Stock Watch
WATCH: Stock picks — Coronation and Sygnia Itrix Eurostoxx50
Nick Kunze from Bridge Fund Managers chose Coronation Fund Managers as his stock pick of the day and Gary Booysen from Rand Swiss chose Sygnia Itrix Eurostoxx50. Kunze said that Coronation recently had a trading update and it was not as bad as expected. “There have been redemptions and, yes, they had gotten a couple of things wrong, like having exposure to Aspen and Steinhoff and their redemption was 2.2% down from last time. One can get some comfort from the fact that they have some R500bn in assets under management, which they are charging a fee on, the dividend is paying close to 10%. Worth a punt at these levels.” Sygnia Itrix Eurostoxx50 is a structured product created by Rand Swiss. Booysen said: “It is backed into an AA-rated bank overseas and essentially what it is going to give you is exposure to Eurostoxx50, which is a fully offshore product, You have to use your offshore allowance to get access to it, however, this structured product does move it to SA so you there are le...
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