Ruan Stander

Ruan Stander

Ruan joined Allan Gray as an equity and quantitative analyst in 2008 and left the company in 2021. He began managing a portion of the equity and balanced portfolios earmarked for associate portfolio managers in 2013 and was appointed as portfolio manager in 2015. He also managed the optimal portfolios. Ruan holds a Bachelor of Science (Honours) degree in Actuarial Mathematics from the University of Pretoria. He is an FRM® and a qualified actuary.

Articles by Ruan Stander

Insights category - companies

Naspers: It simply doesn’t add up

By Ruan Stander and Stefan Magnusson on 16 Oct 2020

Reading time: 7 mins

The discount between Naspers’ share price and the value of its underlying assets has widened further and now looks quite extreme. Being a large holding in bo...

Insights categories - Local investing

How to invest in challenging times

By Ruan Stander on 22 Jan 2020

Reading time: 4 mins

A braai over the weekend inevitably reminds us of the significant challenges our country faces – there is lots of negative news to talk about.

Insights categories - Local investing

Equity Fund update: Taking a look at British American Tobacco

By Ruan Stander on 08 Feb 2019

Reading time: 3 mins

2018 was a disappointing year for South African equity investors, with the FTSE/ JSE All Share Index returning -9%. The good news is that based on our resear...

Insights category - companies

An investment case for Naspers

By Ruan Stander on 17 Oct 2018

Reading time: 9 mins

As at 30 September 2018, Naspers made up 18.2% of the JSE. Whether you are for or against the stock, adequate time needs to be devoted to considering the...

Insights categories - Local investing

Equity Fund update: Patience is key in investing

By Ruan Stander on 10 Nov 2017

Reading time: 3 mins

Despite the high price-to-earnings (PE) ratio of the FTSE/JSE All Share Index (ALSI), our bottom-up investment process is finding attractive opportunities th...

Insights category - companies

An investment case for Life Healthcare

By Ruan Stander on 31 Dec 2016

Reading time: 8 mins

Recent news about private hospital operator Life Healthcare’s international investments has created negative sentiment about the company’s ability to allocat...

Insights categories - Local investing

Equity Fund update: Volatility presents opportunity

By Ruan Stander on 25 Jul 2016

Reading time: 3 mins

The economic outlook deteriorated during the second quarter, exacerbated by the British referendum. Although the market’s perception of near-term headwinds m...

Insights category - companies

Diamonds in the rough

By Leonard Krüger, Ian Liddle, Birte Schneider, Victor Seanie and Ruan Stander on 31 Mar 2014

Reading time: 10 mins

Small- and mid-cap companies make up 16% of the FTSE/JSE All Share Index, but 25-30% of our clients' South African equity holdings. Although many of these...

Insights category - companies

Buy OUTsurance

By Ruan Stander on 31 Mar 2013

Reading time: 6 mins

In capitalism it is most often the case that competitive advantages do not last. One only needs to think about the ongoing competition between cellphone...

Insights categories - ESG

Tobacco economics

By Ruan Stander on 30 Jun 2012

Reading time: 8 mins

Most industries have a single factor that helps investors to understand them better. Unfortunately for investors looking for easy wins, it does not necessari...

Insights category - companies

Sanlam justifies heavy weighting

By Ruan Stander on 31 Mar 2010

Reading time: 7 mins

The recent financial crisis was a stark reminder of the impact that management has on the wellbeing of a financial services business. With complex products a...


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