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Global Emerging Markets Equity Strategyinstitutional Strategy Fact Sheet As at 31 December 2019

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Global Emerging Markets Equity Strategyinstitutional Strategy Fact Sheet As at 31 December 2019 CORONATION GLOBAL EMERGING MARKETS EQUITY STRATEGYINSTITUTIONAL STRATEGY FACT SHEET AS AT 31 DECEMBER 2019 LONG TERM OBJECTIVE GENERAL INFORMATION The Coronation Global Emerging Markets Equity Strategy provides access to Inception Date 14 July 2008 what we consider to be the best investment opportunities in Global Emerging Markets. It aims to deliver capital growth through a focused equity portfolio of Strategy Size $5.57 billion securities of companies based in emerging markets or that derive a significant Strategy Status Open portion of their business from emerging economies. The objective is to outperform the MSCI Emerging Markets Index over 5 years and longer periods. Mandate Benchmark MSCI Daily TR Net Emerging Markets USD (NDUEEGF Index) INVESTMENT APPROACH Redemption Terms An anti-dilution levy will be charged Base Currency USD Coronation is a long-term, valuation-driven investment house, focused on bottom-up stock picking. Our aim is to identify mispriced assets trading at discounts to their long-term business value (fair value) through extensive GROWTH OF US$100M INVESTMENT proprietary research. In calculating fair values, through our fundamental research, we focus on through-the-cycle normalised earnings and/or free cash flows using a long-term time horizon. The Portfolio is constructed on a clean slate basis based on the relative risk-adjusted upside to fair value of each underlying security. The Portfolio is constructed with no reference to a benchmark. We do not equate risk with tracking error, or divergence from a benchmark, but rather with a permanent loss of capital. STRATEGY RETURNS GROSS OF FEES Period Strategy Benchmark Active Return Since Inception (cumulative) 128.5% 44.4% 84.1% Since Inception p.a. 7.5% 3.2% 4.2% Latest 10 years p.a. 6.7% 3.9% 2.8% Latest 7 years p.a. 5.7% 3.4% 2.3% Latest 5 years p.a. 6.1% 5.7% 0.4% Benchmark: MSCI Daily TR Net Emerging Markets USD (NDUEEGF Index) Latest 3 years p.a. 13.7% 11.6% 2.1% Latest 1 year 39.8% 18.4% 21.4% The performance shown is gross of fees. Year to date 39.8% 18.4% 21.4% Month 6.1% 7.5% (1.4)% TOP 10 HOLDINGS *For a side-by-side comparison of gross and net performance, please refer to http://www.coronation.com/us/strategy-performance Holding % Strategy Active return calculated as strategy return less benchmark return. Figures may differ due to rounding. HOUSING DEV FINANCE CORP (IND) 4.9% PING AN INSURANCE GROUP CO-H (CHN) 4.8% SECTOR EXPOSURE 58 COM INC-ADR (CHN) 4.6% Sector % Strategy NASPERS LIMITED (ZAF) 3.8% ALIBABA GROUP HOLDING-SP ADR (CHN) 3.7% Consumer Discretionary 29.4% BRITISH AMERICAN TOBACCO PLC (GBR) 3.6% Consumer Staples 28.8% WULIANGYE YIBIN CO LTD - A (CHN) 3.2% Financials 21.0% YANDEX NV-A (RUS) 3.0% Communication Services 12.3% FORMENTO ECONOMICO MEXICANO (MEX) 2.9% Industrials 3.4% PROSUS NA (CHN) 2.9% Information Technology 2.9% Health Care 1.3% Cash 0.9% South Africa tel: +27 21 680 2000 | fax: +27 21 680 2100 | email: [email protected] | web: www.coronation.com Page 1 of 2 CORONATION GLOBAL EMERGING MARKETS EQUITY STRATEGYINSTITUTIONAL STRATEGY FACT SHEET AS AT 31 DECEMBER 2019 GEOGRAPHIC EXPOSURE Country % Strategy Country % Strategy China 35.3% United States 2.2% India 10.1% Germany 1.3% Russian Federation 9.3% Turkey 1.0% France 6.5% Indonesia 0.9% Brazil 6.0% Taiwan 0.9% South Africa 5.2% Egypt 0.7% United Kingdom 4.9% Argentina 0.7% Mexico 3.8% Thailand 0.5% South Korea 3.8% Cash 0.9% Netherlands 3.6% Hong Kong 2.4% PORTFOLIO MANAGERS Gavin Joubert - BBusSc, CA (SA), CFA Suhail Suleman - BBusSc, CFA Head of Global Emerging Markets, Gavin has 20 years’ Suhail is a portfolio manager within the Global Emerging experience as an investment analyst and portfolio manager. Markets investment unit. He joined Coronation in 2007 and He joined Coronation in 1999 and manages assets within the has 18 years’ investment experience. Global Emerging Markets Equity Strategy. FUND MANAGERS Please contact Coronation for further information Gus Robertson Liesl Abrahams International Client Service Fund Manager International Client Service Fund Manager tel: +27 21 680 2443 tel: +27 21 680 2849 email: [email protected] email: [email protected] DISCLAIMER Coronation Asset Management (Pty) Limited and Coronation Investment Management International (Pty) Limited are investment advisers registered with the United States Securities and Exchange Commission (“SEC”). An investment adviser’s registration with the SEC does not imply a certain level of skill or training. Additional information about Coronation Asset Management and Coronation Investment Management International (Pty) Limited is also