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The case for Dis-Chem
January 2025 · 5 min read
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"We ended the year on a high note, with the announcement of an exciting BEE transaction, making us majority black-owned and the largest independent black asset manager in the country."
How Interactive Brokers, LPL Financial and Charles Schwab are capitalising on emerging trends
‘Keep your eye on how much the government is spending, because that is the true tax’ – Milton Freidman, economist
The economic benefits of targeting lower inflation are clear – the timing isn’t
Water security is one of South Africa’s most pressing challenges. We unpack the economic ripple effects of water shortages and explore regulatory shifts and infrastructure efforts aimed at improving water management.
We discuss the proverbial “picks and shovels” companies in the AI ecosystem, like infrastructure and hardware providers, as well as key players and technological advancements driving AI forward.
Navigating investment opportunities in the wake of recent policy measures aimed at economic recovery
In a structurally growing market Quilter offers an attractive investment opportunity
"The Fed’s actions reverberate across every corner of the global financial system."— Ben Bernanke, Former Chairman of the Federal Reserve
How economic reforms and the global race for resources are reshaping the continent’s future
It always seems impossible until it’s done.” – former President of South Africa, Mr Nelson Rolihlahla Mandela
Minimising early withdrawals is key to safeguarding your future financial well-being
Practical steps to cultivate inclusivity in financial services
Why building competence and influence matters more
Last year in May, Marie covered South Africa’s water crisis, with a deep dive into the pain points and responsible agencies. This concern has not abated and has grave consequences for SA and its citizens. Our 2023 Stewardship report covers our ongoing analysis of SA’s water crisis and how our investment team is addressing it in the context of investments.
"The railway is one of the most potent factors in modern civilization, and its history is the history of human development." – John Moody, founder of Moody’s Investor Service
- “If you want peace, you don’t talk to your friends. You talk to your enemies.” – Archbishop Desmond Tutu
A focus on BYD Auto
When South Africa's offshore allowance for pension funds increased to 45%, our seasoned global investment team was well-prepared to seize the best opportunities for our clients.
We discuss the outlook for loadshedding for the next two years. With new capacity coming online, when can we expect loadshedding to end?
We explore the reasons for the sustained streak without loadshedding and discuss what we can expect heading into winter.
Newest domestic IPO set to drive sustainable growth and performance.
The series concludes with a case study on Brazil, a discussion on what sets South Africa apart from the countries discussed in this series and broad guidelines for investors on asset allocation in so-called “worst-case scenarios”.
In episode two, we ask if domestic equities will always preserve value in cases of severe countrywide decline and major macroeconomic instability.
Our first episode features the fascinating series of events that unfolded in Argentina, Lebanon and Venezuela respectively.
"Our steadfast commitment to excellence is exemplified in these consistent, industry-leading results."
The nitty gritty of running a business in developing countries.
“The relationship between commitment and doubt is by no means an antagonistic one. Commitment is healthiest when it is not without doubt, but in spite of doubt.” Rollo May, The Courage to Create
“Nothing is more obstinate than a fashionable consensus. ” - Margaret Thatcher, British Prime Minister, 1979 - 1990
The opportunities and challenges of rolling out a key regulatory reform.
Global bond rout puts local bonds under pressure amidst a deteriorating fundamental backdrop.
The global energy mix is changing and presenting investment opportunities.
Mapping the way forward.
“All the water that will ever be is, right now.” – National Geographic
The same, but on steroids.
Experiences are trumping consumerism.
No margin for error
What just happened?
Yale Law Professor Amy Chua delves into topics ranging from grit and resilience to democracy and freedom of speech.
A panel of experts discuss sustainability trends, challenges and opportunities.
Our portfolio managers unpack the burning issues impacting the investment landscape today.
Hope must make way for action.
“When written in Chinese, the word ‘crisis’ is composed of two characters. One represents danger and the other represents opportunity.” – John F. Kennedy
Moving away from being just another petrostate.
Identifying the future winners in aviation presents attractive investment opportunities.
While we are cognisant of the risks, we believe a handful of carefully chosen businesses in China currently offer compelling returns for long-term investors.
SA bonds continue to hold their worth for investors
Listed infrastructure is a key beneficiary of rising inflation.
A low-risk, value-creating allocation of capital
A challenging balance between inflation and growth.
Coronation’s evaluation of the energy plan concludes that loadshedding can reduce dramatically within four years.
At our recent Talking Investments with Coronation conference, our investment team gave their views on portfolio positioning and regulatory changes.
In a panel discussion at our recent Talking Investments with Coronation conference, industry experts discussed regulatory changes, transformation and sustainability.
Central bank action has had a profound effect on risk sentiment, we take a look at how global bond markets have responded.
A polycrisis has sent global markets sharply down; and there is opportunity to be found.
A look at rising inflation and interest rates and the tough decisions central banks need to make as remedy.
The case for (only the best) long duration technology businesses.
Taking money offshore may be popular, but, at present, South African opportunities are still more attractive.
While the uncertainty has increased and the range of outcomes is greater, the long-term opportunity remains, with Netflix still being the clear market leader in an industry with strong structural tailwinds.
