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: 80 out of 123
(lump sum over 3 years to 31 July 2019)
Overall Rank: 511 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1140 at 31 July 2019
( 4.45% annual compound return)
R100 per month since 31 July 2016 was worth R 3843 at 31 July 2019
( 4.21% annual return compounded monthly)
Formation Date:01 OCT 2002 Holdings:53
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
GLENCORE (Mining)1,041,72050,898,439 4.23 %
BATS (Tobacco)171,16984,658,476 7.04 %
WOOLIES (General Retailers)846,10041,450,439 3.45 %
DERIVATIV (Derivatives)025,684,974 2.14 %
INVPLC (General Financial)454,72041,625,069 3.46 %
LIFEHC (Health Care Equipment - Services)1,447,20832,533,236 2.71 %
REMGRO (General Industrials)159,77630,140,145 2.51 %
CASH (Cash on call)0175,554,799 14.60 %
NASPERS-N (Software - Computer Services)54,840187,337,827 15.58 %
TOTAL R669,883,40455.72%

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