OUR VALUES

Since 1973 we have adhered to the same set of values. These have provided us with a consistent framework to help us to make the best decisions for our investors in a changing environment and over time.

Client focused

We always put our clients’ interests first and avoid (not manage) conflicts of interest. We try to build our clients’ trust and confidence in us through offering excellent client service. We design our products and fees so that they tie our success to that of our clients.

Performance driven

We set extremely demanding and challenging standards, aiming to be the best in each area of our activities. Our business model and the way that we reward and promote our staff are designed to encourage excellence. Our performance-based investment management fees make our income more sensitive to long-term investment performance than the size of assets under management. Our senior executives are shareholders in the business, aligning their long-term interests with yours. All other staff have a substantial portion of their remuneration in the form of performance-based bonuses. 

Long-term oriented

We take a long-term perspective on investment decisions and business strategy. We try to establish long-term relationships with clients who believe in us and share our conviction in our investment approach. We offer an uncluttered range of products and services where we believe the application of our skills can add value and be enduring.

Independent minded

We are often contrarian and have the courage to fly in the face of popular opinion or conventional wisdom. We value, seek and foster diversity of opinion and thought.

Individually accountable

We have great faith in the power of the individual to make a difference. We believe that the best decisions are made by individuals not committees and we accept responsibility for the consequences of our actions.

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OUR DIRECTORS
Mahesh Cooper
Director
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Mahesh joined Allan Gray in 2003, having had previous experience in investment and healthcare consulting. He completed his BBusSc degree at UCT and his MBA at IMD. He is a qualified actuary and a director of Allan Gray Proprietary Limited.

Rob Dower
Director
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Rob joined Allan Gray in August 2003 and was appointed chief operating officer in June 2009. He is responsible for the operational management of the business. Rob was formerly a management consultant with McKinsey and is a graduate of UCT and of INSEAD. He is a director of Allan Gray Proprietary Limited.

William Gray
Non-executive director
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William Gray is the President and a Director of the Orbis funds and Orbis Investment Management Limited. He is Orbis' Chief Investment Officer. Prior to joining Orbis Investment Management Limited in 1993, he had been an analyst with Orbis Investment Advisory Limited and with the Orbis predecessor company in Hong Kong.

Andrew Lapping
Director
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Andrew joined Allan Gray in February 2001 as a fixed interest trader and moved to the research team as an equity analyst in February 2003. He was appointed as fixed interest portfolio manager in June 2006, began managing client equity and balanced portfolios in February 2008 and was appointed as chief investment officer in March 2016. He also manages African equities. Andrew is a director of Allan Gray Group Proprietary Limited and Allan Gray Proprietary Limited. He completed his BSc (Eng) and BCom at UCT.

Ian Liddle
Chairman
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Ian joined Allan Gray in 2001 as an equity analyst after several years as a management consultant. He managed a portion of client equity and balanced portfolios and was the chief investment officer from 2008 until 2016. He is now chairman of Allan Gray Proprietary Limited and is a Chartered Financial Analyst.

Teboho Mahuma
Non-executive director
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Teboho Mahuma was appointed non-executive director of Allan Gray in 2011. She has extensive experience in the social sector, having served in various leadership roles over the years. She currently serves as a non-executive board member and trustee in a few Not-for-profit entities focused mainly on education. She has a B.A. Honours in Social Work and MPhil in Ethics.

Thando Mhlambiso
Director
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Thando leads Allan Gray's activities outside South Africa. Over the last twenty years, he has worked in various capacities in principal investing, investment banking and corporate law in Southern Africa and the United States. Thando earned an AB in Biology from Brown University, an MBA in Finance from Columbia University Graduate School of Business and a JD from Columbia University School of Law.

Nhlanhla Nene
Non-executive director
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Mr Nhlanhla Nene has experience in financial services and the public sector. He served in local government from 1996, became a member of parliament in 1999 and was later made chairman of the budget and finance committee. He was appointed deputy minister of finance and chairman of the Public Investment Corporation in 2008 and served as minister of finance from May 2014 until December 2015. He holds a BComm (Hons) from the University of the Western Cape and other certificates in Economics and Public Finance.

Khumo Morolo
Non-executive director
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Khumo Morolo was appointed non-executive director of Allan Gray Proprietary Limited in 2012. She has over 23 years experience in the IT, engineering, electricity generation and projects environments. She currently serves on the boards of several foundations and trusts and was one of the founding shareholders of Torre Technologies. She holds a masters degree in engineering management from the University of Pretoria.

