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Articles tagged as "Investment philosophy"

Insights categories - Corporate citizenship

Time: The greatest gift of all

By Zwelethu Nkosi on 01 Feb 2024

Reading time: 10 mins

Our advertising has always been, and continues to be focused on informing our clients and prospective clients about who we are, our investment philosophy,...

Quarterly Commentary home page

2023 Q3 Comments from our chair

By Ian Liddle on 16 Nov 2023

Reading time: 6 mins

Daimler-Benz introduced the Mercedes-Benz S-Class to South Africa in 1973 – the same year that an ambitious 35-year-old with a Harvard MBA and eight years of...

Insights categories - Investment insights

Looking to the long term

By Mahesh Cooper on 16 Nov 2023

Reading time: 7 mins

Turning 50 is an incredible milestone for any business. Over the last five decades, South Africa has experienced immense political, economic and societal...

Insights categories - Investment insights

Personal reflections on what makes a great asset manager over the long term

By Duncan Artus on 16 Nov 2023

Reading time: 12 mins

Given that we are in our 50th year of existence, Duncan Artus, who has been working at Allan Gray for over 22 years, reflects on what he believes makes a gre...

Insights categories - Corporate citizenship

The value of time

By Zwelethu Nkosi on 16 Nov 2023

Reading time: 13 mins

In our 50 years of existence, we have grown from a little-known brand to one of South Africa’s most recognisable investment managers, servicing a wide cross...

Insights categories - Investment insights

Investment lessons from the Springboks

By Braam Visser on 11 Sep 2023

Reading time: 7 mins

With the Springboks having successfully kicked off their Rugby World Cup title defence campaign in France, Braam Visser draws some interesting parallels...

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 - Investment insights

The power of 1%

By Radhesen Naidoo on 04 May 2023

Reading time: 10 mins

As we celebrate our 50 th anniversary, we are mindful of the collective efforts of teams, past and present, in building our long-term track record....

Insights categories - Offshore investing

Regime change and the rise of the stockpicker

By Alec Cutler on 11 Apr 2023

Viewing time: 4 mins

Alec Cutler chats to Bloomberg’s Merryn Somerset Webb about the impact of central bank and government intervention, the future of inflation and why being a...

Insights category - companies

AB InBev: The king of beer

By Jithen Pillay on 31 Jan 2023

Reading time: 9 mins

The market has several concerns about brewer Anheuser-Busch InBev which are currently weighing on its share price. We believe the company’s fundamentals are...

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 - Investment insights

The importance of alignment

By Saleem Sonday on 27 Oct 2022

Reading time: 6 mins

We believe that the price you pay an investment manager for managing your money should be aligned with the value they create for you over the long term. Sale...

Insights categories - Investment insights

Is there value in our investment style?

By Grant Pitt on 26 Apr 2022

Reading time: 10 mins

Understanding your investment manager’s style may give you a deeper appreciation of how they will perform in different circumstances, and therefore help you...

Insights category - companies

What has gone wrong with Naspers?

By Tim Acker on 26 Apr 2022

Reading time: 12 mins

For many years, Naspers was the star performer of the South African stock market. The onset of COVID-19 drove the Naspers and Tencent share prices to new...

Insights categories - Offshore investing

Orbis: President’s letter 2021

By Adam R. Karr on 27 Jan 2022

Reading time: 15 mins

In his inaugural president’s letter, Adam Karr, from our offshore partner, Orbis, shares some thoughts about himself, the path forward for Orbis, the market...

Insights categories - Personal investing

How to apply “cathedral thinking” in your investment approach

By Marise Bester and Daniella Bergman on 27 Jan 2022

Reading time: 14 mins

The prolonged stress of the pandemic has heightened many investors’ focus on the now, interfering with the ability to make sound decisions that improve the...

