Global Frontiers Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Global Frontiers Strategy aims to maximise the long-term risk-adjusted returns from investments across global frontier markets through capital growth of the underlying stocks selected. It is a flexible portfolio primarily invested in listed equities. The Strategy may hold cash and interest bearing assets where appropriate.


Coronation is a long-term, valuation-driven investment house, focused on bottom-up stock picking. 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.

CUMULATIVE PERFORMANCE
1 MONTH 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION
Strategy (6.7)% (13.0)% 7.2% 9.2% 2.1%
Benchmark* 0.2% 2.6% 0.8% 8.3% 1.3%
Difference (6.9)% (15.6)% 6.4% 0.9% 0.8%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2018 2017 2016 2015
Strategy (3.4)% (8.5)% 35.5% 7.0% (15.0)%
Benchmark* 1.1% 2.4% 1.3% 0.8% 0.3%
Difference (4.5)% (10.8)% 34.2% 6.3% (15.3)%

* ICE LIBOR USD 3 Month (US0003M Index)

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.