Insights Categories - Local investing

Local investing

We offer a small range of unit trusts that we believe meets the needs of most investors. Here we offer details about the characteristics of and investment choices within these unit trusts, as well as some insights into unit trust investments in general.

Articles in "Local investing"

Insights categories - Local investing

2024: What will the election year hold?

By Duncan Artus on 30 Jan 2024

Viewing time: 7 mins

From macroeconomic decisions to political outcomes, markets – and sentiment – can be temporarily influenced by various external factors. If 2023 will be...

Insights categories - Local investing

The key lesson from 2023: Uncertainty is ever-present

By Rory Kutisker-Jacobson on 29 Jan 2024

Reading time: 6 mins

Rory Kutisker-Jacobson takes stock of the key local and global market events of 2023 and highlights some of the themes that are likely to shape the year ahea...

Insights categories - Local investing

50 years of investing in an evolving ecosystem

By Tamryn Lamb on 16 Nov 2023

Reading time: 14 mins

The asset management industry plays a key role in society, channelling capital from savers to where it is needed in the real economy, and in so doing, creati...

Insights categories - Local investing

Local investment update: Balancing caution and optimism

By Tim Acker on 26 Sep 2023

Reading time: 7 mins

In recent years, South Africa’s numerous, well-known economic challenges have fuelled declining investor sentiment and led many to doubt the local market’s...

Insights categories - Local investing

Lessons from the winners and losers of the last five years

By Siphesihle Zwane on 30 Aug 2023

Listening time: 47 mins

In conversation with investment analyst Siphesihle Zwane, portfolio manager Jacques Plaut and investment analyst Pieter Koornhof discuss some of the notable...

Insights categories - Local investing

The equity core that powers our business

By Nick Curtin on 31 Jul 2023

Reading time: 12 mins

As we celebrate our 50th anniversary this year, we naturally reflect on the history of the firm and the important milestones we reached along the way. Nick...

Insights categories - Local investing

Are low-equity funds relevant in today’s investment universe?

By Martine Damonse on 03 Jul 2023

Reading time: 5 mins

Low-equity unit trusts provide cautious protection against a falling market. Martine Damonse, investment specialist in the ManCo Distribution team, discusses...

Insights categories - Local investing

Equities matter – even for a cautious investor

By Martine Damonse on 04 May 2023

Reading time: 11 mins

In recent years, we have witnessed investors on our platform moving their assets away from low-equity funds to funds that have little to no equity exposure...

Insights categories - Local investing

Why South Africa is still attractive for investors

By Tim Acker on 04 May 2023

Listening time: 50 mins

In conversation with portfolio manager Tim Acker, investment analysts Siphesihle Zwane and Jithen Pillay discuss the impact of the major local challenges on...

Insights categories - Local investing

The evolving role of balanced funds

By Tamryn Lamb on 31 Jan 2023

Reading time: 12 mins

Tamryn Lamb looks at the important role balanced funds have played in your portfolio over time, the returns they have generated and the variability of these...

Insights categories - Local investing

Was 2022 a secular turning point and if so, what does it mean for the years ahead?

By Duncan Artus on 26 Jan 2023

Viewing time: 12 Mins

In his first investment update of 2023, Duncan Artus discusses the current investment context and how it differs from the past, shares a review of 2022 and...

Insights categories - Local investing

Do local banks offer value in an inflationary world?

By Tim Acker on 08 Dec 2022

Listening time: 48 mins

In the current period of high global inflation and slowing economic activity, how will the local banking sector fare? Are there still long-term opportunities...

Insights categories - Local investing

Business update: The role of balanced funds

By Tamryn Lamb on 01 Dec 2022

Viewing time: 21 mins

This year has seen a number of meaningful changes for investors, including the introduction of higher offshore limits. At the recent Allan Gray and Orbis...

