Coronation has historically focused on global assets through funds of funds. More recently it has been rolling out direct products, starting with the low-risk Global Capital Plus, and the balanced Global Managed fund. The original dollar-denominated Global Equity Select fund was launched only in January 2015, and the rand-based feeder fund even later. The fund is run by Louis Stassen, assisted by actuary Neil Padoa. The entire global research team operates out of Coronation’s Cape Town office. It is benchmarked off MSCI All Countries which includes emerging markets (EM). In fact, unlike most global equity funds it can invest up to 30% into EM. With hindsight it had too large a weighting in EM, especially in Brazil and Russia, which hit the first year’s performance. But in calendar 2016 its US dollar return of 11.6% was 3.7% ahead of the benchmark. And the fund hit ratio (winners divided by losers) has increased up to 1.57.
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