The Coronation Client Charter - Allan Gray...Mr Price Group Ltd. Growthpoint Properties Ltd. Bidvest...

The CoronationClient Charter

We strive to always put clients first

We have an unwavering commitment to the long term

We focus on producing top performance over all meaningful periods

We are uncompromising about ethics

January 2019

A presentation prepared for the

Allan Gray Fund Provider roadshow

Financial planning challenges in 2019

FINANCIAL PLANNING CHALLENGES

Regulatory environment

Disappointing returns

Growth-asset dilemma

Retirement crunch

Looking forward

5

How was your year?

6

At least the bitcoin noise has gone away

Source: CNBC

Regulatoryenvironment in 2019

8

So, what’s changed in your business?

2001 CGT introduced in SA2002 CISCA More powers to the FSB to make rules FAIS Fit & proper, compliance, exams , ombud2003 TER Total expense ratio disclosure introduced2004 Retirement reform DP Reduce costs, increase access FSC Voluntary empowerment framework agreed2005 FAIS New rules for compliance & auditor reporting to FSB2006 FAIS Fit & Proper requirements tightened up2007 Retirement fund reform NSSF formally on the agenda2008 GFC Global Financial Crisis leads to step-change in regulatory intent2009 FAIS PI cover requirements tightened up FAIS Capital adequacy rules expanded2010 Reg 28 overhauled; requires member-level compliance Retirement fund reform Industry consolidation process starts2011 Red Book Initiative New regulatory framework proposed Living annuities Disclosure campaign to make DDs more sustainable CISCA First regulations for white-labelled funds2012 Retirement fund reform NSSF DP published Retirement fund reform Phasing out of provident funds proposed2013 Retirement fund reform 4x detailed Treasury DPs BBBEE Act adopted: Generic codes now binding DWT Introduction of divdend withholding tax announced2014 Retail Distribution Review First DP published Retirement fund reform Cap on contr. deduction introduced TCF DP launched introducing outcomes principles2015 TFSA/TFI New tax-free savings vehicle introduced Retirement fund reform Phasing out of provident funds postponed CISCA Hedge funds declared CIS2016 Retirement fund reform 2012 NSSF DP issued 2nd time Retirement fund reform Phasing out of provident funds postponed EAC Industry-wide standardised total cost of ownership disclosure2017 Parliamentary hearings on transformation Retirement fund reform Phasing out of provident funds postponed FAIS New Fit & Proper Rules FSC Revised BEE code adopted2018 FSR Sets framework for FSCA & PA Retirement fund reform Phasing out of provident funds postponed FAIS New General Code of Conduct2019 Retirement fund defaults Effective March 2019 COFI Draft bill circulated for comment RDR Awaiting DP on categorisation of advisers, investment issues

SELECTED REGULATORY INTERVENTIONS, 2001-2019

9

Retirement fund defaults

Becomes effective 1 March 2019– Member guidance

• Tell members what their options & trade-offs are before they access their retirement capital• Likely written / web-based communication as the most typical option

– Trustee-endorsed opt-in annuity strategy• FSCA Conduct Standard for Living Annuities• Requirements: Suitable, reasonable cost• Prescribed, age-related drawdown rates• Member opts out by

• Transferring

• Choosing own drawdown or assets

• Likelihood is that most trustees will implement conservatively

Source of current financial planning anxiety

11

Annus horribilis

2018 was the worst year on record – even worse than 1920

63 of 70 assets globally ended with negative dollar returns

Only 7 assets with positive returns– T-Bills– China, US, Korea, Japan and Thailand bonds– Wheat (only commodity)

Not a single equity market had a positive return

Source: Deutsche Bank (end 2018)

