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Publications
Quarterly Commentary
This quarterly publication contains a range of in-depth articles on the investments we make on your behalf, our funds, products and other personal finance matters.
- 2025-Q2
- 2025-Q1
- 2024-Q4
- 2024-Q3
- 2024-Q2
- 2024-Q1
- 2023-Q4
- 2023-Q3
- 2023-Q2
- 2023-Q1
- 2022-Q4
- 2022-Q3
- 2022-Q2
- 2022-Q1
- 2021-Q4
- 2021-Q3
- 2021-Q2
- 2021-Q1
- 2020-Q4
- 2020-Q3
- 2020-Q2
- 2020-Q1
- 2019-Q4
- 2019-Q3
- 2019-Q2
- 2019-Q1
- 2018-Q4
- 2018-Q3
- 2018-Q2
- 2018-Q1
- 2017-Q4.PDF
- 2017-Q3
- 2017-Q2
- 2017-Q1
- 2016-Q4
- 2016-Q3
- 2016-Q2
- 2016-Q1
- 2015-Q4
- 2015-Q3
- 2015-Q2
- 2015-Q1
- 2014-Q4
- 2014-Q3
- 2014-Q2
- 2014-Q1
- 2013-Q4
- 2013-Q3
- 2013-Q2
- 2013-Q1
- 2012-Q4
- 2012-Q3
- 2012-Q2
- 2012-Q1
- 2011-Q4
- 2011-Q3
- 2011-Q2
- 2011-Q1
- 2010-Q4
- 2010-Q3
- 2010-Q2
- 2010-Q1
- 2009-Q4
- 2009-Q3
- 2009-Q2
- 2009-Q1
- 2008-Q4
- 2008-Q3
- 2008-Q2
- 2008-Q1
- 2007-Q4
- 2007-Q3
- 2007-Q2
- 2007-Q1
- 2006-Q4
- 2006-Q3
- 2006-Q2
- 2006-Q1
- 2005-Q4
- 2005-Q3
- 2005-Q2
- 2005-Q1
- 2004-Q4
- 2004-Q3
- 2004-Q2
- 2004-Q1
- 2003-Q4
- 2003-Q3
- 2003-Q2
- 2003-Q1
- 2002-Q4
- 2002-Q3
- 2002-Q2
- 2002-Q1
- 2001-Q4
- 2001-Q3
- 2001-Q2
- 2001-Q1
- 2000-Q4
- 2000-Q3
- 2000-Q2
GrayIssue
This monthly one-page newsletter covers a topic of interest ranging from investment behaviour to fund news and investment commentary.
- Issue 304 - Sandy McGregor, South Africa’s 3 percent inflation target
- Issue 303 - Meagan Fraser, Navigating the 2025 tax-filing season
- Issue 298 - Duncan Artus, 2025 Risk remains heightened around the world
- Issue 294 - Raine Adams, Seeking a bridge for South Africa’s troubled waters
- Issue 292 - Vuyo Mroxiso, Introducing the Allan Gray Interest Fund and the Allan Gray Income Fund
- Issue 290 - Carrie Norden, Tips to help you get on top of your tax return this year
- Issue 287 - Introducing the Orbis SICAV Global Cautious Fund
- Issue 285 - Build a legacy with the Allan Gray Offshore Endowment
- Issue 283 - Duncan Artus, What will the election year hold
- Issue 279 - Jaya Leibowitz, Part 2 - The two-pot system – what we know for now
- Issue 280 - Jaya Leibowitz, Part 3 - The two-pot system and your savings withdrawal benefit
- Issue 278 - Richard Carter, Part 1 - Challenges and opportunities with South Africa’s retirement fund system
- Issue 276 - Alix Moreillon, Part 4 - Beneficiary payments to foreign bank accounts after death
- Issue 275 - Alix Moreillon, Part 3 - The lowdown on living annuity income payments to foreign bank accounts
- Issue 273 - Carla Rossouw, Part 1 - Understanding your tax obligations on leaving South Africa
- Issue 274 - Ebrahim Southgate, Part 2 - Unpacking South African tax obligations for non-resident living annuitants
- Issue 271 - Meagan Fraser, Are you ready for the 2023 tax-filing season
- Issue 267 - Carrie Norden, Unpacking the changes to the retirement fund lump sum tax tables
- Issue 265 - Sandy McGregor and Daniel van Andel, The consequences of South Africa's greylisting
- Issue 263 - Duncan Artus, Was 2022 a secular turning point and if so, what does it mean for the years ahead
- Issue 261 - Duncan Artus, How to invest in a changing world
- Issue 255 - Liezl Alberts, Are you ready for the 2022 modernised tax-filing season
- Issue 254 - Thalia Petousis, Food price inflation Are we watching “That ‘70s Show”
- Issue 253 - Horacia Naidoo-McCarthy, What price are we paying for the Russia-Ukraine conflict
- Issue 252 - Jacques Plaut, Understanding the impact of the Ukraine crisis on your investments
- Issue 251 - Carla Rossouw, How to maximise tax benefits before the end of February
- Issue 250 - Duncan Artus, Preparing for more uncertainty and volatility
- Issue 248 - Thalia Petousis and Rob Perrone, How to make sense of the current inflationary environment
- Issue 247 - Rory Kutisker-Jacobson, It’s the price you pay that matters
- Issue 246 - Duncan Artus, Active management - Potential for a comeback in a divided inflationary world
- Issue 245 - Carla Rossouw and Jaya Leibowitz, Understand the new rules around citizenship, exchange control and tax residency
- Issue 244 - Liezl Alberts, Do I need to file an income tax return for the 2021 tax year
- Issue 243 - Raine Naude, Our latest Stewardship and Business Sustainability Reports
- Issue 242 - Jacques Plaut, In pursuit of value
- Issue 241 - Sean Munsie and Tamryn Lamb, How not to succumb to chasing the money
- Issue 239 - Duncan Artus, Investment update - Taking advantage of disparities in the market
- Issue 238 - Shaun Duddy, Changes to provident and provident preservation funds - What will they mean for members
- Issue 237 - Braam Visser, Predicting the unpredictable
- Issue 236 - Stephan Bernard and Radhesen Naidoo, Flagship funds - Prospects look promising
- Issue 235 - Rory Kutisker-Jacobson, Do fundamentals still matter
- Issue 234 - Sandy McGregor, Will prescribed assets be used as a policy tool
- Issue 232 - Carrie Norden, Should I file a tax return for the 2020 tax year
- Issue 230 - Andrew Lapping, Opinion Counting the economic cost of South Africa’s lockdown
- Issue 226 - Radhesen Naidoo, Orbis Performance and positioning during COVID-19
- Issue 225 - Andrew Lapping, Coronavirus Taking stock of the state of the markets
- Issue 224 - Andrew Lapping, Making sense of current market conditions
