“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
April 2022 · 13 min read
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“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
While the uncertainty has increased and the range of outcomes is greater, the long-term opportunity remains, with Netflix still being the clear market leader in an industry with strong structural tailwinds.
While economic recovery challenges still abound, the likelihood of South Africa tumbling into a debt trap within the next five years has, thankfully, diminished.
Netflix’s scale, ongoing product innovation and strong execution set the company up well for sustained leadership in an industry that continues to shift online at accelerating pace.
‘In the midst of every crisis, lies great opportunity.’ - Albert Einstein
Budget delivers good news, but some assumptions may prove too optimistic
A disciplined approach delivers over the long term
But SAGBs might still fare better than expected
Long-term thinking and rigorous research needed to spot opportunities.
Mounting risk to the fiscal health of indebted emerging markets will require careful navigation.
An attractive new add to our portfolios.
An attractive, growing sector in both Eastern and Western Europe.
Portfolio managers Gavin Joubert and Suhail Suleman talk about their journey with the Global Emerging Markets Equity Strategy over the last 13 years.
It’s not just about Tencent, games and China
“We demand rigidly defined areas of doubt and uncertainty!” – Douglas Adams, The Hitchhiker’s Guide to the Galaxy
Understanding the risks and return opportunities remains crucial
But open minds and ability to shift positions are key
Global Frontier Markets
Passing breeze or real winds of change?
Shifting growth dynamics and inflation uncertainty
Cheap insurance at a time of heightened risk
Finding value in complexity
“Your perception may not be my reality.” – Aporva Kala, author and philosopher
Inflation – it’s time to pay attention
Promising long-term growth seen in emerging equity markets
A story of a year we shall never forget.
A growth opportunity in the lacklustre retail space
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
Transformation through green initiatives and new demand sources
Bloated merchant acquirers face disruption in the Brazilian market spac
Bloated merchant acquirers face disruption in the Brazilian market spac
Vulnerabilities increase the risk of longer-term damage
“If you want to lift up humanity, empower women. It is the most comprehensive, pervasive, high-leverage investment you can make in human beings.” – Melinda Gates, in her book, “Moment of Lift”
A chance to add good quality domestic businesses to your portfolio
Investment opportunities in the eyecare industry
South African investor heaven or hell?
100 days and counting …
“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
We can’t afford not doing better
- an excerpt from the Coronation 2019 Stewardship Report
“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)
“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” – Economist John Maynard Keynes
Life in the time of coronavirus
South African government bonds remain attractive despite global shocks
“Battles are never the end of the war” – former US President James Garfield
A butterfly flaps its wings in Wuhan, China
What did this programme really achieve?
Pause and reflect.
We’re up for the challenge
A weighty issue?
But depressed growth and further Eskom support weigh heavily on government
Our purpose in numbers
The price is right (or at least it feels that way)
Restoring confidence is key to growth recovery
Restoring confidence is key to growth recovery
Cable operators leading US broadband internet momentum
IPO learnings from frontier markets
Inverted yield curves, negative bond yields, liquidity everywhere and not a drop to drink
Transformative policy paper needs strong implementation
When desirability becomes necessity
Offshore acquisitions by domestic companies
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.
The economic cost of rent seeking
How sports content (and fast cars) became frontrunners in the media content race
“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis
In the cold light of day
World economy balancing on regional tensions and precarious geopolitical alliances
Feeling in the dark? Shining a light on uncertainty
Government’s management of the power crisis will be telling of its broader capacity for reform
Where the frontiers of consumer need, technical innovation and pragmatic regulation meet
Highlights from ‘Talking Investments with Coronation’
Responsible investing involves constructive, behind-the-scenes communication
Reflecting on a tough year
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
But overcoming deeply rooted economic problems remains challenging
2018 in review
Reaping the rewards of pension reform
China’s competitive education system drives strong growth
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
Addressing the future for women
When it rains on your parade
The value of proprietary, deep-dive research
Despite positive moves, South Africa’s fiscal position is still very vulnerable
A homegrown success story
The relevance of auditors in a post-financial scandal world
Thriving in a highly regulated industry
Earning its stripes
What you see is not always what you get
Land reform under new leadership – both risk and opportunity
How worried should investors be?
“May you live in interesting times” – Chinese curse
Real change will depend on the will to fight
What now that the kings are gone?
International growth looks solid, but be wary of a concentrated consensus
Valuations are high and uncertainty is increasing
New year, new hope
Cyril Ramaphosa’s ANC needs to save South Africa from economic déjà vu
The next generation of big bets
Well positioned in an evolving environment
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