This is one of the giants of the sector, with R22bn under management. It has been run for several years by Mark Le Roux, previously with Old Mutual and African Harvest, and he now co-manages with Nishan Maharaj and Adrian van Pallander.The biggest slug of assets is 30% into floating corporate bonds, with 22% in floating negotiable certificates of deposit (NCDs), 20% in fixed corporate bonds and 3% in fixed NCDs. The fund has historically been a big supporter of inflation-linked bonds, which made up about 20% of the fund in 2010-2011, but as the valuation has become less attractive this has fallen to just over 4%.It has no exposure to SA sovereign bonds — though intriguingly it has owned Brazilian government bonds — and quite a low exposure to preference shares (3%) and property (6%). But it has 9.5% internationally, which includes 3.5% in the Coronation Global Strategic Equity Fund. It repatriated some of this money when the rand hit the R15.50-R17/US$ level. And it has hedged a por...
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