Insights Categories - 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"

Insights categories - Local investing

A revival for South Africa’s retail giants?

By Siphesihle Zwane on 22 Oct 2024

Listening time: 53 mins

As sentiment towards the South African economy improves following the formation of the government of national unity, some of the major retailers are seeing...

Insights categories - Local investing

Introducing the Allan Gray Interest Fund and the Allan Gray Income Fund

By Vuyo Mroxiso on 27 Aug 2024

Reading time: 12 mins

We are pleased to announce the launch of the Allan Gray Interest Fund (the Interest Fund) and the Allan Gray Income Fund (the Income Fund), which are now...

Insights categories - Local investing

Balancing risk and reward in South African equities

By Duncan Artus on 15 Aug 2024

Reading time: 7 mins

We often write about large individual equity positions in our portfolios, but this quarter, Duncan Artus focuses on the opportunities and risks in “SA Inc” –...

Insights categories - Local investing

How we balance the upside-downside risk in South African equities

By Duncan Artus on 08 Aug 2024

Reading time: 7 mins

We often write about large individual equity positions in our portfolios, but this quarter, Duncan Artus focuses on the opportunities and risks in “SA Inc” –...

Insights categories - Local investing

Managing investments in periods of uncertainty

By Joshua Singer and Jithen Pillay on 15 Jul 2024

Reading time: 8 mins

Games can be categorised along a continuum based on their reliance on luck or skill. Roulette, for instance, is purely a game of chance. Despite occasional...

Insights categories - Local investing

Navigating investment challenges: The interplay between skill and luck

By Jithen Pillay and Matthew Patterson on 05 Jun 2024

Reading time: 7 mins

Decision strategist and best-selling author Annie Duke advises focusing on a good process when trying to make the best decisions in highly uncertain scenario...

Insights categories - Local investing

Finding value in a depressed earnings environment

By Rory Kutisker-Jacobson on 22 Apr 2024

Reading time: 6 mins

After a disappointing decade, many are wondering whether the JSE still offers long-term value for patient investors. Rory Kutisker-Jacobson discusses the...

Insights categories - Local investing

2024: What will the election year hold?

By Duncan Artus on 30 Jan 2024

Viewing time: 7 mins

From macroeconomic decisions to political outcomes, markets – and sentiment – can be temporarily influenced by various external factors. If 2023 will be...

Insights categories - Local investing

The key lesson from 2023: Uncertainty is ever-present

By Rory Kutisker-Jacobson on 29 Jan 2024

Reading time: 6 mins

Rory Kutisker-Jacobson takes stock of the key local and global market events of 2023 and highlights some of the themes that are likely to shape the year ahea...

Insights categories - Local investing

50 years of investing in an evolving ecosystem

By Tamryn Lamb on 16 Nov 2023

Reading time: 14 mins

The asset management industry plays a key role in society, channelling capital from savers to where it is needed in the real economy, and in so doing, creati...

Insights categories - Local investing

Local investment update: Balancing caution and optimism

By Tim Acker on 26 Sep 2023

Reading time: 7 mins

In recent years, South Africa’s numerous, well-known economic challenges have fuelled declining investor sentiment and led many to doubt the local market’s...

Insights categories - Local investing

Lessons from the winners and losers of the last five years

By Siphesihle Zwane on 30 Aug 2023

Listening time: 47 mins

In conversation with investment analyst Siphesihle Zwane, portfolio manager Jacques Plaut and investment analyst Pieter Koornhof discuss some of the notable...

Insights categories - Local investing

The equity core that powers our business

By Nick Curtin on 31 Jul 2023

Reading time: 12 mins

As we celebrate our 50th anniversary this year, we naturally reflect on the history of the firm and the important milestones we reached along the way. Nick...

Insights categories - Local investing

Are low-equity funds relevant in today’s investment universe?

By Martine Damonse on 03 Jul 2023

Reading time: 5 mins

Low-equity unit trusts provide cautious protection against a falling market. Martine Damonse, investment specialist in the ManCo Distribution team, discusses...

Insights categories - Local investing

Equities matter – even for a cautious investor

By Martine Damonse on 04 May 2023

Reading time: 11 mins

In recent years, we have witnessed investors on our platform moving their assets away from low-equity funds to funds that have little to no equity exposure...

Insights categories - Local investing

Why South Africa is still attractive for investors

By Tim Acker on 04 May 2023

Listening time: 50 mins

In conversation with portfolio manager Tim Acker, investment analysts Siphesihle Zwane and Jithen Pillay discuss the impact of the major local challenges on...

Insights categories - Local investing

Was 2022 a secular turning point and if so, what does it mean for the years ahead?

By Duncan Artus on 26 Jan 2023

Viewing time: 12 Mins

In his first investment update of 2023, Duncan Artus discusses the current investment context and how it differs from the past, shares a review of 2022 and...

