon in 323 BC. With Philip III Arrhidaeus in a mentally deficient state and Alexander IV not being of age, Alexander died without a suitable heir. The task of succeeding one of the most storied legacies in the ancient world was left to the generals of Alexander III. On his deathbed, Alexander was asked who should lead the Macedonians, of which he allegedly replied “the strongest”. Thus began the process of selecting the individual who would succeed Alexander the Great, which ended up becoming a contentious task due to Macedonian succession customs. Subsequently the ‘Successors’ quarrelled over who should succeed Alexander as the true successor. The wars of the Successors are founded on an issue of legitimacy that qualifies the notion of the strongest. Being deemed the true successor of Alexander the Great meant the opportunity to continue a period of Macedonian dominance following the reigns of Philip II and Alexander III. Alexander III is hailed as one of the most extraordinary individuals of the ancient world with his imperial campaigns being widely documented, political stability being pinpointed as one of the Macedonian strong points during the period of their dominance. The ruler cult is a point of reference for the explaining the relative political stability throughout the reign of Alexander the Great. The ruler cult can be understood as a sociopolitical construct that hybridized the notion of the ruler with that of a religious leader. The oriental influence of Alexander’s campaigns in Asia would inform the customs and practices of the divine ruler. The Macedonians’ ability to establish a presence in foreign territories made such a social construct a necessity in the task of centralizing of minds for political stability. Alexander’s rendition of the cult informed the formalized Ptolemaic ruler cult. The similarities and differences of the renditions help us to understand this political tool that Ptolemy I required in order to be deemed the true successor of Alexander the Great. The following will be an investigation into whether Ptolemy I is able to attain legitimacy, firstly as a successor to Alexander the Great, secondly as Pharaoh of Egypt

The rights and duties of parties to liability insurance contracts at claim stage

Abstract: Please refer to full text to view abstract.LL.M. (Commercial Law

Evaluating the impact of responsible investing strategies on fund performance

Several studies have been undertaken to evaluate performance of responsible investments, that is, funds that integrate ethical as well as environmental, social and governance considerations in the investment process (ESG). Particularly to address the question whether it is possible for investors to do well while doing good. Modern Portfolio Theory predicts sub-optimal performance for funds constructed on any basis other than risk-reward optimisation. These studies usually compare performance of responsible investments with conventional funds or an unrestricted benchmark portfolio. The findings have been contradictory and on the main inconclusive. Underlying this contradiction is the treatment of responsible investments funds as a homogenous group of funds and not acknowledging their heterogeneity owing to methods and strategies used to construct them. This study seeks to address this gap in the literature by investigating the impact of responsible investment strategies on fund performance. The performance of nine South African responsible investment funds constructed and manged using different responsible investing strategies are analysed over a five-year period from 01 October 2010 to 31 October 2015. Their performance is benchmarked against the JSE ALL Share Index (ALSI) and the FTES/JSE SRI index. Specifically, the average monthly returns, variability and Sharpe ratio of the constituent fund is used to compare performance. Moreover, the CAPM based Jensen alpha is used to determine any significant under or overperformance of respective funds relative to the benchmarks. The study found to be no difference in average monthly returns and risk relative to the two benchmark indices for all respective strategies. However, funds constructed using the negative screening strategy generally underperform. These funds overall deliver a statistically significant lower alpha. It is concluded that this RI investing strategy is not suitable for investors concerned about a trade-off between fund performance and ESG performance

Nickel powder precipitation by high-pressure hydrogen reduction

Includes abstract.Includes bibliographical references (leaves 87-91).The effect of impurities on the precipitation behaviour of nickel powder produced by high-pressure hydrogen reduction was investigated in order to determine the factors responsible for the formation of powder with undesirable morphology. In nickel precipitation by hydrogen reduction, two product morphologies have been observed: the spherical, open powder (desirable) and the spherical, closing/closed powder (undesirable). Two major impurities were studied namely; a morphology modifier (a polyacrylic acid derivative) used as an additive and iron which is an inherent impurity

