What we offer

We offer Southern African investors a coherent global investment product range in partnership with our offshore partner, Orbis. We have a focused suite of multi-asset and specialist mandates across the risk spectrum.

Investors can access our investment expertise through various investment vehicles.

We invest our clients’ funds according to our fundamental, valuation-oriented investment philosophy, irrespective of mandate type. In following this approach, we aim to deliver superior long-term performance, while minimising the risk of capital loss.

Core mandates

Mandate profile

Permissible range of net equity exposure

  • Net equity

  • Other

  • Investor profile

    Institutional investors seeking a specialist equity mandate.

  • Characteristics

    • Actively managed with the mandate’s risk-return profile in mind.
    • Represents Allan Gray’s best view for a specialist equity-only mandate.
    • Portfolio risk is controlled by limiting the exposure to individual counters.
  • Risk-return profile

    Superior returns to those of the South African equity market, with no greater risk of loss.

  • Benchmark options

    • FTSE/JSE Capped Shareholder Weighted All Share Index including dividends, or
    • FTSE/JSE Shareholder Weighted All Share Index including dividends, or
    • FTSE/JSE Capped All Share Index including dividends, or
    • FTSE/JSE All Share Index including dividends, or
    • any other reasonable equity benchmark.
  • Mandate options

    Available as a domestic or foreign portfolio in partnership with our offshore partner, Orbis.

  • Investor profile

    Institutional investors seeking superior absolute returns in excess of inflation over the long term with an above-average short-term risk tolerance.

  • Characteristics

    • Actively managed with the mandate’s risk-return profile in mind.
    • Investments selected from all asset classes.
    • Reflects Allan Gray’s strongest investment convictions and could deviate considerably in both asset allocation and stock selection from the average retirement portfolio.
    • Hedging may be used to manage stock market risk.
  • Risk-return profile

    • Superior absolute returns in excess of inflation over the long term.
    • Risk of higher short-term volatility than the Balanced mandate.
  • Benchmark options

    • Mean returns of the large managers as surveyed by consulting actuaries, or
    • Consumer Price Index plus 5%.
  • Mandate options

    Available as a domestic or global mandate managed to comply with Regulation 28 of the Pension Funds Act.

  • Investor profile

    Institutional investors with a moderate risk tolerance.

  • Characteristics

    • Actively managed with the mandate’s risk-return profile in mind.
    • Investments selected from all asset classes.
    • Represents Allan Gray’s best view for a balanced mandate.
    • Hedging may be used to manage stock market risk.
  • Risk-return profile

    • Superior long-term returns.
    • Risk will be higher than the Stable mandate but less than the Absolute mandate.
  • Benchmark options

    • Mean returns of the large managers as surveyed by consulting actuaries, or
    • Consumer Price Index plus 5%.
  • Mandate options

    Available as a domestic or global mandate managed to comply with Regulation 28 of the Pension Funds Act. We also offer a foreign-only mandate in partnership with our offshore partner, Orbis.

  • Investor profile

    Highly risk-averse institutional investors.

  • Characteristics

    • Conservatively managed to limit the risk of capital loss.
    • Investments selected from all asset classes.
    • Shares selected with limited downside or attractive dividend yields.
    • Hedging may be used to reduce stock market risk.
    • Modified duration of the fixed-interest component will be conservative.
  • Risk-return profile

    • Superior returns to money market investments.
    • Limited capital volatility.
    • Strives for capital preservation over any two-year period.
  • Benchmark options

    • Alexander Forbes 3-Month Deposit Index plus 2%, or
    • Consumer Price Index plus 3%.
  • Mandate options

    Available as a domestic or global mandate managed to comply with Regulation 28 of the Pension Funds Act. We also offer a specialist version aimed at medical schemes, which is managed to comply with the limits of Annexure B to Regulation 30 of the Medical Schemes Act of 1998.

Asset allocation
Allan Gray Life Domestic Equity Portfolio Allan Gray Life Global Absolute Portfolio Allan Gray Life Global Balanced (RRF) Portfolio Allan Gray Life Global Stable Portfolio as at 30 September 2021
The offshore allocation comprises 3.3% exposure to investments in Africa ex-South Africa and 27.5% outside of Africa. The offshore allocation comprises 3.7% exposure to investments in Africa ex-South Africa and 23.3% outside of Africa. The offshore allocation comprises 3.3% exposure to investments in Africa ex-South Africa and 27.2% outside of Africa. The offshore allocation comprises 5.9% exposure to investments in Africa ex-South Africa and 26.3% outside of Africa.

Top 10 share holdings

Allan Gray Life Domestic Equity Portfolio as at 30 September 2021

Cumulative performance*
Allan Gray Life Domestic Equity Portfolio Allan Gray Life Global Absolute Portfolio Allan Gray Life Global Balanced (RRF) Portfolio Allan Gray Life Global Stable Portfolio as at 30 September 2021

Value of R10 invested at inception

Benchmark: FTSE/JSE Capped Shareholder Weighted All Share Index including dividends. The benchmark prior to 1 October 2020 is the FTSE/JSE All Share Index including dividends.

*Performance gross of fees.

*Performance gross of local fees, net of foreign fees.

*Performance gross of local fees, net of foreign fees.

The returns prior to 1 August 2015 are those of the Allan Gray Life Global Balanced Portfolio.

*Performance gross of local fees, net of foreign fees.

Other mandates

We manage a number of specialist mandates in addition to our core range, including our bond, money market, Africa and frontier markets offerings.

Our clients

Institutional clients are retirement funds, medical schemes, endowment funds, trusts and corporates.

Employers can access the Allan Gray Umbrella Retirement Fund and the Allan Gray Group Retirement Annuity, which offer simple, flexible and cost-effective solutions to help their employees save for retirement.

Individuals can access our retail unit trusts.

Investment vehicles

Institutional clients have access to our investment expertise through unit trusts, life pooled portfolios or segregated portfolios, depending on the type of institution and the size of their investment.

Our process ensures that similar mandates are managed in a consistent manner, irrespective of the vehicle through which the client invests.

Segregated portfolio
Features

Assets registered in the name of the client

Mandate as agreed per client

Qualifying criteria

Minimum investment of R500 million

Available to all institutional clients

Life pooled portfolio
Features

Unitised vehicle

Daily unit pricing

Available as a linked policy issued by Allan Gray Life Limited

Qualifying criteria

Minimum investment of R20 million

Available to registered retirement funds and medical schemes only

Unit trust
Features

Unitised vehicle

Daily unit pricing

Governed by the Collective Investment Schemes Control Act 45 of 2002

Qualifying criteria

Available to all institutional clients, subject to a minimum investment amount

Fee principles

Our success depends on creating value for our clients. We have a strong preference for performance fees, as we believe they most closely align our interests with those of our clients.

We acknowledge that client preferences differ and offer institutional clients a choice between different fee structures, including refundable fees on certain mandates. We do not manage portfolios with a benchmark in mind and allow institutional clients to choose any reasonable fee benchmark.

Importantly, the fair treatment of clients is a key principle underlying our approach to fees.

Please contact the Institutional Clients team for more information.

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.

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