Insights categories - Local investing

Do local banks offer value in an inflationary world?

By Tim Acker on 08 Dec 2022

Listening time: 48 mins

In the current period of high global inflation and slowing economic activity, how will the local banking sector fare? Are there still long-term opportunities...

Insights categories - Local investing

Business update: The role of balanced funds

By Tamryn Lamb on 01 Dec 2022

Viewing time: 21 mins

This year has seen a number of meaningful changes for investors, including the introduction of higher offshore limits. At the recent Allan Gray and Orbis...

Insights categories - Local investing

Investment update: How to invest in a changing world

By Duncan Artus on 01 Dec 2022

Viewing time: 27 Mins

At Allan Gray we are bottom-up investors, but we want to be on the right side of long-term trends, particularly at secular turning points. During the recent...

Insights categories - Local investing

Q&A: Allan Gray and Orbis investment update

By Saleem Sonday on 01 Dec 2022

Viewing time: 21 Mins

After an eventful year, many investors are feeling uncertain about how to position their portfolios to fare well in 2023. At the recent Allan Gray and Orbis...

Insights categories - Local investing

How to invest in an inflationary, energy-short and increasingly divided world

By Duncan Artus on 06 Oct 2022

Reading time: 6 mins

At Allan Gray, we are bottom-up investors, but we want to be on the right side of long-term trends, particularly at secular turning points. One way is to...

Insights categories - Local investing

Local investment update: Always pay the right price

By Duncan Artus and Jacques Plaut on 03 Jun 2022

Viewing time: 26 min

Jacques Plaut and Duncan Artus discuss the positioning of our equity and multi-asset funds given the pre-existing trends exacerbated by the war in Ukraine....

Insights categories - Local investing

Preparing for more uncertainty and volatility

By Duncan Artus on 31 Jan 2022

Reading time: 10 mins

A look back over the last two years reveals how difficult forecasting is. Even with perfect foresight of the pandemic context, one would not have been able t...

Insights categories - Local investing

It’s the price you pay that matters

By Rory Kutisker-Jacobson on 21 Oct 2021

Viewing time: 4 mins

As investors we shouldn’t pretend we operate in a vacuum that is nicely insulated from the prevailing macroeconomic and political trends. However, it is...

Insights categories - Local investing

Active management: Potential for a comeback in a divided inflationary world

By Duncan Artus on 23 Sep 2021

Viewing time: 7 mins

For most of the 2000s, the developed world has been characterised by disinflation and falling interest rates. This is despite a large increase in leverage, t...

Insights categories - Local investing

Our take on the “shrinking” JSE

By Nadia van der Merwe and Stephan Bernard on 26 Jul 2021

Reading time: 14 mins

Several high-profile delistings over the recent past have spurred market commentators to discuss the JSE’s “slow death” in the context of a struggling local...

Insights categories - Local investing

How we approach fixed interest

By Thalia Petousis on 26 Jul 2021

Reading time: 10 mins

Aside from our dedicated local fixed interest funds, being the Allan Gray Money Market Fund and the Allan Gray Bond Fund, we also invest in fixed interest...

Insights categories - Local investing

Equity Fund: Fishing in muddy waters

By Rory Kutisker-Jacobson on 16 Apr 2021

Reading time: 5 mins

In his 1986 letter to shareholders, Warren Buffett famously spoke of being fearful when others are greedy, and greedy when others are fearful.

Insights categories - Local investing

Balanced Fund: Optionality, the most unappreciated asset

By Tim Acker on 10 Feb 2021

Reading time: 5 mins

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...

Insights categories - Local investing

Balanced Fund: Perspectives and positioning

By Tim Acker on 10 Feb 2021

Viewing time: 45 mins

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...

Insights categories - Local investing

Investment update: Taking advantage of disparities in the market

By Duncan Artus on 21 Jan 2021

Viewing time: 12 mins

One of the key preconditions for successful active management is the level of disparity in the markets. Duncan Artus discusses this in our first video and...

Insights categories - Local investing

Balancing risk and opportunity

By Rory Kutisker-Jacobson on 25 Nov 2020

Viewing time: 26 mins

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...

Insights categories - Local investing

Easy monetary policy to remain a feature for the foreseeable future

By Londa Nxumalo on 20 Oct 2020

Viewing time: 22 mins 9 seconds

When picking investments for a bond fund, it is important to consider what is going on in the economy, particularly GDP growth, the inflation trajectory and...

Insights categories - Local investing

Anaemic rate environment for money market funds

By Thalia Petousis on 20 Oct 2020

Viewing time: 17 mins 43 seconds

We have undoubtedly entered a difficult period for money market funds, with the overnight repo rate at its lowest in South Africa’s history. Meanwhile, other...

Insights categories - Local investing

The Stable Fund at 20

By Sean Munsie on 16 Oct 2020

Reading time: 10 mins

With an allocation to assets such as equities being key to long-term growth, even for more conservative investors, we believe the Allan Gray Stable Fund...