Insights categories - Local investing

Investment update: How to invest in a changing world

By Duncan Artus on 01 Dec 2022

Viewing time: 27 Mins

At Allan Gray we are bottom-up investors, but we want to be on the right side of long-term trends, particularly at secular turning points. During the recent...

Insights categories - Local investing

Q&A: Allan Gray and Orbis investment update

By Saleem Sonday on 01 Dec 2022

Viewing time: 21 Mins

After an eventful year, many investors are feeling uncertain about how to position their portfolios to fare well in 2023. At the recent Allan Gray and Orbis...

Insights categories - Local investing

How to invest in an inflationary, energy-short and increasingly divided world

By Duncan Artus on 06 Oct 2022

Reading time: 6 mins

At Allan Gray, we are bottom-up investors, but we want to be on the right side of long-term trends, particularly at secular turning points. One way is to...

Insights categories - Local investing

Local investment update: Always pay the right price

By Duncan Artus and Jacques Plaut on 03 Jun 2022

Viewing time: 26 min

Jacques Plaut and Duncan Artus discuss the positioning of our equity and multi-asset funds given the pre-existing trends exacerbated by the war in Ukraine....

Insights categories - Local investing

Interrogating the opportunity in South Africa

By Tim Acker on 17 Feb 2022

Viewing time: 1 min

Market dislocations in the wake of the COVID-19 pandemic have presented attractive opportunities for investors. The JSE is a good case in point. Presenting...

Insights categories - Local investing

Preparing for more uncertainty and volatility

By Duncan Artus on 31 Jan 2022

Reading time: 10 mins

A look back over the last two years reveals how difficult forecasting is. Even with perfect foresight of the pandemic context, one would not have been able t...

Insights categories - Local investing

How to invest for the possibility of higher inflation and interest rates

By Duncan Artus on 17 Nov 2021

Viewing time: 7 mins

The probability that the world is moving into an environment of higher inflation is increasing. An inflationary environment requires investors to think...

Insights categories - Local investing

Q&A with Allan Gray portfolio managers

By Duncan Artus on 17 Nov 2021

Viewing time: 1 min

At a recent Allan Gray local investment update, chief investment officer, Duncan Artus, facilitated a robust discussion with portfolio managers, Thalia...

Insights categories - Local investing

It’s the price you pay that matters

By Rory Kutisker-Jacobson on 21 Oct 2021

Viewing time: 4 mins

As investors we shouldn’t pretend we operate in a vacuum that is nicely insulated from the prevailing macroeconomic and political trends. However, it is...

Insights categories - Local investing

Active management: Potential for a comeback in a divided inflationary world

By Duncan Artus on 23 Sep 2021

Viewing time: 7 mins

For most of the 2000s, the developed world has been characterised by disinflation and falling interest rates. This is despite a large increase in leverage, t...

Insights categories - Local investing

Market update: Weighing up opportunity and risk in the face of volatility

By Duncan Artus on 23 Aug 2021

Listening time: 25 mins

While the local market has been strong, South African assets still look cheap overall compared to many of their global counterparts. There is opportunity in...

Insights categories - Local investing

Our take on the “shrinking” JSE

By Nadia van der Merwe and Stephan Bernard on 26 Jul 2021

Reading time: 14 mins

Several high-profile delistings over the recent past have spurred market commentators to discuss the JSE’s “slow death” in the context of a struggling local...

Insights categories - Local investing

How we approach fixed interest

By Thalia Petousis on 26 Jul 2021

Reading time: 10 mins

Aside from our dedicated local fixed interest funds, being the Allan Gray Money Market Fund and the Allan Gray Bond Fund, we also invest in fixed interest...

Insights categories - Local investing

Investment update: Is it time to reduce SA share exposure?

By Tim Acker on 09 Jul 2021

Viewing time: 1 min

The FTSE/JSE All Share Index (ALSI) is now significantly higher than it was before the pandemic – 21% up from the start of 2020. Is this a sign that it is ti...

