Allan Gray Optimal Fund
MANAGEMENT Fund Manager's Comment
Ruan Stander, BSc(Hons), FIA, FRM(GARP)

The Fund invests mainly in selected shares and it uses exchange-traded derivative contracts on stock market indices to substantially reduce its net equity exposure to within a range of 0-20%. As a result, the Fund's return depends on the level of short-term interest rates (implicit in the pricing of the sold futures contracts) and the performance of the Fund's selected shares relative to the stock market index. The Fund's return is therefore unlikely to be correlated with equity market returns. In addition, a portion of the Fund is typically invested in cash and margin deposits.

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SectorSouth African-Multi Asset-Low Equity
Sector Rank: 2 out of 84
(lump sum over 3 years to 31 July 2017)
Overall Rank: 139 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1296 at 31 July 2017
( 9.02% annual compound return)
R100 per month since 31 July 2014 was worth R 3990 at 31 July 2017
( 6.59% annual return compounded monthly)
Formation Date:01 OCT 2002 Holdings:50
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
SASOL (Chemicals)281,190120,399,934 8.65 %
BATS (Tobacco)88,66973,550,936 5.29 %
NASPERS-N (Media)77,440267,245,440 19.21 %
DERIVATIV (Derivatives)074,513,705 5.36 %
RMBH (Banks)656,51951,976,609 3.74 %
LIFEHC (Health Care Equipment - Services)1,668,56546,302,679 3.33 %
SUPRGRP (Industrial Transportation)722,16529,861,523 2.15 %
CASH (Cash on call)085,218,328 6.13 %
MM-04MONTH (Money Market)020,044,068 1.44 %
TOTAL R769,113,22255.3%

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