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

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 - Offshore investing

Orbis: The case for the not so boring middle

By Eric Marais and Matt Adams on 12 Jul 2021

Viewing time: 1 min

The past few quarters have seen a shift in market leadership, with technology stocks giving up ground to other, more cyclical sectors, prompting many to ask:...

Insights categories - Investment insights

Orbis: Crypto – currency or collectible?

By Shane Woldendorp on 17 Jun 2021

Reading time: 8 mins

It is widely accepted that distributed ledger technology, such as blockchain, has enormous potential. Like many new technologies it could be truly...

Insights categories - Offshore investing

Beyond the froth: Orbis’ contrarian case for Comcast

By Harish Karhade on 20 May 2021

Reading time: 1 min

Like finding a really good coffee, finding a good long-term investment opportunity is not always easy. A coffee that looks delicious may taste foul, and ther...

Insights categories - Investment insights

Investment lessons from a pandemic year

By on 22 Apr 2021

Reading time: 13 mins

A year on from our stringent Level 5 lockdown, much of 2020 seems surreal. While there are many aspects we may prefer to forget, reflection reveals valuable...

Insights categories - Offshore investing

Orbis: Are there real long-term opportunities in the US?

By Matt Adams and Eric Marais on 22 Apr 2021

Reading time: 13 mins

With just 30% of assets invested in US shares versus 66% for the MSCI World Index, the Orbis Global Equity Fund’s current underweight to the US market is the...

Insights category - companies

Woolworths: Not so down under

By Jithen Pillay on 22 Apr 2021

Reading time: 7 mins

Most of you will be more than familiar with the fashion, beauty, home and food offering of retailer Woolworths, affectionately referred to as Woolies, and on...

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 - Investment insights

Podcast: A candid conversation with Orbis' Adam Karr

By Adam R. Karr on 09 Mar 2021

Listening time: 1 hr 15 mins

Taking a long-term, contrarian approach has influenced every aspect of how we invest and do business at Orbis and Allan Gray. From the way the firms are...

Insights categories - Offshore investing

The benefits of neglect

By Ropafadzo Shoko on 08 Mar 2021

Reading time: 7 mins

When investors are scarce and investments are plentiful, investors pay low prices and investments offer high returns. When investors are plentiful and...

Insights categories - Offshore investing

Orbis: Harder to get into than Harvard

By John Christy on 17 Feb 2021

Reading time: 5 mins

If 2020 was an emotional roller coaster, the first month of 2021 provided a peek inside the darker corners of the funhouse. We remain hopeful that more...

Insights categories - Offshore investing

Orbis: President's letter 2020

By William Gray on 27 Jan 2021

Reading time: 7 mins

In his annual president's letter, William Gray, from our offshore partner, Orbis, reflects on a difficult year and reaffirms his conviction in the team's...

Insights categories - Personal investing

Understanding investment accounts

By Tamryn Lamb on 17 Nov 2020

Viewing time: 56 mins

Making sure that you choose appropriate investment accounts for your various financial goals is an essential part of the investing process. In the third of s...

Insights categories - Investment insights

Orbis: The power of perspective

By Povilas Dapkevicius on 09 Nov 2020

Reading time: 1 min

It is easy to get caught up in the noise of short-term events like politics. What we have learned over the past 30 years is that a long-term view often revea...

Insights categories - Personal investing

Choosing an investment manager

By Vuyo Nogantshi on 03 Nov 2020

Viewing time: 1 hr 5 seconds

South African investors have access to a wide range of investment managers with different styles and areas of expertise. Narrowing down your options can be a...

Insights categories - Offshore investing

Orbis: Finding an edge in tech

By Alec Cutler on 16 Oct 2020

Reading time: 11 mins

The future of society and technology requires ever-increasing connectivity, data speeds, and computational power, and those improvements depend on ever more...

Insights categories - Investment insights

Is your trust in your investment manager well placed?

By Nomi Bodlani and Tamryn Lamb on 16 Oct 2020

Reading time: 12 mins

It has been a volatile six months in the markets, following a five-year period of disappointing equity returns. At times like these, it is understandable for...