Insights categories - Local investing

Sitting at the bottom of the interest rate cycle, potentially for much longer

By Thalia Petousis on 21 May 2021

Reading time: 3 mins

The South African Reserve Bank’s Monetary Policy Committee (MPC) voted in May 2021 to again keep the repo rate unchanged at 3.5%, its lowest level since the...

Insights categories - Local investing

Where to from here for interest rates and money market returns?

By Thalia Petousis on 07 May 2021

Reading time: 3 mins

Lower interest rates, although a life jacket for those in debt or with home loans, have negative consequences for savers. 

Insights categories - Local investing

Equity Fund: Fishing in muddy waters

By Rory Kutisker-Jacobson on 16 Apr 2021

Reading time: 5 mins

In his 1986 letter to shareholders, Warren Buffett famously spoke of being fearful when others are greedy, and greedy when others are fearful.

Insights categories - Local investing

Balanced Fund: Optionality, the most unappreciated asset

By Tim Acker on 10 Feb 2021

Reading time: 5 mins

One of the most unappreciated assets in a portfolio is optionality – the ability to take advantage of market disparity and to move between and within asset...

Insights categories - Local investing

Balanced Fund: Perspectives and positioning

By Tim Acker on 10 Feb 2021

Viewing time: 45 mins

In a recent webinar, Portfolio Manager Tim Acker discussed the investment environment and looked at how the Allan Gray Balanced Fund is positioned to take...

Insights categories - Local investing

Investment update: Taking advantage of disparities in the market

By Duncan Artus on 21 Jan 2021

Viewing time: 12 mins

One of the key preconditions for successful active management is the level of disparity in the markets. Duncan Artus discusses this in our first video and...

Insights categories - Local investing

Balancing risk and opportunity

By Rory Kutisker-Jacobson on 25 Nov 2020

Viewing time: 26 mins

When it comes to investing, the single most important variable is the price you pay. Sentiment can drive valuations to extremes, and even great companies can...

Insights categories - Local investing

Easy monetary policy to remain a feature for the foreseeable future

By Londa Nxumalo on 20 Oct 2020

Viewing time: 22 mins 9 seconds

When picking investments for a bond fund, it is important to consider what is going on in the economy, particularly GDP growth, the inflation trajectory and...

Insights categories - Local investing

Anaemic rate environment for money market funds

By Thalia Petousis on 20 Oct 2020

Viewing time: 17 mins 43 seconds

We have undoubtedly entered a difficult period for money market funds, with the overnight repo rate at its lowest in South Africa’s history. Meanwhile, other...

Insights categories - Local investing

The Stable Fund at 20

By Sean Munsie on 16 Oct 2020

Reading time: 10 mins

With an allocation to assets such as equities being key to long-term growth, even for more conservative investors, we believe the Allan Gray Stable Fund...

Insights categories - Local investing

Prospects look promising

By Stephan Bernard and Radhesen Naidoo on 12 Oct 2020

Reading time: 8 mins

Disappointing short-term performance has had a dampening effect on longer-term numbers. Looking at similar periods in our history provides useful context and...

Insights categories - Local investing

Allan Gray Stable Fund turns 20

By Sean Munsie and Duncan Artus on 01 Sep 2020

Reading time: 7 mins

Over the last two decades, the Allan Gray Stable Fund has built a solid track record through dynamic asset allocation, bottom-up stock-picking and mindful ri...

Insights categories - Local investing

Equity Fund update: In pursuit of potential

By Duncan Artus on 03 Aug 2020

Reading time: 9 mins

The most important determinant of investment success is the price you pay for an asset, and valuations for many quality companies are the cheapest they have...

Insights categories - Local investing

Equity Fund update: Investing amid extreme price moves

By Jacques Plaut on 24 Jul 2020

Reading time: 3 mins

The second quarter of 2020 saw further extreme moves in equities. An intraday price move of 20% is a rare event, especially for a large company. In the month...

