Global Houseview Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Global Houseview Strategy is a clean slate fully discretionary balanced portfolio, which represents our best investment view for a balanced portfolio in all major asset classes – equities, property, bonds, cash and international. The Strategy's objective is to outperform the median return of its peer group or composite benchmark over meaningful period (defined as at least 5 years). The Strategy is managed in accordance with the limits of Regulation 28 of the Pension Funds Act.


Coronation is a long-term, valuation-driven investment house. Our aim is to identify mispriced assets trading at discounts to their long-term underlying value (fair value) through extensive proprietary research. The Portfolio is constructed on a clean-slate basis based on the relative risk-adjusted upside to fair value of each underlying asset. 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 the probability of 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 (4.0)% 3.3% 8.7% 6.7% 15.5%
Benchmark* 2.9% 4.7% 8.4% 6.7% 14.4%
Difference (1.1)% (1.4)% 0.3% 0.0% 1.1%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2018 2017 2016 2015
Strategy 7.2% (4.9)% 14.1% 3.4% 8.9%
Benchmark* 5.9% (2.0)% 11.5% 3.2% 9.0%
Difference 1.4% (3.0)% 2.6% 0.2% (0.1)%

* Median of Peer Group

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.