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 - Markets and economy

Do fundamentals still matter?

By Rory Kutisker-Jacobson on 15 Sep 2020

Reading time: 7 mins

There is an increasingly wide disconnect between the economic reality on the ground and the valuations reflected in some asset classes globally, begging the...

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 - Investment insights

The uncertainty spectrum

By on 06 Aug 2020

Reading time: 1 min

Wildfires in Australia, mass protests in the US, a global pandemic. These are just some of the events that have roiled markets this year, leaving investors...

Insights categories - Offshore investing

Orbis: Our job is to be uncomfortable

By Brett Moshal on 03 Aug 2020

Viewing time: 8 mins 26 seconds

Our job at Allan Gray and Orbis is to be uncomfortable and to sweat our clients’ capital. Ultimately what we focus on is the risk of capital loss - and that...

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 - Offshore investing

Orbis: Keeping a clear head during the COVID chaos

By Alec Cutler on 08 May 2020

Reading time: 7 mins

2020 has proven to be a year of many firsts, for all the wrong reasons, resulting in much uncertainty. Presenting to clients via Zoom webinar, Alec Cutler,...

Insights categories - Offshore investing

Orbis: The importance of preparation

By William Gray on 06 May 2020

Reading time: 1 min

In this six-minute video, Orbis' president and head of the investment team, William Gray, discusses the impact of COVID-19 on the firm and the importance of...

Insights categories - Offshore investing

Orbis: Lesson from the past

By Adam R. Karr on 06 May 2020

Reading time: 1 min

In this seven-minute video, Orbis portfolio manager, Adam Karr, draws on lessons learned in previous market crises to discuss the current environment and som...

Insights categories - Investment insights

Will growth stocks beat value stocks forever?

By Graeme Shaw on 24 Apr 2020

Reading time: 1 min

Markets move up and down and investment styles move in and out of favour. With value investing being on the wrong side of the trend for around 12 years,...

Insights categories - Offshore investing

Orbis: Turn away from the noise and look to the long term

By Ben Preston on 23 Apr 2020

Reading time: 9 mins

Much has been written about the emotional cycle of fear and greed in investing. Both panic and excessive optimism can create extraordinary opportunities for...

Insights categories - Offshore investing

Orbis: Performance and positioning during COVID-19

By Radhesen Naidoo on 17 Apr 2020

Reading time: 9 mins

There has been little else to talk about as COVID-19 dominates world headlines. Globally, everyone is trying to evaluate the real impact the pandemic will ha...

Insights categories - Offshore investing

Orbis: Well positioned for the challenges that lie ahead

By William Gray on 29 Jan 2020

Reading time: 5 mins

In his annual president’s letter, William Gray, from our offshore partner, Orbis, pays tribute to his father and reviews Orbis’ performance and prospects.

Insights categories - Investment insights

Allan's legacy: Investment thinking

By Allan Gray on 29 Jan 2020

Reading time: 19 mins

Our founder, Allan Gray, developed the distinctive investment philosophy that has been in place since Allan Gray and Orbis were founded. He also had an...

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 - Corporate citizenship

Obituary: Saying goodbye to our founder

By Jonathan Brodie on 12 Nov 2019

Reading time: 5 mins

It is with deep sadness that we share the news of the death of Allan William Buchanan Gray. He died of natural causes on 10 November 2019 in Bermuda, where h...

Insights categories - Investment insights

Is the US headed for a market meltdown?

By Vuyo Nogantshi on 11 Nov 2019

Reading time: 4 mins

As the S&P 500 and Nasdaq seem set to continue to record new highs, some market analysts believe that the current raging US bull market may be in for a nasty...

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 - Offshore investing

Orbis: Contrarian investing in an unconventional environment

By Jonathan Brodie on 30 Oct 2019

Reading time: 9 mins

Orbis has been going through a period of painful underperformance. Jonathan Brodie reminds investors what Orbis is trying to achieve, examines performance ov...