WE ARE DEEPLY COMMITTED TO INVESTING WITH OUR CLIENTS' BEST INTERESTS AT HEART
We work hard every day to build and maintain our clients' trust and confidence in us.
SCROLL DOWN TO LEARN ABOUT OUR INVESTMENT APPROACH
OUR APPROACH TO INVESTING IS SIMPLE
We look closely at businesses. We buy shares we think are undervalued and sell them when we think they have reached their worth, regardless of popular opinion.
SCROLL DOWN TO SEE OUR OFFICES
WE ARE BASED IN AFRICA AND HAVE GLOBAL EXPERTISE
Our headquarters are in Cape Town, and we have offices across Africa (offices indicated in red). We also have an affiliate office in Australia. We are partners with Orbis (offices indicated in blue), with whom we share a founder, investment philosophy and values. Orbis provides us with access to foreign markets, backed by expert research and a long-term track record.
SCROLL DOWN TO SEE OUR LONG-TERM INVESTMENT TRACK RECORD
WE PURSUE LONG-TERM RETURNS WITHOUT TAKING UNDUE RISKS

What R 10,000 invested in 1974 would be worth today (31 Mar 2016):

Invested with Allan Gray (before fees) FTSE/JSE All Share Index (log scale) R 160 000 000 R 160 000 000 10 YEARS 1974 Today
SCROLL DOWN TO LEARN ABOUT HOW WE MAKE A DIFFERENCE
MAKING A DIFFERENCE

With a deep concern for poverty and unemployment in South Africa, we make a positive contribution to our community through our empowerment structure and transformation initiatives. We invest responsibly, with our priority being to protect and enhance the value of our clients' investments.

Empowerment structure

We have focused our efforts on facilitating entrepreneurship through an integrated initiative which provides funding for educational scholarships and fellowships, access to start-up capital for entrepreneurs and internal transformation within the business.

The Allan Gray Orbis Foundation

The Allan Gray Orbis Foundation is a public benefit organisation funded through the donation of 5% of the pre-tax profits of Allan Gray Proprietary Limited. The Foundation awards beneficiaries with a full scholarship to university and continues to develop potential future entrepreneurs who have qualified through its fellowship programme focused on education, skills development, work experience and mentoring.

E2

E2 stands for ‘excellence in entrepreneurship’ and is a long-term capital fund created for the purpose of providing subsidised financing to entrepreneurs who are fellows of the Allan Gray Orbis Foundation. In addition, E2 provides financing for activities of social entrepreneurs who demonstrate exceptional leadership and creative initiative in non-profit sectors. E2 owns 17.8% of the shares of Allan Gray Proprietary Limited. 

Endowment

The Allan Gray Orbis Foundation Endowment was founded through a donation by Allan W.B. Gray to provide financial support to the Allan Gray Orbis Foundation in the event that Allan Gray Proprietary Limited can no longer fund the activities of the Foundation.

Staff ownership

The Allan Gray Employee Empowerment Share Scheme was created with the intention to increase the ownership of the business amongst our black staff. 14% of the shares of Allan Gray Proprietary Limited have been reserved for the Scheme and, together with E2, this represents an effective 32.0% black ownership.

Transformation Initiatives

As part of our commitment to empowerment and transformation we aim to make a contribution to skills development, entrepreneurship and job creation in South Africa. This approach has been adopted as we recognise that in order for South Africa to achieve both sustainable and high economic growth levels, there will be a need for further investment in education and greater access to capital for budding entrepreneurs.

Staff development

We remain focused on employing young graduates and professionals, providing rigorous on-the-job training and opportunities for growth and advancement. In addition, all staff members are encouraged and financed to pursue further studies within their areas of expertise as part of their personal growth and development.

Board of directors

At a board level, representation of black people and black women is 56% and 22% respectively. Total black executive director representation is 50%. E² is represented on the board by two of its trustees, Khumo Morolo and Teboho Mahuma. 

Corporate Social Investment

We encourage and influence our major suppliers to transform their businesses according to acceptable transformation policies and we support black-owned businesses. Over 90% of total discretionary procurement is sourced from BEE accredited suppliers. We are also involved in numerous other initiatives independently and through ASISA, that both impact the broader South African community.

B-BBEE status

Allan Gray Proprietary Limited was awarded a Level 3 B-BBEE contributor status in terms of the Financial Sector Charter (“FSC”) Codes for the 2016 year. Our B-BBEE status was verified by AQRate, an external independent rating agency. 

B-BBEE status

Allan Gray Proprietary Limited has been awarded a Level 3 contributor status in terms of the Financial Sector Code. Our B-BBEE certificate, as independently verified by AQ Rate can be found here.

VIEW BBBEE CERTIFICATE

The financial services, products or investments referred to on this website are not available to persons resident in jurisdictions where their availability or distribution would contravene local laws or regulations and the information on this website is not intended for use by these persons. This website is for information only and does not in any way constitute a solicitation or offer by Allan Gray Proprietary Limited or any of its associates or subsidiaries (collectively “Allan Gray”) to buy or sell any financial instruments or to provide any investment advice or service.

By selecting one of the countries below I confirm that I have read and understood the above and that:

(a) I am not a South African citizen; or 
(b) I do not reside in the Republic of South Africa; or 
(c) I am not otherwise a person to whom the communication of the information contained in this website is prohibited by the laws of my home jurisdiction; and 
(d) I am not acting for the benefit of any such persons mentioned in (a),(b) and (c) and 
(e) I confirm that any investment with Allan Gray is based on my own initiative and not due to any offer or solicitation by Allan Gray.