Mark Dunley-Owen
Articles by Mark Dunley-Owen
Orbis: Our perspective on developed market bond yields
Bonds are typically included in an investment portfolio to provide diversification and deliver yield. Developed market bonds are currently offering much lowe...
African sovereign debt: Is a reality check looming?
Despite deteriorating economic fundamentals, Africa’s financial markets made a remarkable recovery in 2020. Mark Dunley-Owen discusses the price distortion i...
The end of the free lunch
There is no such thing as a free lunch. Yet recent times have provided South African savers with something close to this, as risk-free returns from money...
Is it time to invest in listed property?
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...
Money Market Fund update: Lower yields suggest lower future money market returns
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...
If South Africa was a company would you include it in your portfolio?
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...
Stable Fund update: Finding value in SA equities
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...
Should you have bonds in your portfolio?
Bonds are boring, or so the saying goes. A better interpretation is that bond returns are less volatile than equity returns, most of the time...
Stable Fund update: How to invest in ‘interesting’ times
‘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...
Commodities: Opportunity or risk?
We are ‘bottom-up’ investors who pay more attention to valuations than to macroeconomic forecasts. We do extensive research to calculate what we believe is...
South African Banks: Do valuations support the risks?
There has been much volatility in the banking sector over the last few months: Barclays is exiting Africa, Old Mutual may be selling its stake in Nedbank,...
Standard Bank: Has anything changed?
Standard Bank is a Top Five holding in the Allan Gray Equity and Balanced Funds. Mark Dunley-Owen discusses why we believe it is an attractive investment for...
An alternative view of commodity demand and supply
In Quarterly Commentary 1, 2011 Sandy McGregor discussed how high commodity prices are being supported by the mining sector's inability to keep pace with...
