The first half of 2025 was one of the more volatile periods in recent market history, reminding investors just how uncomfortable it can be to be invested in equity markets. And ironically, even rising markets don't always equate to rising investor...
I. The spark that lit the fire Much like Apple's iconic iPhone revolutionised mobile computing by making sophisticated technology intuitive and easily accessible, the public unveiling of ChatGPT in November 2022 introduced the power of generative artificial...
PSG Financial Services (PSG) is a great example of a long term winner whose valuation has looked full at almost any time over the last decade but has nonetheless done well for the patient investor (Figure 1) as it delivered growth underpinned by strong...
Water security is arguably one of the most critical risks to South Africa's social, economic and political long-term future. In particular, water stands as a critical business imperative, indispensable for a myriad of functions including employee-related health and...
The past 10 years have not been kind to emerging market investors. Over the 10 years to the end of March 2024, the asset class has returned less than 3% p.a., which contrasts starkly with the returns of broader equity indices such as the MSCI All Country...
South Africa (SA)’s private education industry (schooling and tertiary) is an attractive space with good fundamentals and above average growth prospects. Its listed education groups (ADvTECH, Curro, STADIO) deliver quality education and are defensive businesses with...
Danie Pretorius, Equity Analyst, Coronation Fund ManagersIn multiple industries and use cases, the energy mix is undergoing structural change. Energy that was historically provided by burning fossil fuels, such as gasoline in transportation and natural gas in...
Nicholas Hops, Head of Equity Research, Coronation Fund ManagersIn July 2021, we wrote about the gold position that was held across many of Coronation’s client portfolios. A year later, we sold down the bulk of this position to increase our exposure to well-priced...
The Covid-19 pandemic was highly disruptive to travel, with wide ranging restrictions resulting in a collapse of bookings.The initial Covid-19 lockdowns were an existential threat for the travel industry. However, once the worst of the restrictions were over, the...