Insights categories - Local investing

Prospects look promising

By Stephan Bernard and Radhesen Naidoo on 12 Oct 2020

Reading time: 8 mins

Disappointing short-term performance has had a dampening effect on longer-term numbers. Looking at similar periods in our history provides useful context and...

Insights categories - Local investing

Allan Gray Stable Fund turns 20

By Sean Munsie and Duncan Artus on 01 Sep 2020

Reading time: 7 mins

Over the last two decades, the Allan Gray Stable Fund has built a solid track record through dynamic asset allocation, bottom-up stock-picking and mindful ri...

Insights categories - Local investing

Equity Fund update: In pursuit of potential

By Duncan Artus on 03 Aug 2020

Reading time: 9 mins

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...

Insights categories - Local investing

Equity Fund update: Investing amid extreme price moves

By Jacques Plaut on 24 Jul 2020

Reading time: 3 mins

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...

Insights categories - Local investing

Investing during lockdown and beyond

By Duncan Artus on 25 May 2020

Reading time: 4 mins

Sometimes in investing, the best thing to do is nothing. In a presentation to advisers and clients via Zoom webinar, Duncan Artus examined the levels and...

Insights categories - Local investing

Perspectives and portfolio positioning amid COVID-19

By Andrew Lapping on 08 May 2020

Reading time: 6 mins

The world as we know it has changed dramatically over the last two months, with the COVID-19 pandemic and lockdown strategies causing extreme volatility on t...

Insights categories - Local investing

Positioning our portfolios for growth beyond COVID-19

By Andrew Lapping on 23 Apr 2020

Reading time: 12 mins

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...

Insights categories - Local investing

Should you invest in bonds?

By Londa Nxumalo on 29 Jan 2020

Reading time: 7 mins

The recent performance of South African bonds – which have outperformed cash and equities over three and five years – has prompted investors to ask whether...

Insights categories - Local investing

In pursuit of undervalued assets

By Andrew Lapping on 23 Jan 2020

Reading time: 8 mins

The South African equity market returned 12% in 2019, after being saved at the death by December’s 3.3% return. However, this pales in comparison to the 28%...

Insights categories - Local investing

Two decades for the Allan Gray Balanced Fund

By Duncan Artus on 07 Nov 2019

Reading time: 7 mins

The Allan Gray Balanced Fund celebrated its 20-year anniversary on 1 October 2019. The local industry looks vastly different today to how it looked two decad...

Insights categories - Local investing

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

By Duncan Artus on 30 Jul 2019

Reading time: 4 mins

Not quite, says Duncan Artus.

Insights categories - Local investing

Is it 2002 all over again? Not quite

By Duncan Artus on 29 Jul 2019

Reading time: 6 mins

Domestically focused shares that are exposed to the local economy have underperformed the overall market. Duncan Artus investigates whether the current...

Insights categories - Local investing

Valuations matter

By Andrew Lapping on 11 Jun 2019

Reading time: 12 mins

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

Insights categories - Local investing

Balanced Fund update: An improved opportunity set

By Andrew Lapping on 03 May 2019

Reading time: 4 mins

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...

Insights categories - Local investing

Stable Fund: Are we meeting our objectives?

By Stephan Bernard and Radhesen Naidoo on 29 Apr 2019

Reading time: 11 mins

The investment environment over the last few years has been particularly challenging, causing the Stable Fund’s return to be more volatile than it has been...

Insights categories - Local investing

Is a money market fund right for you right now?

By Earl Van Zyl on 05 Apr 2019

Reading time: 5 mins

Money market unit trusts have become popular as they appear to provide a safe, secure and reliable haven for your investments. During times with extreme...

Insights categories - Local investing

The dash for cash

By Duncan Artus and Nathan Wridgway on 28 Feb 2019

Reading time: 4 mins

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...

Insights categories - Local investing

The year of payback

By Duncan Artus on 15 Feb 2019

Reading time: 4 mins

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....

Insights categories - Local investing

Equity Fund update: Taking a look at British American Tobacco

By Ruan Stander on 08 Feb 2019

Reading time: 3 mins

2018 was a disappointing year for South African equity investors, with the FTSE/ JSE All Share Index returning -9%. The good news is that based on our resear...

Insights categories - Local investing

Is it time to invest in listed property?

By Mark Dunley-Owen on 25 Jan 2019

Reading time: 10 mins

There is a perception that we do not regard listed property as an attractive investment for our clients. This is not the case. It is, however, true that our...

Insights categories - Local investing

The upside of down markets

By Andrew Lapping on 11 Jan 2019

Reading time: 7 mins

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...

Insights categories - Local investing

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

Reading time: 6 mins

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...

Insights categories - 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...

Insights categories - 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...

Insights categories - 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...

Insights categories - 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?

Insights categories - 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...

Insights categories - 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...

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