South Africa - Institutional
Press Releases
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Bond outlook (commentary for the fourth quarter of 2012)
01 February 2013 - Mark le RouxThe All Bond Index (ALBI) gained 2.3% in December, bringing its return for the 2012 calendar year to 16%. This impressive performance was still outdone by inflation-linked bonds (ILBs), which returned 3% in December and 19.4% for the year. Cash lagged far behind with an annual return of 5.6%. The bond market return for the year is particularly good considering the less than...
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Equity market update (Commentary for the fourth quarter of 2012)
01 February 2013 - Coronation InsightsThe world today, just over four years since the global financial crisis, is characterised by low economic growth, low inflation, very high levels of government debt and very low interest rates. In short, the global economy remains in a precarious state. Yet, financial markets continue to trend higher with the S&P 500 Composite Index, currently only 6% off its pre-crisis peak...
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Talking revolutions in Africa
01 February 2013 - Peter LegerOne of the hallmarks of living in the 21st century is just how many revolutions we get to witness. We’re not talking about political revolutions, which thankfully are becoming less and less fashionable. We’re talking everyday revolutions that impact how we live, how we relate and, mostly, how we communicate. Take the ubiquitous ‘Like’ button that has become an icon of Facebook. Many high school...
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The blurring of the line between emerging and developed markets
01 February 2013 - Suhail SulemanAt Coronation we believe that over the next 20 years the global economy will be increasingly driven by the emerging market consumer, much like the last decade was primarily driven by commodities (and almost destroyed by the banking sector). The continued increase in the size of the middle class in countries with large populations will be the primary cause of this development. By some measures...
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Coronation reports solid growth
12 November 2012 - Coronation Insights- Assets under management of R339 billion, up 37% - Diluted headline earnings per share of 197.8 cents, up 12% - Total dividend per share of 206 cents JSE-listed, independent asset manager Coronation Fund Managers (‘Coronation’) today reported annual results for the year to 30 September 2012. Revenue increased by 14% to R2 billion on buoyant growth in assets under management, up 37% to R339...
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Pão de Açúcar (CBD) -2012
01 October 2012 - David CookCBD is the largest retailer in Brazil (and second largest online retailer). It consists of the largest food retailer (75% of our valuation) and the largest electronics and home merchandise retailer (25% of our valuation). CBD’s chairman, Albilio Diniz, is a remarkable individual. At 74 he doesn’t leave the office before 19:00, he works out three hours a day, is regarded as a master...
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South African platinum miners 2012
01 October 2012 - Neill YoungInternational outlook In the investing world, even doing nothing is doing something By Tony Gibson, senior portfolio manager October 2012 Global equity markets performed well over the quarter, with the MSCI World Index rising by 6.8%. In terms of news factors, on the negative side we were faced with the continued reduction in the outlook for Chinese economic growth and the sharp rise in the...
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International outlook - 2012
01 October 2012 - Tony GibsonInternational outlook In the investing world, even doing nothing is doing something By Tony Gibson, senior portfolio manager October 2012 Global equity markets performed well over the quarter, with the MSCI World Index rising by 6.8%. In terms of news factors, on the negative side we were faced with the continued reduction in the outlook for Chinese economic growth and the sharp rise in the...