Gesture and speech in the oral narratives of Sesotho and Mamelodi Lingo speakers

Dissertation submitted to the Department of African Languages and Linguistics in fulfilment of the requirement for Master of Art's Degree in Humanities The University of the Witwatersrand, School of Literature, Language and Media, March 2016The gradual decline in the use of Black South African languages (BSALs) has been a concern for the past 20 years in both the South African civil population and academia. The last census data of 2011 informs this phenomenon by showing how language use has changed nationally over the years. In an effort to counter this decline, some researchers have called for the improvement of existing non-standard language varieties, which could serve to improve some of these decreasing Black South African languages (Ditsele, 2014). Non-standard language varieties are ‘languages’ largely spoken in black townships around South Africa. They are sometimes referred to as stylects, sociolets or speech varieties, due to their structures and functions (Bembe & Beukes, 2007). Applying a psycholinguistic approach, this study seeks to compare the standard language Sesotho to a non-standard language variety, Mamelodi Lingo. This study looks at the discursive behaviour focusing on speech and gesture. Previous literature on South African language varieties focuses on the semantic and pragmatic description of the words in use (Calteaux, 1996; Hurst, 2008; 2015; Rudwick, 2005; Ditsele, 2014), and very few have incorporated co-speech gesture, which form an integral part of non-language varieties (Brookes, 2001; 2005). The present study presents the results of an empirical investigation that compares 20 narratives produced by Sesotho and Mamelodi Lingo speakers. Using the methodology used in the elicitation of speech and gesture by Colletta et al., (2009; 2015), participants watched a speechless short cartoon and were then asked to retell the story they had seen to the interviewer. Using the language annotation tool, ELAN narratives were annotated for language complexity, length, and type of clause, syntax, as well as story grammar memory-recall. Narratives were also annotated for gesture: type of gesture and function of gesture. The focus was on the discursive performance of speech and gesture. Results show a significant use of meta-narrative clauses from the language variety compared to the standard language as well as a higher use of non-representational gestures by the non-standard language. The findings also show an interesting use of interactive co-speech gestures when retrieving lexical items that are not present in the repertoire of Mamelodi LingoGR201

The assessment of organizational commitment of academic staff at University of Kwazulu-Natal (UKZN).

Masters Degree, University of KwaZulu-Natal, Durban.Organisational commitment refers to as the degree which an employee finds synergy in the goals and values of an organisation and is willing to exert great effort to stay within the organisation. This study aimed to assess organizational commitment among academic staff in the University of KwaZulu-Natal. The study adopted the quantitative research design. The questionnaire survey that consists of organizational commitment items, namely affective commitment, normative commitment and continuance commitment has been utilized to collect data from the academic staff. Statistical Package for the Social Sciences (SPSS), was adopted to statistically analyze and interpret the data collected from the respondents. The Organisational Commitment Model or the theoretical framework, which is the threecomponent of organizational commitment model by Allen and Meyer (1990) was used, as it is appropriate for this study. This study identified the imperative factors which influences an employee’s commitment, the organizational commitment antecedents, as well as the factors that elevate organizational commitment among employees. There were fifty academic staff from the University of KwaZulu-Natal, who participated in the study. From the analysis it was reported that from the three forms of organisational commitment, affective commitment was found to be the most significant type of organisational commitment that drives the academic staff of College of Law and Management at UKZN.” Individuals that reflected an affective orientation towards the organisation and have psychological bond between the employee and the organisation, hence; the employee identifies with the organisational values and increases job involvement of the employee in the organisation. Few participants depicted low normative commitment. This indicated that the workforce will not retain their organisational membership because of the sense of obligation hence, can seek better employment opportunities if the employer does not meet their expectation and needs. Study findings revealed a low continuance commitment level among the academic staff. These employees perceived greater employment alternatives hence, will not commit to the organisation because of the scarcity of employment however; due to the passion and the benefit accrued whilst working in the organisation

Evaluating the effectiveness of retention strategies at the University of KwaZulu-Natal: an empirical review of academic staff.

