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Articles tagged as "equities"

South African investors need to fall out of love with equities

By Kevin Lings on 30 Jul 2019

South Africa’s equity market capitalisation equates to more than 200% of the country’s GDP, the highest proportion in the world and a level that is simply no...

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

By Duncan Artus on 30 Jul 2019

Not quite, says Duncan Artus.

Valuations matter

By Andrew Lapping on 11 Jun 2019

Uncertainty abounds at present. Equity returns for the past few years have been underwhelming, political upheaval locally and internationally is causing wave...

Balanced Fund update: An improved opportunity set

By Andrew Lapping on 03 May 2019

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...

Orbis: Hunting for value

By Alec Cutler on 29 Apr 2019

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...

The dash for cash

By Duncan Artus and Nathan Wridgway on 28 Feb 2019

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...

Steinhoff class action

By Rob Formby on 28 Sep 2018

Allan Gray, along with other South African institutions, is participating in a class action case being run in the Netherlands by Dutch law firm BarentsKrans ...

How to spot investment red flags

By Duncan Artus on 03 Aug 2018

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...

Invest in stocks with dividends, but put stop losses in place

By Todd Buchholz on 01 Sep 2017

It is always a good time to invest, the question is where...

Valuation of Nigerian and Zimbabwean holdings in the Allan Gray Africa ex-SA Equity Fund

By Nick Ndiritu on 12 May 2017

The Central Bank of Nigeria (CBN) has established a new foreign exchange (FX) platform for investors and exporters, effective 24 April 2017. The exchange...

Tough times for African equities

By Andrew Lapping on 03 Feb 2017

Most African equity markets had a difficult 2016, generating negative dollar returns. The worst performers were Egypt and Nigeria, which fell 47% and 41%...

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

By Alec Cutler on 31 Dec 2016

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

An investment case for Life Healthcare

By Ruan Stander on 31 Dec 2016

Recent news about private hospital operator Life Healthcare’s international investments has created negative sentiment about the company’s ability to allocat...

What to focus on when choosing shares and other assets

By Duncan Artus on 18 Nov 2016

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...

Annual report from the outgoing Chief Investment Officer

By Ian Liddle on 01 Mar 2016

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...

Contrarian investing and different performance

By Mahesh Cooper on 30 Sep 2015

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...

Valuation dispersion and opportunities to beat the market in Australia

By Julian Morrison and Werner du Preez on 30 Sep 2015

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...

SA mining and the sunk cost fallacy

By Ian Liddle on 30 Sep 2015

Ian Liddle discusses why the challenges in South African mining provide an interesting case study of the 'sunk cost fallacy', a behavioural bias that sees us...

A tale of two crises

By Tamryn Lamb on 24 Aug 2015

Greece and China have dominated financial headlines since March. With fear running high, we try to remain focused on the relationship between the price and...

What is a PE ratio?

By Wanita Isaacs on 30 Jun 2015

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...

The upside to downside protection

By Shaun Duddy on 30 Jun 2015

Warren Buffet famously said that there are two rules when investing, 'Rule No.1: Never lose money, Rule No.2: Never forget rule No.1.' Shaun Duddy discusses...

Manufacturing in meltdown

By Simon Raubenheimer on 30 Jun 2015

The manufacturing sector is currently in a woeful state. Simon Raubenheimer discusses why we are where we are. 'The Board of Directors has taken the decision...

The sentiment pendulum

By Andrew Lapping on 01 Apr 2015

Investor sentiment is a delicate thing, which changes with surprising rapidity. Kenyan banks… Three years ago Kenya and the Kenyan banks were very out of...

What do low global bond yields mean for South African investors?

By Ian Liddle on 28 Jan 2015

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2014. More than half of global government...

Building confidence in construction

By Rory Kutisker-Jacobson on 31 Dec 2014

'Success in investing is not a question of what you buy, it is a question of what you pay.' Howard Marks Buying above-average companies at average or hopeful...

Changing the odds

By Duncan Artus on 30 Sep 2014

Sun International, South Africa's second largest casino and resort operator, is undergoing significant change after a number of years of underperformance....

How to ensure your retirement income goes the distance

By Michael Summerton on 30 Jun 2014

It is only a number of years into retirement that the consequences of decisions made early on begin to show. If you are nearing retirement, or you are in ear...

Astral Foods: Unappreciated Quality

By Leonard Krüger on 30 Jun 2014

Good quality companies at decent prices are hard to come by these days on the local market. Leonard Krüger explains the investment case for Astral Foods.

Diamonds in the rough

By Leonard Krüger, Ian Liddle, Birte Schneider, Victor Seanie and Ruan Stander on 31 Mar 2014

Small- and mid-cap companies make up 16% of the FTSE/JSE All Share Index, but 25-30% of our clients' South African equity holdings. Although many of these...

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...

Gold and platinum mines: 'Eating sardines' or 'trading sardines'?

By Ian Liddle on 31 Dec 2013

"There is the old story about the market craze in sardine trading when the sardines disappeared from their traditional waters in Monterey, California. The...

A simple checklist for domestic asset allocation

By Duncan Artus on 07 Aug 2013

I recently read the fascinating book ‘The Success Equation: Untangling luck in Business, Sports and Investing’1, which explores, how much of one’s success or...

Message from our Top 10 equity holdings

By Simon Raubenheimer on 26 Nov 2012

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...

Investing: a history of bubbles

By Jonathan Brodie on 30 Jun 2012

'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...

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