- Issue 223 - Carla Rossouw, New tax laws for expats
- Issue 222 - Carrie Norden, Making the most of personal tax incentives
- Issue 221 - Andrew Lapping, In pursuit of undervalued assets
- Issue 220 - Carrie Furman, Facing the facts around retrenchment
- Issue 219 - Braam Visser, How to implement your New Year’s resolutions
- Issue 218 - Duncan Artus, Two decades for the Allan Gray Balanced Fund
- Issue 217 - Kevin Feather, Manage the investor not the investment
- Issue 216 - Tamryn Lamb, How bias can sink your investment success
- Issue 215 - Lettie Mzwinila, How to get into the habit of saving this savings month
- Issue 214 - Vuyo Nogantshi, Is your portfolio overly concentrated
- Issue 213 - Lettie Mzwinila, How you can influence your investment outcomes
- Issue 212 - Duncan Artus and Nathan Wridgway, The dash for cash
- Issue 211 - Carrie Furman, Is there any tax benefit in saving over the annual tax deductible amount towards retirement
- Issue 210 - Ciani Gower, Give your finances a fresh start
- Issue 209 - Andrew Lapping, Understanding underperformance
- Issue 208 - Lettie Mzwinila, How to approach your finances this festive season
- Issue 207 - Catherine Robberts, Is cash king
- Issue 206 - Belinda Carbutt, How to prevent a financial day zero
- Issue 205 - Carrie Furman, Why retirement contributions don't reduce the tax you pay on capital gains
- Issue 204 - Sonja Smit, Prioritise your dependants and loved ones during National Wills Week
- Issue 203 - Andrew Lapping, How to thrive in choppy markets
- Issue 202 - Lettie Mzwinila, Go on, take a financial wellness day off
- Issue 201 - Duncan Artus, Are you overly exposed to China
- Issue 200 - Andrew Lapping, Finding opportunity in the volatility
- Issue 199 - Mthobisi Mthimkhulu, How to pave the way for better decisions
- Issue 198 - Nick Ndiritu, Demystifying Africa’s debt markets
- Issue 197 - Andrew Lapping, Investment lessons from 2017
- Issue 196 - Andrew Lapping, How has your investment been impacted by the fall in the price of Steinhoff
- Issue 195 - Jeanette Marais, How to tame temptations
- Issue 194 - Carla Rossouw, What taxes do I pay when I invest offshore
- Issue 193 - Andrew Lapping and Todd Buchholz, Is now the time to invest
- Issue 192 - Carrie Furman, Retiring or withdrawing Think carefully before sending us the form
- Issue 191 - Nick Ndiritu, Value investing in Nigeria
- Issue 190 - Jeanette Marais, How to cope with ongoing uncertainty
- Issue 189 - Sandy McGregor, South Africa at a political crossroad
- Issue 188 - Andrew Lapping, Net1 - Do the right thing
- Issue 187 - Rob Dower, Clarifying our position on Net1
- Issue 186 - Carrie Furman, Let SARS help you pay for retirement
- Issue 185 - Andrew Lapping, Keep calm and carry on investing
- Issue 184 - Simon Mawhinney, Something has got to give
- Issue 183 - Bekithemba Mafulela, Primed for the windfall
- Issue 182 - Simon Raubenheimer, Did we get lucky
- Issue 181 - Michael Summerton, Fee transparency delivers value for your money
- Issue 180 - Bekithemba Mafulela, Are you a saver or a borrower
- Issue 179 - Duncan Artus, Managing portfolios in times of uncertainty
- Issue 178 - Mark Dunley-Owen, Commodities Opportunity or risk
- Issue 177 - Ian Liddle, Annual report from the outgoing chief investment officer
- Issue 176 - Jeanette Marais, 2015 and 2016 tax breaks
- Issue 175 - Richard Carter, Launching the Allan Gray Tax-Free Balanced Fund
- Issue 174 - Carla Rossouw, More for the future you, less for the tax man
- Issue 173 - Rob Dower, Interim investor update
- Issue 172 - Carla Rossouw, Your minor children and the taxman
- Issue 171 - Jeanette Marais, Tales of rice and rewards
- Issue 170 - Tamryn Lamb, A tale of two crises
- Issue 169 - Dr Suhas Nayak, Avoiding the overwhelming bias for action
- Issue 168 - Chris Tisdall, Life in a month
- Issue 167 - Jeanette Marais, Are we snookering ourselves with confirmation bias
- Issue 166 - Andrew Lapping, The sentiment pendulum
- Issue 165 - Carla Rossouw, Convert part of your tax bill into retirement savings
- Issue 164 - Ian Liddle, What do low bond yields mean for South African investors
- Issue 163 - Chris Tisdall, Tomorrow versus today
- Issue 162 - Richard Carter, Regulatory update
- Issue 161 - Andrew Lapping, The Allan Gray Bond Fund
- Issue 160 - Anna Lopatnikova, Equity investing in an unpredictable world
- Issue 159 - Ian Liddle and Andrew Lapping, The impact of events relating to African Bank
- Issue 158 - Jeanette Marais, Are you investment goals, products and expectations suitably aligned
- Issue 157 - Fiona Jeffery, How active is your manager
- Issue 156 - Tamryn Lamb, Introducing the Orbis Global Balanced Fund
- Issue 155 - Carla Rossouw, Retirement fund withdrawals and tax
- Issue 154 - Seema Dala, How to access investment opportunities in Asia
- Issue 153 - Shaun Duddy, Consider your lifestyle inflation when saving for retirement
- Issue 152 - Richard Carter and Johann Grandia, Accessing foreign investment opportunities
- Issue 151 - Ian Liddle, Time to review your equity exposure
- Issue 150 - Thandi Ngwane, Do you need a financial check-up
- Issue 149 - Sonja Smit, What happens to your retirement fund benefits when you die
- Issue 148 - Jeanette Marais, Fund ratings
- Issue 147 - Tracy Hirst, The variability of unit trust returns
