In conversation with portfolio manager Rory Kutisker-Jacobson, Matthew Spencer from our offshore partner, Orbis, explains why the investment team believes that the stock market boom over the last few years is making way for a global stockpicker’s paradise. As the deflation of the “Everything Bubble” continues, long-term investors who remain focused on understanding the fundamentals of the companies they invest in are well placed to be rewarded in years to come. In an effort to make sense of the current environment, Rory and Matthew delve into the major global market shifts that are shaping the opportunity set and unpack some of the portfolios’ most compelling ideas. Memory: Industry cycles, not the business cycle · Orbis Global Balanced: Investing through the cycles

From persistent loadshedding to deteriorating national infrastructure, South Africa’s challenges are well known. The recurring negative headlines have prompted many investors to look into increasing their offshore exposure as they ask themselves whether investing in the local market is still worth the risk. In conversation with portfolio manager Tim Acker, investment analysts Siphesihle Zwane and Jithen Pillay discuss the impact of the major local challenges on various industries. They share their thoughts on the South African investment landscape and the global themes that are shaping the local opportunity set, and explain why Allan Gray remains optimistic about a number of attractive JSE-listed companies. Peering through the smoke · AB InBev: The king of beer · Shedding dark on the issue of South Africa’s economic growth

As memories of masks and lockdown restrictions fade, investors face a new list of challenges. Locally, loadshedding has eroded business margins and is casting a shadow on the market. Abroad, the threat of a new banking crisis has proven extremely unsettling and is having a negative impact on sentiment.

In the latest episode of The Allan Gray Podcast, portfolio manager Thalia Petousis and Sandy McGregor, the longest-serving member of the Allan Gray Investment team, reflect on a range of macroeconomic issues as they explain how the current geopolitical dynamics and tightening monetary policy regime are impacting the long-term investment environment. The consequences of South Africa’s greylisting ·

2022 will probably be remembered for being the year of war and inflation, and the end of a decade of “free money” distorting markets. To put it in perspective, a passive 60:40 offshore balanced fund delivered probably its worst performance in US dollars in 100 years, sending a clear message to investors: Things have changed. Allan Gray chief investment officer, Duncan Artus, joins Tamryn Lamb, head of Retail, to unpack why the year was a turning point for markets and trends. They cover everything from AI and energy to cryptos and tech stocks, as they discuss our approach to navigating the risks and taking advantage of the opportunities that lie ahead. Was 2022 a secular turning point and if so, what does it mean for the years ahead? · Investment update: How to invest in a changing world

Although banks are generally geared to economic activity, many local banks proved to be resilient through the COVID-19 pandemic and have been good investments since. But in the current period of high global inflation and slowing economic activity, how will the local banking sector fare? Are there still long-term opportunities? Allan Gray portfolio manager Tim Acker poses this question to investment analysts Pieter Koornhof and Siphesihle Zwane, who have spent time researching some of the biggest names in the sector and determining where the best opportunities lie. Capitec: The way to build a bank · · Do South African banks offer value in a COVID-19 battered world?

Retirement reform is on the horizon as the National Treasury takes steps to implement the proposed “two-pot retirement system”. The proposed system has the dual aim of creating limited access to retirement fund assets to help savers cope with short-term emergencies and improving the preservation of retirement savings – ultimately producing better retirement saving outcomes. Allan Gray’s head of Assurance, Richard Carter, joins Umbrella Fund specialist Mica Townsend to discuss the challenges with the current system, the complexities of the proposed changes and what the two-pot system will mean for investors, administrators, advisers and the country’s savings pool. Making sense of the proposed two-pot retirement system · Navigating a changing retirement savings system · Upcoming changes to provident and provident preservation funds · Save for your retirement

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 on the most valuable investment truths he has learnt as he celebrates two decades at the firm. Dan joined our offshore partner during the dotcom boom and has seen our shared investment philosophy play out through multiple cycles. During the conversation, he explains how Orbis thinks about investing in an environment shaped by rising geopolitical tension, a growing global energy crisis and rampant inflation. Dan also shares some insight into where Orbis is finding compelling opportunities today, why forecasters are so bad at predicting what will happen tomorrow and why we still believe that the best way to build wealth is by adopting a long-term approach. Orbis Global Equity: The duration dislocation · Orbis investment update: Risks in the real world

Investors in commodity miners and producers have found themselves in one of the better places in the market since the pandemic, owing partly to a lift in demand as countries embarked on stimulus programmes and supply-side constraints keeping a lid on production. Local mining shares were one of the key driving forces behind the FTSE/JSE All Share Index hitting a new high earlier this year. As local investors, we think we are pretty well-versed in analysing and valuing commodity producers, but when you go to a global asset allocation level, there is not nearly the same amount of interest, outside of hedge funds and some niche managers. Allan Gray portfolio managers Sean Munsie and Rory Kutisker-Jacobson and investment analyst Jithen Pillay discuss the cyclical nature of commodities and delve into the various macro issues that are currently impacting commodity prices. They also explore the energy transition and share their views on some of the new opportunities in the sector. On the commodity boom and other South African fables (and foibles)

South African inflation just hit its highest peak since 2009, as it accelerated to 7.4% in June, in line with the global trend. Over in the US, inflation reached a four-decade high of 9.1% last month. As households around the world grapple with rising food and fuel costs, central banks are faced with the difficult task of hiking interest rates to rein in inflation. Allan Gray portfolio manager Sandy McGregor started his career in the 1970s when, much like today, the world was facing rampant global inflation and an energy crisis. In conversation with Allan Gray portfolio manager Thalia Petousis, Sandy reflects on the very real geopolitical and economic challenges currently affecting the world. Taking us through a range of scenarios, he shares some important lessons from the past and looks to the future, reminding long-term investors that periods of strife often present opportunities. Investing · Markets and economy · Allan Gray

From the global technology stock sell-off and rising inflation, to the war in Ukraine exacerbating a global energy crisis, investors are tasked with navigating an increasingly complex and volatile environment. In the first episode of the Allan Gray podcast, Tamryn Lamb hosts a conversation with Allan Gray’s chief investment officer, Duncan Artus, and Alec Cutler, portfolio manager at our offshore partner, Orbis. Delving into many of the critical issues shaping the environment, they explain how they are thinking about these global events and positioning the portfolios for a range of potential outcomes. What has gone wrong with Naspers? · Food price inflation: Are we watching “That ‘70s Show”? · Invest offshore