ADVISORY BUSINESS
A. Describe your advisory firm, including how long you have been in business. Identify your
principal owner(s).
Coronation Fund Managers Limited (“CFM”), the group holding company and ultimate parent of the
Adviser, was formed on 1 July 1993 and is one of the largest independent asset managers in South Africa.
CFM is listed on the Johannesburg Stock Exchange, with no single investor owning more than 12%
of the shares in issue. CFM currently manages in excess of $33.3 billion in total AUM (as at 30th
September 2023). However only a portion of that is assets managed by CIL and a small percentage of
those assets are managed on behalf US persons.
Staff own roughly 25% of the business and all staff are encouraged to view themselves as co-
owners and stakeholders. We accordingly regard ourselves as an owner-managed business with the
senior staff partners comprising of 8 individuals, 3 of whom actively manage money.
CFM has offices in South Africa, Ireland and the United Kingdom managing a significant portion of
South Africa’s long-term savings as well as assets on behalf of international institutional clients.
This Form ADV Part 2A discloses all required information with regard to the advisory services provided
by CIL to US clients and investors but does not necessarily reflect the business of CIL in total. CIL also
advises a number of non-US clients and investors in additional strategies which are not available in the
US.
B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular
type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the
nature of that service in greater detail. If you provide investment advice only with respect to limited types
of investments, explain the type of investment advice you offer, and disclose that your advice is limited to
those types of investments.
CIL is an independent asset management company offering traditional long-only strategies. CIL offers
institutional US investors a Global Emerging Markets Equity Strategy in the form of segregated mandates
and private funds, the Coronation Global Emerging Markets Equity Fund, which is registered as an
Alternative Investment Fund in Ireland and the Coronation Global Capital Plus Fund and the Coronation
Global Emerging Markets Fund, which are registered as UCITS Funds in Ireland (the “Funds”). Portfolio
management services are provided to Coronation Global Fund Managers (Ireland) Limited (“CGFMIL”),
an SEC registered affiliated investment adviser, through a sub-advisory agreement with CIL and to
investors directly in terms of an investment management agreement. As mentioned throughout this
Brochure, the use of “registered investment adviser” or “registered” does not imply
a certain level of skill
or training by the SEC.
C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of
clients. Explain whether clients may impose restrictions on investing in certain securities or types
of securities.
Apart from Separately Managed Accounts (“SMAs”), we do not tailor our advisory services, investment
objectives, or strategies for individual investors. Detailed information regarding the Fund’s restrictions is
contained in the relevant Fund’s prospectus.
With respect to SMAs the terms of such relationship, including any investment restrictions, are
individually agreed. We offer investment strategies that meet the various needs of our clients. We prefer
solutions that align our best investment view with the individual objectives of our clients. All portfolios
and investment products reflect the same basic investment views and leverage off our centralized
investment process.
Unlike investors in the private funds, SMA clients may impose reasonable mandates, guidelines, or
restrictions relating to investments. For example, SMA clients may impose limits on concentration, risk,
exposure, and liquidity that may be different from those in the Funds. An SMA client directly owns the
positions in its account, therefore, the client will typically have full, real-time transparency to all
transactions and holdings in such account, and may be better able to assess the future prospects of a
portfolio that is substantially similar to the portfolios of the CIL private fund. The account owner in an
SMA typically has the right to withdraw all or a portion of their capital from such managed account on
shorter notice and/or with more frequency than the terms applicable to an investment in the private
funds. CIL may advise other SMA clients in the future.
In addition, CIL may provide certain investors information related to the portfolio (such as holdings)
with greater frequency than it generally provides to fund investors. Such requests are requested by
investors. CIL will provide this information to other investors on request.
D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the
differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2)
explain that you receive a portion of the wrap fee for your services.
CIL does not participate in wrap fee programs.
E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and
the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you
calculated the amounts.
CIL manages assets for US investors on a discretionary basis only. CIL’s total assets under management,
for US and non-US investors, as at 30th September 2023 is $3,148,819,717.