Percentage of assets with a negative return in US dollar terms

12

We are on the verge of making history

BEAR MARKET OF THE 70s

EM CRISISDOMESTIC RECESSION FINANCIAL CRISIS

WEAK MARKET OF EARLY 90s PRE

DEMOCRACY

Rolling 5 year SA equity returns

We are 6 months away from testing

zero…

13

Negative returns were broad-basedOnly resources provided any reprieve

0%-7%

-26%13%

-13%-18%

-19%55%

-35%-2%

0%0%

-2%-12%

-44%9%

-7%-8%

6%-39%

-6%8%

-50%-1%

-7%-12%

-13%4%

4%4%

-9%-3%

42%-3%

-10%-12%

-15%13%

-5%-40%

-5%3%

-31%2%

-4%2%

32%-15%

28%-16%

-60% -40% -20% 0% 20% 40% 60% 80%

Pick N Pay Stores / Holdings Investec Ltd

Barloworld Ltd Impala Platinum Holdings Ltd

Glencore Xstrata Plc RMI Holdings

Reinet Investments Sca Anglo American Platinum Ltd

Fortress REIT Ltd AVI Limited

Exxaro Resources Ltd Life Healthcare Group Holdings

Truworths International Ltd The Foschini Group Ltd

NEPI Rockcastle PLC Netcare Ltd

Gold Fields Limited PSG Group

Spar Group Ltd Tiger Brands Ltd

Sappi Ltd Clicks Group Ltd

Aspen Phamacare Holdings Ltd Redefine Income Fund

Investec Plc Woolworths Holdings Ltd

Discovery Holdings Ltd RMB Holdings Ltd

Capitec Bank Holdings Ltd Mr Price Group Ltd

Growthpoint Properties Ltd Bidvest Group Ltd

ANGLOGOLD ASHANTI HOLDINGS Vodacom Group

BID CORP LTD Shoprite Holdings Ltd

Remgro Ltd Nedbank Group Ltd

Absa Group Ltd British American Tobacco Plc

Sanlam Mondi

MTN Group Ltd Firstrand Limited

Standard Bank of SA Ltd Sasol Ltd

Anglo American Plc Compagnie Financiere Richemont

BHP Group PLC Naspers Ltd

Top 50Source: Bloomberg (end 2018)

Rand cost averaging

15

Rand cost averaging: the positive side to lower pricesA 20-year study

0,000

0,002

0,004

0,006

0,008

0,010

0,012

0,014

0,016

0,018

0,020

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Number of shares that R100 p.m. can buy on the JSE

Source: Bloomberg, Coronation Research as at 31 December 2018

16

0

10000

20000

30000

40000

50000

60000

70000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Investing monthlyAverage cost paid for the market vs market price

Market Average Cost



17


0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500% Percentage Change on Invested Capital

4 years

4 years

4 years


18

0

20000

40000

60000

80000

100000

120000

140000 How much was invested vs how much it’s worth

Portfolio Growth Amount invested



Growth asset dilemma

20

Coronation Strategic Income

Coronation Balanced Defensive A

Coronation Capital Plus

Coronation Balanced Plus


Coronation Balanced Defensive ACoronation Capital Plus



Coronation Balanced Defensive A Coronation Capital Plus


-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

0,00% 2,00% 4,00% 6,00% 8,00% 10,00% 12,00%

2018

2016

10 Year


Coronation Balanced Defensive A

Coronation Capital Plus



Coronation Balanced Defensive ACoronation Capital Plus


Coronation Strategic IncomeCoronation Balanced Defensive

ACoronation Capital Plus


-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

0,00% 2,00% 4,00% 6,00% 8,00% 10,00% 12,00%

2018

2016

10 Year

An inverted risk curveThe recent past vs the LT history

Strategic Income

Balanced Defensive

Capital Plus

Balanced Plus

Strategic Income

Balanced Defensive

Capital PlusBalanced Plus

Strategic Income

Balanced Defensive

Capital Plus

Balanced Plus

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

2018

2016

10 Year

INDUSTRY SWITCHING DOWN THE RISK CURVE

Source: Morningstar, as at 31 December 2018

21

Meeting financial planning assumptionsCoronation Balanced Plus to 31 December 2018

Source: Morningstar, Coronation research as at 31 December 2018

0%

2%

4%

6%

8%

10%

12%

14%

16%

2014 2013 2012 2011 2010 2009

Actual return Required return to make 10 year assumption Required return to make 20 year assumption

