Articles tagged as "British American Tobacco"
Shifting sentiment highlights the importance of careful stock selection
In this commentary, written on 31 March 2025, portfolio manager Tim Acker discusses the performance and positioning of the Allan Gray Equity Fund during the...
Defensively positioned to navigate challenges
The Allan Gray Stable Fund aims to preserve investors’ capital over any two-year period and deliver above-inflation returns over the long term. In light of t...
Consumer staples: Should they be portfolio staples?
Everyone is familiar with consumer staples – e.g. groceries, beverages, home and personal care items – and many have a strong affinity for the underlying...
Navigating investment challenges: The interplay between skill and luck
Decision strategist and best-selling author Annie Duke advises focusing on a good process when trying to make the best decisions in highly uncertain scenario...
Lessons from the winners and losers of the last five years
In conversation with investment analyst Siphesihle Zwane, portfolio manager Jacques Plaut and investment analyst Pieter Koornhof discuss some of the notable...
Are we entering a global stockpicker’s paradise?
In conversation with portfolio manager Rory Kutisker-Jacobson, Matthew Spencer from our offshore partner, Orbis, explains why the Investment team believes th...
Peering through the smoke
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...
Why South Africa is still attractive for investors
In conversation with portfolio manager Tim Acker, investment analysts Siphesihle Zwane and Jithen Pillay discuss the impact of the major local challenges on...
How to invest in an inflationary, energy-short and increasingly divided world
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...
Q&A with Allan Gray and Orbis: Positioning our portfolios for an inflationary environment
With rising global inflation and the possibility of a recession on the cards, investors are tasked with protecting their capital and looking for opportunitie...
Podcast: How to think about investing in an energy-short and volatile world
From the global technology stock sell-off and rising inflation, to the war in Ukraine exacerbating a global energy crisis, investors are tasked with navigati...
Interrogating the opportunity in South Africa
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...
In pursuit of value
The current disparity in markets, both locally and offshore, is creating an opportunity for bottom-up investors like ourselves to generate meaningful returns...
Q&A with portfolio managers from Allan Gray and Orbis 2021
The global recovery is underway as markets rebound from their March 2020 lows, but the current pandemic is far from over, leaving many investors questioning...
Equity Fund: Fishing in muddy waters
In his 1986 letter to shareholders, Warren Buffett famously spoke of being fearful when others are greedy, and greedy when others are fearful.
Balanced Fund: Perspectives and positioning
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...
Balanced Fund: Optionality, the most unappreciated asset
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...
Balancing risk and opportunity
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...
Orbis Global Equity: Positioned for multiple views of the future
2020 has been quite a year and many of us are undoubtedly looking forward to putting it in the past. The pandemic, global lockdowns, US elections, one of the...
Reflecting on our top equity holdings
The performance of the Allan Gray Equity, Balanced and Stable funds has been disappointing over the past couple of years. Low single-digit returns from...
Q&A: Understanding Orbis’ performance and potential
Market breadth has been very narrow offshore, with few winners and many losers. Among the losers have been emerging markets and select cyclicals. At the same...
Equity Fund update: Focus turns to locally listed international businesses
The market had a volatile first quarter with positive sentiment towards South African equities continuing against a backdrop of volatile international market...
Stable Fund update: How to invest in ‘interesting’ times
‘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...
Tobacco economics
Most industries have a single factor that helps investors to understand them better. Unfortunately for investors looking for easy wins, it does not necessari...
The trend is your friend till it bends at the end
For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...
The investment case for BAT
British American Tobacco provides the rare opportunity to invest in a superior quality business in a stable industry at a discount to the average company. Wi...