- Issue 146 - Duncan Artus, A simple checklist for domestic asset allocation
- Issue 145 - Richard Carter, Rebates versus clean pricing
- Issue 144 - Thandi Ngwane, July is savings month - a good time to reassess your spending decisions
- Issue 143 - Jeanette Marais, Adding fund ratings to our offshore platform
- Issue 142 - Simon Marais, Australian exposure - an interesting opportunity
- Issue 141 - Rory Maguire, How to select the right investment manager
- Issue 140 - Wanita Isaacs, February - a good month to review your retirement plans
- Issue 139 - Ian Liddle, Not the time to relax risk appetite
- Issue 138 - Jeanette Marais and Carl Richards, Make financial planning a priority in 2013
- Issue 137 - Simon Raubenheimer, Message from our top 10 equity holdings
- Issue 136 - Richard Carter, Make sustainability a priority when planning your retirement income
- Issue 135 - Rob Formby, A balancing act
- Issue 134 - Jeanette Marais and Carl Richards, Logic fails to prevail in investment decision making
- Issue 133 - Shaun Duddy, The cost of waiting to save
- Issue 132 - Johan de Lange, New geography, more of the same investment philosophy
- Issue 131 - Duncan Artus, The trend is your friend till it bends at the end
- Issue 130 - Johann Grandia, The real effect of dividend withholding tax
- Issue 129 - Andrew MacFarlane and Fiona Jeffrey, Investment returns do not come in a straight line
- Issue 128 - Carla Rossouw, Dividend withholding tax increases 15 percent
- Issue 127 - Christo Terblanche, Retirement annuities
- Issue 126 - Ian Liddle, Looking back on 2011 and preparing for the years ahead
- Issue 125 - Rob Formby, Delayed gratification is priceless
- Issue 124 - Jeanette Marais, Use your head and not your heart and think long term
- Issue 123 - Jeanette Marais, It is worthwhile starting to save early - a little can go a long way
- Issue 122 - Delphine Govender, What we know for sure
- Issue 121 - Henk Pieterse, Facelift for Allan Gray fund factsheets
- Issue 120 - Duncan Artus, Can the level of interest rates be used to reliably predict investment returns
- Issue 119 - Chris du Toit, Can a share be geographically undesirable
- Issue 118 - Christo Terblanche, Clarity on the new retirement fund regulations
- Issue 117 - Christo Terblanche, Working with the new retirement fund regulations
- Issue 116 - Craig Bodenstab, Jonathan Brodie and Rob Dower - Japanese earthquake - 11 March 2011
- Issue 115 - Jeanette Marais, Think twice before cashing in retirement savings before you retire
- Issue 114 - Rob Formby, Retirement takes planning
- Issue 113 - Duncan Artus, Examining the value in South African equities over time
- Issue 112 - Ian Liddle, Allan Gray Stable Fund
- Issue 111 - Jeanette Marais, To have and to hold
- Issue 110 - Chris du Toit, Orbis funds
- Issue 109 - Richard Carter, The risk that doesn’t discriminate
- Issue 108 - Jonathan Turner, Last will and testament - not necessarily done and dusted
- Issue 107 - Rob Formby, July is savings month - a good time to start saving effectively
- Issue 106 - Chris du Toit, An opportune time to use available foreign capacity
- Issue 105 - Ian Liddle and Henk Pieterse, Reporting asset allocation in the balanced and stable funds
- Issue 104 - Duncan Artus, Insuring your investment portfolio
- Issue 103 - Richard Carter, Launch of the Allan Gray-Orbis Global Optimal Fund of Funds
- Issue 102 - Johan de Lange, One of the keys to long-term wealth creation is preserving capital
- Issue 101 - Rob Formby, February - the end of the tax year and the opportunity to make use
- Issue 100 - Ian Liddle, The bubble decade
- Issue 99 - Delphine Govender, The risk or risk trade-off
- Issue 98 - Chris du Toit, Opportunity knocks offshore
- Issue 97 - Jeanette Marais and Richard Carter, Allan Gray Balanced fund turns 10
- Issue 96 - Andrew Lapping, Managing the Allan Gray Bond Fund for total return
- Issue 95 - Lindy du Plessis, Why we remain cautious on prospective real local equity market returns
- Issue 94 - Rob Formby, July is savings month - July is savings month - a great time to start investing
- Issue 93 - Johan de Lange, The benefits of combining your retirement savings and transfers from UK
- Issue 92 - Andrew Lapping, Bonds and money market assets - the difference is in the detail
- Issue 91 - Richard Carter, Making better long-term investment decisions
- Issue 90 - Richard Carter, What a difference an endowment can make
- Issue 89 - Johan de Lange, Dont neglect your retirement savings in these tough economic times
- Issue 88 - Ian Liddle, Three themes to watch in 2009
- Issue 87 - Shannon Edwards, Plain language aims to remove complexity, improve
- Issue 86 - Duncan Artus, Volatile market presents equity buying opportunities
- Issue 85 - Simon Raubenheimer, Remgro and Richemont restructuring unlocks value
- Issue 84 - Sandy McGregor, History suggests there will be light at the end of the tunnel
- Issue 83 - Duncan Artus, A simple, quantitative view of the future
- Issue 82 - Johan de Lange, Take the emotion out of your investment decisions
- Issue 81 - Mahesh Cooper, Look through cycles to gain a long-term perspective on investing offshore
- Issue 80 - Johan de Lange, New funds on the investment platform
- Issue 79 - Delphine Govender, Optimise your returns in uncertain times
