Investors have had a love-hate relationship with the listed preference share market since the asset class first emerged. Initially the preference share market traded at an attractive premium to listing prices, however, this was followed by a downward trend towards their current, deeply discounted level. The asset class has, however, proven to be an excellent diversifier over certain periods.

The company, which began as a problem-plagued upstart a little over 15 years ago, has now become the world’s most valuable automaker – surpassing industry giants such as Toyota and Volkswagen.