Masters Degree. University of KwaZulu-Natal, Durban.This study was based on evaluating the effectiveness of academic staff retention strategies at the University of KwaZulu-Natal (UKZN). High employee turnover rates, where talented employees leave the institution to join other universities and colleges in both public and private sector, is being experienced by universities in the higher education sector and this dissertation evaluated the factors that influence academics to either leave or stay at UKZN. This was firstly done by reviewing literature on the concept of employee turnover. Secondly, the study evaluated possible factors that impact on employee turnover. Thirdly, the regulatory framework relating to academic staff retention at UKZN was explored. Lastly, recommendations were made on how to retain academic employees at UKZN. The researcher used a mixed methods case study to conduct the study. A survey and unstructured interviews were conducted to obtain primary data for the study. Deductions were made by comparing the survey and interview findings and the findings from the literature review in order to gain a better understanding of factors that influence academics to leave the institution and the retention strategies that can be implemented to retain them. This study established various reasons that impact on job satisfaction and employee turnover at UKZN. These include non-competitive salaries, ineffective recruitment and selection processes, inadequate training and a lack of career pathing amongst other factors. Many of these factors were identified previously through an employee engagement survey conducted by the university in 2013 but strategies to address the identified problems were not implemented due to the lack of a people-centered approach to talent management. The study recommended that retention strategies should be strengthened and that the university should invest more on human resources and the development of academic talent in order to meet the strategic objectives through a fulfilled academic workforce

Morpho-Agronomic Variation among Phaseolus vulgaris Landraces: A Review

Phaseolus vulgaris L. of the family Fabaceae is widely grown for essential nutrients in its edible leaves, immature pods, and mature seeds. Landraces are local crops with wide morphological and genetic diversity. Morpho-agronomically, P. vulgaris landraces vary exceptionally in their vegetative and reproductive traits. These landraces vary in their germination rate and final percentage. Their growth form varies from bushy to vining type. Flowers range in their time to flowering, color, and size. Pods also vary widely in their time to pod formation; pod size, color, and shape; number of pods per plant; and time to pod maturity. Seeds also vary in their size, shape, color, and mass, as well as their number per pod and per plant. These landraces also vary in their resistance to pests and diseases from seed germination, plant growth and yield, and seed storage duration. A review on variation among P. vulgaris landraces forms basis for their future breeding as they are a good source of genetic diversity. This enables a possible selection for leaf, pod, and seed consumption, as well as resistance toward pests and diseases during the entire growth

Who Is to Blame? African Feminism, Human Rights, and Sexual Violence against Izintombi (Virgins) in South Africa

This article highlights the intensifying prevalence of sexual violence in South Africa, which affects women including izintombi (virgins, also known as Zulu maidens). Ubuntombi (virginity) traditionally represented a typical identity marker of young-womanhood in the indigenous lives of Zulus. As an aftermath of colonialism and imperialism, the cultural importance of women’s virginity faded into the past with only sporadic survival in some rural areas of South Africa. For some reasons, it was visibly revived together with virginity-testing as public events in the 1980s and 1990s. The practice of virginity-testing was criticized by some scholars, human rights and gender activists, who blamed it for promoting rape of the young women involved. The blame became an undeniably common phenomenon in the early 1990s due to the myth that having sex with a virgin cured HIV infection. However, this empirical study conducted in KwaZulu-Natal through semi-structured interviews and focus group discussions found that izintombi (virgins) refuted the claim. Virgins felt that the 1990s myth could not still be the cause of sexual violence against them since South Africans received education concerning that myth. This study used a postcolonial feminist theoretical lens because the group under study were young women from a formerly colonized Zulu ethnic group. Controversies that surrounded the revival of ubuntombi (virginity) accompanied by virginity testing did not deter its rapid embrace by a number of contemporary izintombi (virgins) as their indigenous cultural practice, heritage, and identity. It is in the practice of this intended choice that izintombi face persistent threats of sexual violence against them. This is regardless of the guaranteed South African constitutional rights to equality and security stipulated in the Bill of Rights. Thus, this article also raises the question of who is to blame for the ubiquity of this violence and how it could be addressed without blaming the sufferers. It further underscores the need for intensified activism by African feminists, human rights activists, and gender activists against the pervasiveness of sexual violence that haunts izintombi