Wayne McCurrie from FNB Wealth and Investments chose Bidcorp as his stock pick of the day, Alex Duys from Umthombo Wealth chose Coronation Fund Managers. McCurrie said that even though there were signs that the global growth rate was slowing down, it seemed likely that the interest rates hikes in Europe kept being pushed out, which should benefit Bidcorp. But the main reason behind McCurrie picking Bidcorp was that “it’s a classic rand hedge”. Duys said Coronation Fund Managers’ results were disappointing but he was taking a two to three year view, and Coronation was well positioned for this. “Should their performance pick up, net flows will spill over into their international and retail businesses, which will increase their overall net fee in the business.”
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