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All Africa Strategy Institutional Strategy Fact Sheet As at 30 June 2017

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All Africa Strategy Institutional Strategy Fact Sheet As at 30 June 2017 CORONATION ALL AFRICA STRATEGY INSTITUTIONAL STRATEGY FACT SHEET AS AT 30 JUNE 2017 LONG TERM OBJECTIVE GENERAL INFORMATION The Coronation All Africa Strategy aims to maximise the long-term risk-adjusted Inception Date 01 August 2008 returns available from investments on the continent through capital growth of the underlying stocks selected. It is a flexible portfolio primarily invested in listed Strategy Size $78.4 million African equities or stocks listed on developed and emerging market exchanges Strategy Status Open where a substantial part of their earnings are derived from the African continent. The exposure to South Africa is limited to 50%. The Strategy may hold cash and Target Outperform ICE LIBOR USD 3 Month interest bearing assets where appropriate. (US0003M Index) Redemption Terms An anti-dilution levy will be charged INVESTMENT APPROACH Base Currency USD Coronation is a long-term, valuation-driven investment house, focused on GROWTH OF US$100M INVESTMENT bottom-up stock picking. Our aim is to identify mispriced assets trading at discounts to their long-term business value (fair value) through extensive 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 LIBOR Active Return Since inception cum. 100.4% 5.3% 95.1% Since Inception p.a. 8.1% 0.6% 7.5% Latest 5 years p.a. 6.5% 0.5% 6.0% Latest 1 year 21.7% 1.0% 20.7% Target: Outperform ICE LIBOR USD 3 Month (US0003M Index) Year to date 19.3% 0.6% 18.7% The performance shown is gross of fees. Month 7.9% 0.1% 7.8% *For a side-by-side comparison of gross and net performance, please refer to http://www.coronation.com/us/strategy-performance GEOGRAPHIC EXPOSURE Country % Strategy SECTOR EXPOSURE South Africa 21.8% Sector % Strategy Egypt 20.5% Zimbabwe 16.8% Consumer Goods 31.9% Nigeria 14.3% Financials 17.4% Kenya 13.0% Basic Materials 15.6% Tanzania 2.4% Telecommunications 12.3% Zambia 1.2% Consumer Services 5.5% Uganda 0.9% Health Care 4.1% United Kingdom 0.6% Oil & Gas 2.3% United States 0.4% Industrials 1.8% Ghana 0.2% Utilities 0.9% Interest Bearing 7.9% Technology 0.2% Specialist Securities 0.1% Interest Bearing 7.9% South Africa tel: +27 21 680 2000 // fax: +27 21 680 2100 // email: [email protected] // web: www.coronation.com Trust is Earned TM CORONATION ALL AFRICA STRATEGY INSTITUTIONAL STRATEGY FACT SHEET AS AT 30 JUNE 2017 PORTFOLIO MANAGER Peter Leger - BScEng, BCom (Hons), CFA Peter is head of Global Frontier Markets and manager across all strategies within the investment unit. He joined Coronation in 2005 and has 19 years’ experience in African financial markets as both a portfolio manager and research analyst. FUND MANAGER Please contact Coronation for further information Gus Robertson Fund Manager: International tel: +27 21 680 2443 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 and Coronation Investment Management International (Pty) Limited are also regulated by the Financial Services Board 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 ICE LIBOR USD 3 Month Index ("Benchmark") represented 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 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.theice.com/iba/libor. In addition, for further information, we have also included the DJ Africa Titans 50 Index above. Material facts in relation to this benchmark are available here: http://www.djindexes.com/titans. 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 Trust is Earned TM CORONATION ALL AFRICA STRATEGY INSTITUTIONAL STRATEGY FACT SHEET AS AT 30 JUNE 2017 REVIEW FOR THE QUARTER Over the past three months the performance of markets across Africa was strong. The strategy returned 13.2% during the quarter, compared to its benchmark (3 month USD LIBOR + 4%), which was up 1.3%, and the Dow Jones Africa Index, which was up 3.2%. Egypt remains our largest country exposure. Although the Egyptian market was only up 4%, our investments within Egypt performed well with the strategy’s largest holding, Eastern Tobacco, up 33% in USD during the quarter. South Africa was up 2% in USD. Zimbabwe was up 41% with investors continuing to invest excess cash in real assets, driven to a large extent by the scarcity of dollars and concerns over the Zimbabwean bond notes that were introduced at the end of last year. However, we would caution against taking this performance at face value given that it’s impossible to repatriate funds through normal mechanisms and significant discounts are applicable to alternative means of doing so. Kenya also performed well with an increase of 16% and Morocco was up 10% over the past three months. A key driver of the performance this quarter was Nigeria which was up 26% on the back of renewed optimism following the introduction of the new currency exchange window (NAFEX) in April 2017. It is noteworthy that, compared to a year ago when three of the major markets in Africa had dysfunctional currency regimes (Egypt, Nigeria and Zimbabwe), today Zimbabwe is the only one remaining. Nigeria’s new window is predominantly aimed at exporters and portfolio investors who are now able to bring money into Nigeria at a more favourable exchange rate. In June participation in the window was further liberalised by allowing banks to match trades amongst their clients – previously banks could only match foreign exchange trades within the banks’ own clients. Official reports indicate that there is decent (and improving) liquidity, with $3bn transacted in the first 8 weeks. While this is certainly a step in the right direction, our understanding is that these volumes are still to a large extent the result of liquidity injected by the Central Bank of Nigeria (CBN). Businesses have started to report seeing improved dollar availability, however we understand that this too is driven more by the activity of the CBN through increased forward transactions, rather than the NAFEX window. Up to now the impact has been positive with the parallel market rate reducing from a high of around NGN 500/$ in February 2016 to virtually converging with the new NAFEX rate around NGN 370/$ by the end of June (see graph below). This also contributed to Nigeria (at least temporarily) avoiding a potential downgrade out of the Frontier Markets Index by the MSCI in its semi-annual review in May. During the quarter we took the decision to value our Nigerian holdings using the new, more conservative NAFEX exchange rate. Indices such as MSCI still use the official exchange rate, which overstates the return of the index in our view. TM South Africa tel: +27 21 680 2000 // fax: +27 21 680 2100 // email: [email protected] // web: www.coronation.com Trust is Earned CORONATION ALL AFRICA STRATEGY INSTITUTIONAL STRATEGY FACT SHEET AS AT 30 JUNE 2017 Further positive news out of Nigeria was the lifting of the force majeure on the Forcados terminal in June 2017.
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