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85.44  /  0.7%

12153.42

NAV on 2019/09/16
NAV on 2019/09/13 12067.98
52 week high on 2019/08/12 12563.89
52 week low on 2019/01/04 9592.61
Total Expense Ratio on 2019/06/30 1.02
Total Expense Ratio (performance fee) on 2019/06/30 0.27
NAV Incl Dividends
1 month change -0.78% -0.78%
3 month change 2.04% 2.04%
6 month change 6.91% 7.4%
1 year change 7.64% 9.08%
5 year change 9.7% 10.67%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 87.09 1.18%
Financials 49.76 0.68%
General Equity 106.25 1.44%
Gilts 0.00 0.00%
Liquid Assets 109.70 1.49%
Technology 219.68 2.98%
Offshore 6794.41 92.23%
  • Top five holdings
UNIBAIL-RODAM 241.25 3.27%
BRITUSATABACO 224.93 3.05%
58COMINC 222.27 3.02%
 NASPERS-N 219.68 2.98%
LVMH 219.29 2.98%
  • Performance against peers
  • Fund data  
Management company:
Coronation Fund Managers Ltd.
Formation date:
1999/03/15
ISIN code:
ZAE000175865
Short name:
U-COROPT
Risk:
Unknown
Sector:
Worldwide--Multi Asset--Flexible
Benchmark:
Composite: 35% JSE CAPI, 15% ALBI, 35% MSCI ACWI, 15% BGBA
Contact details

Email
clientservices@coronation.com

Website
http://www.coronation.com

Telephone
021-680-2000

  • Fund management  
Mark le Roux
Mark joined Old Mutual in 1991. After a brief spell in an accountancy position he moved to the Investment Division. He started there as a junior dealer working his way up to manager of a fixed interest and derivative dealing desk. In 1995 Mark took on his first portfolio management position. He currently manages bond portfolios - investing in assets of 13 pension funds and a portion of Old Mutual's life funds. In January 1996 Mark took over as portfolio manager of Old Mutual Gilt Fund
Louis Stassen
Louis is a founder member and former CIO of Coronation. He is a senior portfolio manager within the investment team responsible for the absolute return unit which he established in 1999. He also co-manages the Coronation Global Capital Plus Fund. Louis has more than 20 years' industry experience and has worked in the investment teams of Allan Gray, Syfrets Managed Assets and Standard Bank in London
Neville Chester
Neville has 14 years' investment experience and is a member of the executive committee. He spent four years as a research analyst within the financial services team at Old Mutual Asset Managers analysing banks and co-managing the financial fund. He joined Coronation in 2000 and in 2001 started managing segregated portfolios. Neville currently manages institutional portfolios within Coronation's aggressive equity portfolio range and the Coronation Market Plus fund. He also co-manages the Coronation Top 20 Fund.
Gavin Joubert
Head of Coronation's Emerging Markets team, Gavin has 15 years' experience as an investment analyst and portfolio manager. He has managed a range of South African equity and balanced funds and currently co-manages Coronation's Emerging Markets Fund. Prior to joining Coronation in 1999, Gavin qualified as a chartered accountant with Ernst & Young and worked for Merrill Lynch and CSFB in London.
Karl Leinberger
Karl is CIO and a member of the executive committee. He joined Coronation in 2000 as an equity analyst, was made head of research in 2005 and appointed CIO in May 2008. Karl co-manages the Coronation Houseview Portfolios as well as the Coronation Equity and Balanced Plus funds.


  • Fund manager's comment

Coronation Optimum Growth comment - Mar 19

2019/06/26 00:00:00
The fund appreciated by 16.9% in the first quarter of 2019 (Q1-19) compared to the 8.1% return of the benchmark. In what were strong global equity markets generally, the fund’s average net equity exposure of circa 70% during the period played a large role in the fund’s returns. From a stock specific point of view, British American Tobacco was the largest contributor (+32% in ZAR, 1.1% positive impact) followed by Airbus (+38%, 0.9% contribution), JD.com (+36%, 0.9% contribution), Philip Morris (+34%, 0.8% contribution) and New Oriental Education (+62%, 0.8% contribution). There were no detractors of more than 0.5%. Over the past five years, the fund has generated a return of 10.7% p.a., over 10 years a return of 16.0% p.a. and since inception almost 20 years ago it has generated a return of 14.3% p.a.
The fund ended the quarter with 74.6% net equity exposure, which was up from the 66.1% at the start of the year, largely due to market moves. Of this, approximately 55% of the equity exposure was invested in developed market equities, 40% in emerging market equities and 5% in South African equities.
The largest new equity buy during the quarter was a 2.0% position in Louis Vuitton Moet Hennessy (LVMH), the largest global luxury goods company and the owner of the Louis Vuitton brand (circa 50% of group profits) and many other global brands including Moët & Chandon, Hennessy, Christian Dior, Fendi, Bulgari and Tag Heuer. Over 40% of sales come from emerging markets and the Chinese consumer alone (purchasing at home as well as while travelling) is responsible for well over 50% of incremental growth.
LVMH has an enviable track record (over the past 20 years earnings per share (EPS) has compounded at circa 12% p.a.) and today is well-placed to be a key beneficiary of the growing emerging market middle and upper class, and the wealth effect. The barriers to entry possessed by the true global luxury brands (Hermes, Louis Vuitton and Gucci) are amongst the highest in any industry in our view: in the case of Louis Vuitton, a 150-year history and investment in the brand for a start. The resilience (of both the topline and profitability) of the Louis Vuitton brand in particular during tough economic periods is also unparalleled: in 2009 (post the GFC) sales of the Fashion and Leather Division (with Louis Vuitton making up the lion’s share of this division) of LVMH grew by 2% and earnings before interest and taxes (EBIT) grew by 3%. In 2002 (post September 11th) the Fashion and Leather Goods Division experienced 16% sales growth (and this after double-digit sales growth in 2001 as well) and 5% EBIT growth. The fund bought LVMH on circa 20 times forward earnings and a 2% dividend yield, which we think is attractive for what we would consider to be one of the best businesses in the world.
Our negative view on global bonds remains largely unchanged, although we did buy short-dated US Treasuries (c. 3% of fund) late last year when US government 10-year bond yields were north of 3%. The fund’s position in L Brands (owner of Victoria’s Secret) corporate bonds remains (1.7% of fund) and is now yielding 6.8% compared to our initial purchase yield of 7.3%. In total, bonds make up 4.7% of the fund. The fund also has circa 4% invested in global property: largely in Unibail (European and US Retail property) and Vonovia (German residential). Lastly, the fund has a physical gold position of 2.5%. The balance of the fund is invested in cash, largely offshore. As has been the case for a number of years, the bulk of the fund (over 90%) is invested offshore, with very little being invested in South Africa.
  • Fund focus and objective  
Aims to deliver long-term growth by investing in a combination of local and international investments across all asset classes.
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