South Africa - Institutional
International Core Equity
INSTITUTIONAL
INVESTMENT OBJECTIVE:
The Coronation International Core Equity Strategy is suitable for investors with a long-term investment horizon that are seeking to invest in a fund that aims to deliver growth by investing primarily in equities and equity related securities in developed and emerging markets outside of the United States. The Strategy aims to outperform the MSCI All Country World ex USA Index over the longer term.
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. When calculating fair values, we emphasise through-thecycle normalised earnings and/or free cash flows using a long-term time horizon. The Portfolio is constructed on a clean-slate basis, combining the relative riskadjusted upside to fair value of each underlying security with the expected level of dividend income. 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.
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) | 59.7% | 33.7% | 26.0% |
| Since Launch (annualised) | 32.4% | 19.0% | 13.4% |
| Latest 1 year | 44.8% | 24.9% | 19.9% |
| Year to date | 43.3% | 28.6% | 14.7% |
| Latest 6 months | 26.7% | 17.9% | 8.8% |
| Latest 3 months | 9.1% | 9.4% | (0.3)% |
| Month | 0.8% | 2.0% | (1.2)% |
* MSCI ACWI ex USA (Net) Index
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.