Managed Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Managed Strategy is an aggressive, clean slate fully discretionary balanced portfolio. The Strategy’s objective is to outperform its peer group or a composite benchmark over meaningful periods (defined as at least 5 years). The Strategy is managed in accordance with the limits of Regulation 28 of the Pension Funds Act.


Coronation is a long-term, valuation-driven investment house. 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.

PERFORMANCE FOR VARIOUS PERIODS AFTER FEES
FUND BENCHMARK* OUTPERFORMANCE
Since Launch (unannualised) 5,245.4% 2,860.3% 2,385.1%
Since Launch (annualised) 15.2% 12.8% 2.4%
Latest 20 years (annualised) 15.1% 13.2% 1.9%
Latest 15 years (annualised) 13.5% 12.0% 1.5%
Latest 10 years (annualised) 9.3% 8.3% 1.0%
Latest 5 years (annualised) 12.8% 9.8% 3.0%
Latest 1 year 15.0% 10.3% 4.7%
Year to date 7.2% 6.7% 0.5%
Month 0.7% 2.3% (1.6)%

* Median of Peer Group

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.