19. Investments
 
  2018 
R’000 		     2017 
R’000 		  
Listed held-for-trade  1 337 689        1 529 987    
Unlisted held-for-trade  1 049 559        995 069    
Listed available-for-sale  376 072        254 407    
Unlisted available-for-sale  39 585        63 669    
   2 802 905        2 843 132    
Fair value hierarchy of investments                
Investments and loans held at cost or amortised cost  31 542        62 149    
Investments held at fair value as determined on inputs based on:  2 771 363        2 780 983    
   Unadjusted quoted prices in an active market for identical assets  1 714 376        1 785 022    
   Factors that are not based on observable market data  1 056 987        995 961    
   2 802 905        2 843 132    
Analysis of investments at a fair value not determined by observable market data                
   Balance at the beginning of year  995 961        935 017    
   On acquisition of business  –        39 087    
   On disposal of business  –        (6 087)   
   Purchases, loan advances or transfers from other categories  5 434        5 700    
   Fair value adjustment arising during the year recognised in the income statement  56 559        95 326    
   Proceeds on disposal, unbundling or repayment of loans or transfers to other categories  –        (72 679)   
   Exchange rate adjustments  (966)       (403)   
   1 056 988        995 961    

Listed held-for-trade investments includes a unitised indirect holding of R157 million (2017: R141 million) in interest-bearing listed Government and corporate bonds via the Investec Gilt Fund. The bonds included in the Investec Gilt Fund have yields that range from 2,7% to 9,8% (2017: 2,9% to 9,8%) and the portfolio has a duration of 5,7 years (2017: 6 years). Bidvest Insurance holds R132 million (2017: R119 million) of the investment with Bidvest Life holding R25 million (2017: R22 million), this investment may be realised in whole or part before its maturity date.

Listed available-for-sale investments include an interest-bearing listed Government bond (R186) which amounts to R331 million (2017: R228 million Government bond R204), with a coupon interest rate of 10,5% (2017: 8,0%) which matures on 21 December 2027 (2017: 21 December 2018). This investment is held by Banking operations and may be realised prior to its maturity date.

The valuations of all listed investments are considered Level 1 type valuations in accordance with IFRS 13 Fair Value Measurement.

The Group’s effective beneficial interest in MIAL is included in unlisted investments held-for-trade, where the fair value is not based on observable market data (Level 3). The carrying value of this investment, based on the directors’ valuation at 30 June 2018, is R988 million (US$72 million) (2017: R940 million (US$72 million)).

The valuation of MIAL is at fair value in accordance with IFRS 13. The calculation used the pleasing underlying performance of MIAL (EBITDA +13% for the year to March 2018), takes consideration of the illiquid nature of the asset and applies a discount to the median peer group multiple, which is in a range of between 12,5x and 14,1x EBITDA. A 1% change in the multiple or EBITDA will result in US$1,4 million change in the value.

During August 2018, the Group launched a public process to dispose of the stake.

MIAL is also a foreign-based asset and the ruling year-end exchange rate, US$1 = R13,72 (2017: US$1 = R13,06), is another factor that affects the carrying value. The valuation is considered a Level 3 type valuation in accordance with IFRS 13 Fair Value Measurement.

A register of investments is available for inspection by shareholders at the registered office of the Company.