Andrew Lapping

Andrew Lapping

Andrew was employed at Allan Gray from February 2001 to August 2020. He joined as a fixed interest trader and moved to the Investment team as an equity analyst in February 2003. He was appointed as fixed interest portfolio manager in June 2006, began managing a portion of client equity and balanced portfolios in February 2008 and became chief investment officer in March 2016. He also managed African equities. Andrew holds a Bachelor of Science degree in Engineering and a Bachelor of Commerce degree in Accounting, both from the University of Cape Town, and is a CFA® charterholder.

Articles by Andrew Lapping

Insights categories - Local investing

Perspectives and portfolio positioning amid COVID-19

By Andrew Lapping on 08 May 2020

Reading time: 6 mins

The world as we know it has changed dramatically over the last two months, with the COVID-19 pandemic and lockdown strategies causing extreme volatility on t...

Insights categories - Markets and economy

Opinion: Counting the economic cost of South Africa’s lockdown

By Andrew Lapping on 07 May 2020

Reading time: 8 mins

As South Africans, we want our country to prosper and the quality of life for all those living within our borders to improve. Millions live in total poverty...

Insights categories - Local investing

Positioning our portfolios for growth beyond COVID-19

By Andrew Lapping on 23 Apr 2020

Reading time: 12 mins

The speed at which the financial market swings from despair to elation is astounding. The past few months have seen no shortage of mood swings as investors...

Insights categories - ESG

Stewardship and Business Sustainability Reports

By Andrew Lapping on 31 Mar 2020

Reading time: 1 min

This is the fifth year that we have published our Stewardship Report, which outlines how we integrate environmental, social and governance (ESG) issues into...

Insights categories - Markets and economy

Coronavirus: Taking stock of the state of the markets

By Andrew Lapping on 19 Mar 2020

Reading time: 10 mins

The world is changing extremely fast. The global business shutdown is unlike anything seen outside wartime. It is impossible to know the length or depth of t...

Insights categories - Markets and economy

Making sense of current market conditions

By Andrew Lapping on 09 Mar 2020

Reading time: 4 mins

The current market volatility is understandably causing investors much stress. Andrew Lapping examines the impact of coronavirus and the drop of the oil pric...

Insights categories - Local investing

In pursuit of undervalued assets

By Andrew Lapping on 23 Jan 2020

Reading time: 8 mins

The South African equity market returned 12% in 2019, after being saved at the death by December’s 3.3% return. However, this pales in comparison to the 28%...

Insights categories - Local investing

How to construct a portfolio for a range of outcomes

By Andrew Lapping on 28 Oct 2019

Reading time: 8 mins

The future is extremely uncertain. This isn’t because of any particular global situation; it is always the case. This is why it is important that we build...

Insights categories - Local investing

Valuations matter

By Andrew Lapping on 11 Jun 2019

Reading time: 12 mins

Uncertainty abounds at present. Equity returns for the past few years have been underwhelming, political upheaval locally and internationally is causing wave...

Insights categories - Local investing

Balanced Fund update: An improved opportunity set

By Andrew Lapping on 03 May 2019

Reading time: 4 mins

The poor sentiment towards equity markets at the end of 2018 reversed sharply in the first quarter of 2019, with the JSE appreciating 8% and the MSCI World...

Insights categories - Local investing

The upside of down markets

By Andrew Lapping on 11 Jan 2019

Reading time: 7 mins

2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...

Insights categories - Local investing

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

Reading time: 6 mins

2018 was a difficult year for investors with most asset classes falling in price. The prices of all assets are volatile; the only asset to seemingly lack...

Insights categories - Personal investing

How to thrive in choppy markets

By Andrew Lapping on 23 Aug 2018

Reading time: 4 mins

This year has been characterised by increased volatility and concern about the global risks – from trade disputes to inflation. After a strong start to the...

Insights categories - Personal investing

Ride out volatility and maximise returns

By Andrew Lapping on 22 Aug 2018

Viewing time: 1 min

Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...

Insights category - companies

How Allan Gray values a stock

By Andrew Lapping on 18 Jul 2018

Reading time: 6 mins

Allan Gray is a strong proponent of value investing, the mantra famously championed by Warren Buffet. Put simply, value investing is the concept of buying...

Insights categories - Investment insights

Do you enjoy pain? How about the platinum industry?

By Andrew Lapping on 30 Jun 2018

Reading time: 9 mins

Over the past two years we have invested in certain platinum mining companies. These investments have performed extremely poorly. Andrew Lapping looks back a...

Insights categories - Investment insights

Finding opportunity in the volatility

By Andrew Lapping on 19 Apr 2018

Reading time: 5 mins

The first quarter proved to be a difficult one with the Allan Gray Equity, Balanced and Stable Funds all delivering negative returns. The most significant...

Insights categories - Investment insights

Investment lessons from 2017: be patient and trust your analysis

By Andrew Lapping on 01 Feb 2018

Reading time: 5 mins

Separating oneself from the noise is tricky. There is an enormous amount of information out there; you can listen to experts on television, read newspapers,...

Insights category - companies

How has your investment been impacted by the fall in the price of Steinhoff?

By Andrew Lapping on 11 Dec 2017

Reading time: 2 mins

Global retailer Steinhoff International Holdings NV’s share price had fallen 86.9% by close of trade on Friday 8 December, following CEO Markus Jooste’s...

Insights category - companies

Woolworths: Value investing in action

By Andrew Lapping on 23 Nov 2017

Reading time: 4 mins

It can be difficult for investors to choose an investment manager when many of us seem to sound and look the same. Using Woolworths as an example, Andrew...

Insights categories - Markets and economy

Is now the time to invest?

