Active Bond Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Active Bond Strategy represents our best investment view for a specialist bond portfolio. The Strategy is managed in line with Coronation’s long-term investment philosophy with asset allocation and bottom-up security selection being actively managed to generate targeted outperformance. The Strategy aims to consistently outperform the JSE ASSA All Bond Index over the medium to long term.


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 (0.6)% 7.6% 9.6% 9.0% 11.4%
Benchmark* 0.7% 8.1% 8.8% 8.2% 10.5%
Difference 0.1% (0.5)% 0.8% 0.8% 0.9%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2018 2017 2016 2015
Strategy 6.6% 8.6% 11.6% 16.7% (3.0)%
Benchmark* 6.9% 7.7% 10.2% 15.5% (3.9)%
Difference (0.3)% 0.9% 1.3% 1.2% 0.9%

* JSE ASSA All Bond Index (ALBI)

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.