While economic recovery challenges still abound, the likelihood of South Africa tumbling into a debt trap within the next five years has, thankfully, diminished.
“The president can't change the country on his own. But what can he do? He can give an example.” - Volodymyr Oleksandrovych Zelenskyy; President of Ukraine
Netflix’s scale, ongoing product innovation and strong execution set the company up well for sustained leadership in an industry that continues to shift online at accelerating pace.
‘In the midst of every crisis, lies great opportunity.’ - Albert Einstein
Where the frontiers of consumer need, technical innovation and pragmatic regulation meet
Budget delivers good news, but some assumptions may prove too optimistic
A disciplined approach delivers over the long term
But SAGBs might still fare better than expected
Long-term thinking and rigorous research needed to spot opportunities.
Mounting risk to the fiscal health of indebted emerging markets will require careful navigation.
An attractive, growing sector in both Eastern and Western Europe.
An attractive new add to our portfolios.
Portfolio managers Gavin Joubert and Suhail Suleman talk about their journey with the Global Emerging Markets Equity Strategy over the last 13 years.
It’s not just about Tencent, games and China
“We demand rigidly defined areas of doubt and uncertainty!” – Douglas Adams, The Hitchhiker’s Guide to the Galaxy
Understanding the risks and return opportunities remains crucial
But open minds and ability to shift positions are key
Global Frontier Markets
Passing breeze or real winds of change?
Shifting growth dynamics and inflation uncertainty
Finding value in complexity
Cheap insurance at a time of heightened risk
“Your perception may not be my reality.” – Aporva Kala, author and philosopher
Inflation – it’s time to pay attention
Promising long-term growth seen in emerging equity markets
A story of a year we shall never forget.
A growth opportunity in the lacklustre retail space
Good intentions and a renewed commitment to growth are not enough to make government's financial position sustainable
Post-pandemic recovery in the balance of vaccines and a return of confidence
Bloated merchant acquirers face disruption in the Brazilian market spac
Vulnerabilities increase the risk of longer-term damage
Bloated merchant acquirers face disruption in the Brazilian market spac
Transformation through green initiatives and new demand sources
“If you want to lift up humanity, empower women. It is the most comprehensive, pervasive, high-leverage investment you can make in human beings.” – Melinda Gates, in her book, “Moment of Lift”
“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)
“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” – Economist John Maynard Keynes
100 days and counting …
We can’t afford not doing better
“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.” – Benjamin Graham, The Intelligent Investor
A chance to add good quality domestic businesses to your portfolio
Investment opportunities in the eyecare industry
- an excerpt from the Coronation 2019 Stewardship Report
South African investor heaven or hell?
“Battles are never the end of the war” – former US President James Garfield
South African government bonds remain attractive despite global shocks
A butterfly flaps its wings in Wuhan, China
Life in the time of coronavirus
Pause and reflect.
What did this programme really achieve?
We’re up for the challenge
IPO learnings from frontier markets
Cable operators leading US broadband internet momentum
A weighty issue?
IPO learnings from frontier markets
Restoring confidence is key to growth recovery
Transformative policy paper needs strong implementation
Inverted yield curves, negative bond yields, liquidity everywhere and not a drop to drink
The price is right (or at least it feels that way)
Restoring confidence is key to growth recovery
Our purpose in numbers
But depressed growth and further Eskom support weigh heavily on government
Offshore acquisitions by domestic companies
The economic cost of rent seeking
How sports content (and fast cars) became frontrunners in the media content race
The trade war between the US and China is not ending anytime soon, notwithstanding the efforts of presidents Trump and Xi to make nice on the sidelines of the Osaka G20 Summit.
“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis
When desirability becomes necessity
World economy balancing on regional tensions and precarious geopolitical alliances
In the cold light of day
Government’s management of the power crisis will be telling of its broader capacity for reform
Highlights from ‘Talking Investments with Coronation’
Feeling in the dark? Shining a light on uncertainty
But overcoming deeply rooted economic problems remains challenging
“The trouble is, you think you have time.” – Gautama Buddha
But South African bonds still offer a bulwark against global policy normalisation
Responsible investing involves constructive, behind-the-scenes communication
Reflecting on a tough year
Reaping the rewards of pension reform
The way in which financial markets respond to US rate expectations is important
2018 in review
China’s competitive education system drives strong growth
Tighter financial conditions are the greatest near-term threat to global growth
How companies avoid obsolescence through innovation
It was always going to get messy
Despite new vehicle technology, global car sales still drive demand
Spotify and Apple Music lead the revival of the recorded music industry
When it rains on your parade
A homegrown success story
Addressing the future for women
The value of proprietary, deep-dive research
The relevance of auditors in a post-financial scandal world
What you see is not always what you get
Thriving in a highly regulated industry
Earning its stripes
Land reform under new leadership – both risk and opportunity
How worried should investors be?
Cyril Ramaphosa’s ANC needs to save South Africa from economic déjà vu
Valuations are high and uncertainty is increasing
What now that the kings are gone?
Well positioned in an evolving environment
Real change will depend on the will to fight
New year, new hope
The next generation of big bets
International growth looks solid, but be wary of a concentrated consensus
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