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Articles tagged as "Naspers"

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

By Duncan Artus on 23 Aug 2021

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

By Stefan Magnusson and Edward Blain on 26 Jul 2021

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

By Tim Acker on 17 Jun 2021

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

By Jacques Plaut on 26 May 2021

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

By Tamryn Lamb on 26 May 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

By Tim Acker on 10 Feb 2021

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

By Tim Acker on 10 Feb 2021

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?

By Kamal Govan on 27 Jan 2021

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

By Rory Kutisker-Jacobson on 25 Nov 2020

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

By Ben Preston on 25 Nov 2020

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

By Stephan Bernard and Radhesen Naidoo on 12 Oct 2020

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?

By Rory Kutisker-Jacobson on 15 Sep 2020

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

By Duncan Artus on 03 Aug 2020

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

By Jacques Plaut on 24 Jul 2020

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

By John Christy and Stanley Lu on 03 Jul 2020

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

By Andrew Lapping on 23 Apr 2020

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

By Andrew Lapping on 31 Mar 2020

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

By Duncan Artus on 25 Mar 2020

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?

By Radhesen Naidoo on 11 Mar 2020

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

By Duncan Artus and Edward Blain on 28 Oct 2019

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?

By Nshalati Hlungwane on 10 Sep 2019

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

By Duncan Artus on 29 Jul 2019

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?

By Vuyo Nogantshi on 30 May 2019

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?

By Jacques Plaut on 29 Apr 2019

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

By Radhesen Naidoo on 11 Mar 2019

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

By Duncan Artus on 15 Feb 2019

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

By Julie Campbell on 17 Oct 2018

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

By Ruan Stander on 17 Oct 2018

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

By Duncan Artus on 12 Oct 2018

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

By Andrew Lapping on 18 Jul 2018

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

By Duncan Artus and Tim Acker on 15 Jun 2018

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?

By Duncan Artus on 13 Jun 2018

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

By Simon Raubenheimer on 19 Jan 2018

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

By Ruan Stander on 10 Nov 2017

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

By Duncan Artus on 23 Oct 2017

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

By Simon Raubenheimer on 14 Oct 2016

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

By Ruan Stander on 25 Jul 2016

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?

By Ian Liddle on 27 Jan 2014

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...

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