45% of the timeAvg fund: 27% of the time

75% of the timeAvg fund: 57%

22

Coronation Balanced Plus – absolute terms

Start End # of Months drawdown Subsequent

1 yearSubsequent

3 yearsSubsequent

5 years

Largest drawdown May 1998 Aug 1998 4 -34,3% 29,1% 68,9% 94,4%

2nd largest drawdown Nov 2007 Feb 2009 16 -16,8% 34,7% 71,8% 154,5%

3rd largest drawdown June 2002 March 2003 10 -12,2% 35,7% 156,5% 246,1%

4th largest drawdown Feb 2000 May 2000 4 -8,8% 24,9% 34,8% 132,9%

5th largest drawdown Sep 2018 Dec 2018 4 -7,8%

Average 11 -16,0% 24,9% 66,4% 125,6%

Source: Morningstar, Coronation Research

Start End # of Months drawdown Subsequent

1 yearSubsequent3 years (p.a)

Subsequent5 years (p.a)

Largest drawdown May 1998 Aug 1998 4 -34,3% 29,1% 19,1% 14,2%

2nd largest drawdown Nov 2007 Feb 2009 16 -16,8% 34,7% 19,8% 20,5%

3rd largest drawdown June 2002 March 2003 10 -12,2% 35,7% 36,9% 28,2%

4th largest drawdown Feb 2000 May 2000 4 -8,8% 24,9% 10,5% 18,4%

5th largest drawdown Sep 2018 Dec 2018 4 -7,8%

Average 11 -16,0% 24,9% 21,6% 20,3%

23

Coronation Top 20 – relative to benchmark

Start End # of Months

Relative to benchmark

Subsequent 1 year relative

Following 3 years relative

Following 5 years relative

Largest drawdown Feb 2007 June 2008 17 -25,7% 30,2% 48,7% 72,9%

2nd largest drawdown Oct 2013 Dec 2015 27 -22,9% 14,3% 9,3%

3rd largest drawdown Sep 2005 Sep 2006 13 -14% 4,2% 34,1% 48,4%

4th largest drawdown Nov 2017 Dec 2018 14 -7,4%

5th largest drawdown Sep 2009 Nov 2009 3 -5,9% 5,2% 11,3% 25,2%

Average 15 -15,2% 13,5% 25,9% 48,8%

Source: Morningstar, Coronation Research

Retirement crunch

26

But the birthdate lottery made things challenging

6% initial drawdown increasing at 6% p.a. (5 years)

Source: Morningstar, Coronation Research, as at 31 December 2018

Remember the birthdate lottery? Slide from 2014

28

Looking forward – all is not lostChanging your risk profile could exacerbate the issue


29

Looking forward – all is not lostChanging your risk profile could exacerbate the issue


Forecast assumptionsCapital Plus: 12% p.a.Strat Income: 8% p.a.

30

How achievable is 11%+ in a post-retirement portfolio?

Asset class Weight Expected asset class return Alpha Assumed net

return

SA equities & property 40% 10,5% 2,5% 13%

Fixed interest 35% 8% 1% 9%

Offshore 25% 8% 2% 10%

Total 100% 11%

Mid-point assumptions

31

How achievable is 11%+ in a post-retirement portfolio?

Asset class Weight Expected asset class return Alpha Assumed net

return

SA equities & property 40% 12% 2,5% 14,5%

Fixed interest 35% 9% 1% 10%

Offshore 25% 9% 2% 11%

Total 100% 12%

Upper-end assumptions

Looking forward

33

Relentless sideways grind in hard currencies...

