Local investing

Local investing

We offer a small range of unit trusts that we believe meets the needs of most investors. Here we offer details about the characteristics of and investment choices within these unit trusts, as well as some insights into unit trust investments in general.

Articles in "Local investing"

Local investing

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

reading time: 6 mins

2018 has been a difficult year for investors with most asset classes falling in price. The prices of all assets are volatile; the only asset to seemingly lac...

Local investing

Is cash king?

By Catherine Robberts on 22 Nov 2018

reading time: 4 mins

It has been a good few years for cash. Over the past three years cash (i.e. highly liquid assets, like money market funds and fixed-interest assets, such as...

Local investing

Allan Gray Equity Fund's 20th Anniversary

By Julie Campbell on 17 Oct 2018

reading time: 13 mins

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...

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...

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?

Local investing

Equity Fund update: Focus turns to locally listed international businesses

By Duncan Artus on 04 May 2018

reading time: 3 mins

The market had a volatile first quarter with positive sentiment towards South African equities continuing against a backdrop of volatile international market...

Local investing

Money Market Fund update: Lower yields suggest lower future money market returns

By Mark Dunley-Owen on 26 Apr 2018

reading time: 2 mins

It has been good to be invested in money market funds over recent years. The Allan Gray Money Market Fund (the Fund) has returned 7.5% per annum over the las...

Local investing

How are our portfolios positioned to protect and grow our clients' capital?

By Duncan Artus on 24 Jan 2018

reading time: 7 mins

Regular readers of our commentaries would have noted that we have found an increasing number of attractive opportunities in local equities over the last 18...

Local investing

Equity Fund update: Reversal of fortunes for domestically orientated sectors

By Simon Raubenheimer on 19 Jan 2018

reading time: 3 mins

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...

Local investing

Equity Fund update: Patience is key in investing

By Ruan Stander on 10 Nov 2017

reading time: 3 mins

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...

Local investing

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

By Leonard Krüger on 03 Nov 2017

reading time: 2 mins

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...

Local investing

Balanced Fund update: An increased weighting towards local stocks

By Duncan Artus on 23 Oct 2017

reading time: 3 mins

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...

Local investing

LISTEN : 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...

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...

Local investing

If South Africa was a company would you include it in your portfolio?

By Mark Dunley-Owen on 04 Aug 2017

reading time: 3 mins

Sentiment towards South Africa is poor. It is tempting to believe that excessive bad news is priced into South African assets, which should deliver attractiv...

Local investing

Balanced Fund update: Unloved stocks present buying opportunities

By Simon Raubenheimer on 28 Jul 2017

reading time: 3 mins

Investor sentiment towards emerging markets remains weak. This has left emerging markets at a valuation discount to developed markets. The MSCI Emerging Mark...

Local investing

Striking a balance

By Claudia Del Fante and Radhesen Naidoo on 20 Jul 2017

reading time: 11 mins

Where many investors define risk as the volatility of returns, or the risk of looking different, our focus is always on avoiding permanent loss of capital...

Local investing

WATCH : How our unit trusts are positioned for the current environment

By Leonard Krüger on 29 Jun 2017

viewing time: 1 min

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

Local investing

How to resist the lure of the herd

By Leonard Krüger on 15 Jun 2017

reading time: 6 mins

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

Local investing

Stable Fund update: Finding value in SA equities

By Mark Dunley-Owen on 28 Apr 2017

reading time: 4 mins

South Africa has a history of political uncertainty. The 15 months since the removal of Nhlanhla Nene as finance minister in December 2015 have been a stark...

Local investing

Balanced Fund update: The importance of asset allocation

By Jacques Plaut on 21 Apr 2017

reading time: 3 mins

People often stress the importance of asset allocation. For example, we have heard it said that 90% of returns are directly due to asset allocation. We teste...

Local investing

South Africa at a political crossroad

By Sandy McGregor on 04 Apr 2017

reading time: 6 mins

The political events of the last 10 days, and the resulting ratings downgrade by S&P Global Ratings, have seriously eroded investor confidence in South Afric...

Local investing

Raging Bull Awards

By Jeanette Marais on 26 Jan 2017

reading time: 2 mins

The results of the Raging Bull Awards were made public last night. Hosted by Personal Finance in conjunction with partners ProfileData and PlexCrown Fund...

Local investing

Keep calm and carry on investing

By Andrew Lapping on 17 Jan 2017

reading time: 5 mins

The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which investors vie...

Local investing

Equity Fund update: Investing in the shade of unnerving political headlines

By Duncan Artus on 13 Jan 2017

reading time: 3 mins

The year 2016 will be remembered by investors as one in which politics dominated the headlines. But what do we make of it all as investors trying to focus on...

Local investing

Stable Fund update: An uneventful quarter

By Andrew Lapping on 04 Nov 2016

reading time: 3 mins

After the volatility of the previous 12 months, the quarter to the end of September was surprisingly peaceful, with generally muted asset class returns. The...

Local investing

Balanced Fund update: What is a 'high-quality' company?

By Jacques Plaut on 28 Oct 2016

reading time: 3 mins

The Fund’s performance over the past quarter was helped by overweight positions in Standard Bank and Impala Platinum, and by underweight positions in SABMill...

