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Articles tagged as "Markets"

Grow your wealth by attending the Allan Gray Investment Summit

By Tamryn Lamb on 24 May 2019

After successfully bringing together renowned investment experts from all over the globe for two consecutive years to sold-out audiences, the Allan Gray...

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...

Finding value in frontier African markets

By Nick Ndiritu on 29 Apr 2019

Across corporate boardrooms in South Africa, a number of management teams and institutional investors are grappling with a vexing question: Is investing in...

Global slowdown continues to take its toll

By Sandy McGregor on 26 Apr 2019

The synchronous global slowdown, which commenced in the last quarter of 2018, continues to take its toll. While Europe is not in recession, it has returned t...

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...

Global economy losing momentum

By Sandy McGregor on 18 Jan 2019

After two years of strong synchronous growth the global economy is losing momentum. Almost without exception the most recent purchasing manager’s indices are...

The upside of down markets

By Andrew Lapping on 11 Jan 2019

2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

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

Global growth accelerates but emerging markets under pressure

By Sandy McGregor on 05 Oct 2018

Following a slower first quarter, the rate of global economic growth accelerated during the Northern Hemisphere summer, with Europe being the only notable...

How to thrive in choppy markets

By Andrew Lapping on 23 Aug 2018

This year has been characterised by increased volatility and concern about the global risks – from trade disputes to inflation. After a strong start to the...

Ride out volatility and maximise returns

By Andrew Lapping on 22 Aug 2018

Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...

Increasing policy uncertainty

By Sandy McGregor on 20 Jul 2018

With few exceptions, notably India, most countries experienced slower economic growth in the first quarter of 2018. Anecdotal evidence suggests that that the...

Zimbabwe in transition

By Nick Ndiritu on 06 Jul 2018

Zimbabwe’s election on 30 July 2018 heralds a new beginning after the abrupt end to President Robert Mugabe’s 37-year reign in November 2017. We are not...

Q&A: Orbis Global Equity Fund

By Tamryn Lamb on 09 Feb 2018

What are the names of the managers of the Orbis Global Equity Fund and where are they based...

What can be done to address SA’s fiscal crisis?

By Sandy McGregor on 12 Jan 2018

Global economic activity continued to gain momentum in the last quarter of 2017. Global purchasing manager’s indices, which are a good barometer of current a...

The value of bitcoin

By Jacques Plaut on 24 Oct 2017

The total market value of all bitcoins is US$80bn, which is more than the value of Richemont and triple the value of Anglo American. It is the topic on which...

Facing a fiscal crisis

By Sandy McGregor on 13 Oct 2017

The synchronised global economic expansion continues to gain momentum. World trade is growing and increasing demand is putting upward pressure on commodity...

Is now the time to invest?

By Todd Buchholz and Andrew Lapping on 12 Oct 2017

Is it time to put your money under the mattress or is it time to invest? Watch this 7-min clip with Andrew Lapping, our chief investment officer, and Todd...

Global jitters: Avoid safe havens, opportunity in overlooked sectors

By Dan Brocklebank on 15 Sep 2017

The uncertain global political and economic backdrop created by unexpected recent shocks has spooked investors. However fear, particularly when spurred by...

Beware the siren song of growth

By Dan Brocklebank on 03 Mar 2017

Growth has an almost irresistible allure for investors. Whether it’s a rapidly growing economy, a start-up with a hot new product, or a new industry that...

Keep calm and carry on investing

By Andrew Lapping on 17 Jan 2017

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

The winds of change

By Sandy McGregor on 06 Jan 2017

While the election of Donald Trump as the next president of the United States was not expected by investors, it does not seem to have been unwelcome:  both t...

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...

What's wrong with the South African economy

By Sandy McGregor on 30 Sep 2014

After growing strongly for 10 years, since 2012 the South African economy has been stagnating, which prompts the question: What has gone wrong and how can th...

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...

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...

The trend is your friend till it bends at the end

By Duncan Artus on 24 May 2012

For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...

High correlations present challenges

By Seema Dala and Chris du Toit on 31 Mar 2012

Actively managed funds, including the Orbis Global Equity Fund, have struggled to outperform the market over the past year. Actively managed funds are able t...

Looking back at 2011 and preparing for the years ahead

By Ian Liddle on 20 Jan 2012

South Africa has thus far been spared the crushing austerity measures affecting Europe. Three important factors have been in our favour so far: a decade of...

An era of high global earnings

By Simon Raubenheimer on 30 Sep 2011

Company profits are currently at historic highs, but we do not know with any certainty where they are headed. Although it is entirely possible for global and...

What we know for sure

By Delphine Govender on 01 Sep 2011

At Allan Gray we prefer not to opine over reasons for short-term movements in stock markets and share prices and we shy away from predicting changes in the...

Can the level of interest rates be used to reliably predict investment returns?

By Duncan Artus on 13 Jul 2011

Local and global short-term interest rates are at low levels. This has led to questions about the rationale for holding cash both locally and offshore. We ha...

Welcoming the world to South Africa (but are they here to stay...?)

By Ian Liddle on 30 Jun 2010

For most of the time since our first democratic election in 1994, foreign investors have been net buyers of companies listed on the JSE. They are now...

Another view

By Duncan Artus on 31 Dec 2009

Governments around the world are engaged in significant fiscal and monetary stimulus. But there is some doubt about whether their efforts will improve the re...

The triumph of the markets

By Sandy McGregor on 31 Dec 2009

It is the nature of markets to reward success and eliminate what is unsustainable. During the past year we have seen a dramatic manifestation of this process...

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