INVESTOR’S NOTEBOOK: Longevity counts, too
Coronation’s Leinberger says performance assessment periods of less than five years have little value
You have to give some credit for popularity. Certainly, the hundreds of billions that have flowed into Coronation unit trusts must make chief investment officer Karl Leinberger the Justin Bieber of fund managers (and he is not much older). When I saw a copy of the shop’s useful quarterly publication Corospondent in the dentist’s waiting room I scanned it for the Leinberger byline. He had written on long-term investing. Some may love to hate Coronation as the big hairy beast in the jungle but it has been successful both at giving good returns and at gathering assets, which stand at a whopping R600bn. Leinberger says some may see an emphasis on long-term investment as a weak attempt to defer accountability or buy time in periods of poor investment performance. I have certainly raised that point, more to tease than to challenge managers. Leinberger knows as well as I do that there are dozens of managers who use the “long-term” excuse for poor performance, going back to the feeble retur...
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