Allan Gray Equity Fund

The Allan Gray Equity Fund invests primarily in shares listed on the Johannesburg Stock Exchange (JSE). The Fund can invest a maximum of 45% offshore. The Fund invests the bulk of its foreign allowance in equity funds managed by Orbis Investment Management Limited, their offshore investment partner. The Fund is typically fully invested in shares. Returns are likely to be volatile, especially over the short-medium-term.

• Seek exposure to listed equities to provide long-term capital growth
• Are comfortable with stock market fluctuations in the short- to medium-term
• Are prepared to accept the risk of capital loss
• Typically have an investment horizon of more than five years

South African Multi-Asset High Equity Market Value-Weighted Average (Excluding Allan Gray funds).

The Allan Gray Equity Fund seeks to buy shares offering the best relative value while maintaining a diversified portfolio. They thoroughly research companies to assess their intrinsic value from a long-term perspective. This long-term perspective enables the managers to buy shares from sellers who overreact to short-term difficulties or undervalue long-term potential. The Fund invests in a selection of shares across all sectors of the stock market and the range of large, mid and smaller-cap shares