Coronation’s bullish stance on local stocks has a flip side

With the rand trading at an almost two-year high of R13.85/$ and SA’s economy showing encouraging signs of recovery, investors are rightly starting to take a more positive view of the local equity market.

Fund managers including Coronation and Ninety One have stated that they’ve begun reallocating some of their offshore exposure to local equities, which offer attractive valuations. While that logic is sound, there’s at least one reason to maintain a healthy offshore equity allocation: economic growth...

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