Insights categories - Investment insights

Are you comfortable swimming against the tide?

By Radhesen Naidoo on 28 Oct 2019

Reading time: 7 mins

Allan Gray and our offshore partner, Orbis, describe our shared investment approach as “contrarian”. “Contrarian” is usually defined as “opposing or rejectin...

Insights categories - Offshore investing

Orbis: Is value investing dead?

By Brett Moshal and Michael Heap on 28 Oct 2019

Reading time: 13 mins

Over multiple decades, the traditional value approach of buying cheap stocks has worked remarkably well. Over the last decade, it hasn’t, leading an...

Insights categories - Investment insights

Mindful of risk

By Nadia van der Merwe on 28 Oct 2019

Reading time: 9 mins

Uncertain times may cause investors to shy away from risk. While it is important to be mindful of risk and understand the risks you are taking on when...

Insights categories - Investment insights

Will Value ever be fashionable again?

By Henry Allen on 25 Oct 2019

Viewing time: 3 mins 20 seconds

Fashion trends tend to move in cycles. Anyone who lived through the 1990s and kept wearing their Doc Martens and bright neon colours would have spent 25 year...

Insights categories - Offshore investing

Orbis: There are bigger risks than swimming against the tide

By John Christy on 06 Sep 2019

Reading time: 5 mins

We have always described ourselves as “contrarian” investors. While many of our best investment decisions on behalf of clients in the past have been at odds...

Insights categories - Offshore investing

Orbis: enthusiasm for the portfolio

By Ben Preston on 29 Jul 2019

Reading time: 8 mins

Contrarian investing is a strange profession. When things are going well, you can look like a magician – earning extraordinary returns while others flounder....

Insights categories - Offshore investing

Capital: Can companies have too much of a good thing?

By Rob Perrone on 17 May 2019

Reading time: 6 mins

In the centre of London, there is a market whose history stretches back to the first century. Built on the site of a Roman forum, Leadenhall was once the...

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 - Offshore investing

Orbis: Hunting for value

By Alec Cutler on 29 Apr 2019

Reading time: 10 mins

Buying cheap stocks and selling them for a profit sounds like a reasonable way to make money. But there’s a bit more to it when it comes to the way we invest...

Insights categories - Investment insights

Orbis: Think like a business owner

By Rob Perrone on 02 Nov 2018

Reading time: 5 mins

Say you own a small stake in a company. Every day, one of your partners tells you what he thinks the business is worth, and he offers to buy your stake or se...

Insights categories - Personal investing

How to select your asset manager

By Thandi Ngwane on 26 Sep 2018

Viewing time: 1 min

Past performance is often the first, and sometimes only, consideration investors make when selecting an investment manager. However, performance is just one ...

Insights categories - Personal investing

Ride out volatility and maximise returns

By Andrew Lapping on 22 Aug 2018

Viewing time: 1 min

Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...

Insights categories - Investment insights

How to spot investment red flags

By Duncan Artus on 03 Aug 2018

Reading time: 5 mins

South Africa has been rocked by a series of corporate scandals in recent years that have sent the share prices of former blue-chip companies like Steinhoff a...

Insights category - companies

How Allan Gray values a stock

By Andrew Lapping on 18 Jul 2018

Reading time: 6 mins

Allan Gray is a strong proponent of value investing, the mantra famously championed by Warren Buffet. Put simply, value investing is the concept of buying...

Insights categories - Offshore investing

Cloudy crystal ball

By Alec Cutler on 18 Jun 2018

Reading time: 6 mins

Two years ago, our crystal ball was cloudy. Shares and commodity prices suffered a rout in early 2016, and markets were concerned that economies around the...

