Varshan Maharaj

Varshan joined Allan Gray in 2014 as an equity analyst. He was appointed as a portfolio manager in 2020 and manages a portion of the frontier markets equity portfolio. Varshan holds a Bachelor of Business Science degree from the University of Cape Town. He is a qualified Chartered Accountant (SA) and a CFA^® and CMT^® charterholder.

Articles by Varshan Maharaj

Frontier Markets Equity Fund: When fear dominates pricing, value emerges

By Varshan Maharaj on 07 Oct 2026

Reading time: 3 mins

Geopolitical uncertainty and negative news flow continue to create volatility across frontier markets. Varshan Maharaj explains how the Allan Gray Frontier...

Frontier Markets Equity Fund: Focusing on value amid market volatility

By Varshan Maharaj on 14 Apr 2026

Reading time: 2 mins

Against a backdrop of heightened geopolitical volatility, the Allan Gray Frontier Markets Equity Fund delivered a resilient first‑quarter performance. With...

Finding value in Southeast Asia’s frontier markets

By Varshan Maharaj on 08 Apr 2025

Reading time: 3 mins

Global investors continue to shy away from frontier markets in their numbers, leaving a number of undervalued, attractive ideas for those who are willing to ...

Frontier markets: Innovative industry leaders drive returns

By Varshan Maharaj on 14 Apr 2024

Reading time: 3 mins

There are many variables to consider when investing in frontier markets, and investors need to weigh up the risks very carefully as they pursue long-term...

Peering through the smoke

By Siphesihle Zwane and Varshan Maharaj on 04 May 2023

Reading time: 13 mins

A lot has changed in the tobacco industry in the last decade or so. Despite the changes in what used to be a stable industry, the attractive aspects of tobac...

Dialling in to the mobile network operators

By Varshan Maharaj on 01 Jul 2020

Reading time: 7 mins

MTN has underperformed the FTSE/JSE All Share Index (ALSI) significantly over the last five years. It has been one of our largest underweights compared to ou...