- Issue 78 - Andrew Lapping, Comment on positioning in Anglo American and BHP Billiton
- Issue 77 - Johan de Lange, New offshore funds are now available on the Allan Gray Investment
- Issue 76 - Richard Carter, Unit trust-based retirement annuities, Flexible, tax-efficient
- Issue 75 - Johan de Lange, New ACI categories from 1 January 2008 affect the Allan Gray Balanced
- Issue 74 - Andrew Lapping, The Allan Gray Money Market Fund
- Issue 73 - Mahesh Cooper, Positioning the Allan Gray-Orbis Global Fund of Funds
- Issue 72 - Simon Raubenheimer, British American Tobacco
- Issue 71 - Abdul Davids, European Union Sugar Reform
- Issue 70 - Ian Liddle, Beer, Cigarettes and Cell-phones
- Issue 69 - Greg Fury, Reputation is key
- Issue 68 - Duncan Artus, A different take on value
- Issue 67 - Michal Nosek, Sanlam
- Issue 66 - Sandy McGregor, South Africa in the context of global emerging market trends
- Issue 65 - Johan de Lange, Total expense ratios
- Issue 64 - Duncan Artus, Allan Gray supports significantly amended Shoprite offer
- Issue 63 - Duncan Artus, Private equity is a good thing
- Issue 62 - John Rainier, Allan Gray Property
- Issue 61 - Mahesh Cooper, The Allan Gray Stable Fund through different market conditions
- Issue 60 - Michael Moyle, The Allan Gray Money Market Fund
- Issue 59 - Ian Liddle, Why do we still own the platinum miners
- Issue 58 - Abdul Davids, The multiplier effect of free cashflow
- Issue 57 - Johan de Lange, Living annuities
- Issue 56 - Delphine Govender, The Allan Gray Optimal Fund
- Issue 55 - Sandy McGregor, The role of winter in a garden
- Issue 54 - Ian Liddle, Its choice - not chance - that determines your destiny
- Issue 53 - Mahesh Cooper, Capitalising on international opportunities
- Issue 52 - Johan de Lange, The benefits of using unit trusts for retirement planning
- Issue 51 - Greg Fury, Income funds - a good idea for conservative investors
- Issue 50 - Johan de Lange, A little goes a long way - the power of compound growth on your savings
- Issue 49 - Johan de Lange, Allan Gray individual life and retirement products
- Issue 48 - Johan de Lange, Allan Gray offers offshore and local funds on one investment platform
- Issue 47 - Stephen Mildenhall, The stable fund at five
- Issue 46 - Greg Fury, Back to basics with retirement annuities
- Issue 45 - Johan de Lange, Allan Gray launches a retail investment platform
- Issue 44 - Sandy McGregor, Economic discipline has its reward
- Issue 43 - Johan de Lange, New retail funds
- Issue 42 - Heaton van der Linde, On the contrary
- Issue 41 - Arjen Lugtenburg, From 2004 and into 2005
- Issue 40 - Anne Mayers, 2004 - A review
- Issue 39 - Arjen Lugtenburg, Allan Gray Balanced Fund turns 5
- Issue 38 - Stephen Mildenhall, The Allan Gray Optimal Fund
- Issue 37 - Johan de Lange, Allan Gray launches a bond fund
- Issue 36 - Johan de Lange, Reduction in fees
- Issue 35 - Greg Fury, Understanding performance in the current environment
- Issue 34 - Stephen Mildenhall, A closer look at the equity fund’s top holdings
- Issue 33 - Johan de Lange, Be realistic about returns
- Issue 32 - Barend Ritter, Changing boundaries
- Issue 31 - Stephen Mildenhall, The disparity in value within the market
- Issue 30 - Barend Ritter, Retirement annuities still offer exciting tax benefits
- Issue 29 - Arjen Lugtenburg, Outlook on 2004
- Issue 28 - Barend Ritter, An opportunity for retired people to reduce tax payable
- Issue 27 - Johan de Lange, The equity fund turns 5
- Issue 26 - Barend Ritter, How to structure your investment strategy close to retirement
- Issue 25 - Stephen Mildenhall and Julie Campbell, The higher than normal cash component in the
- Issue 24 - Richard Bedford, Introducing the Allan Gray Endowment
- Issue 23 - Johan de Lange, Sanlam or Allan Gray Relative Equity Fund
- Issue 22 - Michael Moyle, Allan Gray Money Market Fund
- Issue 21 - Arjen Lugtenburg, A longer term perspective of the South African equity market
- Issue 20 - Duncan Artus and Stephen Mildenhall, Is there value in South African equities
- Issue 19 - Sandy McGregor and Stephen Mildenhall, Currently, the subject of gold is not only a topical
- Issue 18 - Craig Bodenstab, Where do absolute return funds belong
- Issue 17 - Simon Marais, Is there value left in the cycle
- Issue 16 - Craig Bodenstab, Orbis Global Equity Fund receives SandP AAA rating
- Issue 15 - Johan de Lange, Try this for optimal results
- Issue 14 - Mark Herdman, Next week is savings week
- Issue 13 - Sandy, Cautious optimism
- Issue 12 - Simon Marais, High risk vs high reward
- Issue 11 - Mark Herdman, The importance of understanding periods of underperformance
- Issue 10 - Stephen Mildenhall, Things are looking up
- Issue 9 - Jack Mitchell and Edgar Loxton, Strengthening the international link
- Issue 8 - Arjen Lugtenburg, Index history is opportunity for investors
- Issue 7 - Johan de Lange, 2001 in perspective
- Issue 6 - Arjen Lugtenburg, Fourth quarter 2001
- Issue 5 - Stephen Mildenhall, Position is everything
- Issue 4 - Simon Marais, Allan Gray Equity Fund - Does size matter
- Issue 3 - Jack Mitchell, SandP index
- Issue 2 - Mark Herdman, September US crisis
- Issue 1 - Sandy McGregor
Annual Reports
The annual report is an overview of the performance of our unit trusts, which includes performance figures, financial statements and a summary of distributions.
