Global Managed Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Global Managed Strategy provides investors with access to the best investment ideas from around the world, with the aim of maximising longterm capital growth. It blends individual asset selection to reflect Coronation’s view across asset classes, regions and currencies. The intent is to remain fully invested in foreign assets. The Strategy will hold its exposure to foreign assets in a variety of currencies, primarily the US dollar, British pound, euro and Japanese yen. The Strategy’s objective is to outperform the global markets as measured by an equity-biased composite benchmark over a 5-year period.


Coronation is a long-term, valuation-driven investment house. 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 1.0% 2.4% 6.7% 3.9% 7.9%
Benchmark* 0.1% 4.4% 6.7% 4.8% 6.7%
Difference 1.0% (2.0)% 0.0% (0.9)% 1.2%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2018 2017 2016 2015
Strategy 15.8% (12.9)% 17.9% 10.2% (5.6)%
Benchmark* 12.1% (6.0)% 17.1% 5.7% (1.6)%
Difference 3.7% (6.9)% 0.8% 4.5% (4.0)%

* 60% MSCI Daily TR Net All Country World USD (NDUEACWF Index ) and 40% Bloomberg Barclays Global Aggregate Bond TR Unhedged USD (LEGATRUU 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.