Economic views Economic Outlook: Is the worst behind us?

An assessment of current economic conditions and global and local outlook for 2023.

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An assessment of current economic conditions and global and local outlook for 2023.

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A conversation about local and global equity market valuations

While we are cognisant of the risks, we believe a handful of carefully chosen businesses in China currently offer compelling returns for long-term investors.

Identifying the future winners in aviation presents attractive investment opportunities.

SA bonds continue to hold their worth for investors

Listed infrastructure is a key beneficiary of rising inflation.

Maintaining an equity bias and following diversification principles provide the foundation for building strong investment portfolios. - David F. Swensen, CIO, Yale and philanthropist

A low-risk, value-creating allocation of capital

A challenging balance between inflation and growth.

Coronation’s evaluation of the energy plan concludes that loadshedding can reduce dramatically within four years.

Unfortunately not, our analysis shows

How we take advantage of return opportunities while being conscious about risk

Leaning into a once-in-a-decade dislocation between price and value.

A polycrisis has sent global markets sharply down; and there is opportunity to be found.

In the short run, the market is a voting machine, but in the long run, it is a weighing machine.

Central bank action has had a profound effect on risk sentiment, we take a look at how global bond markets have responded.

A look at rising inflation and interest rates and the tough decisions central banks need to make as remedy.

The case for (only the best) long duration technology businesses.

Taking money offshore may be popular, but, at present, South African opportunities are still more attractive.

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Discussion on the drivers of global inflation and how our portfolios are positioned to meet this challenge.

Current valuations relative to history point to attractive future return prospects.

"Long-term consistency trumps short-term intensity" – Bruce Lee, martial artist, actor, philosopher.

While economic recovery challenges still abound, the likelihood of South Africa tumbling into a debt trap within the next five years has, thankfully, diminished.

“The president can't change the country on his own. But what can he do? He can give an example.” - Volodymyr Oleksandrovych Zelenskyy; President of Ukraine

‘In the midst of every crisis, lies great opportunity.’ - Albert Einstein

This article was originally published by CityWire In the latest of the series of interviews with industry veterans, Stephen Cranston talks to Neville Chester, a senior Coronation portfolio manager.

Key take-outs from the Budget announcement and your annual tax incentives reminder.

A combination of domestic assets and global equities will help funds achieve their real return expectations

Long-term thinking and rigorous research needed to spot opportunities.

Follow our ‘first in, last out’ approach.

“The fact that some choice is good doesn’t necessarily mean that more choice is better.” – Barry Schwartz in The Paradox of Choice: Why More is Less

Mounting risk to the fiscal health of indebted emerging markets will require careful navigation.

But SAGBs might still fare better than expected

An attractive new add to our portfolios.

An attractive, growing sector in both Eastern and Western Europe.

While 2021 was a strong year for investors, we still see opportunities for those who get started this year.

How Coronation Top 20 fund has benefited investors.

Understanding risk profiles and having realistic return expectations are key.

“In the midst of chaos, there is also opportunity.” – Sun Tzu

It’s a no-brainer

It’s not just about Tencent, games and China

Unpacking the recent regulatory interventions

But bond yields continue to make up for underlying risks

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Neil Padoa is interviewed by Simon Brown, part of the Moneyweb Now podcast series.

“We demand rigidly defined areas of doubt and uncertainty!” – Douglas Adams, The Hitchhiker’s Guide to the Galaxy

Three fund anniversaries highlight the value created for investors.

A well-priced opportunity and inexpensive insurance against risks.

Understanding the risks and return opportunities remains crucial

Global Frontier Markets

“Give me accountability, I’ll give you peace.” – Abhijit Naskar, neuroscientist and author

But open minds and ability to shift positions are key

Improving local economic outlook

Passing breeze or real winds of change?

Shifting growth dynamics and inflation uncertainty

Finding value in complexity

Cheap insurance at a time of heightened risk

Celebrating the anniversaries of three of our multi-asset funds

Tips for young people to get ahead in tough times

– an excerpt from the Coronation 2020 Stewardship Report

“In the past, censorship worked by blocking the flow of information. In the twenty-first century, censorship works by flooding people with irrelevant information. In ancient times having power meant having access to data. Today having power means knowing what to ignore.” – Yuval Noah Harari

“Your perception may not be my reality.” – Aporva Kala, author and philosopher

Inflation – it’s time to pay attention

Confidence in recovery gains momentum

New accounting standard adds complexity, but also presents a competitive advantage

Promising long-term growth seen in emerging equity markets

But SAGBs are still an attractive investment

“The storm only comes to teach you how to skillfully sail your ship.” – Matshona Dhliwayo, author and philosopher

From volatility through rebound to recovery

“Uncertainty is the only certainty there is. Knowing how to live with insecurity is the only security.” – Mathematician John Allen Paulos

A growth opportunity in the lacklustre retail space

Growth potential at MMH undervalued

Are long-term investors positioned for the future?