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 - ESG

How to be a responsible investor

By Raine Adams on 19 Apr 2018

Reading time: 7 mins

Responsible investing has become a front-page issue in the last year as companies, investors and asset managers have had to respond to a number of ethical an...

Insights categories - Offshore investing

Orbis Global Equity: Investing differently

By Matt Adams on 19 Apr 2018

Reading time: 11 mins

Over the last five years, the median global equity manager has underperformed the MSCI World Index and many value-oriented global equity managers have done...

Insights categories - Investment insights

Long-term investing should have nothing to fear from the Viceroys

By Leonard Krüger on 19 Apr 2018

Reading time: 7 mins

Activist short sellers have been a prominent feature in stock markets for many years. It’s easy to get caught up in the hype when their ideas hit the news....

Insights categories - Markets and economy

Demystifying Africa’s debt markets

By Nick Ndiritu on 15 Feb 2018

Reading time: 4 mins

Investors seeking diversification outside of South Africa can easily overlook the investment opportunities in other African markets. It is tempting to start ...

Insights categories - Offshore investing

Q&A: Orbis Global Equity Fund

By Tamryn Lamb on 09 Feb 2018

Reading time: 9 mins

What are the names of the managers of the Orbis Global Equity Fund and where are they based...

Insights categories - Investment insights

Investment lessons from 2017: be patient and trust your analysis

By Andrew Lapping on 01 Feb 2018

Reading time: 5 mins

Separating oneself from the noise is tricky. There is an enormous amount of information out there; you can listen to experts on television, read newspapers,...

Insights category - companies

How has your investment been impacted by the fall in the price of Steinhoff?

By Andrew Lapping on 11 Dec 2017

Reading time: 2 mins

Global retailer Steinhoff International Holdings NV’s share price had fallen 86.9% by close of trade on Friday 8 December, following CEO Markus Jooste’s...

Insights categories - Offshore investing

Will traditional car manufacturers be driven off the road by their electric counterparts?

By Tamryn Lamb on 01 Dec 2017

Listening time: 10 mins

Investors in general are pessimistic about the autos sector. They are worried about earnings declines and the growth of electric cars, produced by the likes ...

Insights category - companies

Woolworths: Value investing in action

By Andrew Lapping on 23 Nov 2017

Reading time: 4 mins

It can be difficult for investors to choose an investment manager when many of us seem to sound and look the same. Using Woolworths as an example, Andrew...

Insights categories - Investment insights

The value of bitcoin

By Jacques Plaut on 24 Oct 2017

Reading time: 10 mins

The total market value of all bitcoins is US$80bn, which is more than the value of Richemont and triple the value of Anglo American. It is the topic on which...

Insights category - companies

The benefits of being counter-cyclical in a cyclical world

By Rory Kutisker-Jacobson on 24 Oct 2017

Reading time: 13 mins

“Prediction is very difficult, especially about the future.” – Niels Bohr. In cyclical industries, understanding where we  are in the cycle and acting...

Insights categories - Offshore investing

Emerging market equities: looking beyond the mega-caps

By Woojin Choi on 24 Oct 2017

Reading time: 7 mins

Our offshore partner Orbis launched an Emerging Markets Equity Strategy in January 2016. Later that year it broadened the mandate of its Asia ex-Japan Equity...

Insights categories - Offshore investing

Orbis: Tech can be contrarian - if the price is right

By Rob Perrone on 26 Sep 2017

Reading time: 5 mins

We are contrarian investors, and technology shares are often popular. Given that, you might expect us to shun them. At times, we have: when tech stocks trade...

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 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 - Offshore investing

Global perspective: Do value shares deserve to be this cheap?

By Alec Cutler on 31 Dec 2016

Reading time: 7 mins

The Orbis Global Balanced Fund aims to balance capital appreciation and income generation with the associated risk of its investments. These objectives...

Insights categories - Investment insights

What to focus on when choosing shares and other assets

By Duncan Artus on 18 Nov 2016

Listening time: 15 mins

How do you distinguish a good investment from a lemon? And how do you create a well-diversified portfolio? Listen to this 15-minute interview on PowerFM...

