Medical Aid Cash Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Medical Aid Cash Strategy complies with Regulation 30 of the Medical Schemes Act. The Strategy has a low-risk approach suitable for medical aid schemes seeking returns that are superior to those of overnight cash rates, while taking into consideration capital protection and liquidity requirements. The portfolio duration is limited to 180 days and the maximum term to maturity of an individual instrument does not exceed 3 years.


Coronation is a long-term, valuation-driven investment house. Our aim is to identify mispriced assets trading at discounts to their fair value through extensive proprietary research. The fixed income portfolios are positioned on a long term strategic market view, but this is balanced by taking advantage of shorter-term tactical opportunities when the market lags or runs ahead of that strategic view. As active managers, we consider investment decisions across the full spectrum of potential return enhancers. These include duration and yield curve positions, inflation-linked assets as well as yield enhancement through credit enhanced assets. We aim to maximise returns by actively combining both a top-down and a bottom-up approach to portfolio construction.

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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 0.7% 9.3% 7.0% 6.9% 7.8%
Benchmark* 0.6% 8.1% 5.7% 5.6% 6.7%
Difference 0.1% 1.2% 1.3% 1.3% 1.1%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2023 2022 2021 2020
Strategy 1.5% 9.1% 5.9% 5.0% 5.8%
Benchmark* 1.3% 7.8% 4.8% 3.6% 4.8%
Difference 0.2% 1.2% 1.1% 1.5% 1.0%

* Short Term Fixed Interest 3-month Index (STeFI 3m)

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.