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Allan Gray Stable Fund

Code: AGSF

Overview of Allan Gray Stable Fund

The Fund invests in a mix of shares, bonds, property, commodities and cash. The Fund can invest a maximum of 45% offshore. The Fund typically invests the bulk of its foreign allowance in a mix of funds managed by Orbis Investment Management Limited, our offshore investment partner. The maximum net equity exposure of the Fund is 40%. The Fund’s net equity exposure may be reduced from time to time using exchange-traded derivative contracts on stock market indices. The Fund is managed to comply with the investment limits governing retirement funds. Returns are likely to be less volatile than those of an equity-only fund or a balanced fund.

Fund performance

Source: Profile Data

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Suitable for investors who...

  •  Are risk-averse and require a high degree of capital stability
  • Seek both above-inflation returns over the long term, and capital preservation over any two-year period
  • Require some income but also some capital growth
  • Wish to invest in a unit trust that complies with retirement fund investment limits

Benchmark

The Fund’s benchmark is the daily interest rate, as supplied by FirstRand Bank Limited, plus 2%.

Strategy of Allan Gray Stable Fund

A major portion of the Fund is typically invested in money market instruments. Allan Gray seeks  to deploy the Fund’s cash by investing in shares when they can be bought at a significant discount to their intrinsic value. They thoroughly research companies to assess their intrinsic value from a long-term perspective. This long-term perspective enables them to buy shares which are shunned by the stock market because of their unexciting or poor short-term prospects, but which are relatively attractively priced if one looks to the long term. If the stock market offers few attractive shares, they may allocate a low weight to shares or partially hedge the Fund’s stock market exposure in consideration of the Fund’s capital preservation objectives. The Fund may also invest in bonds, property and commodities. The Fund’s bond and money market investments are actively managed.

Fund Managers

Duncan Artus

Duncan Artus

Sean Munsie

Tim Acker

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