Insights categories - Investment insights

Orbis: We welcome the rise of passive investing

By Ben Preston and Rob Perrone on 11 Nov 2016

Reading time: 6 mins

The Wall Street Journal ran a series this month commemorating the rise of passive investing. The articles make ‘the case for the triumph of passive’, calling...

Insights categories - Investment insights

How to select an investment manager

By Mahesh Cooper on 19 Oct 2016

Reading time: 3 mins

Focusing on past performance is often the first and only port of call for investors when trying to differentiate between investment managers. But there is no...

Insights categories - Offshore investing

Orbis: Not just looking for cheap stocks

By Jeremie Teboul on 07 Oct 2016

Reading time: 5 mins

Our investment approach, which we share with our offshore partner Orbis, is sometimes characterised as ‘looking for cheap stocks’. Jeremie Teboul from Orbis...

Insights categories - Offshore investing

Pursuing long-term returns without simply reaching for risk

By Ben Preston and Maurits Ovaa on 30 Sep 2016

Reading time: 7 mins

Ben Preston and Maurits Ovaa explain why Orbis believes minimising losses is arguably more important than maximising gains at a time when many stock markets ...

Insights categories - Investment insights

Nuanced numbers and valuation pitfalls

By Leonard Krüger on 30 Sep 2016

Reading time: 8 mins

We pick shares for client portfolios following a rigorous, bottom-up, fundamental research process. This involves, among many other considerations, the caref...

Insights categories - Investment insights

Investing tutorial: Our approach to value investing

By Wanita Isaacs on 30 Jun 2016

Reading time: 8 mins

Our investment philosophy and process is so much part of our DNA that we forget not all clients are familiar with what we actually do and how we make our...

Insights categories - Offshore investing

XPO Logistics: Diversification through owning both shares and bonds

By Ashley Lynn and Matt Adams on 30 Jun 2016

Reading time: 7 mins

Forming contrarian views about the intrinsic value of companies is the core of what we do. In the Orbis Global Balanced Fund, this fundamental company resear...

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 - Markets and economy

Managing portfolios in times of uncertainty

By Duncan Artus on 24 Jun 2016

Reading time: 4 mins

My inbox is filling up with commentary about the impact of Brexit. Some of the commentary is of debatable long-term value and with news of this nature it tak...

Insights category - companies

Commodities: Opportunity or risk?

By Mark Dunley-Owen on 31 May 2016

Reading time: 4 mins

We are ‘bottom-up’ investors who pay more attention to valuations than to macroeconomic forecasts. We do extensive research to calculate what we believe is...

Insights categories - Offshore investing

Playing a loser's game

By William Gray on 31 Mar 2016

Reading time: 7 mins

The loser’s game isn’t especially fun to play, but it is a winning strategy for those who have the discipline and the patience for it. William Gray, from our...

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 - Offshore investing

Orbis: Buying carefully in indiscriminate selloffs

By Tamryn Lamb on 24 Dec 2015

Reading time: 5 mins

Periods of short-term underperformance are a price we must pay for seeking superior long-term returns. The third quarter certainly qualified as one of those...

Insights categories - Investment insights

Asset allocation: Top down, or bottom up?

By Mahesh Cooper on 07 Dec 2015

Reading time: 4 mins

Within a multi-asset class balanced portfolio , there are different ways to manage the asset allocation. Some managers prefer to follow a ‘top-down’ strategy...

Insights categories - Offshore investing

Contrarian investing and different performance

By Mahesh Cooper on 30 Sep 2015

Reading time: 8 mins

The valuation-based approach to investing used by Allan Gray and our offshore partner Orbis is often contrarian since the shares that are most attractively...

