Doesn’t make for ex­cit­ing read­ing

Finweek English Edition - - MARKET PLACE -

Coro­na­tion re­sults saw as­sets un­der man­age­ment down 1.6% and di­luted HEPS off 13.3%. As I usu­ally do af­ter check­ing the top-line num­bers, I look for the out­look or, in the case of Coro­na­tion, the prospects sec­tion of the re­sults. This is im­por­tant for two rea­sons. First, be­cause it gives an in­di­ca­tion of what man­age­ment is ex­pect­ing, but I also read pre­vi­ous re­sults prospects to see how much man­age­ment got it right. In the case of Coro­na­tion, the prospects sec­tion is gen­er­ally very light, al­though back in March 2015 it was cau­tion­ing that “earn­ings stream of a fund manager is cycli­cal and volatile”. How­ever, this sec­tion of the re­sults has been get­ting weaker and weaker over time and in the last set of re­sults the prospects tell us noth­ing; it looks like it was writ­ten by a PR in­tern and is to­tally use­less. So, I stopped read­ing and moved on.

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