50

75

100

125

150

175

200

225

250

Dec

2010

Feb

2011

Apr

2011

Jun

2011

Aug

2011

Oct

201

1De

c 20

11Fe

b 20

12Ap

r 20

12Ju

n 20

12Au

g 20

12O

ct 2

012

Dec

2012

Feb

2013

Apr

2013

Jun

2013

Aug

2013

Oct

201

3De

c 20

13Fe

b 20

14Ap

r 20

14Ju

n 20

14Au

g 20

14O

ct 2

014

Dec

2014

Feb

2015

Apr

2015

Jun

2015

Aug

2015

Oct

201

5De

c 20

15Fe

b 20

16Ap

r 20

16Ju

n 20

16Au

g 20

16O

ct 2

016

Dec

2016

Feb

2017

Apr

2017

Jun

2017

Aug

2017

Oct

201

7De

c 20

17Fe

b 20

18Ap

r 20

18Ju

n 20

18Au

g 20

18O

ct 2

018

Dec

2018

ALSI (ZAR)

ALSI (USD)

Source: Bloomberg, as at 31 December 2018

34

…has resulted in significant opportunities

35

History shows that this is a good time to invest

-40

-20

0

20

40

60

80

100

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

7.5-10 10-12.5 12.5-15 15-17.5 above 17.5

Coronation Balanced Plus total return over 12 months based on starting PE

Mean Maximum # Observations


36

History shows that this is a good time to invest


0

10

20

30

40

50

60

70

80

90

100

0%

5%

10%

15%

20%

25%

30%

7.5-10 10-12.5 12.5-15 15-17.5 above 17.5

Coronation Balanced Plus total return over 60 months based on starting ALSI PE

Mean Maximum # Observations

37

Valuation is strongly on your side

Name Upside to fair value FPE FDY PE 3 years

ago

British American Tobacco 83% 8.0 8.3% 16.1Naspers 74% 16.5 n/a 32.0Anheuser Busch Inbev 45% 14.4 2.9% 22Northam 104% 10.0 n/a 12.1Anglo American 46% 9.1 4.5% n/aAspen 80% 8.3 2.5% 16.1

P/E’s and Dividend yields are crude measures of value, but they give one a sense

38

Conclusion

The 2019 challenge is dominated by low returns of the recent past.

Financial planning assumptions are under water.

With low returns and failed financial planning assumptions come difficult client conversations and increased behavioral risks.

You do not require heroic returns going forward to get back on track.

It is tough, but there are silver linings to focus on.

Thank you

DISCLAIMER

40

All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or entity. As a result thereof, there may be limitations as to the

appropriateness of any information given. It is therefore recommended that the client/potential investor first obtain the appropriate legal, tax, investment or other professional advice and formulate an

appropriate investment strategy that would suit the risk profile of the client/potential investor prior to acting upon information. Neither Coronation Fund Managers Limited, Coronation Management

Company (RF) (Pty) Ltd nor any other subsidiary of Coronation Fund Managers Limited (collectively “Coronation”) is acting, purporting to act and nor is it authorised to act in any way as an advisor.

Coronation endeavours to provide accurate and timely information but we make no representation or warranty, express or implied, with respect to the correctness, accuracy or completeness of the

information and opinions. Coronation does not undertake to update, modify or amend the information on a frequent basis or to advise any person if such information subsequently becomes inaccurate.

Any representation or opinion is provided for information purposes only. Unit trusts should be considered a medium- to long-term investment. The value of units may go down as well as up, and is

therefore not guaranteed. Past performance is not necessarily an indication of future performance. Unit trusts are allowed to engage in scrip lending and borrowing. Performance is calculated by

Coronation for a lump sum investment with income distributions reinvested. All underlying price and distribution data is sourced from Morningstar. Performance figures are quoted after the deduction of

all costs (including manager fees and trading costs) incurred within the fund. Note that individual investor performance may differ as a result of the actual investment date, the date of reinvestment of

distributions and dividend withholding tax, where applicable. Where foreign securities are included in a fund it may be exposed to macroeconomic, settlement, political, tax, reporting or illiquidity risk

factors that may be different to similar investments in the South African markets. Fluctuations or movements in exchange rates may cause the value of underlying investments to go up or down. The

