Simon’s stock tips
issue as that’s easy enough to correct. But one wonders if all the troubles north of our borders have meant that management has taken their eye off the local ball? Certainly local bread volumes declining by 3% suggests this was the case in this important market, but other divisions are doing well enough. Now i f they could just get their acquisition strateg y r ight. When c omparing Tiger Brands results to Pioneer Foods* continuing operations results, t he l atter is doing signif icantly better and has been taking bread market share f rom Tiger Brands. The question is i f Pioneer can hold on to their market share gains and maybe even continue increasing it. as it means some fees have not been taken into account. The realit y is that the net of fees number is the one that matters, as this is what the return was after all costs. In defence of Coronation, some of the fees that they don’t manage are adviser and platform fees and these will also vary from one to another. So individuals will have different returns, but it does highlight just how important these extra fees are and how hard it is for investors to really get a clear picture of their personal performance. So, a great little company that I simply can’t invest in as nothing seems to get the price moving.