Insights categories - Personal investing

Commitment counts

By Zwelethu Nkosi on 30 Sep 2015

Reading time: 6 mins

There will always be ups and downs in the markets as much as in life. To deliver great long-term investment performance we believe a fund manager needs to...

Insights categories - Offshore investing

Valuation dispersion and opportunities to beat the market in Australia

By Julian Morrison and Werner du Preez on 30 Sep 2015

Reading time: 9 mins

Cyclicality and dispersion in valuations can create great opportunities to buy shares at very attractive prices in companies that are out of favour with the...

Insights categories - Investment insights

What is a PE ratio?

By Wanita Isaacs on 30 Jun 2015

Reading time: 4 mins

Central to our investment philosophy at Allan Gray is buying shares that the market has priced below what we believe they are worth. We then sell these share...

Insights categories - Offshore investing

The case for active management

By Matt Adams and Adam R. Karr on 30 Jun 2015

Reading time: 9 mins

It is popular these days to talk about how difficult the past several years have been for active managers. In a sense, however, active management is always...

Insights categories - Offshore investing

Orbis Global Equity: Guided by our investment philosophy

By Graeme Forster on 31 Mar 2015

Reading time: 8 mins

This piece was originally published in the Orbis March 2015 Quarterly Manager's Report. Over the 25-year history of Orbis' Global Equity Fund, the underlying...

Insights categories - Offshore investing

Orbis funds: Finding the best long-term value for clients

By Seema Dala on 30 Sep 2014

Reading time: 8 mins

The Orbis Global Equity Fund will mark its 25th year at the end of December. In that time, Orbis has provided access to the same fundamental, contrarian,...

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

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 - Offshore investing

Hunting for compelling opportunities in the current environment

By Adam R. Karr on 31 Dec 2013

Reading time: 8 mins

2013 was a good year for global stock markets. The FTSE World Index returned 24.7% in US$ terms since the start of 2013 and is near an all-time high. The Orb...

Insights categories - Personal investing

Distraction is the enemy

By Henk Pieterse and Zwelethu Nkosi on 30 Sep 2013

Reading time: 8 mins

In an always-on, connected world, distractions are around all the time. We have well over a hundred television channels available 24 hours a day, seven days ...

Insights categories - Offshore investing

Orbis Global Equity Fund: A reversal of fortunes

By Seema Dala on 30 Sep 2013

Reading time: 8 mins

After a prolonged period of relative underperformance, since January this year the Orbis Global Equity Fund has meaningfully outpaced its benchmark in US...

Insights category - companies

Standard Bank: Has anything changed?

By Mark Dunley-Owen on 30 Sep 2013

Reading time: 7 mins

Standard Bank is a Top Five holding in the Allan Gray Equity and Balanced Funds. Mark Dunley-Owen discusses why we believe it is an attractive investment for...

Insights categories - Personal investing

How to select the right investment manager

By Rory Maguire on 25 Mar 2013

Reading time: 6 mins

It is challenging for investors and their advisers to differentiate between investment managers in an ever-changing landscape. When assessing who is best...

Insights categories - Markets and economy

Not the time to relax risk appetite

By Ian Liddle on 28 Jan 2013

Reading time: 5 mins

In his 1988 annual letter to shareholders, Warren Buffett wrote: ‘We have no idea how long the excesses will last, nor do we know what will change the...

Insights categories - Offshore investing

Drilling into the detail of oil and gas investments

By Dan Brocklebank on 31 Dec 2012

Reading time: 11 mins

At first glance, the Orbis Global Equity Fund's exposure to Oil & Gas; Gas stocks appears to be similar to that of its benchmark. At December 2012, about 9% ...

Insights categories - Markets and economy

The nature of contrarian investing

By Duncan Artus on 31 Dec 2012

Reading time: 7 mins

The average investor cannot avoid being bullish at market tops and bearish at bottoms. This produces periods of speculation and panic within the normal up an...