Insights categories - Local investing

Do South African banks offer value in a COVID-19 battered world?

By Tim Acker on 09 Jun 2020

Reading time: 6 mins

As South African banks re-evaluate their models to deal with the potential implications of the coronavirus pandemic and take proactive steps to minimise the...

Insights categories - Local investing

Do bonds offer opportunity in a post COVID-19 world?

By Londa Nxumalo on 28 May 2020

Reading time: 6 mins

As investors we must think about what the world will look like when the pandemic has passed, and what asset classes offer opportunity. Presenting via Zoom...

Insights categories - Local investing

Investing during lockdown and beyond

By Duncan Artus on 25 May 2020

Reading time: 4 mins

Sometimes in investing, the best thing to do is nothing. In a presentation to advisers and clients via Zoom webinar, Duncan Artus examined the levels and...

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 - 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 - Local investing

The end of the free lunch

By Mark Dunley-Owen on 17 Apr 2020

Reading time: 4 mins

There is no such thing as a free lunch. Yet recent times have provided South African savers with something close to this, as risk-free returns from money...

Insights categories - Local investing

Should you invest in bonds?

By Londa Nxumalo on 29 Jan 2020

Reading time: 7 mins

The recent performance of South African bonds – which have outperformed cash and equities over three and five years – has prompted investors to ask whether...

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 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

Two decades for the Allan Gray Balanced Fund

By Duncan Artus on 07 Nov 2019

Reading time: 7 mins

The Allan Gray Balanced Fund celebrated its 20-year anniversary on 1 October 2019. The local industry looks vastly different today to how it looked two decad...

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

Negativity can often present opportunity

By Duncan Artus on 23 Oct 2019

Reading time: 5 mins

With doom and gloom pervading locally, and the world economy slowing, you may be feeling like the safest place for your money is under your mattress. This is...

Insights categories - Local investing

Is it time for equity investors to party like it’s 2002?

By Duncan Artus on 30 Jul 2019

Reading time: 4 mins

Not quite, says Duncan Artus.

Insights categories - Local investing

Is it 2002 all over again? Not quite

By Duncan Artus on 29 Jul 2019

Reading time: 6 mins

Domestically focused shares that are exposed to the local economy have underperformed the overall market. Duncan Artus investigates whether the current...

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

Stable Fund: Are we meeting our objectives?

By Stephan Bernard and Radhesen Naidoo on 29 Apr 2019

Reading time: 11 mins

The investment environment over the last few years has been particularly challenging, causing the Stable Fund’s return to be more volatile than it has been...

Insights categories - Local investing

Is a money market fund right for you right now?

By Earl Van Zyl on 05 Apr 2019

Reading time: 5 mins

Money market unit trusts have become popular as they appear to provide a safe, secure and reliable haven for your investments. During times with extreme...

Insights categories - Local investing

The dash for cash

By Duncan Artus and Nathan Wridgway on 28 Feb 2019

Reading time: 4 mins

The end of the calendar year often leads to reflection on how one’s investments have performed. Many savers are questioning the wisdom of investing in South...

Insights categories - Local investing

The year of payback

By Duncan Artus on 15 Feb 2019

Reading time: 4 mins

Excess returns from the FTSE/JSE All Share Index (ALSI) relative to cash have disappointed over the last five years, with cash now outperforming, on average....

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 categories - Local investing

Is it time to invest in listed property?

By Mark Dunley-Owen on 25 Jan 2019

Reading time: 10 mins

There is a perception that we do not regard listed property as an attractive investment for our clients. This is not the case. It is, however, true that our...

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 - Local investing

Is cash king?

By Catherine Robberts on 22 Nov 2018

Reading time: 4 mins

It has been a good few years for cash. Over the past three years cash (i.e. highly liquid assets, like money market funds and fixed-interest assets, such as...

