The defining characteristics of our investment philosophy are: our long-term time horizon, and commitment to proprietary research. Coronation is a stock-picking investment house. We employ a common-sense, valuation-driven process that identifies mispriced assets trading at discounts or premiums to their long-term business values. These business values are determined using a longer-term outlook and assumptions which ignore "noise" and other influences that we consider temporary in nature. We are bottom-up investors. We do not make investment decisions based on our view of how the economic environment will perform over the short term. We endeavour to understand the macro environment in which our companies operate solely for the purpose of interpreting how 'normal' a company's current operating performance is. We are a research-driven organisation. In a small market, we deploy significant resources in an attempt to do original research and better understand our companies. This process has enabled us to consistently construct concentrated portfolios that reflect the high-conviction views of our investment team. This investment philosophy is deeply ingrained in the Coronation culture. We do not offer 'silos' with different investment philosophies, but recognise the need to develop investment products that meet the varying needs of all our clients. We welcome the opportunity to create solutions that align the Coronation best investment view with the individual objectives of our clients. All portfolios and investment products reflect the same basic investment views and leverage off the Coronation investment process. Our exemplary track record in managing multiple asset class portfolios, as well as specialist portfolios in both equities and fixed interest bear testimony to the strength of our investment team and process.