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 - Offshore investing

A healthy approach

By Seema Dala and Tamryn Lamb on 30 Sep 2012

Reading time: 11 mins

Broadly speaking, one could think about building a portfolio in two key ways. Investors with a 'top-down' approach start with a wide view of the world and ma...

Insights categories - ESG

Responsible Investing 2012

By Ian Liddle and Mahesh Cooper on 30 Sep 2012

Reading time: 26 mins

The Code for Responsible Investing in South Africa ('CRISA') was introduced in 2011 as an industry-wide initiative. Allan Gray supports CRISA's principles an...

Insights categories - Offshore investing

Investing: a history of bubbles

By Jonathan Brodie on 30 Jun 2012

Reading time: 9 mins

'Invest in stocks? Forget about it.' - USA Today headline, 8 May 2012. As contrarian investors, we cannot help but take notice when one of the most widely re...

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 categories - Offshore investing

Things you can control, and things you cannot

By Trevor Black and Jonathan Brodie on 31 Dec 2011

Reading time: 8 mins

In this current very uncertain world, we cannot begin to control or predict political or economic outcomes. But we can control what shares we buy and we are...

Insights categories - Investment insights

It is the price you pay that counts, not the headlines

By Andrew Lapping on 31 Dec 2011

Reading time: 9 mins

People enjoy stories; they are fun. This is true in all facets of life, including investing. Investors often have stories to tell about individual equities,...

Insights categories - Markets and economy

An era of high global earnings

By Simon Raubenheimer on 30 Sep 2011

Reading time: 8 mins

Company profits are currently at historic highs, but we do not know with any certainty where they are headed. Although it is entirely possible for global and...

Insights categories - Markets and economy

What we know for sure

By Delphine Govender on 01 Sep 2011

Reading time: 6 mins

At Allan Gray we prefer not to opine over reasons for short-term movements in stock markets and share prices and we shy away from predicting changes in the...

Insights categories - Investment insights

The risk that matters

By Delphine Govender on 30 Jun 2011

Reading time: 9 mins

Discussions about investing are incomplete without including the topic of risk. Delphine Govender elaborates, focusing on the most important risk in investin...

Insights categories - Markets and economy

The long-term outlook for the South African bond market

By Andrew Lapping on 31 Mar 2011

Reading time: 9 mins

As a bond investor you need to ask yourself two questions: are your inflation expectations reasonable, and will the potential real return be sufficient? Andr...

Insights categories - Offshore investing

Responding to challenging times

By Henry Allen and Trevor Black on 31 Dec 2010

Reading time: 8 mins

Performance does not come in a straight line, which means that periods of long-term outperformance will always be accompanied by periods of, sometimes...

Insights categories - Offshore investing

When is bad news good news?

By Chris du Toit and Tamryn Lamb on 30 Sep 2010

Reading time: 8 mins

As contrarian investors we are always on the lookout for shares that we can buy at a significantly lower price than we believe they are worth. Thus, with ban...

Insights categories - Investment insights

Happy equilibrium

By Duncan Artus on 30 Sep 2010

Reading time: 7 mins

Duncan Artus discusses the implications of the growth in the local asset management industry being focused on asset managers who variously describe their...

Insights category - companies

You win some...

By Delphine Govender on 30 Sep 2010

Reading time: 11 mins

Building and managing a portfolio of investments inevitably includes shares that will prove to be winners but also those that will fail to deliver on their...

Insights categories - Offshore investing

The story is in the stocks

By Jonathan Brodie and Trevor Black on 30 Jun 2010

Reading time: 8 mins

Investors who give their money to professional managers to invest still wish to remain informed about what their managers are thinking and how therefore they...

Insights categories - Offshore investing

Tough to be different

By Jonathan Brodie and Trevor Black on 31 Dec 2009

Reading time: 8 mins

In the Q2 Quarterly Commentary, Jonathan Brodie and Trevor Black of Orbis discussed the fact that long-term outperformance requires a partnership between the...

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