Local investing

Equity Fund update: Don’t be seduced by high expectations

By Simon Raubenheimer on 14 Oct 2016

reading time: 3 mins

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...

Local investing

Fee transparency delivers value for your money

By Michael Summerton on 20 Sep 2016

reading time: 7 mins

If you have tried to review your cellphone contract or home internet provider by comparing them to their competitors, only to give up in despair because of t...

Local investing

Money Market Fund update: Rising inflation and low growth continue to cause concern

By Gary Elston on 05 Aug 2016

reading time: 3 mins

Global yields have fallen after Brexit became a reality when the UK voted to leave the EU. This uncertainty has decreased the expectation that the US Federal...

Local investing

Equity Fund update: Volatility presents opportunity

By Ruan Stander on 25 Jul 2016

reading time: 3 mins

The economic outlook deteriorated during the second quarter, exacerbated by the British referendum. Although the market’s perception of near-term headwinds m...

Local investing

Stable Fund update: How to invest in ‘interesting’ times

By Mark Dunley-Owen on 15 Jul 2016

reading time: 4 mins

‘May you live in interesting times' is an English expression which many believe to be a translation of a traditional Chinese curse. The expression seems to...

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...

Local investing

Investment platform fees reduced

By Richard Carter on 17 Mar 2016

reading time: 4 mins

Our investment platform has grown over the last few years making it possible for us to reduce our administration fees to give clients better value for money.

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...

Local investing

Launching the Allan Gray Tax-Free Balanced Fund

By Richard Carter on 26 Jan 2016

reading time: 3 mins

At Allan Gray we aim to keep our product and fund range small, and only introduce new offerings if we believe they will benefit our clients. We are pleased t...

Local investing

Presenting the Allan Gray Tax-Free Balanced Fund

By Richard Carter and Earl van Zyl on 31 Dec 2015

reading time: 10 mins

We are excited to announce the launch of the Allan Gray Tax-Free Balanced Fund. This new unit trust will be managed in broadly the same way as our flagship...

Local investing

Interim investor update

By Rob Dower on 17 Dec 2015

reading time: 10 mins

Some clients have asked for an update on how well their investments are doing in the current very volatile market. It’s risky to respond until things have...

Local investing

Stable Fund: Safeguarding our clients' capital is our core focus

By Mahesh Cooper and Fiona Jeffery on 31 Mar 2015

reading time: 13 mins

When we launched the Allan Gray Stable Fund (the Fund) 15 years ago, we hoped that it would provide clients with returns that were competitive with bank...

Local investing

Proposed changes to the Allan Gray Equity Fund

By Richard Carter on 31 Dec 2014

reading time: 11 mins

Since its inception in 1998, the Allan Gray Equity Fund (the Fund) has returned 26% per year (after fees), while the benchmark FTSE/JSE All Share Index (ALSI...

Local investing

The Allan Gray Bond Fund: What's in store for the next 10 years?

By Andrew Lapping on 27 Oct 2014

reading time: 5 mins

We launched the Allan Gray Bond Fund 10 years ago, this month. Ten years passes quickly. The most surprising thing about the period has been the lack of...

Local investing

The impact of events relating to African Bank on Allan Gray Unit Trusts

By Ian Liddle and Andrew Lapping on 12 Aug 2014

reading time: 7 mins

African Bank’s failure has had a small, negative impact on our Allan Gray Equity, Balanced and Stable Funds. In this GrayIssue we attempt to address a broad...

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...

Local investing

Does the size of your unit trust matter?

By Daniel van Andel on 31 Mar 2014

reading time: 9 mins

Back in September 1998, there were 186 unit trusts available in South Africa. Fast-forward 16 years, and there are now 1 477 registered unit trusts in a...

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...

Local investing

Analysing your fund's performance

By Fiona Jeffery on 31 Dec 2013

reading time: 8 mins

Regular readers of our Quarterly Commentary will know that at Allan Gray we are focused on generating superior returns for our clients over the long term. On...

Local investing

Rebates versus clean pricing: which structure benefits investors the most?

By Richard Carter on 23 Jul 2013

reading time: 5 mins

A key problem in the LISP industry is that fees are complex, and different platforms use different fee structures. Many investors do not understand how much...

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...

Local investing

Facelift for Allan Gray fund factsheets

By Henk Pieterse on 10 Aug 2011

reading time: 5 mins

We have redesigned our fund factsheets as the first phase of a review of the fund information we provide in all of our documentation and on our website...

Local investing

Foreign exposure in the Allan Gray Stable Fund

By Ian Liddle and Mahesh Cooper on 31 Dec 2010

reading time: 10 mins

The long-term track record of the Allan Gray Stable Fund shows returns well ahead of its benchmark and satisfactory capital stability. Nevertheless, the Fund...

Local investing

The Stable Fund completes a decade

By Richard Carter on 30 Jun 2010

reading time: 6 mins

The Allan Gray Stable Fund celebrated its 10-year anniversary on 1 July. This is a good time to reflect on how the Fund has performed over its first 10 years...

Local investing

The Balanced Fund celebrates 10 years

By Jeanette Marais on 30 Sep 2009

reading time: 8 mins

On 1 October 2009 Allan Gray celebrated the 10-year anniversary of the Balanced Fund. Excluding the money market funds, at just over R29bn it is now the...

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