- 2024 Annual Report
- 2023 Annual Report
- 2022 Annual Report
- 2021 Annual Report
- 2020 Annual Report
- 2019 Annual Report
- 2018 Annual Report
- 2017 Annual Report
- 2016 Annual Report
- 2015 Annual Report
- 2014 Annual Report
- 2013 Annual Report
- 2012 Annual Report
- 2011 Annual Report
- 2010 Annual Report
- 2009 Annual Report
- 2008 Annual Report
- 2007 Annual Report
- 2006 Annual Report
- 2005 Annual Report
- 2004 Annual Report
- 2003 Annual Report
- 2002 Annual Report
- 2001 Annual Report
- 2000 Annual Report
- 1999 Annual Report
- 2025-Q2
- 2025-Q1
- 2024-Q4
- 2024-Q3
- 2024-Q2
- 2024-Q1
- 2023-Q4
- 2023-Q3
- 2023-Q2
- 2023-Q1
- 2022-Q4
- 2022-Q3
- 2022-Q2
- 2022-Q1
- 2021-Q4
- 2021-Q3
- 2021-Q2
- 2021-Q1
- 2020-Q4
- 2020-Q3
- 2020-Q2
- 2020-Q1
- 2019-Q4
- 2019-Q3
- 2019-Q2
- 2019-Q1
- 2018-Q4
- 2018-Q3
- 2018-Q2
- 2018-Q1
- 2017-Q4.PDF
- 2017-Q3
- 2017-Q2
- 2017-Q1
- 2016-Q4
- 2016-Q3
- 2016-Q2
- 2016-Q1
- 2015-Q4
- 2015-Q3
- 2015-Q2
- 2015-Q1
- 2014-Q4
- 2014-Q3
- 2014-Q2
- 2014-Q1
- 2013-Q4
- 2013-Q3
- 2013-Q2
- 2013-Q1
- 2012-Q4
- 2012-Q3
- 2012-Q2
- 2012-Q1
- 2011-Q4
- 2011-Q3
- 2011-Q2
- 2011-Q1
- 2010-Q4
- 2010-Q3
- 2010-Q2
- 2010-Q1
- 2009-Q4
- 2009-Q3
- 2009-Q2
- 2009-Q1
- 2008-Q4
- 2008-Q3
- 2008-Q2
- 2008-Q1
- 2007-Q4
- 2007-Q3
- 2007-Q2
- 2007-Q1
- 2006-Q4
- 2006-Q3
- 2006-Q2
- 2006-Q1
- 2005-Q4
- 2005-Q3
- 2005-Q2
- 2005-Q1
- 2004-Q4
- 2004-Q3
- 2004-Q2
- 2004-Q1
- 2003-Q4
- 2003-Q3
- 2003-Q2
- 2003-Q1
- 2002-Q4
- 2002-Q3
- 2002-Q2
- 2002-Q1
- 2001-Q4
- 2001-Q3
- 2001-Q2
- 2001-Q1
- 2000-Q4
- 2000-Q3
- 2000-Q2
- Issue 304 - Sandy McGregor, South Africa’s 3 percent inflation target
- Issue 303 - Meagan Fraser, Navigating the 2025 tax-filing season
- Issue 298 - Duncan Artus, 2025 Risk remains heightened around the world
- Issue 294 - Raine Adams, Seeking a bridge for South Africa’s troubled waters
- Issue 292 - Vuyo Mroxiso, Introducing the Allan Gray Interest Fund and the Allan Gray Income Fund
- Issue 290 - Carrie Norden, Tips to help you get on top of your tax return this year
- Issue 287 - Introducing the Orbis SICAV Global Cautious Fund
- Issue 285 - Build a legacy with the Allan Gray Offshore Endowment
- Issue 283 - Duncan Artus, What will the election year hold
- Issue 279 - Jaya Leibowitz, Part 2 - The two-pot system – what we know for now
- Issue 280 - Jaya Leibowitz, Part 3 - The two-pot system and your savings withdrawal benefit
- Issue 278 - Richard Carter, Part 1 - Challenges and opportunities with South Africa’s retirement fund system
- Issue 276 - Alix Moreillon, Part 4 - Beneficiary payments to foreign bank accounts after death
- Issue 275 - Alix Moreillon, Part 3 - The lowdown on living annuity income payments to foreign bank accounts
- Issue 273 - Carla Rossouw, Part 1 - Understanding your tax obligations on leaving South Africa
- Issue 274 - Ebrahim Southgate, Part 2 - Unpacking South African tax obligations for non-resident living annuitants
- Issue 271 - Meagan Fraser, Are you ready for the 2023 tax-filing season
- Issue 267 - Carrie Norden, Unpacking the changes to the retirement fund lump sum tax tables
- Issue 265 - Sandy McGregor and Daniel van Andel, The consequences of South Africa's greylisting
- Issue 263 - Duncan Artus, Was 2022 a secular turning point and if so, what does it mean for the years ahead
- Issue 261 - Duncan Artus, How to invest in a changing world
- Issue 255 - Liezl Alberts, Are you ready for the 2022 modernised tax-filing season
- Issue 254 - Thalia Petousis, Food price inflation Are we watching “That ‘70s Show”
- Issue 253 - Horacia Naidoo-McCarthy, What price are we paying for the Russia-Ukraine conflict
- Issue 252 - Jacques Plaut, Understanding the impact of the Ukraine crisis on your investments
- Issue 251 - Carla Rossouw, How to maximise tax benefits before the end of February
- Issue 250 - Duncan Artus, Preparing for more uncertainty and volatility
- Issue 248 - Thalia Petousis and Rob Perrone, How to make sense of the current inflationary environment
- Issue 247 - Rory Kutisker-Jacobson, It’s the price you pay that matters
- Issue 246 - Duncan Artus, Active management - Potential for a comeback in a divided inflationary world
- Issue 245 - Carla Rossouw and Jaya Leibowitz, Understand the new rules around citizenship, exchange control and tax residency
- Issue 244 - Liezl Alberts, Do I need to file an income tax return for the 2021 tax year
- Issue 243 - Raine Naude, Our latest Stewardship and Business Sustainability Reports
- Issue 242 - Jacques Plaut, In pursuit of value
- Issue 241 - Sean Munsie and Tamryn Lamb, How not to succumb to chasing the money
- Issue 239 - Duncan Artus, Investment update - Taking advantage of disparities in the market
- Issue 238 - Shaun Duddy, Changes to provident and provident preservation funds - What will they mean for members
- Issue 237 - Braam Visser, Predicting the unpredictable
- Issue 236 - Stephan Bernard and Radhesen Naidoo, Flagship funds - Prospects look promising
- Issue 235 - Rory Kutisker-Jacobson, Do fundamentals still matter
- Issue 234 - Sandy McGregor, Will prescribed assets be used as a policy tool
- Issue 232 - Carrie Norden, Should I file a tax return for the 2020 tax year
- Issue 230 - Andrew Lapping, Opinion Counting the economic cost of South Africa’s lockdown
- Issue 226 - Radhesen Naidoo, Orbis Performance and positioning during COVID-19
- Issue 225 - Andrew Lapping, Coronavirus Taking stock of the state of the markets
- Issue 224 - Andrew Lapping, Making sense of current market conditions
- Issue 223 - Carla Rossouw, New tax laws for expats
- Issue 222 - Carrie Norden, Making the most of personal tax incentives
