BUSINESS DAY TV: Coronation caps its interim dividend but focuses on the long term
Coronation Fund Managers CEO Anton Pillay discusses interim results, which show a further drop in assets under management and weaker profit growth
BUSINESS DAY TV: Coronation Fund Managers has capped its interim dividend by 4% and that, together with the dividend withholding tax increasing from 15% to 20%, sees Coronation shareholders’ payment falling nearly 10% to R1.76 from R1.95 a year ago. This comes on the back of revenue over the six months to March down 6%. Net profit falling 5%, diluted headline earnings per share coming in 4% weaker. CEO Anton Pillay joins us now on the line to talk us through the investment case we’re putting on the table here. Anton, so you describe the peer market period as being anaemic. Does it become more difficult to deliver alpha in the market in a market that’s basically been flat-lining? ANTON PILLAY: We focus on long-term investments which really remains a measure of our business. So these volatile market opportunities ... volatile markets provide us with the opportunities to take long-term positions. Often we deliver compelling returns for our clients and we believe that we are well-positi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.