Coronation is a long-term, valuation-driven investment house. Our investment philosophy is deeply engrained in our culture and we apply exactly the same research process when investing in emerging markets as we have done in South Africa for the past 20 years. Our experience in an emerging market has provided us with an excellent training ground for disciplined bottom-up investing in highly volatile macro-economic environments.
We are active, bottom-up stock pickers with a disciplined approach to constructing portfolios based on our assessment of company fair values. We do all our own proprietary research and modelling.
We believe emerging markets offer a valuable long-term investment opportunity as these economies and companies gain global prominence. An increasing number of emerging market companies are well-run with greater transparency, and now offer access to areas of global economic growth.
Valuation is the single most important factor we consider when selecting shares for investment. In order to arrive at our coverage list (the shares we research in detail), we narrow the potential investable universe down to companies which we feel warrant more investigation. These are companies which we believe are average or above-average businesses relative to the market. Our investable universe also includes global developed market companies which generate at least 40% of their revenue or free cash flow from emerging markets.
The portfolios are managed on a clean-slate basis. As such, we do not use indices as a starting point for building a strategy, preferring to rely on valuation discipline and diversification. Our emphasis is on stock selection rather than top-down geographic allocation or macro themes. We are comfortable taking decisive positions away from the benchmark, as these positions are underpinned by convictions derived from our proprietary analysis. Our Global Emerging Markets strategies typically hold 50 to 70 stocks of our best investment views and will be fairly concentrated in nature.
The global emerging market investment team forms part of the Coronation investment team, which also comprises the South African, emerging markets and frontier markets investment teams. The entire investment team, situated in Coronation’s Cape Town office, operates as an integrated unit, with significant sharing and cross-pollination of investment ideas to create a single research platform. The global emerging market investment team leverages off the experience and work done by the other investment professionals in the company.
Global Emerging Markets
By replicating a philosophy and process perfected over more than two decades, we have built a solid track record of alpha generation in emerging markets globally.Watch Video
In a series of brief video clips we share with you the unique aspects that combine to make Coronation one of South Africa's foremost investment managers. View more in our Video Channel
This site (“Site”) is intended only for institutional investors who are “US Persons” as defined in the United States of America federal securities laws. The Site is not intended or permitted to be accessed or used by any retail (individual) investor, nor by any institutional investor resident or situated outside the United States of America. The information contained on the Site does not constitute an offer or an invitation to invest, or make use of any service or investment, by a person, whether natural or legal, which is resident or situated in any jurisdiction where such offer or invitation would be unlawful, or in any jurisdiction in which Coronation Asset Management (Pty) Ltd, including all of its affiliates, is not qualified to make such offer or invitation, or to persons to whom it would be unlawful to make such offer or invitation.
By navigating this Site you consent to the above terms and conditions and, in particular, you confirm that:
- you are neither a retail investor nor any other type of investor that is classified as “retail” (or similar) under the applicable laws and regulations of the country of your residence and of the country in which you are viewing this Site; and
- by accessing this Site you will not contravene, or cause Coronation Asset Management (Pty) Ltd or any of its affiliates to contravene, any law that seeks to regulate financial promotions both in the country of your residence and in the country in which you are viewing this Site.
The material being provided on this Site (the “Material”), including all information relating to the Coronation range of strategies, is confidential and is intended solely for the use of the person or persons, lawfully navigating this Site and may not be reproduced, copied or given, in whole or in part, to any other person. If you have access to the Material it is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction and it is recommended an investor first obtain appropriate legal, tax, investment or other professional advice prior to acting upon the Material.
The Material is for information only and does not constitute or form part of any offer of investment in the strategies, nor shall it be relied upon in connection with, any contract for investment in the strategies. Any such offer shall only be made pursuant to the offering material regarding the strategies. The strategies are subject to fees and expenses. Past performance is not necessarily a guide to future performance. Investors may not receive back the full amount invested and may suffer capital loss. Investments in the strategies may not be readily realisable. Opinions expressed on this Site may be changed without notice at any time. Nothing on this Site shall constitute advice on the merits of buying and selling an investment. All income, capital gains and other tax liabilities that may arise as a result of investing in a particular strategy, remain that of the investor.