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

Our directors

Mahesh Cooper
Non-executive director
Read more

Mahesh has over 20 years’ experience in financial services and is currently involved in fintech start-ups. He was previously employed at Allan Gray between 2003 and 2017, serving as an executive director from 2006 to 2017. He 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 also a qualified actuary.

Rob Formby
Read more

Rob is chief operating officer. He joined Allan Gray in 2009 taking on joint responsibility for the retail business, specifically operations, technology and financial management. He was previously employed at Mvelaphanda Group and as a strategy consultant and holds an MBA from INSEAD and an engineering degree from UCT.

William Gray
William Gray
Non-executive director
Read more

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.

Ian Liddle
Ian Liddle
Read more

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.

Nishaat Limbada
Read more

Nishaat joined Allan Gray as a legal adviser in 2014 and is currently head of Group Compliance. She is an alternate trustee on the boards of the Allan Gray retirement funds and is also 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 Practitioner with the Compliance Institute of Southern Africa. She was admitted as an attorney of the High Court in 2010.

Nazeem Martin
Non-executive director
Read more

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.

Khumo Morolo
Khumo Morolo
Non-executive director
Read more

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 pursue long-term returns without taking undue risks

What R 10,000 invested in 1998 would be worth today (30 September 2020):

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 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 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.

Board of directors

At a board level, representation of black people and black women is 43% and 29% respectively. 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 2 B-BBEE contributor status in terms of the Financial Sector Charter (“FSC”) Codes for the 2019 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 2 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.