Insights categories - Local investing

Allan Gray Equity Fund's 20th Anniversary

By Julie Campbell on 17 Oct 2018

Reading time: 13 mins

If you had invested R1 000 in the Allan Gray Equity Fund when it was launched on 1 October 1998, it would be worth R56 572 today (at 30 September 2018). A...

Insights categories - Local investing

Structural challenges to business models

By Duncan Artus and Tim Acker on 15 Jun 2018

Reading time: 4 mins

At the core of our investment philosophy we look for companies we believe are priced below our estimate of their true worth and sell them when they reach fai...

Insights categories - Local investing

Are you overly exposed to China?

By Duncan Artus on 13 Jun 2018

Reading time: 7 mins

As South African investors we are very tuned into the local political and economic risks that we face. But what about the less obvious risks?

Insights categories - Local investing

Equity Fund update: Focus turns to locally listed international businesses

By Duncan Artus on 04 May 2018

Reading time: 3 mins

The market had a volatile first quarter with positive sentiment towards South African equities continuing against a backdrop of volatile international market...

Insights categories - Local investing

Money Market Fund update: Lower yields suggest lower future money market returns

By Mark Dunley-Owen on 26 Apr 2018

Reading time: 2 mins

It has been good to be invested in money market funds over recent years. The Allan Gray Money Market Fund (the Fund) has returned 7.5% per annum over the las...

Insights categories - Local investing

How are our portfolios positioned to protect and grow our clients' capital?

By Duncan Artus on 24 Jan 2018

Reading time: 7 mins

Regular readers of our commentaries would have noted that we have found an increasing number of attractive opportunities in local equities over the last 18...

Insights categories - Local investing

Equity Fund update: Reversal of fortunes for domestically orientated sectors

By Simon Raubenheimer on 19 Jan 2018

Reading time: 3 mins

For most of 2017, domestically orientated sectors fared poorly against the FTSE/ JSE All Share Index (ALSI). However, the last few weeks of the year saw a...

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 categories - Local investing

Stable Fund update: Justifying a higher net equity weighting in challenging times

By Leonard Krüger on 03 Nov 2017

Reading time: 2 mins

Local inflation and interest rates have peaked in the current cycle and South Africa had its first interest rate cut in five years during the quarter. While...

Insights categories - Local investing

Balanced Fund update: An increased weighting towards local stocks

By Duncan Artus on 23 Oct 2017

Reading time: 3 mins

The local equity market had a strong quarter, breaking out to new highs despite all the negative news headlines. Many investors forget that the FTSE/JSE All...

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 - Local investing

If South Africa was a company would you include it in your portfolio?

By Mark Dunley-Owen on 04 Aug 2017

Reading time: 3 mins

Sentiment towards South Africa is poor. It is tempting to believe that excessive bad news is priced into South African assets, which should deliver attractiv...

Insights categories - Local investing

Balanced Fund update: Unloved stocks present buying opportunities

By Simon Raubenheimer on 28 Jul 2017

Reading time: 3 mins

Investor sentiment towards emerging markets remains weak. This has left emerging markets at a valuation discount to developed markets. The MSCI Emerging Mark...

Insights categories - Local investing

Striking a balance

By Claudia Del Fante and Radhesen Naidoo on 20 Jul 2017

Reading time: 11 mins

Where many investors define risk as the volatility of returns, or the risk of looking different, our focus is always on avoiding permanent loss of capital...

Insights categories - Local investing

How our unit trusts are positioned for the current environment

By Leonard Krüger on 29 Jun 2017

Viewing time: 1 min

The net equity exposure of our flagship unit trusts matches our risk appetite in those unit trusts and the asset allocation is managed accordingly...

Insights categories - Local investing

How to resist the lure of the herd

By Leonard Krüger on 15 Jun 2017

Reading time: 6 mins

While humans take comfort in mimicking the behaviour of one another – we would rather be wrong in the company of many...

