Top 20

South African - Equity - General

Concentrated exposure to shares listed in South Africa

GENERAL INVESTOR REPORT

FUND DESCRIPTION:

A focused portfolio of our top stock picks on the JSE.

INVESTOR PROFILE:

The fund is suitable for: Investors who are in pursuit of maximum long-term returns and are able to withstand short-term market turbulence. Investors who are in their wealth build-up phase and require little income in the short-term. Investors looking for an alternative to a stockbroker-managed direct share portfolio. The fund is not appropriate for investors who are concerned by short-term capital losses or who want to generate consistent income, nor is it suitable for those who seek an equity investment that tracks the returns of the market.

BENCHMARK:

FTSE/JSE Capped All Share Index (CAPI)

FUND MANAGER:

Neville Chester and Nicholas Stein

LAUNCH DATE: 01 October 2000
FUND SIZE: R 19.39 billion
NAV (20 August 2019): 12298.77
NUMBER OF A - UNITS: 29497733.00
TIME HORIZON: 5 years +
REGULATION 28: No
RISK RATING:

The fund added 3,5% p.a. to the return of the market. This means R100 000 invested in Top 20 at launch in Oct 2000 grew to more than R1.9 million by end June 2019 - nearly double the value of its current benchmark. The fund is a top quartile performer since launch.

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PERFORMANCE FOR VARIOUS PERIODS AFTER FEES
FUND BENCHMARK OUTPERFORMANCE
Since Launch (unannualised) 1,847.9% 995.8% 852.1%
Since Launch (annualised) 17.1% 13.6% 3.5%
Latest 15 years (annualised) 16.5% 15.0% 1.5%
Latest 10 years (annualised) 11.5% 11.8% (0.3)%
Latest 5 years (annualised) 2.6% 4.7% (2.2)%
Latest 3 years (annualised) 3.2% 4.7% (1.5)%
Latest 1 year (2.0)% 1.0% (3.1)%
Year to date 7.6% 7.8% (0.3)%
MONTHLY PERFORMANCE RETURNS AFTER FEES
2019 2018 2017 2016 2015 2014 2013 2012 2011
JAN 3.2% (0.3)% 4.2% (1.4)% 2.7% (2.4)% 3.9% 5.3% (2.9)%
FEB 3.5% (2.1)% (1.5)% 4.8% 4.2% 4.6% (0.6)% 2.5% 3.9%
MAR 3.1% (3.4)% 3.0% 10.3% (2.2)% 3.0% 1.6% (0.6)% 1.3%
APR 2.6% 4.8% 3.6% 4.3% 5.5% 1.3% (2.1)% 2.8% 2.6%
MAY (5.1)% (3.4)% (1.1)% (1.0)% (3.4)% 1.6% 9.4% (4.7)% 0.1%
JUN 2.3% 0.9% (3.9)% (2.3)% (1.8)% 1.3% (6.4)% 2.4% (1.8)%
JUL (2.0)% 0.2% 6.8% 4.2% (0.6)% 2.1% 6.1% 2.0% (1.6)%
AUG - 0.6% 3.2% 0.3% (3.7)% (2.2)% 4.0% 3.4% (0.4)%
SEP - (4.8)% (1.1)% 1.8% (4.2)% (3.7)% 6.0% 2.7% (2.9)%
OCT - (2.8)% 6.3% (4.0)% 6.1% 0.6% 2.7% 4.6% 8.3%
NOV - (5.7)% 0.1% (0.3)% (5.6)% 2.3% (2.8)% 0.1% 0.8%
DEC - 3.8% (2.1)% 1.0% (6.2)% (1.6)% 4.2% 4.1% (1.8)%
YTD 7.6% (12.2)% 18.1% 18.3% (9.8)% 6.8% 27.9% 26.9% 5.2%
INCOME DISTRIBUTIONS
DECLARATION DATE PAYMENT DATE AMOUNT DIVIDEND INTEREST
29 Mar 2019 01 Apr 2019 193.09 192.30 0.78
28 Sep 2018 01 Oct 2018 363.05 353.41 9.64
29 Mar 2018 03 Apr 2018 146.83 146.31 0.52
29 Sep 2017 02 Oct 2017 216.30 215.76 0.54
RISK STATISTICS SINCE LAUNCH
FUND BENCHMARK
Annualised Deviation 16.1% 17.1%
Maximum Drawdown (31.7)% (43.4)%
Maximum Gain 46.6% 37.4%
Positive Months 60.6% 59.3%
Sharpe Ratio 0.6% 0.3%
BEST AND WORST PERFORMANCE PERIODS
Best Performing 12 months 68.9% May 2005 - Apr 2006
Worst Performing 12 months (31.7)% May 2002 - Apr 2003
TOP 10 HOLDINGS
AS AT 30 June 2019 % OF FUND
Naspers Ltd 11.1%
Anglo American Plc 10.9%
British American Tobacco Plc 8.6%
Standard Bank Group Ltd 8.3%
MTN Group Ltd 7.9%
Northam Platinum Ltd 6.3%
Nedbank Group Ltd 6.3%
Mondi Limited 5.8%
Distell Group Ltd 4.5%
Exxaro Resources Ltd 4.0%
FEES (EXCL.VAT)
INITIAL FEE Coronation: 0.00%
ANNUAL MANAGEMENT FEE

Minimum - standard: 1.00%
Minimum - discounted: 0.50%
Maximum: 3.00%
Sharing Rate: 20.00%

An annual fee of a minimum of 0.5% and a maximum of 3%, depending on the fund’s performance, is payable. If the fund’s return (after fees and costs) is equal to that of its benchmark, a fee of 1% will be charged. We share in 20% of performance above the benchmark, up to a maximum total annual fee of 3.00%, measured over a rolling 24 month period. When the fund return is below the benchmark over a rolling 60-month period the fee is discounted to 0.50%. All fees exclude VAT. Other costs that are incurred in the fund include trading, custody and audit charges. All performance information is disclosed after deducting all fees and other portfolio costs. We do not charge fees to access or withdraw from the fund.

TOTAL EXPENSE RATIO (TER) 0.89% per annum, which includes a performance fee of -0.23%
TRANSACTION COSTS 0.27
ADVICE COSTS (EXCLUDING VAT)

Advice fees are usually collected through the redemption of units. You may cancel the instruction to facilitate the payment of advice fees at any time. Advisers will only share in Coronation fees subject to prior approval by and/or disclosure to the investor. A portion of Coronation’s annual management fee may be paid to administration platforms such as Linked Investment Service Providers (LISPs) as a payment for administration and distribution services.