By Todd Buchholz and Andrew Lapping on 12 Oct 2017

Reading time: 1 min

Is it time to put your money under the mattress or is it time to invest? Watch this 7-min clip with Andrew Lapping, our chief investment officer, and Todd...

Insights categories - Local investing

How to be a discerning investor

By Andrew Lapping on 25 Aug 2017

Listening time: 1 min

Negative sentiment and lower expectations for future growth are sending investors scurrying...

Insights categories - Local investing

SNAPSHOT: Allan Gray Equity Fund

By Andrew Lapping on 11 Aug 2017

Reading time: 3 mins

The Allan Gray Equity Fund is for investors who are looking to create long-term wealth by investing in shares: historically equities have been the best way t...

Insights categories - ESG

Allan Gray condemns Net1 CEO severance payment

By Andrew Lapping on 31 May 2017

Reading time: 1 min

Allan Gray notes with outrage the financial settlement claimed by Serge Belamant upon his retirement as CEO of Net1.  We are very surprised that Mr Belamant...

Insights category - companies

Net1 announces Serge Belamant’s retirement

By Andrew Lapping on 25 May 2017

Reading time: 1 min

Net1 has announced that Serge Belamant will retire as chief executive officer (CEO) and director of the company at the end of this month and Herman Kotzé,...

Insights categories - Markets and economy

Nigeria: Finding opportunities where others fear to tread

By Andrew Lapping on 31 Mar 2017

Reading time: 11 mins

Wow, that valuation changed quickly! A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa...

Insights categories - ESG

Net1: Do the right thing

By Andrew Lapping on 17 Mar 2017

Reading time: 3 mins

We are very concerned about the situation surrounding Net1 – both the immediate need to ensure that 17 million beneficiaries receive their payments on time a...

Insights categories - Markets and economy

Tough times for African equities

By Andrew Lapping on 03 Feb 2017

Reading time: 4 mins

Most African equity markets had a difficult 2016, generating negative dollar returns. The worst performers were Egypt and Nigeria, which fell 47% and 41%...

Insights categories - Local investing

Keep calm and carry on investing

By Andrew Lapping on 17 Jan 2017

Reading time: 5 mins

The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which investors vie...

Insights categories - Local investing

Stable Fund update: An uneventful quarter

By Andrew Lapping on 04 Nov 2016

Reading time: 3 mins

After the volatility of the previous 12 months, the quarter to the end of September was surprisingly peaceful, with generally muted asset class returns. The...

Insights categories - Markets and economy

How to think about the rand when making investment decisions

By Andrew Lapping on 18 Jul 2016

Viewing time: 1 min

Over the last few years we have been concerned about the strength of the rand and our portfolios have been positioned for currency weakness. One of our...

Insights category - companies

Africa ex-SA Equity Fund: Finding value in Nigeria

By Andrew Lapping on 01 Apr 2016

Reading time: 4 mins

The first quarter of the year was particularly volatile. The Africa ex-SA Equity Fund closed unchanged for the quarter, masking substantial intra-quarter mov...

Insights categories - Investment insights

How things change

By Andrew Lapping on 31 Dec 2015

Reading time: 13 mins

Global mining businesses have had a remarkable fall from grace over the past 18 months. Talk has moved from a 20-year supercycle and commodity shortages to...

Insights category - companies

The sentiment pendulum

By Andrew Lapping on 01 Apr 2015

Reading time: 4 mins

Investor sentiment is a delicate thing, which changes with surprising rapidity. Kenyan banks… Three years ago Kenya and the Kenyan banks were very out of...

Insights categories - Local investing

The Allan Gray Bond Fund: What's in store for the next 10 years?

By Andrew Lapping on 27 Oct 2014

Reading time: 5 mins

We launched the Allan Gray Bond Fund 10 years ago, this month. Ten years passes quickly. The most surprising thing about the period has been the lack of...

Insights categories - Local investing

The impact of events relating to African Bank on Allan Gray Unit Trusts

By Ian Liddle and Andrew Lapping on 12 Aug 2014

Reading time: 7 mins

African Bank’s failure has had a small, negative impact on our Allan Gray Equity, Balanced and Stable Funds. In this GrayIssue we attempt to address a broad...

Insights categories - Markets and economy

Understanding the risk of loss in Africa ex-SA

By Andrew Lapping on 30 Jun 2014

Reading time: 9 mins

A small percentage of the foreign component of our Balanced and Stable Funds is invested in Africa and investors looking for greater exposure to the region c...

Insights categories - Markets and economy

The Allan Gray Africa Equity Fund celebrates 15 years

By Andrew Lapping and Nick Ndiritu on 30 Jun 2013

Reading time: 9 mins

When the Allan Gray Africa Equity Fund (the Fund) was launched on 1 July 1998 it was the first unitised product in which Allan Gray Proprietary Limited was...

Insights categories - Investment insights

It is the price you pay that counts, not the headlines

By Andrew Lapping on 31 Dec 2011

Reading time: 9 mins

People enjoy stories; they are fun. This is true in all facets of life, including investing. Investors often have stories to tell about individual equities,...

Insights categories - Markets and economy

The long-term outlook for the South African bond market

By Andrew Lapping on 31 Mar 2011

Reading time: 9 mins

As a bond investor you need to ask yourself two questions: are your inflation expectations reasonable, and will the potential real return be sufficient? Andr...

Insights category - companies

Why Sasol is our preferred resource share

By Andrew Lapping on 31 Mar 2010

Reading time: 8 mins

Sasol's share price has fared poorly over the past year compared to the 28% appreciation of the FTSE/JSE All Share Index (ALSI). Going forward, Sasol will be...

Categories

Select a site

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.