Global Equity Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Global Equity Strategy provides access to the best investment opportunities across global markets through capital growth of underlying stocks selected. It is a flexible portfolio invested predominantly in equities listed on developed market exchanges, but will have exposure to emerging market listed companies as well. The Strategy may hold cash and interest bearing assets where appropriate. The objective is to outperform the MSCI All Country World Index over a 5-year period.


Coronation is a long-term, valuation-driven investment house, focused on bottom-up stock picking. Our aim is to identify mispriced assets trading at discounts to their long-term business value (fair value) through extensive proprietary research. In calculating fair values, through our fundamental research, we focus on through-the-cycle normalised earnings and/or free cash flows using a long-term time horizon. The Portfolio is constructed on a cleanslate basis based on the relative risk-adjusted upside to fair value of each underlying security. The Portfolio is constructed with no reference to a benchmark. We do not equate risk with tracking error, or divergence from a benchmark, but rather with a permanent loss of capital.

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The value of investments may go down as well as up, and is therefore not guaranteed. Past performance is not necessarily an indication of future performance.

CUMULATIVE PERFORMANCE
1 MONTH 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION
Strategy 4.3% 17.4% (0.2)% 7.3% 6.0%
Benchmark* 4.3% 23.1% 6.8% 10.5% 8.6%
Difference 0.0% (5.7)% (7.0)% (3.2)% (2.6)%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2023 2022 2021 2020
Strategy 4.2% 21.6% (23.9)% 6.2% 15.5%
Benchmark* 4.9% 22.2% (18.4)% 18.5% 16.3%
Difference (0.7)% (0.6)% (5.5)% (12.4)% (0.8)%

* MSCI Daily TR Net All Country World USD (NDUEACWF Index)

The performance shown is gross of fees. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. The volatility of the MSCI Daily TR Net All Country World USD (NDUEACWF Index) represented above may be materially different from that of the Global Equity Strategy. In addition, the holdings in the accounts comprising the Strategy may differ significantly from the securities or components that comprise the MSCI Daily TR Net All Country World USD (NDUEACWF Index). MSCI Daily TR Net All Country World USD (NDUEACWF Index) has not been selected to represent an appropriate benchmark to compare the Global Equity Strategy's performance, but rather is disclosed to allow for comparison of the Strategy's performance to that of a well-known and widely recognized index.

CUMULATIVE PERFORMANCE
1 MONTH 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION
Strategy 4.2% 16.1% (1.3)% 6.1% 4.9%
Benchmark* 4.3% 23.1% 6.8% 10.5% 8.6%
Difference (0.1)% (7.0)% (8.1)% (4.4)% (3.7)%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2023 2022 2021 2020
Strategy 4.2% 20.2% (24.8)% 5.0% 14.4%
Benchmark* 4.9% 22.2% (18.4)% 18.5% 16.3%
Difference (0.9)% (2.0)% (6.4)% (13.5)% (1.8)%

* MSCI Daily TR Net All Country World USD (NDUEACWF Index)

The performance shown is net of fees. The “net” return series consists of a composite weighted average of actual net returns for USD denominated portfolios (both pooled and segregated). The highest fee paying class is used where the performance of pooled vehicles are included in the composite. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. The volatility of the MSCI Daily TR Net All Country World USD (NDUEACWF Index) represented above may be materially different from that of the Global Equity Strategy. In addition, the holdings in the accounts comprising the Strategy may differ significantly from the securities or components that comprise the MSCI Daily TR Net All Country World USD (NDUEACWF Index). MSCI Daily TR Net All Country World USD (NDUEACWF Index) has not been selected to represent an appropriate benchmark to compare the Global Equity Strategy's performance, but rather is disclosed to allow for comparison of the Strategy's performance to that of a well-known and widely recognized index.