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We started the year with the world facing the most severe recession since the end of World War II. Global financial markets were in freefall and the entire financial system in crisis. In an attempt to avert a second 'great depression' a chorus of the world's leading central banks responded with now well-documented stimulatory measures. By March 2009 markets reached the point of maximum pessimism - and then everything changed. Markets rebounded and confidence started to steadily gain traction. As at year-end, the MSCI World Index had recorded a gain of 67% (in US dollars) off its March low, and both the MSCI Emerging Markets and the FTSE/JSE All Share indices were up 96%. 2009 was most definitely a tale of two halves.
At the March interim reporting period we stated ...'while investors' time horizons have been truncated by this bear market, we are confident that when the market turns our clients will be well positioned for the upswing'. We are delighted to report exceptional investment performance across all client portfolios and that Coronation has the best performing equity, foreign equity and balanced unit trust funds over five years - to the quarter ending 30 September 2009.
Please click here for our latest financial results.
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