Managed Strategy

INSTITUTIONAL

INVESTMENT OBJECTIVE:

The Coronation Managed Strategy is an aggressive, clean slate fully discretionary balanced portfolio. The Strategy’s objective is to outperform its peer group or a composite benchmark over meaningful periods (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 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 (0.7)% 1.2% 8.5% 5.5% 15.6%
Benchmark* 0.9% 2.1% 8.4% 6.2% 13.2%
Difference 0.2% (0.9)% 0.1% (0.7)% 2.4%
CALENDAR YEAR PERFORMANCE
YEAR TO DATE 2018 2017 2016 2015
Strategy 8.3% (6.5)% 12.5% 8.0% 5.1%
Benchmark* 6.2% (2.0)% 11.5% 3.2% 9.0%
Difference 2.0% (4.5)% 1.0% 4.7% (3.9)%

* 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.