Houseview Equity Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Houseview Equity Strategy represents our best investment view for an equity mandate. The portfolio is constructed on a clean-slate basis with no reference to a benchmark. It seeks to identify the best risk adjusted returns in the market and aims to outperform the equity market over meaningful periods (defined as at least 5 years).


Coronation is a long-term, valuation-driven investment house. Our aim is to identify mispriced assets trading at discounts to their long-term underlying 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 clean-slate 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 the probability of 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.

STRATEGY RETURNS GROSS OF FEES
STRATEGY BENCHMARK* OUTPERFORMANCE
Since Launch (unannualised) 9,710.3% 5,081.3% 4,629.0%
Since Launch (annualised) 15.9% 13.5% 2.4%
Latest 20 years (annualised) 15.5% 13.3% 2.2%
Latest 15 years (annualised) 12.7% 10.9% 1.8%
Latest 10 years (annualised) 9.3% 7.3% 2.0%
Latest 5 years (annualised) 15.1% 10.9% 4.2%
Latest 1 year 32.0% 28.0% 4.0%
Year to date 16.8% 14.8% 2.0%
Month (0.8)% (0.9)% 0.1%

* JSE Capped Shareholder Weighted Index (Capped SWIX*)

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.