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Coronation

Jun 2026 · 6 funds

Our archive holds 6 letters from Coronation, behind 5 investment theses and positions in 48 companies. Every quote below is copied verbatim from the letter it came from.

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6
Letters
48
Companies
20
Moves
5
Theses

6 strategies

Coronation publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 20 moves

  • AddedVisa
    June 2026
    “We used the share price declines to build and add to positions.”
    Read the letter
  • TrimmedDelivery Hero SE
    June 2026
    “The main sources of funding for the quarter's purchases were this reduction in SK Hynix, profit- taking in Delivery Hero (0.9%) after it doubled, and a trim of the Strategy's large TSMC position (9.6%) as we continue to manage overall exposure to the AI supply chain.”
    Read the letter
  • AddedMastercard
    June 2026
    “We used the share price declines to build and add to positions.”
    Read the letter
  • AddedHDFC Bank Ltd
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • New positionTencent Holdings Ltd
    June 2026
    “The Strategy also holds a modest direct position in Tencent (0.5%), which we initiated during the quarter, complementing the much larger indirect exposure the Strategy holds through Prosus and Naspers, and giving us a cleaner route to what we regard as one of the highest-quality businesses in EM.”
    Read the letter
  • New positionYum China Holdings, Inc.
    June 2026
    “In China, we started building two new consumer positions. Yum China (0.5%), the operator of KFC and Pizza Hut in the country, trades on around 13x forward earnings and offers a long runway of store growth with limited regulatory risk, while H World (0.3%), a leading hotel operator, is benefitting from the margin expansion of an increasingly asset-light, franchise-led model, supported by a strong loyalty programme and a net cash balance sheet that leaves room for shareholder returns.”
    Read the letter
  • New positionMahindra & Mahindra Ltd
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • ExitedASML Holding NV
    June 2026
    “Post quarter-end, we exited the position, notwithstanding a very favourable outlook for the company: the price one pays matters, and today's very high starting valuation already reflects that favourable outlook, in our view.”
    Read the letter
  • AddedNu Holdings Ltd
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • AddedICICI Bank Ltd
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • ExitedBaidu, Inc.
    June 2026
    “In Q2, we exited two positions entirely. We sold out of Baidu, where our conviction in its AI monetisation path weakened, with the proceeds helping to fund higher-conviction ideas; and we sold Melco Resorts, where governance lapses as well as high financial leverage, subdued top-line growth and ongoing regulatory uncertainty in Macau left better risk-adjusted returns available elsewhere.”
    Read the letter
  • TrimmedSK Hynix Inc
    June 2026
    “Within memory, we continued to reduce SK Hynix on valuation grounds, redeploying part of the proceeds into Samsung Electronics preference shares, which trade at a record- wide discount to the ordinary shares.”
    Read the letter
  • AddedGrab Holdings Ltd
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • AddedSamsung Electronics Co Ltd
    June 2026
    “Within memory, we continued to reduce SK Hynix on valuation grounds, redeploying part of the proceeds into Samsung Electronics preference shares, which trade at a record- wide discount to the ordinary shares.”
    Read the letter
  • New positionH World Group Limited
    June 2026
    “In China, we started building two new consumer positions. Yum China (0.5%), the operator of KFC and Pizza Hut in the country, trades on around 13x forward earnings and offers a long runway of store growth with limited regulatory risk, while H World (0.3%), a leading hotel operator, is benefitting from the margin expansion of an increasingly asset-light, franchise-led model, supported by a strong loyalty programme and a net cash balance sheet that leaves room for shareholder returns.”
    Read the letter
  • New positionAsia Vital Components Co Ltd
    June 2026
    “We also re-entered Asia Vital Components (0.6%), a Taiwanese supplier of thermal and cooling solutions to the AI server supply chain, on valuation grounds after it declined.”
    Read the letter
  • AddedBajaj Finance Ltd
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • New positionKia Corporation
    June 2026
    “In Korea, we re-initiated a position in Kia (0.7%) following further share price weakness.”
    Read the letter
  • AddedMercadoLibre Inc
    June 2026

    Listed in Coronation’s reported holdings.

    Read the letter
  • ExitedMelco Resorts & Entertainment Ltd
    June 2026
    “In Q2, we exited two positions entirely. We sold out of Baidu, where our conviction in its AI monetisation path weakened, with the proceeds helping to fund higher-conviction ideas; and we sold Melco Resorts, where governance lapses as well as high financial leverage, subdued top-line growth and ongoing regulatory uncertainty in Macau left better risk-adjusted returns available elsewhere.”
    Read the letter

Companies held · 48

Every company Coronation has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 5

  • MercadoLibre
    June 2026

    MercadoLibre is an e-commerce and digital consumer platform that the Strategy views as a high-quality, highly profitable compounder with long growth runway and upside from current valuation.

    Read the full thesis
  • Yum China Holdings, Inc.
    June 2026

    Yum China operates KFC and Pizza Hut in China and is being added for its long runway of store growth, limited regulatory risk, and attractive valuation.

    Read the full thesis
  • H World Group Limited
    June 2026

    H World is a leading hotel operator benefiting from margin expansion, an asset-light franchise model, a strong loyalty program, and net cash for shareholder returns.

    Read the full thesis
  • Tencent Holdings Ltd
    June 2026

    Tencent is a high-quality EM business that the Strategy owns directly for cleaner exposure, and it is seen as strategically disciplined in AI rather than behind.

    Read the full thesis
  • Visa
    June 2026

    Visa operates a dominant global payments network with strong network effects, and the fund added as the stock looked cheap despite AI-related fears.

    Read the full thesis

Letter archive · 6

2026

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