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240.14  /  0.63%


NAV on 2019/07/23
NAV on 2019/07/22 37849.25
52 week high on 2018/09/03 42969.9
52 week low on 2019/01/02 37009.28
Total Expense Ratio on 2019/06/30 1.54
Total Expense Ratio (performance fee) on 2019/06/30 0.43
NAV Incl Dividends
1 month change -2.67% -1.13%
3 month change -8.71% -7.27%
6 month change -0.57% 1%
1 year change -6.9% -4.55%
5 year change 2.81% 4.04%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 5943.62 14.62%
Consumer Goods 2604.82 6.41%
Consumer Services 2099.81 5.16%
Financials 8058.91 19.82%
General Equity 611.80 1.50%
Health Care 1536.73 3.78%
Industrials 3263.74 8.03%
Liquid Assets 806.48 1.98%
Technology 3002.92 7.38%
Offshore 12737.53 31.32%
  • Top five holdings
O-ORBGLEQ 7677.42 18.88%
ORBISINTEQUIT 2935.95 7.22%
 NASPERS-N 2821.92 6.94%
 SASOL 2404.36 5.91%
 BATS 2017.67 4.96%
  • Performance against peers
  • Fund data  
Management company:
Allan Gray Unit Trust Management (RF) Pty Limited
Formation date:
ISIN code:
Short name:
South African--Equity--General
The market value-weighted average returns of funds in the South African - Equity - General category (excluding Allan Gray funds).
Contact details




  • Fund management  
Duncan Artus
Duncan joined Allan Gray in 2001 as an equity analyst after completing his Honours in Business Science and post graduate diploma in Accounting at the University of Cape Town. He is a CFA charter holder and was appointed a trainee portfolio manager in January 2003.
As of 1 January 2005, Duncan was promoted to the position of portfolio manager and will be managing a portion of the balanced and equity portfolios of the segregated and life clients.
Andrew Lapping
Simon Raubenheimer
Ruan Stander
Jacques Plaut

  • Fund manager's comment

Allan Gray Equity comment - Mar 19

2019/05/30 00:00:00
The local equity market recovered strongly in the first quarter and is up 13% from its low in October. Indeed, two of the larger positions in the Fund, Naspers and British American Tobacco, are both up 41% from their recent lows.
As part of our aim to outperform, we are alert to special or unusual situations where investors may buy or sell shares for reasons not related to fundamentals, for example, when an unbundling takes place. Unbundlings often present the opportunity to buy shares at an attractive valuation during the initial period of trading. This is particularly likely to be the case if the business being unbundled is a small part of a much larger group.
A recent example is the unbundling of MultiChoice Group (MCG) by its parent company Naspers. In the unbundling, shareholders in Naspers received shares in MCG, which were then separately listed. A review of research showed that investors were carrying MCG at a value of less than 5% of their estimate of Naspers’s intrinsic value.
While MCG’s pay-TV operations are well known in South Africa, many offshore investors hold Naspers as a means to invest in Tencent, its giant Chinese associate, at a discount. The value of Naspers’s stake in Tencent dwarfs that of its pay-TV business. This led to many Naspers shareholders simply dumping the MCG shares they received in the first few days of trading. MCG was not crucial to their Naspers investment thesis and would be a tiny portion of their portfolios.
When an unbundling occurs, there are sometimes regulatory and technical reasons that result in certain shareholders being unable to accept the unbundled shares and receiving cash instead. This cash is generated by the company, in this case Naspers, selling the shares in the open market. This creates even further selling pressure. While we have always had a value for MCG as part of our overall Naspers valuation, we wrote a new detailed report on the business in anticipation of a potential opportunity. MCG also gave a lot more disclosure to the market on its financials and business which we could incorporate into our investment view. MCG consists of the dominant SA pay-TV operator (which we know as DSTV), its Rest of Africa operations, and a small technology business. MCG has consistently been a good cash generator for the Naspers group. It is a relatively mature business in SA facing new threats such as Netflix and potential adverse regulation. However, it is the Rest of Africa business that could provide upside if it can be turned around. In the last financial year, the Rest of Africa business lost over R4b.
On the day MCG was unbundled, it traded in a range of R93 - R114 and within the first week as low as R90.30. Based on our research, we believed this represented great value and were aggressive buyers for our funds. MCG has subsequently traded as high as R130 and closed the quarter at R121. We will stay on the lookout for similar opportunities in the future.
During the quarter, the Fund purchased MultiChoice and Woolworths and sold Impala and Sasol.
Commentary contributed by Duncan Artus
  • Fund focus and objective  
The Fund invests primarily in shares listed on the Johannesburg Stock Exchange (JSE). The Fund may buy foreign assets up to a maximum of 25% of the Fund, with an additional 5% allowed for African ex-SA investments. The Fund invests the bulk of its foreign allowance in equity funds managed by Orbis Investment Management Limited, our offshore investment partner. The Fund is typically fully invested in shares. Returns are likely to be volatile, especially over short- and medium-term periods.
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