News
Comments from the Chief Operating Officer
Rob DowerOver the tumultuous past year, the returns from lump sum investments in the Allan Gray Balanced, Stable and Equity Funds differ by less than 3%, and over the five years since the beginning of the financial crisis, the annualised difference between these three is 0.5%.
In both cases the Stable Fund leads the pack. For valuation-oriented investors, disappointing past equity returns can be a signal to invest. In our view, this is not currently the case: at year-end prices, based on bottom-up stock analysis...read more
It is the price you pay that counts, not the headlines
Andrew LappingPeople enjoy stories; they are fun. This is true in all facets of life, including investing. Investors often have stories to tell about individual equities, sectors or even entire countries.
Stories are great, but according to Andrew Lapping, when it comes to investing it is not the story that counts, but the price you pay...read more
Anglo American: Getting what you pay for?
Rory Kutisker-JacobsonAs contrarian investors we are always on the lookout for assets which we can buy for less than our estimate of their intrinsic value. As a result, much of our time is spent assessing what we regard to be fair value.
Anglo American has recently entered our top 10. Rory Kutisker-Jacobson discusses the investment case...read more
Things you can control, and things you cannot
Trevor Black and Jonathan BrodieIn this current very uncertain world, we cannot begin to control or predict political or economic outcomes. But we can control what shares we buy and we are acutely aware of the price we pay for them.
Jonathan Brodie and Trevor Black, from our offshore partner Orbis, discuss how instead of trying to control the uncontrollable, Orbis and Allan Gray work hard to find stocks that look compelling, analyse them in the context of a consistent philosophy, and build a concentrated portfolio of the best ideas...read more
New Dividend Withholding Tax: how will it affect you?
Carla RossouwAs part of his February 2011 Budget speech, Minister of Finance Pravin Gordhan announced that Dividend Withholding Tax would come into effect from 1 April 2012, and that it would replace the current Secondary Tax on Companies.
Carla Rossouw discusses this change and its impact on your investment...read more
Everything can be improved
Michael SummertonWe are obsessed with always providing you with the best service and hope that, if we fall short of these standards, you will complain.
Your honest feedback teaches us valuable lessons about what we need to change to make it easier for you to do business with us. Michael Summerton elaborates...read more
Allan Gray Orbis Foundation update
Anthony FarrThe Allan Gray Orbis Foundation continues to work tirelessly in developing a new generation of high impact entrepreneurial leaders.
Anthony Farr discusses some of the Foundation's learnings from the year, and looks at the Fellows' remarkable achievements...read more