Insights categories - Local investing

Stable Fund update: Finding value in SA equities

By Mark Dunley-Owen on 28 Apr 2017

Reading time: 4 mins

South Africa has a history of political uncertainty. The 15 months since the removal of Nhlanhla Nene as finance minister in December 2015 have been a stark...

Insights categories - Local investing

Balanced Fund update: The importance of asset allocation

By Jacques Plaut on 21 Apr 2017

Reading time: 3 mins

People often stress the importance of asset allocation. For example, we have heard it said that 90% of returns are directly due to asset allocation. We teste...

Insights categories - Local investing

South Africa at a political crossroad

By Sandy McGregor on 04 Apr 2017

Reading time: 6 mins

The political events of the last 10 days, and the resulting ratings downgrade by S&P Global Ratings, have seriously eroded investor confidence in South Afric...

Insights categories - Local investing

Raging Bull Awards

By Jeanette Marais on 26 Jan 2017

Reading time: 2 mins

The results of the Raging Bull Awards were made public last night. Hosted by Personal Finance in conjunction with partners ProfileData and PlexCrown Fund...

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

Equity Fund update: Investing in the shade of unnerving political headlines

By Duncan Artus on 13 Jan 2017

Reading time: 3 mins

The year 2016 will be remembered by investors as one in which politics dominated the headlines. But what do we make of it all as investors trying to focus on...

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 - Local investing

Balanced Fund update: What is a 'high-quality' company?

By Jacques Plaut on 28 Oct 2016

Reading time: 3 mins

The Fund’s performance over the past quarter was helped by overweight positions in Standard Bank and Impala Platinum, and by underweight positions in SABMill...

Insights categories - Local investing

Equity Fund update: Don’t be seduced by high expectations

By Simon Raubenheimer on 14 Oct 2016

Reading time: 3 mins

It is interesting to note the surprise announcements made by several market ‘darlings’ over the course of the third quarter of 2016. Mr Price revealed negati...

Insights categories - Local investing

Fee transparency delivers value for your money

By Michael Summerton on 20 Sep 2016

Reading time: 7 mins

If you have tried to review your cellphone contract or home internet provider by comparing them to their competitors, only to give up in despair because of t...

Insights categories - Local investing

Money Market Fund update: Rising inflation and low growth continue to cause concern

By Gary Elston on 05 Aug 2016

Reading time: 3 mins

Global yields have fallen after Brexit became a reality when the UK voted to leave the EU. This uncertainty has decreased the expectation that the US Federal...

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 categories - Local investing

Stable Fund update: How to invest in ‘interesting’ times

By Mark Dunley-Owen on 15 Jul 2016

Reading time: 4 mins

‘May you live in interesting times' is an English expression which many believe to be a translation of a traditional Chinese curse. The expression seems to...

Insights categories - Local investing

Restructurings as a source of excess returns

By Duncan Artus on 30 Jun 2016

Reading time: 7 mins

We are always on the lookout for opportunities offered by the potential restructuring of companies. They can often generate attractive returns with a...

Insights categories - Local investing

Investment platform fees reduced

By Richard Carter on 17 Mar 2016

Reading time: 4 mins

Our investment platform has grown over the last few years making it possible for us to reduce our administration fees to give clients better value for money.

Insights categories - Local investing

Annual report from the outgoing Chief Investment Officer

By Ian Liddle on 01 Mar 2016

Reading time: 5 mins

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2015. These are Ian Liddle’s final Annual...

Insights categories - Local investing

Launching the Allan Gray Tax-Free Balanced Fund

By Richard Carter on 26 Jan 2016

Reading time: 3 mins

At Allan Gray we aim to keep our product and fund range small, and only introduce new offerings if we believe they will benefit our clients. We are pleased t...

