CML Coronation Fund Managers | With decline (risk) asset prices, the bigger picture technical setup of CML still appears shaky, with the price knocking on the door of R40 – a level which has held for 16 months (remember, persistence often breaks resistance). Additional risks include, pressure on management and performance fees, stagnant business confidence, country risk and possibly (related to the two aforementioned) ‘Eskom Bailout via Pensions’. The risk with betting on significant further downside on CML is that the current environment is seeing industry consolidation for example Jupiter/Merian, Franklin/Legg Mason and locally RECM/Counterpoint hence CML could also become a takeover target at the right price and you may not want to be caught short in the event that buyers come knocking.