But SAGBs and ILBs still offer attractive opportunities, despite economic challenges

Good intentions and a renewed commitment to growth are not enough to make government's financial position sustainable

Post-pandemic recovery in the balance of vaccines and a return of confidence

Vulnerabilities increase the risk of longer-term damage

Bloated merchant acquirers face disruption in the Brazilian market spac

Local opportunity amidst global uncertainty

“Throughout human history, in any great endeavour requiring the common effort of many nations and men and women everywhere, we have learned – it is only through seriousness of purpose and persistence that we ultimately carry the day. We might liken it to riding a bicycle. You stay upright and move forward so long as you keep up the momentum.” – Ban Ki-moon

Transformation through green initiatives and new demand sources

Part 2

Bloated merchant acquirers face disruption in the Brazilian market spac

A history of consistent alpha generation in local and global markets

Covid-19 economic shock and stimulus reflected in financial markets

“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)

South African investor heaven or hell?

Investment opportunities in the eyecare industry

“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” – Economist John Maynard Keynes

We can’t afford not doing better

“Only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depends on the ideas lying around.” – Economist Milton Friedman

A chance to add good quality domestic businesses to your portfolio

“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.” – Benjamin Graham, The Intelligent Investor

- an excerpt from the Coronation 2019 Stewardship Report

Revisiting the investment case

A butterfly flaps its wings in Wuhan, China

A brutal quarter for financial markets

“Battles are never the end of the war” – former US President James Garfield

“Sorrow is better than fear. Fear is a journey, a terrible journey, but sorrow is at least an arrival. When the storm threatens, a man is afraid for his house. But when the house is destroyed, there is something to do.” – Alan Paton, author and activist

What did this programme really achieve?

A gem within the small- and mid-cap space

Let us not waste another crisis

“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese proverb

“Trust is undeniably linked to doing what is right. Ethical drivers such as integrity, dependability and purpose drive the trust capital of business.” – 2020 Edelman Trust Barometer

Part 1

Significant opportunities may underlie a bleak outlook

“A promise is a cloud; fulfilment is the rain.” – Arab Proverb

Inverted yield curves, negative bond yields, liquidity everywhere and not a drop to drink

The price is right (or at least it feels that way)

Cable operators leading US broadband internet momentum

IPO learnings from frontier markets

Our purpose in numbers

Restoring confidence is key to growth recovery

But depressed growth and further Eskom support weigh heavily on government

A weighty issue?

Transformative policy paper needs strong implementation

The trade war between the US and China is not ending anytime soon, notwithstanding the efforts of presidents Trump and Xi to make nice on the sidelines of the Osaka G20 Summit.

“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

The economic cost of rent seeking

How sports content (and fast cars) became frontrunners in the media content race

When desirability becomes necessity

“It does not matter how slowly you go, as long as you do not stop.” – Confucius

World economy balancing on regional tensions and precarious geopolitical alliances

Only deep, proprietary research sharpens analysis, providing the necessary focus to look through the noise

Government’s management of the power crisis will be telling of its broader capacity for reform

"Speculation … allows you to put your emotions first, whereas investment gets emotions out of the picture.” – John C. Bogle

Where the frontiers of consumer need, technical innovation and pragmatic regulation meet

A good quarter for investors, but a tough one for South Africa

Responsible investing involves constructive, behind-the-scenes communication

“He who indulges in empty fears earns himself real fears. We should always allow some time to elapse, for time discloses the truth.“ – Lucius Annaeus Seneca

But South African bonds still offer a bulwark against global policy normalisation

The way in which financial markets respond to US rate expectations is important

“The trouble is, you think you have time.” – Gautama Buddha

Reaping the rewards of pension reform

But overcoming deeply rooted economic problems remains challenging

Reflecting on a tough year

China’s competitive education system drives strong growth

The element of surprise is common in a system where so many decisions depend on forecasts of the future.” – Iconoclastic economist Frank Knight, mid-20th century

Tighter financial conditions are the greatest near-term threat to global growth

How companies avoid obsolescence through innovation

It was always going to get messy

Despite new vehicle technology, global car sales still drive demand

Spotify and Apple Music lead the revival of the recorded music industry

Despite positive moves, South Africa’s fiscal position is still very vulnerable

A homegrown success story

The value of proprietary, deep-dive research

Thriving in a highly regulated industry

What you see is not always what you get

“You can’t always get what you want, but if you try sometimes you just might find you get what you need.” – The Rolling Stones

Earning its stripes

The relevance of auditors in a post-financial scandal world

We continue to focus on valuation to find attractive opportunities

How worried should investors be?

South Africa’s prospects are looking better, but durable change needs vision and consensus

But after riding the wave of optimism, we are now cautious of South African bonds at current levels

Land reform under new leadership – both risk and opportunity

Real change will depend on the will to fight

Valuations are high and uncertainty is increasing

Cyril Ramaphosa’s ANC needs to save South Africa from economic déjà vu

What now that the kings are gone?

Renewed optimism and contained inflation could benefit government bonds

The next generation of big bets

Sometimes the truth is stranger than fiction

2017 proved to be a strong year for most asset classes and our portfolios performed well over the period

Enough already!

Well positioned in an evolving environment