Insights categories - Local investing

Presenting the Allan Gray Tax-Free Balanced Fund

By Richard Carter and Earl Van Zyl on 31 Dec 2015

Reading time: 10 mins

We are excited to announce the launch of the Allan Gray Tax-Free Balanced Fund. This new unit trust will be managed in broadly the same way as our flagship...

Insights categories - Local investing

Interim investor update

By Rob Dower on 17 Dec 2015

Reading time: 10 mins

Some clients have asked for an update on how well their investments are doing in the current very volatile market. It’s risky to respond until things have...

Insights categories - Local investing

Stable Fund: Safeguarding our clients' capital is our core focus

By Mahesh Cooper and Fiona Jeffery on 31 Mar 2015

Reading time: 13 mins

When we launched the Allan Gray Stable Fund (the Fund) 15 years ago, we hoped that it would provide clients with returns that were competitive with bank...

Insights categories - Local investing

Proposed changes to the Allan Gray Equity Fund

By Richard Carter on 31 Dec 2014

Reading time: 11 mins

Since its inception in 1998, the Allan Gray Equity Fund (the Fund) has returned 26% per year (after fees), while the benchmark FTSE/JSE All Share Index (ALSI...

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 - Local investing

How 'active' is your manager?

By Fiona Jeffery on 30 Jun 2014

Reading time: 6 mins

Regular readers of our commentaries will know that we follow a valuation-based investment philosophy. At the same time, we are not afraid of investing contra...

Insights categories - Local investing

Does the size of your unit trust matter?

By Daniel van Andel on 31 Mar 2014

Reading time: 9 mins

Back in September 1998, there were 186 unit trusts available in South Africa. Fast-forward 16 years, and there are now 1 477 registered unit trusts in a...

Insights categories - Local investing

Understand your Stable Fund investment

By Claudia Del Fante and Lise-Mari Crafford on 31 Dec 2013

Reading time: 8 mins

We have written on many occasions about the role investors play in their investment success. Key to this is understanding your fund's risk profile and...

Insights categories - Local investing

Analysing your fund's performance

By Fiona Jeffery on 31 Dec 2013

Reading time: 8 mins

Regular readers of our Quarterly Commentary will know that at Allan Gray we are focused on generating superior returns for our clients over the long term. On...

Insights categories - Local investing

Rebates versus clean pricing: which structure benefits investors the most?

By Richard Carter on 23 Jul 2013

Reading time: 5 mins

A key problem in the LISP industry is that fees are complex, and different platforms use different fee structures. Many investors do not understand how much...

Insights categories - Local investing

Message from our Top 10 equity holdings

By Simon Raubenheimer on 26 Nov 2012

Reading time: 5 mins

Investors frequently ask us whether or not our choice of shares reveals a particular theme or ‘story’. Investors are also curious as to how we alter our...

Insights categories - Local investing

Facelift for Allan Gray fund factsheets

By Henk Pieterse on 10 Aug 2011

Reading time: 5 mins

We have redesigned our fund factsheets as the first phase of a review of the fund information we provide in all of our documentation and on our website...

Insights categories - Local investing

Foreign exposure in the Allan Gray Stable Fund

By Ian Liddle and Mahesh Cooper on 31 Dec 2010

Reading time: 10 mins

The long-term track record of the Allan Gray Stable Fund shows returns well ahead of its benchmark and satisfactory capital stability. Nevertheless, the Fund...

Insights categories - Local investing

The Stable Fund completes a decade

By Richard Carter on 30 Jun 2010

Reading time: 6 mins

The Allan Gray Stable Fund celebrated its 10-year anniversary on 1 July. This is a good time to reflect on how the Fund has performed over its first 10 years...

Insights categories - Local investing

The Balanced Fund celebrates 10 years

By Jeanette Marais on 30 Sep 2009

Reading time: 8 mins

On 1 October 2009 Allan Gray celebrated the 10-year anniversary of the Balanced Fund. Excluding the money market funds, at just over R29bn it is now the...

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