Articles tagged as "bonds"
Rate-cutting cycle kicks off
During the last quarter, US equity indices reached new all-time highs as the US Federal Reserve (the Fed) commenced its rate-cutting cycle with a cut of 50...
Building multi-asset portfolios in an uncertain world
Periods of heightened uncertainty are inevitable when you are investing over the long term. And when it is not clear when or how things might change,...
The key lesson from 2023: Uncertainty is ever-present
Rory Kutisker-Jacobson takes stock of the key local and global market events of 2023 and highlights some of the themes that are likely to shape the year ahea...
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...
The inflation conversation is far from over
If the history of debt markets repeats itself, we are now in year three of a new multi-decade bear market for bonds.
The problem with a 12% yield
The notion of a government bond trading at a 12% yield can sound very appealing, but it poses several issues.
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...
Local investment update: Balancing caution and optimism
In recent years, South Africa’s numerous, well-known economic challenges have fuelled declining investor sentiment and led many to doubt the local market’s...
The 2023 Budget: A crisis of credibility in the outer years of the forecast
Thalia Petousis, portfolio manager at Allan Gray, shares her views on the challenges of putting together a credible national budget
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...
Local investment update: Always pay the right price
Jacques Plaut and Duncan Artus discuss the positioning of our equity and multi-asset funds given the pre-existing trends exacerbated by the war in Ukraine....
Food price inflation: Are we watching “That ‘70s Show”?
Unaffordable food and fuel prices are raising developed market consumer inflation to multi-decade highs, while the Federal Reserve recently announced a...
How to invest to be crisis ready
COVID-19 has driven home an important life lesson: Expect (and plan for) the unexpected. When it comes to your finances, this means balancing the need to hav...
The long road to debt reform: SA’s Budget underwhelms bond investors
Despite the positivity priced into the Budget from the much-publicised tax revenue overruns, the outcome has positively underwhelmed South African bond...
The trouble with municipalities
The extensive infrastructure needs of South African municipalities provide an opportunity for long-term bond investors – such as retirement funds – to help...
Q&A with Allan Gray portfolio managers
At a recent Allan Gray local investment update, chief investment officer, Duncan Artus, facilitated a robust discussion with portfolio managers, Thalia...
Africa market bond exposure: Understanding the risks and opportunities
Is it worth taking on a bit more risk to achieve potential return? Londa Nxumalo explains the relationship between risk and return in the fixed income contex...
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...
How we approach fixed interest
Aside from our dedicated local fixed interest funds, being the Allan Gray Money Market Fund and the Allan Gray Bond Fund, we also invest in fixed interest...
Orbis: The great imbalance
At its heart investing is a balancing act. Balancing how much you stand to gain if things go well, with how much you could lose if things don't work out. Now...
COVID-19 cracked the crystal ball
Investors and their advisers continue to grapple with the question of what life, and indeed the world economy, will look like in the next one to three years....
Part 4: How to invest to be crisis ready
COVID-19 has driven home an important life lesson: Expect (and plan for) the unexpected. When it comes to your finances, this means balancing the need to hav...
COVID-19: Portfolio, economic and investment update
During February and March, we were active in both the local equity and fixed income markets. This activity reduced during April and May, as we believed the...
Do bonds offer opportunity in a post COVID-19 world?
As investors we must think about what the world will look like when the pandemic has passed, and what asset classes offer opportunity. Presenting via Zoom...
Q&A: Understanding the economic context in which we must invest
As investors, we must understand the economic consequences of COVID-19 and the impact on different asset classes. Grant Pitt, joint head of Institutional...
The monetary and fiscal response to the COVID-19 crisis
The Coronavirus pandemic has caused a massive disruption of global economic activity without peacetime precedent. In a presentation via Zoom webinar, Sandy...
Q&A with Allan Gray and Orbis: Investing beyond COVID-19
While financial market volatility as a result of COVID-19 is expected to continue over the short term, the investment teams at Allan Gray and Orbis are focus...
Perspectives and portfolio positioning amid COVID-19
The world as we know it has changed dramatically over the last two months, with the COVID-19 pandemic and lockdown strategies causing extreme volatility on t...
Positioning our portfolios for growth beyond COVID-19
The speed at which the financial market swings from despair to elation is astounding. The past few months have seen no shortage of mood swings as investors...
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...
COVID-19: Looking to history to understand potential outcomes
With much of the world in lockdown, one wonders whether it is appropriate to draw on past analogies in thinking about what lies ahead. However, every prior...
COVID-19: Q&A with Allan Gray portfolio managers
With many countries in lockdown, uncertainty prevails. Against this backdrop, many clients are asking for our views on the economic impact, an update on our...
Impact of Moody's downgrade
As a consequence of the decision by Moody’s to lower South Africa’s credit rating from Ba1 to Baa3, all three leading rating agencies now rate South African...
COVID-19: Evaluating market risk versus opportunity
We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...
The money bubble
There’s something magical about bubbles. Formed of water, soap and a breath of air they seem incredible. In financial markets, bubbles are a lot less revered...
Beware of recency bias when making investment decisions
Over the past year, we have seen local investments streaming towards bonds and cash – the top-performing asset classes for most of 2019. Are investors chasin...
Should you invest in bonds?
The recent performance of South African bonds – which have outperformed cash and equities over three and five years – has prompted investors to ask whether...
How to invest in challenging times
A braai over the weekend inevitably reminds us of the significant challenges our country faces – there is lots of negative news to talk about.
Demystifying Africa’s debt markets
Investors seeking diversification outside of South Africa can easily overlook the investment opportunities in other African markets. It is tempting to start ...
Stable Fund update: Justifying a higher net equity weighting in challenging times
Local inflation and interest rates have peaked in the current cycle and South Africa had its first interest rate cut in five years during the quarter. While...
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...
Global perspective: Do value shares deserve to be this cheap?
The Orbis Global Balanced Fund aims to balance capital appreciation and income generation with the associated risk of its investments. These objectives...
Investing in Africa’s debt markets
Patient capital dedicated to Africa’s capital markets is scarce, especially during economic or political downturns. Nick Ndiritu explains how long-term...
XPO Logistics: Diversification through owning both shares and bonds
Forming contrarian views about the intrinsic value of companies is the core of what we do. In the Orbis Global Balanced Fund, this fundamental company resear...
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...
What do low global bond yields mean for South African investors?
Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2014. More than half of global government...
Do not confuse stability with safety
According to Ben Preston, from our offshore partner Orbis, Orbis and Allan Gray's strict adherence to our bottom-up research process keeps us focused on...
The long-term outlook for the South African bond market
As a bond investor you need to ask yourself two questions: are your inflation expectations reasonable, and will the potential real return be sufficient? Andr...