- Issue 221 - Andrew Lapping, In pursuit of undervalued assets
- Issue 220 - Carrie Furman, Facing the facts around retrenchment
- Issue 219 - Braam Visser, How to implement your New Year’s resolutions
- Issue 218 - Duncan Artus, Two decades for the Allan Gray Balanced Fund
- Issue 217 - Kevin Feather, Manage the investor not the investment
- Issue 216 - Tamryn Lamb, How bias can sink your investment success
- Issue 215 - Lettie Mzwinila, How to get into the habit of saving this savings month
- Issue 214 - Vuyo Nogantshi, Is your portfolio overly concentrated
- Issue 213 - Lettie Mzwinila, How you can influence your investment outcomes
- Issue 212 - Duncan Artus and Nathan Wridgway, The dash for cash
- Issue 211 - Carrie Furman, Is there any tax benefit in saving over the annual tax deductible amount towards retirement
- Issue 210 - Ciani Gower, Give your finances a fresh start
- Issue 209 - Andrew Lapping, Understanding underperformance
- Issue 208 - Lettie Mzwinila, How to approach your finances this festive season
- Issue 207 - Catherine Robberts, Is cash king
- Issue 206 - Belinda Carbutt, How to prevent a financial day zero
- Issue 205 - Carrie Furman, Why retirement contributions don't reduce the tax you pay on capital gains
- Issue 204 - Sonja Smit, Prioritise your dependants and loved ones during National Wills Week
- Issue 203 - Andrew Lapping, How to thrive in choppy markets
- Issue 202 - Lettie Mzwinila, Go on, take a financial wellness day off
- Issue 201 - Duncan Artus, Are you overly exposed to China
- Issue 200 - Andrew Lapping, Finding opportunity in the volatility
- Issue 199 - Mthobisi Mthimkhulu, How to pave the way for better decisions
- Issue 198 - Nick Ndiritu, Demystifying Africa’s debt markets
- Issue 197 - Andrew Lapping, Investment lessons from 2017
- Issue 196 - Andrew Lapping, How has your investment been impacted by the fall in the price of Steinhoff
- Issue 195 - Jeanette Marais, How to tame temptations
- Issue 194 - Carla Rossouw, What taxes do I pay when I invest offshore
- Issue 193 - Andrew Lapping and Todd Buchholz, Is now the time to invest
- Issue 192 - Carrie Furman, Retiring or withdrawing Think carefully before sending us the form
- Issue 191 - Nick Ndiritu, Value investing in Nigeria
- Issue 190 - Jeanette Marais, How to cope with ongoing uncertainty
- Issue 189 - Sandy McGregor, South Africa at a political crossroad
- Issue 188 - Andrew Lapping, Net1 - Do the right thing
- Issue 187 - Rob Dower, Clarifying our position on Net1
- Issue 186 - Carrie Furman, Let SARS help you pay for retirement
- Issue 185 - Andrew Lapping, Keep calm and carry on investing
- Issue 184 - Simon Mawhinney, Something has got to give
- Issue 183 - Bekithemba Mafulela, Primed for the windfall
- Issue 182 - Simon Raubenheimer, Did we get lucky
- Issue 181 - Michael Summerton, Fee transparency delivers value for your money
- Issue 180 - Bekithemba Mafulela, Are you a saver or a borrower
- Issue 179 - Duncan Artus, Managing portfolios in times of uncertainty
- Issue 178 - Mark Dunley-Owen, Commodities Opportunity or risk
- Issue 177 - Ian Liddle, Annual report from the outgoing chief investment officer
- Issue 176 - Jeanette Marais, 2015 and 2016 tax breaks
- Issue 175 - Richard Carter, Launching the Allan Gray Tax-Free Balanced Fund
- Issue 174 - Carla Rossouw, More for the future you, less for the tax man
- Issue 173 - Rob Dower, Interim investor update
- Issue 172 - Carla Rossouw, Your minor children and the taxman
- Issue 171 - Jeanette Marais, Tales of rice and rewards
- Issue 170 - Tamryn Lamb, A tale of two crises
- Issue 169 - Dr Suhas Nayak, Avoiding the overwhelming bias for action
- Issue 168 - Chris Tisdall, Life in a month
- Issue 167 - Jeanette Marais, Are we snookering ourselves with confirmation bias
- Issue 166 - Andrew Lapping, The sentiment pendulum
- Issue 165 - Carla Rossouw, Convert part of your tax bill into retirement savings
- Issue 164 - Ian Liddle, What do low bond yields mean for South African investors
- Issue 163 - Chris Tisdall, Tomorrow versus today
- Issue 162 - Richard Carter, Regulatory update
- Issue 161 - Andrew Lapping, The Allan Gray Bond Fund
- Issue 160 - Anna Lopatnikova, Equity investing in an unpredictable world
- Issue 159 - Ian Liddle and Andrew Lapping, The impact of events relating to African Bank
- Issue 158 - Jeanette Marais, Are you investment goals, products and expectations suitably aligned
- Issue 157 - Fiona Jeffery, How active is your manager
- Issue 156 - Tamryn Lamb, Introducing the Orbis Global Balanced Fund
- Issue 155 - Carla Rossouw, Retirement fund withdrawals and tax
- Issue 154 - Seema Dala, How to access investment opportunities in Asia
- Issue 153 - Shaun Duddy, Consider your lifestyle inflation when saving for retirement
- Issue 152 - Richard Carter and Johann Grandia, Accessing foreign investment opportunities
- Issue 151 - Ian Liddle, Time to review your equity exposure
- Issue 150 - Thandi Ngwane, Do you need a financial check-up
- Issue 149 - Sonja Smit, What happens to your retirement fund benefits when you die
- Issue 148 - Jeanette Marais, Fund ratings
- Issue 147 - Tracy Hirst, The variability of unit trust returns
- Issue 146 - Duncan Artus, A simple checklist for domestic asset allocation
- Issue 145 - Richard Carter, Rebates versus clean pricing
- Issue 144 - Thandi Ngwane, July is savings month - a good time to reassess your spending decisions
- Issue 143 - Jeanette Marais, Adding fund ratings to our offshore platform
- Issue 142 - Simon Marais, Australian exposure - an interesting opportunity
- Issue 141 - Rory Maguire, How to select the right investment manager
