Allan Gray Balanced Fund
MANAGEMENT Fund Manager's Comment
Duncan Artus, B Bus Sc (Hons), PGDA, CFA, CMT
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, BSc (Eng), B Com, CFA
Simon Raubenheimer, BCom (Hons), CFA
Ruan Stander, BSc(Hons), FIA, FRM(GARP)
Jacques Plaut, BSc (Hons)
FUND OBJECTIVES AND FOCUS

The Fund invests in a mix of shares, bonds, property, commodities and cash. The Fund can invest a maximum of 30% offshore, with an additional 10% allowed for investments in Africa outside of South Africa. 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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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-High Equity
SizeR146,051,505,772
Sector Rank: 49 out of 134
(lump sum over 3 years to 28 February 2019)
Overall Rank: 517 out of 991
(lump sum over 3 years to 31 July 2017)
R1000 invested on 29 February 2016 was worth R 1156 at 28 February 2019
( 4.95% annual compound return)
R100 per month since 29 February 2016 was worth R 3777 at 28 February 2019
( 3.10% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 OCT 1999 Holdings:303
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
SASOL (Chemicals)15,429,8386,557,681,150 4.49 %
BATS (Tobacco)14,002,7336,571,482,597 4.50 %
NASPERS-N (Media)3,346,5719,679,186,906 6.63 %
FUTURES M (Derivatives)079,523,996 0.05 %
STANBANK (Banks)24,204,8244,328,064,579 2.96 %
ORBGLBALA (Equities)102,454,54920,215,454,100 13.84 %
EQUITY (General Equity)02,079,695,941 1.42 %
AIRNAM04 (Namibian Gilt)13,000,00012,863,500 0.01 %
R2040 (Bond)931,650,000857,583,825 0.59 %
LIFEHC (Health Care Equipment - Services)87,837,3202,318,905,248 1.59 %
REMGRO (General Industrials)22,079,2754,299,718,014 2.94 %
CASH (Cash on call)01,069,128,020 0.73 %
MM-02MONTH (Money Market)01,499,921,279 1.03 %
O-ORBGLEQ (Offshore Intern)2,001,6485,811,378,294 3.98 %
ZPLP (Preference Shares)14,588,265962,825,490 0.66 %
U-NEWPLAT (Exchange Traded Funds)18,224,7132,037,522,913 1.40 %
TOTAL R68,380,935,85246.82%

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