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11.57  /  1.02%


NAV on 2019/09/16
NAV on 2019/09/13 1126.06
52 week high on 2018/09/25 1189.7
52 week low on 2019/01/02 1076.77
Total Expense Ratio on 2019/06/30 1.39
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 5.08% 5.08%
3 month change 0.3% 1.69%
6 month change -1.3% 0.06%
1 year change -3.9% -1.23%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 91.32 9.28%
Consumer Goods 55.56 5.65%
Consumer Services 37.28 3.79%
Financials 128.16 13.02%
General Equity 13.13 1.33%
Gilt 0.62 0.06%
Gilts 101.29 10.29%
Health Care 20.40 2.07%
Industrials 48.02 4.88%
Liquid Assets 7.56 0.77%
Money Market 85.34 8.67%
Other Sec 6.10 0.62%
Specialist Securities 14.88 1.51%
Technology 64.17 6.52%
Telecommunications 0.91 0.09%
Offshore 309.32 31.43%
  • Top five holdings
O-ORBGLBA 153.66 15.61%
 NASPERS-N 64.17 6.52%
 BATS 47.51 4.83%
O-ORBGLEQ 44.77 4.55%
 SASOL 29.68 3.02%
  • Performance against peers
  • Fund data  
Management company:
Allan Gray Unit Trust Management (RF) Pty Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Market value weighted average return of funds in the South African - Multi Asset - High Equity 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 Tax-Free Balanced comment - Jun 19

2019/08/15 00:00:00
The Tax-Free Balanced Fund returned -2.4% over the second quarter, underperforming its benchmark’s 0.4% return. Overweight positions in British American Tobacco, Sasol (discussed in the Allan Gray Equity Fund factsheet for this quarter) and Glencore accounted for the majority of the underperformance relative to the market. The 3% strengthening of the rand against the dollar also negatively impacted the Fund’s -1% offshore return.
The second quarter was good for investors that owned resource shares, with Anglo American and BHP Billiton gaining 4% as a result of an almost 40% spike in the iron ore price over this period. These two shares contributed to 0.7% of the ALSI’s performance. Unfortunately, the Fund was underweight these shares - on top of this, a significant proportion of our resource exposure underperformed.
Investing in resource companies can be a wild ride for investors since almost all of the variables required to value a company are in flux: Commodity prices respond to short-term changes in supply and demand, natural disasters or labour commotions can disrupt mines, and company management needs to respond to all these factors by allocating capital. It does not help that the geology of a mine is hard to understand from the outside, and this can have a significant impact on unit costs.
Our approach to valuing resource companies is to focus on long-term expectations for commodity prices, normalised unit costs, as well as the skill of management in deploying the cash generated. This approach has led us to own multinational miner Glencore and pulp and paper producer Sappi, and avoid BHP Billiton and Anglo American. This is because a normal commodity price assumption leads to a more attractive free cash flow yield for Glencore and Sappi and at the margin, capital at these companies is being deployed sensibly.
Short-term changes in commodity prices have, however, gone in the opposite direction to our long-term expectations, with weaker coal/copper/paper prices hurting Glencore and Sappi, while a stronger iron ore price, as a result of the January tailings dam failure in Brazil and cyclones in Australia between September 2018 and May 2019, helped Anglo American and BHP Billiton. The iron ore price is up to US$118 per tonne relative to our normal estimate of US$55. Risks to an iron ore price from this level include increased supply (the return on a new iron ore mine is very attractive), capacity coming back in Brazil and Australia, and a decrease in demand from China (steel demand seems high compared to other countries, and iron ore is likely to be substituted by scrap steel over time). Glencore and Sappi appear more attractive in our view considering current valuations and that their commodity prices are lower than our long-term assumptions.
During the quarter, we purchased Glencore and sold Richemont.
Commentary contributed by Ruan Stander
  • Fund focus and objective  
The Fund is managed in broadly the same way as the Allan Gray Balanced Fund. It was created specifically for use in tax-free accounts and can only be accessed through these products. The Fund invests in a mix of shares, bonds, property, commodities and cash. The Fund may buy foreign assets up to a maximum of 25% of the Fund (with an additional 5% for African ex-SA investments). The Fund typically invests the bulk of its foreign allowance in a mix of funds managed by Orbis Investment Management Limited, our offshore investment partner. The maximum net equity exposure of the Fund is 75% and we may use exchange-traded derivative contracts on stock market indices to reduce net equity exposure from time to time. The Fund is managed to comply with the investment limits governing retirement funds. Returns are likely to be less volatile than those of an equity-only fund.
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