Coronation Money Market fund is not a bank deposit account. The fund has a constant price, and the total return is made up of interest received and any gain or loss made on any particular instrument, in

most cases the return will merely have the effect of increasing or decreasing the daily yield, but in the case of abnormal losses it can have the effect of reducing the capital value of the portfolio. Excessive

withdrawals could place the fund under liquidity pressures, in such circumstances a process of ring-fencing of redemption instructions and managed pay-outs over time may be followed. A fund of funds

invests in collective investment schemes that levy their own fees and charges, which could result in a higher fee structure for this fund. A feeder fund invests in a single fund of a collective investment

scheme, which levies its own charges and could result in a higher fee structure for the feeder fund. Coronation Management Company (RF) (Pty) Ltd is a Collective Investment Schemes Manager approved

by the Financial Services Board in terms of the Collective Investment Schemes Control Act. Unit trusts are traded at ruling prices set on every trading day. Fund valuations take place at approximately

15h00 each business day, except at month end when the valuation is performed at approximately 17h00 (JSE market close). Forward pricing is used. Additional information such as fund prices, brochures,

application forms and a schedule of fund fees and charges is available on our website, www.coronation.com. Coronation Fund Managers Limited is a Full member of the Association for Savings &

Investment SA (ASISA). Coronation Asset Management (Pty) Ltd (FSP 548) and Coronation Investment Management International (Pty) Ltd (FSP 45646) are authorised financial services providers.

FAIS REQUIREMENTS

41

CORONATION ASSET MANAGEMENT (PTY) LTD

Registration No. 1993/002807/07

Herein after referred to as ‘Coronation’

INFORMATION IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

Coronation is a licensed Category II and Category IIA Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 548).

Coronation is not authorised to provide advice in terms of the Financial Advisory and Intermediary Services Act 37, 2002. Coronation has been authorised to render discretionary intermediary services.

Coronation is authorised to provide financial services for the following financial products:

Long-Term Insurance : Category C; Pension Funds Benefits (excluding retail pension benefits); Securities and Instruments : Shares; Securities and Instruments : Money market instruments; Securities and Instruments : Debentures and securitised debt; Securities and Instruments : Warrants, certificates and other instruments; Securities and Instruments : Bonds; Securities and Instruments : Derivative instruments; Participatory interests in Collective Investment Schemes; Short Term Deposits; Long Term Deposits

Coronation is a licensed Hedge Fund Financial Services Provider.

The following exemptions are applicable to the licence:

Exemption of investment managers and linked investment services providers and their related functionaries from fit and proper requirements (Board Notice 97 of 2003).

Exemption of financial services providers as regards to representatives (Board Notice 95 of 2003).

The following employees have been appointed as Key Individuals and/or Authorised Representatives:

Key individuals

Anton Pillay; Karl Leinberger; Kirshni Totaram; Neville Chester; John Snalam; Louis Stassen; Llewellyn Smith

Authorised representatives

Adrian van Pallander; Hendrik Groenewald; Alistair Lea; Karl Leinberger; Anton de Goede; Kirshni Totaram; Pranay Chagan; Quinton Ivan; Charles de Kock; Sarah-Jane Morley (married Alexander); Dirk Kotzé; Sean Morris; Duane Cable; Mark le Roux; Louis Stassen; Neill Young; Siphamandla Shozi; Gavin Joubert; Neville Chester; Stephen Peirce; Pallavi Ambekar; Suhail Suleman; Peter Leger; Tracy Burton; Nishan Maharaj; Nicholas Hops; Steve Janson; Mauro Longano; Harry Moolman; Alex Dearman; Gus Robertson; Sinovuyo Ndaleni (supervised), Greg Longe (supervised); Adrian Zetler; Kanyane Matlou (supervised); Neil Padoa (supervised); Nicholas Stein; Anthony Gibson, Seamus Vasey (supervised), Liesl Abrahams (supervised); Steven Barber (supervised); Humaira Surve (supervised); Godwill Chahwahwa; Joseph Taboola (supervised)

All Key Individuals and Representatives meet the fit and proper requirements as set out in the Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002.