- Issue 140 - Wanita Isaacs, February - a good month to review your retirement plans
- Issue 139 - Ian Liddle, Not the time to relax risk appetite
- Issue 138 - Jeanette Marais and Carl Richards, Make financial planning a priority in 2013
- Issue 137 - Simon Raubenheimer, Message from our top 10 equity holdings
- Issue 136 - Richard Carter, Make sustainability a priority when planning your retirement income
- Issue 135 - Rob Formby, A balancing act
- Issue 134 - Jeanette Marais and Carl Richards, Logic fails to prevail in investment decision making
- Issue 133 - Shaun Duddy, The cost of waiting to save
- Issue 132 - Johan de Lange, New geography, more of the same investment philosophy
- Issue 131 - Duncan Artus, The trend is your friend till it bends at the end
- Issue 130 - Johann Grandia, The real effect of dividend withholding tax
- Issue 129 - Andrew MacFarlane and Fiona Jeffrey, Investment returns do not come in a straight line
- Issue 128 - Carla Rossouw, Dividend withholding tax increases 15 percent
- Issue 127 - Christo Terblanche, Retirement annuities
- Issue 126 - Ian Liddle, Looking back on 2011 and preparing for the years ahead
- Issue 125 - Rob Formby, Delayed gratification is priceless
- Issue 124 - Jeanette Marais, Use your head and not your heart and think long term
- Issue 123 - Jeanette Marais, It is worthwhile starting to save early - a little can go a long way
- Issue 122 - Delphine Govender, What we know for sure
- Issue 121 - Henk Pieterse, Facelift for Allan Gray fund factsheets
- Issue 120 - Duncan Artus, Can the level of interest rates be used to reliably predict investment returns
- Issue 119 - Chris du Toit, Can a share be geographically undesirable
- Issue 118 - Christo Terblanche, Clarity on the new retirement fund regulations
- Issue 117 - Christo Terblanche, Working with the new retirement fund regulations
- Issue 116 - Craig Bodenstab, Jonathan Brodie and Rob Dower - Japanese earthquake - 11 March 2011
- Issue 115 - Jeanette Marais, Think twice before cashing in retirement savings before you retire
- Issue 114 - Rob Formby, Retirement takes planning
- Issue 113 - Duncan Artus, Examining the value in South African equities over time
- Issue 112 - Ian Liddle, Allan Gray Stable Fund
- Issue 111 - Jeanette Marais, To have and to hold
- Issue 110 - Chris du Toit, Orbis funds
- Issue 109 - Richard Carter, The risk that doesn’t discriminate
- Issue 108 - Jonathan Turner, Last will and testament - not necessarily done and dusted
- Issue 107 - Rob Formby, July is savings month - a good time to start saving effectively
- Issue 106 - Chris du Toit, An opportune time to use available foreign capacity
- Issue 105 - Ian Liddle and Henk Pieterse, Reporting asset allocation in the balanced and stable funds
- Issue 104 - Duncan Artus, Insuring your investment portfolio
- Issue 103 - Richard Carter, Launch of the Allan Gray-Orbis Global Optimal Fund of Funds
- Issue 102 - Johan de Lange, One of the keys to long-term wealth creation is preserving capital
- Issue 101 - Rob Formby, February - the end of the tax year and the opportunity to make use
- Issue 100 - Ian Liddle, The bubble decade
- Issue 99 - Delphine Govender, The risk or risk trade-off
- Issue 98 - Chris du Toit, Opportunity knocks offshore
- Issue 97 - Jeanette Marais and Richard Carter, Allan Gray Balanced fund turns 10
- Issue 96 - Andrew Lapping, Managing the Allan Gray Bond Fund for total return
- Issue 95 - Lindy du Plessis, Why we remain cautious on prospective real local equity market returns
- Issue 94 - Rob Formby, July is savings month - July is savings month - a great time to start investing
- Issue 93 - Johan de Lange, The benefits of combining your retirement savings and transfers from UK
- Issue 92 - Andrew Lapping, Bonds and money market assets - the difference is in the detail
- Issue 91 - Richard Carter, Making better long-term investment decisions
- Issue 90 - Richard Carter, What a difference an endowment can make
- Issue 89 - Johan de Lange, Dont neglect your retirement savings in these tough economic times
- Issue 88 - Ian Liddle, Three themes to watch in 2009
- Issue 87 - Shannon Edwards, Plain language aims to remove complexity, improve
- Issue 86 - Duncan Artus, Volatile market presents equity buying opportunities
- Issue 85 - Simon Raubenheimer, Remgro and Richemont restructuring unlocks value
- Issue 84 - Sandy McGregor, History suggests there will be light at the end of the tunnel
- Issue 83 - Duncan Artus, A simple, quantitative view of the future
- Issue 82 - Johan de Lange, Take the emotion out of your investment decisions
- Issue 81 - Mahesh Cooper, Look through cycles to gain a long-term perspective on investing offshore
- Issue 80 - Johan de Lange, New funds on the investment platform
- Issue 79 - Delphine Govender, Optimise your returns in uncertain times
- Issue 78 - Andrew Lapping, Comment on positioning in Anglo American and BHP Billiton
- Issue 77 - Johan de Lange, New offshore funds are now available on the Allan Gray Investment
- Issue 76 - Richard Carter, Unit trust-based retirement annuities, Flexible, tax-efficient
- Issue 75 - Johan de Lange, New ACI categories from 1 January 2008 affect the Allan Gray Balanced
- Issue 74 - Andrew Lapping, The Allan Gray Money Market Fund
- Issue 73 - Mahesh Cooper, Positioning the Allan Gray-Orbis Global Fund of Funds
- Issue 72 - Simon Raubenheimer, British American Tobacco
- Issue 71 - Abdul Davids, European Union Sugar Reform
- Issue 70 - Ian Liddle, Beer, Cigarettes and Cell-phones
- Issue 69 - Greg Fury, Reputation is key
- Issue 68 - Duncan Artus, A different take on value
- Issue 67 - Michal Nosek, Sanlam
