Last Week African Bank released their trading update and as result their share price dropped sharply. Allan Gray and Coronation are both exposed to African bank.
Allan Gray is exposed in the Allan Gray Equity fund; Balanced fund and Stable fund and in each fund the exposure is very minimal, less than 0.25%.
I have included Coronation’s comment from Pieter Koekemoer, Head of Personal Investments:
As you may be aware, the recent trading update released by African Bank has caused a collapse in the share price this week. In this regard, we want to confirm to you that the exposure to African Bank is not material in any of our client funds. Where held, equity exposure is very small and we have virtually no exposure to African Bank debt or money market instruments.
Our flagship unit trust funds have the following total exposure (debt + equity) to African Bank:
Coronation Money Market Fund: 0%
Coronation Strategic Income Fund: 0%
Coronation Balanced Defensive Fund: 0%
Coronation Capital Plus Fund: 0%
Coronation Balanced Plus Fund: 0.37%
Coronation Top 20 Fund: 0.62%
*% of total portfolio held in African Bank, as at close on 6 August 2014
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