Coronation holds professional indemnity and fidelity insurance cover as stipulated in the General Code of Conduct and Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002. Coronation accepts responsibility for its actions and the actions of its authorised representatives in rendering the financial services.

Any information disclosed to any of Coronation’s Authorised Representatives in their professional capacity will be treated as confidential unless written consent is obtained to disclose such information, or the disclosure of such information is required in the public interest or under a particular law.

The appointed Compliance Officers are:

Jamie Rowland Stephan Kemp

Tel: 021 680 2809 021 680 7703

Fax: 021 680 2859 021 680 7753

Cell: 082 434 4622 082 351 2401

E-mail: [email protected] [email protected]

Coronation’s Conflicts of Interest Management Policy, in terms of General Code of Conduct Regulations issued in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002, is available on Coronation’s website, www.coronation.com, or on request from the Compliance Officer.

All complaints are taken seriously and Coronation’s aim is to ensure that all complaints are investigated and addressed in a timely and fair manner.

To lodge a complaint, please contact either your Fund Manager or one of the compliance officer’s listed above.

mailto:[email protected]


FAIS REQUIREMENTS

42

CORONATION INVESTMENT MANAGEMENT INTERNATIONAL (PTY) LTD

Registration No. 2014/111656/07

Herein after referred to as ‘Coronation’

INFORMATION IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

Coronation is a licensed Category II Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 45646).

Coronation is not authorised to provide advice in terms of the Financial Advisory and Intermediary Services Act 37, 2002. Coronation has been authorised to render discretionary intermediary services.

Coronation is authorised to provide financial services for the following financial products:

Long-Term Insurance : Category C; Pension Funds Benefits (excluding retail pension benefits); Securities and Instruments : Shares; Securities and Instruments : Money market instruments; Securities and Instruments : Debentures and securitised debt; Securities and Instruments : Warrants, certificates and other instruments; Securities and Instruments : Bonds; Securities and Instruments : Derivative instruments; Participatory interests in Collective Investment Schemes; Short Term Deposits; Long Term Deposits

The following exemptions are applicable to the licence:

Exemption on Services under Supervision in terms of Requirements and Conditions obtaining experience (Board Notice 104 of 2008).

Exemption of licensees as regards display certified copies of licenses (Board Notice 40 of 2004).

The following employees have been appointed as Key Individuals and/or Authorised Representatives:

Key individuals

Louis Stassen

Authorised representatives

Louis Stassen; Gus Robertson; Gavin Joubert; Karl Leinberger; Kirshni Totaram; Peter Leger; Stephen Peirce; Suhail Suleman; Greg Longe (supervised); Neil Padoa (supervised); Anthony Gibson, Liesl Abrahams (supervised); Steven Barber (supervised) ; Humaira Surve (supervised)

All Key Individuals and Representatives meet the fit and proper requirements as set out in the Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002.

Coronation holds professional indemnity and fidelity insurance cover as stipulated in the General Code of Conduct and Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002. Coronation accepts responsibility for its actions and the actions of its authorised representatives in rendering the financial services.

Any information disclosed to any of Coronation’s Authorised Representatives in their professional capacity will be treated as confidential unless written consent is obtained to disclose such information, or the disclosure of such information is required in the public interest or under a particular law.

The appointed Compliance Officers are:

Jamie Rowland Stephan Kemp

Tel: 021 680 2809 021 680 7703

Fax: 021 680 2859 021 680 7753

Cell: 082 434 4622 082 351 2401

E-mail: [email protected] [email protected]

Coronation’s Conflicts of Interest Management Policy, in terms of General Code of Conduct Regulations issued in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002, is available on Coronation’s website, www.coronation.com, or on request from the Compliance Officer.

All complaints are taken seriously and Coronation’s aim is to ensure that all complaints are investigated and addressed in a timely and fair manner.

To lodge a complaint, please contact either your Fund Manager or one of the compliance officer’s listed above.



The Coronation Client Charter - Allan Gray...Mr Price Group Ltd. Growthpoint Properties Ltd. Bidvest...

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