- Issue 66 - Sandy McGregor, South Africa in the context of global emerging market trends
- Issue 65 - Johan de Lange, Total expense ratios
- Issue 64 - Duncan Artus, Allan Gray supports significantly amended Shoprite offer
- Issue 63 - Duncan Artus, Private equity is a good thing
- Issue 62 - John Rainier, Allan Gray Property
- Issue 61 - Mahesh Cooper, The Allan Gray Stable Fund through different market conditions
- Issue 60 - Michael Moyle, The Allan Gray Money Market Fund
- Issue 59 - Ian Liddle, Why do we still own the platinum miners
- Issue 58 - Abdul Davids, The multiplier effect of free cashflow
- Issue 57 - Johan de Lange, Living annuities
- Issue 56 - Delphine Govender, The Allan Gray Optimal Fund
- Issue 55 - Sandy McGregor, The role of winter in a garden
- Issue 54 - Ian Liddle, Its choice - not chance - that determines your destiny
- Issue 53 - Mahesh Cooper, Capitalising on international opportunities
- Issue 52 - Johan de Lange, The benefits of using unit trusts for retirement planning
- Issue 51 - Greg Fury, Income funds - a good idea for conservative investors
- Issue 50 - Johan de Lange, A little goes a long way - the power of compound growth on your savings
- Issue 49 - Johan de Lange, Allan Gray individual life and retirement products
- Issue 48 - Johan de Lange, Allan Gray offers offshore and local funds on one investment platform
- Issue 47 - Stephen Mildenhall, The stable fund at five
- Issue 46 - Greg Fury, Back to basics with retirement annuities
- Issue 45 - Johan de Lange, Allan Gray launches a retail investment platform
- Issue 44 - Sandy McGregor, Economic discipline has its reward
- Issue 43 - Johan de Lange, New retail funds
- Issue 42 - Heaton van der Linde, On the contrary
- Issue 41 - Arjen Lugtenburg, From 2004 and into 2005
- Issue 40 - Anne Mayers, 2004 - A review
- Issue 39 - Arjen Lugtenburg, Allan Gray Balanced Fund turns 5
- Issue 38 - Stephen Mildenhall, The Allan Gray Optimal Fund
- Issue 37 - Johan de Lange, Allan Gray launches a bond fund
- Issue 36 - Johan de Lange, Reduction in fees
- Issue 35 - Greg Fury, Understanding performance in the current environment
- Issue 34 - Stephen Mildenhall, A closer look at the equity fund’s top holdings
- Issue 33 - Johan de Lange, Be realistic about returns
- Issue 32 - Barend Ritter, Changing boundaries
- Issue 31 - Stephen Mildenhall, The disparity in value within the market
- Issue 30 - Barend Ritter, Retirement annuities still offer exciting tax benefits
- Issue 29 - Arjen Lugtenburg, Outlook on 2004
- Issue 28 - Barend Ritter, An opportunity for retired people to reduce tax payable
- Issue 27 - Johan de Lange, The equity fund turns 5
- Issue 26 - Barend Ritter, How to structure your investment strategy close to retirement
- Issue 25 - Stephen Mildenhall and Julie Campbell, The higher than normal cash component in the
- Issue 24 - Richard Bedford, Introducing the Allan Gray Endowment
- Issue 23 - Johan de Lange, Sanlam or Allan Gray Relative Equity Fund
- Issue 22 - Michael Moyle, Allan Gray Money Market Fund
- Issue 21 - Arjen Lugtenburg, A longer term perspective of the South African equity market
- Issue 20 - Duncan Artus and Stephen Mildenhall, Is there value in South African equities
- Issue 19 - Sandy McGregor and Stephen Mildenhall, Currently, the subject of gold is not only a topical
- Issue 18 - Craig Bodenstab, Where do absolute return funds belong
- Issue 17 - Simon Marais, Is there value left in the cycle
- Issue 16 - Craig Bodenstab, Orbis Global Equity Fund receives SandP AAA rating
- Issue 15 - Johan de Lange, Try this for optimal results
- Issue 14 - Mark Herdman, Next week is savings week
- Issue 13 - Sandy, Cautious optimism
- Issue 12 - Simon Marais, High risk vs high reward
- Issue 11 - Mark Herdman, The importance of understanding periods of underperformance
- Issue 10 - Stephen Mildenhall, Things are looking up
- Issue 9 - Jack Mitchell and Edgar Loxton, Strengthening the international link
- Issue 8 - Arjen Lugtenburg, Index history is opportunity for investors
- Issue 7 - Johan de Lange, 2001 in perspective
- Issue 6 - Arjen Lugtenburg, Fourth quarter 2001
- Issue 5 - Stephen Mildenhall, Position is everything
- Issue 4 - Simon Marais, Allan Gray Equity Fund - Does size matter
- Issue 3 - Jack Mitchell, SandP index
- Issue 2 - Mark Herdman, September US crisis
- Issue 1 - Sandy McGregor
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Factsheets
Local fund factsheets
Local unit trust
Factsheet
Rand-denominated offshore fund factsheets
Allan Gray-Orbis unit trust
Factsheet
Allan Gray Unit Trust Quarterly Portfolio Disclosures
Latest disclosure: 30 June 2025
Offshore fund factsheets
Historic local fund factsheets
- All local
- Allan Gray Equity Fund
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- Allan Gray Interest Fund
- Allan Gray - Orbis Global Equity Feeder Fund
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Historic offshore fund factsheets
- All Orbis
- Orbis Global Equity Fund (USD) (Class RRFA)
- Orbis SICAV Global Balanced Fund (USD) (Class RRFA)
- Orbis SICAV Global Cautious Fund (USD) (Class RRFC)
- Orbis SICAV Emerging Markets Equity Fund (USD) (Class RRFA)
- Orbis SICAV Japan Equity Fund (JPY) (Class RRFA)
- Orbis Optimal SA Fund (USD) (Class A)
- Orbis Optimal SA Fund (EUR) (Class A)
- Allan Gray Frontier Markets Equity Fund (USD) (Class C)
- Allan Gray Africa ex-SA Equity Fund (USD) (Class C)
- Allan Gray Africa Equity Fund (USD) (Class A)
- Allan Gray Africa Bond Fund (USD) (Class C)
- Allan Gray Australia Equity Fund (AUD) (Class A)
- Allan Gray Australia Balanced Fund (AUD)
- Allan Gray Australia Stable Fund (AUD)