Articles tagged as "Naspers"
From Johannesburg to Japan: How to resist the magnetism of the magnificent seven
In conversation with Tamryn Lamb, Allan Gray portfolio manager Tim Acker and Graeme Forster, portfolio manager at our offshore partner, Orbis, explain why we...
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...
Local investment update: Always pay the right price
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....
What has gone wrong with Naspers?
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...
Understanding the impact of the Ukraine crisis on your investments
Like everyone else, we have been watching with dismay as the war in Ukraine unfolds. While in this piece we address some of the economic and investment...
The power of perspective in an expensive market
Historically, every decade has its “poster child” asset class. In the 70s it was gold, the 80s Japanese shares, and materials shares in the noughties. At the...
Q&A with Allan Gray portfolio managers
At a recent Allan Gray local investment update, chief investment officer, Duncan Artus, facilitated a robust discussion with portfolio managers, Thalia...
Market update: Weighing up opportunity and risk in the face of volatility
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...
Orbis: Global perspectives on Naspers
One of the largest positions in the Orbis Global Equity Fund is Naspers, whose key underlying asset is a 29% stake in the Chinese internet juggernaut Tencent...
Understanding the Naspers-Prosus transaction
Naspers and Prosus have announced a transaction that changes the group’s financial structure. They hope this will reduce the large discount at which Naspers...
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...
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...
To have and to hold?
If the value associated with a holding company is less than the sum of its parts, is it a worthwhile investment? Kamal Govan looks at the drivers of holding...
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...
Prospects look promising
Disappointing short-term performance has had a dampening effect on longer-term numbers. Looking at similar periods in our history provides useful context and...
Do fundamentals still matter?
There is an increasingly wide disconnect between the economic reality on the ground and the valuations reflected in some asset classes globally, begging the...
Equity Fund update: In pursuit of potential
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...
Equity Fund update: Investing amid extreme price moves
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...
Orbis: Tech opportunities rise in the East
Technology stocks have performed remarkably well in recent years and particularly amid the COVID-19 pandemic. John Christy and Stanley Lu, from our offshore...
Positioning our portfolios for growth beyond COVID-19
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...
Stewardship and Business Sustainability Reports
This is the fifth year that we have published our Stewardship Report, which outlines how we integrate environmental, social and governance (ESG) issues into...
COVID-19: Evaluating market risk versus opportunity
We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...
How will current market conditions impact our portfolios?
The start of 2020 has been tumultuous as fears about the coronavirus have dominated the news and global markets. The resulting volatility has been compounded...
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...
Prosus marches forward: What should investors be looking out for?
Naspers, the world’s sixth largest internet company by market capitalisation, will list its foreign internet assets separately via Prosus NV, a newly created...
Is it 2002 all over again? Not quite
Domestically focused shares that are exposed to the local economy have underperformed the overall market. Duncan Artus investigates whether the current...
Is your portfolio overly concentrated?
South Africa has a relatively small equities market with a handful of dominant shares, spread across a few sectors, which are available to invest in. This...
An opportunity in television?
The Top 40 got a new member this quarter when MultiChoice was unbundled from Naspers. MultiChoice owns the dominant pay-TV business in South Africa, DStv, wi...
Our Tencent(s) on VIE structures
As at 28 February 2019, Naspers made up just over 18% of the FTSE/JSE All Share Index. Because of its dominance, including or excluding the share will have a...
The year of payback
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....
Allan Gray Equity Fund's 20th Anniversary
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...
An investment case for Naspers
As at 30 September 2018, Naspers made up 18.2% of the JSE. Whether you are for or against the stock, adequate time needs to be devoted to considering the...
A volatile quarter for emerging market equity and currency markets
Emerging market equity and currency markets had a very volatile quarter. Vulnerabilities, both economic and political, are being exposed as global financial...
How Allan Gray values a stock
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...
Structural challenges to business models
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...
Are you overly exposed to China?
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?
Equity Fund update: Reversal of fortunes for domestically orientated sectors
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...
Equity Fund update: Patience is key in investing
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...
Balanced Fund update: An increased weighting towards local stocks
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...
Equity Fund update: Don’t be seduced by high expectations
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...
Equity Fund update: Volatility presents opportunity
The economic outlook deteriorated during the second quarter, exacerbated by the British referendum. Although the market’s perception of near-term headwinds m...
Time to review your equity exposure?
Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2013. We aim to grow our clients’ wealth...
