Leonard Kruger

Leonard Krüger

Leonard joined Allan Gray in 2007 as an equity analyst. He began managing a portion of client equity and balanced portfolios earmarked for associate portfolio managers from July 2014 and was appointed as portfolio manager of the Allan Gray Stable Fund in November 2015. Leonard holds a Bachelor of Science (Honours) degree in Actuarial Mathematics from the University of Pretoria and is a qualified actuary.

Articles by Leonard Krüger

Reflecting on our top equity holdings

By Leonard Krüger on 28 Oct 2019

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...

Broadened horizons, local learnings

By Nick Ndiritu and Leonard Krüger on 22 Oct 2019

Leonard Krüger and Nick Ndiritu look at how we have tailored our investment philosophy and process to invest in Frontier Africa markets. They discuss lessons...

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

By Leonard Krüger on 19 Apr 2018

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....

Stable Fund update: Justifying a higher net equity weighting in challenging times

By Leonard Krüger on 03 Nov 2017

Local inflation and interest rates have peaked in the current cycle and South Africa had its first interest rate cut in five years during the quarter. While...

Allan Gray welcomes new Group Five board

By Leonard Krüger on 24 Jul 2017

Allan Gray welcomes the results of today’s Group Five shareholders’ meeting, where eight individuals were elected to serve on Group Five’s board as...

How much risk can you take?

By Leonard Krüger on 30 Jun 2017

Risks are elevated in the current environment. This means you should think about how much risk you are prepared to take on...

How our unit trusts are positioned for the current environment

By Leonard Krüger on 29 Jun 2017

The net equity exposure of our flagship unit trusts matches our risk appetite in those unit trusts and the asset allocation is managed accordingly...

How to resist the lure of the herd

By Leonard Krüger on 15 Jun 2017

While humans take comfort in mimicking the behaviour of one another – we would rather be wrong in the company of many...

Nuanced numbers and valuation pitfalls

By Leonard Krüger on 30 Sep 2016

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

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...

Insurance: better than you think

By Duncan Artus and Leonard Krüger on 31 Mar 2012

We have previously set out the reasons Sanlam has an above-benchmark position in our clients’ portfolios (see Quarterly Commentary 1, 2010). On a...

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