available on the SEC’s website at www.adviserinfo.sec.gov. The information in this document has not been approved or verified by the SEC or by any state securities authority. Coronation Asset Management (Pty) Limited, Coronation Investment Management International (Pty) Limited and Coronation Alternative Investment Managers (Pty) Limited are also regulated by the Financial Sector Conduct Authority of South Africa. This material is for information only and does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe for or purchase an investment in the Strategy, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, any contract for investment in the Strategy. Any such offer shall only be made pursuant to the provision of further information/prospectus in relation to the Strategy. The Strategy is subject to management, administration and performance fees. Past performance is not necessarily a guide to future performance. Investors may not receive back the full amount invested and may suffer capital loss. Investments in the Strategy may not be readily realisable. Opinions expressed in this document may be changed without notice at any time after publication. Nothing in this document shall constitute advice on the merits of buying and selling an investment. All income, capital gains and other tax liabilities that may arise as a result of investing in the Strategy, remain that of the investor. The volatility of the Benchmark represented in the growth chart above may be materially different from that of the Strategy. In addition, the holdings in the accounts comprising the Strategy may differ significantly from the securities that comprise the Benchmark. The Benchmark has not been selected to represent an appropriate benchmark to compare the Strategy’s performance, but rather is disclosed to allow for comparison of the Strategy’s performance to that of a well-known and widely recognized Benchmark. Material facts in relation to the Benchmark are available here: https://www.msci.com/emerging- markets. The information contained herein is not approved for use by the public and must be read together with our Disclaimer that contains important information. If you are in possession of a physical copy of this document and you are unable to access our Disclaimer online, kindly contact us at [email protected] and a copy will be sent to you via email. South Africa tel: +27 21 680 2000 | fax: +27 21 680 2100 | email: [email protected] | web: www.coronation.com Page 2 of 2 CORONATION GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL STRATEGY COMMENTARY AS AT 31 DECEMBER 2019 REVIEW FOR THE QUARTER The Coronation Global Emerging Markets Strategy returned +13.0% during the fourth quarter of 2019, which was 1.1% ahead of the +11.8% return of the benchmark MSCI Global Emerging Markets Total Return Index. For the 2019 year as a whole the Strategy returned 39.9% which was 21.4% ahead of market’s return of 18.4%. This performance made it the Strategy’s best relative year since inception almost 12 years ago (the previous best relative year was 2013 when the Strategy outperformed the market by 19.4%) and its third best year from an absolute return point of view, behind 2009’s +90.9% and 2017’s +40.7%. The Strategy has now outperformed the market over 1, 3, 5, 7 and 10 years, and most importantly is ahead of the market over long (and hence meaningful in our view) time periods with outperformance of 2.8% p.a. over 10 years and 4.2% p.a. since inception 11.5 years ago. There were several stocks in 2019 that contributed more than 1% each to this outperformance and only one that detracted by 1% or more. In terms of positive contributors, Wuliangye Yibin led the way (appreciating by 161% and contributing 3.6% to performance) followed by New Oriental Education (+121%, +2.5% contribution), JD.com (+67%, +1.3% contribution), Yduqs/Estacio (+95%, +1.2% contribution), Yandex (+59%, +1.2% contribution), Adidas (+58%, +1.1% contribution) and Li Ning (+194%, +1.0% contribution). The good performance in 2019 was partly a reversal of a poor 2018 - three of the five worst performers in 2018 (JD.com, British American Tobacco and Cogna/Kroton) were all top fifteen positive contributors in 2019, but was also aided by a number of long-held positions coming through - including Yduqs/Estacio and Adidas referred to above. In addition, the likes of Airbus (+54%) and Sberbank (+59%) also contributed meaningfully. Lastly, a number of more recent (calendar 2018) buys also played a large role including Wuliangye, New Oriental and Li Ning. Of the seven largest positive contributors in 2019 we have totally sold out of one (Li Ning) as it reached our fair value, and we have materially reduced the position size of a few of them including New Oriental (2.5% position in Sep 2019 to a 1.3% position Dec 2019) and Adidas (1.4% position Sep 2019 to a 1.0% position Dec 2019).
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