Weekly Thoughts 19 September 2014

I had a good meeting with my Coronation consultant this week. I always do: have good meetings with him. We have intelligent conversations, they are not sales meetings. It becomes a stock selection debate, a strategy debate, an industry debate… and so on. I was happy to hear that Coronation are about to launch their own Global Developed Market Equity Fund. I knew it was on the cards and that they were running a dummy version for a while until ready. I will be attending a launch of this fund this coming week.

It is good to remember that a ‘developed market company’ does not mean a company that only exists in what we’d call first world countries. Toothpaste from Unilever, for example, will be found for sale in Malawi and Brazil, as well as London. It is a company that will be registered and listed in and primarily domiciled in, developed countries but will sell its goods wherever there is market.

Coronation are also setting up a London office even though this new fund will mostly be managed from Cape Town. So there’s another office for me to visit on my next due diligence trip abroad. I will need to save over the next for four years for that one!