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.

Scroll down to learn more about our people
Duncan Artus Director

Duncan was appointed chief investment officer in 2020. He joined Allan Gray in 2001 and was appointed as a portfolio manager in 2005. He manages a portion of the equity, balanced and stable portfolios. He is also a director of Allan Gray Group Proprietary Limited and Allan Gray Proprietary Limited. Duncan holds an Honours degree in Business Science and a Postgraduate Diploma in Accounting from the University of Cape Town and is a CFA® and CMT® charterholder.

Mahesh Cooper Director

Mahesh is the chief operating officer. He rejoined Allan Gray as an executive director in May 2022, having served as a non-executive director since July 2020. He was previously employed at Allan Gray between 2003 and 2017, serving as an executive director from 2006 to 2017 and heading up the Institutional Clients team for over a decade. Mahesh holds a Bachelor of Business Science degree from the University of Cape Town and a Master of Business Administration from the Institute for Management Development. He is a qualified actuary.

William Gray Non-executive director

William leads the Orbis Investment team and is a director of Orbis Holdings Limited, Orbis Allan Gray Limited, and Orbis’ Bermuda and Luxembourg funds. Prior to joining Orbis Investments in 1993, he had been an analyst with Orbis Investment Advisory Limited and with the Orbis predecessor company in Hong Kong. William holds a Bachelor of Commerce degree from the University of Cape Town, a Master of Business Administration from Harvard University, and is a CFA® charterholder.

Ian Liddle Chairman

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 CFA® charterholder.

Nishaat Limbada Director

Nishaat joined Allan Gray as a legal adviser in 2014 and is currently head of Group Compliance. She is a trustee of the Allan Gray Limited Employee Empowerment Share Trust. Nishaat is a director of Allan Gray Employee Holdings (RF) Proprietary Limited and Allan Gray Proprietary Limited. She holds a Bachelor of Laws degree from the University of KwaZulu-Natal and is a Certified Compliance Professional with the Compliance Institute of Southern Africa. She was admitted as an attorney of the High Court in 2010.

Nazeem Martin Non-executive director

Nazeem was appointed non-executive director of Allan Gray Proprietary Limited in June 2020. He previously worked for Business Partners Ltd for over 18 years and held executive positions in the private, public and NGO sectors. He currently serves as non-executive director on the boards of Business Partners Ltd and E Squared and is a member of the Investment Committee of the SA SME Fund. Nazeem holds a Bachelor of Arts and Higher Diploma in Education from the University of Cape Town, a Master's in Urban Planning from Hunter College of the City University of New York, and he completed the Advanced Management Program at Harvard Business School.

We pursue long-term returns without taking undue risks

What R 10,000 invested in 1998 would be worth today (30 June 2022):

Allan Gray Equity Fund (after fees) Benchmark (log scale) R 160 000 000 R 160 000 000 10 YEARS 1998 Today
Scroll down to see how we put our clients' interests first

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, with additional offices in Windhoek, Namibia and Gaborone, Botswana (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.
Allan Gray offices
Scroll down to see our long-term track record

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 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. 


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.

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 has been awarded a Level 1 contributor status in terms of the Amended Financial Sector Code. Our B-BBEE certificate, as independently verified by AQ Rate can be found here.


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.


Please refer to our Cookie Policy for detailed information on the cookies we use and the purposes for which we use them, all of which are essential for the operation of our website.