Articles tagged as "China"
After four years, South Africa gets repo rate relief
On 19 September, the South African Reserve Bank (SARB) cut interest rates for the first time in four years – lowering the overnight rate of interest from 8.2...
How to be a little less wrong – with James Aitken
When it comes to investing, marginal improvements can make a significant difference to investment returns over time. In conversation with Allan Gray’s chief...
From Johannesburg to Japan: How to resist the magnetism of the magnificent seven
In conversation with Tamryn Lamb, Allan Gray portfolio manager Tim Acker and Graeme Forster, portfolio manager at our offshore partner, Orbis, explain why we...
Is South Africa winning the inflation battle?
Following the South African Reserve Bank’s (SARB) aggressive near-two-year interest rate hiking cycle, headline inflation in South Africa seems to be getting...
The prospects for global growth
The post-pandemic bounce back of the global economy is losing momentum, and many fear that developed economies may slip into recession.
The new normal: What lies ahead?
In the latest episode of The Allan Gray Podcast, portfolio manager Thalia Petousis and Sandy McGregor reflect on a range of macroeconomic issues as they...
Massive market moves: How will they shape the years ahead?
In the latest episode of The Allan Gray Podcast, chief investment officer, Duncan Artus, joins Tamryn Lamb, head of Retail, to unpack why the year was a...
Global growth prospects continue to deteriorate
During the past quarter inflation has remained elevated. In the US the latest print for August was 8.3%. In Europe it was 10.0% in September. Even though in...
Podcast: Do old investment truths still hold in the current global environment?
In the latest episode of The Allan Gray Podcast, hosted by Allan Gray portfolio manager Rory Kutisker-Jacobson, Dan Brocklebank, head of Orbis UK, reflects o...
Podcast: Can South African investors continue to count on commodities?
In this episode of The Allan Gray Podcast, portfolio managers Sean Munsie and Rory Kutisker-Jacobson and investment analyst Jithen Pillay discuss the cyclica...
Podcast: Can optimism rise from the inflationary ashes?
In conversation with portfolio manager, Thalia Petousis, Sandy McGregor reflects on the very real geopolitical and economic challenges currently affecting th...
Q&A with Allan Gray and Orbis: Positioning our portfolios for an inflationary environment
With rising global inflation and the possibility of a recession on the cards, investors are tasked with protecting their capital and looking for opportunitie...
Podcast: How to think about investing in an energy-short and volatile world
From the global technology stock sell-off and rising inflation, to the war in Ukraine exacerbating a global energy crisis, investors are tasked with navigati...
What has gone wrong with Naspers?
For many years, Naspers was the star performer of the South African stock market. The onset of COVID-19 drove the Naspers and Tencent share prices to new...
Global economic recovery slower and more complex than expected
The global recovery from the severe economic contraction in the first half of 2020, which followed the initial outbreak of the pandemic, has proved to be bot...
Orbis Global Equity: Navigating risk and reward
At a recent investment update via Zoom webinar, Matthew Spencer and Stanley Lu, from our offshore partner, Orbis, reviewed the Orbis Global Equity Fund’s...
Economic recovery accompanied by a surge in inflation
With increasing vaccinations economic activity is returning to pre-pandemic levels and, while there may be further waves of infection, governments are learni...
Orbis: The three stages of recent performance explained
The past quarter has been painful. After an encouraging start to the year, the performance of our offshore partner, Orbis, has been impeded by its exposure t...
Active management: Potential for a comeback in a divided inflationary world
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...
Markets change quickly, investments shouldn’t
We often say that we play the hand we are dealt by the market. We can control our research efforts and our decisions, but we certainly can’t control the...
Orbis: Unpacking the risks from regulatory change
For Chinese companies, regulatory change is a perennial risk. In July, the government gave investors a stark reminder of that risk when it announced sweeping...
Global recovery underway
The world is recovering from the pandemic and 2021 should see strong global economic growth. The epicentre of the recovery is now the United States, where th...
The impact of COVID-19's second wave
The second wave of the COVID-19 pandemic has interrupted the global recovery following the severe economic contraction experienced during the second quarter ...
Orbis: Identifying opportunities in a turbulent market
The continued outperformance of certain sectors, especially technology, has created an extremely high level of concentration within markets. This provides a...
Inflation
Inflation is a phenomenon of great importance to investors. It is subject to intense scrutiny but is not well understood. Sandy McGregor offers his perspecti...
Global growth slows
Over the past year, global economic growth has slowed. International trade volumes have contracted. This slowdown has many causes but has been significantly...
An age of anxiety
We are living in an age of anxiety. After decades in which the norm has been optimism, everywhere market participants are extremely nervous about evolving an...
Economic update: A state of stagnation
Global economic conditions continue to deteriorate but so far, no major economy has entered a recession. Business conditions in Europe and Japan are best...
Trade wars
In recent months, we have observed increasing uncertainty and concern among our clients about what impact rising international tensions, particularly the tra...
Global business conditions deteriorate
Negative news about the global economy persists. Purchasing manager indices continue to signal a widespread deterioration in business conditions. Even in the...
Global slowdown continues to take its toll
The synchronous global slowdown, which commenced in the last quarter of 2018, continues to take its toll. While Europe is not in recession, it has returned t...
Our Tencent(s) on VIE structures
As at 28 February 2019, Naspers made up just over 18% of the FTSE/JSE All Share Index. Because of its dominance, including or excluding the share will have a...
Orbis Global Equity Fund: Unpacking recent performance
As bottom-up stockpickers, we don’t pay much attention to benchmarks or to what other investors are doing. Instead, our investment decisions are based on...
Global growth accelerates but emerging markets under pressure
Following a slower first quarter, the rate of global economic growth accelerated during the Northern Hemisphere summer, with Europe being the only notable...
Are you overly exposed to China?
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?
The global opportunity set
Orbis does not invest in "the market". Instead, they focus entirely on finding the most compelling individual opportunities on offer. There's no better way t...
Invest in stocks with dividends, but put stop losses in place
It is always a good time to invest, the question is where...
Discipline is key
The Orbis Global Equity Fund (the Fund) lagged the MSCI and FTSE World Indices in 2015, extending a period of underperformance that began in early 2014. As...
A tale of two crises
Greece and China have dominated financial headlines since March. With fear running high, we try to remain focused on the relationship between the price and...
Finding value in global markets
Emerging markets have come under intense focus so far this year and while the main worries have centred on countries such as Argentina and Turkey, the market...
The trend is your friend till it bends at the end
For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...
It is the price you pay that counts, not the headlines
People enjoy stories; they are fun. This is true in all facets of life, including investing. Investors often have stories to tell about individual equities,...
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...
China's Malthusian challenge
Two years since the global financial crisis and commodity prices are back at the record levels of June 2008. This growth has been about five years quicker th...
Happy equilibrium
Duncan Artus discusses the implications of the growth in the local asset management industry being focused on asset managers who variously describe their...
Why Sasol is our preferred resource share
Sasol's share price has fared poorly over the past year compared to the 28% appreciation of the FTSE/JSE All Share Index (ALSI). Going forward, Sasol will be...
