Allan Gray Stable Fund
MANAGEMENT Fund Manager's Comment
Andrew Lapping, BSc (Eng), B Com, CFA
Mark Dunley-Owen, BBusSc, CFA
Leonard Krger, BSc, FFA, FASSA
FUND OBJECTIVES AND FOCUS

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 40%. The Fund's net equity exposure may be reduced from time to time using exchange-traded derivative contracts on stock market indices. 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 or a balanced fund.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-Low Equity
SizeR50,259,105,392
Sector Rank: 27 out of 114
(lump sum over 3 years to 31 July 2017)
Overall Rank: 337 out of 991
(lump sum over 3 years to 31 July 2017)
R1000 invested on 29 February 2016 was worth R 1201 at 28 February 2019
( 6.28% annual compound return)
R100 per month since 29 February 2016 was worth R 3936 at 28 February 2019
( 5.73% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 JUL 2000 Holdings:191
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
GLENCORE (Mining)21,605,2961,157,395,707 2.30 %
BATS (Tobacco)1,677,599787,297,211 1.57 %
NASPERS-N (Media)478,0741,382,719,088 2.75 %
STANBANK (Banks)5,383,337962,594,489 1.92 %
ORBGLBALA (Equities)47,902,6569,451,741,841 18.81 %
EQUITY (General Equity)0226,002,874 0.45 %
R2035 (Bond)647,250,000600,906,900 1.20 %
ASPEN (Pharmaceuticals - Biotechnology)3,023,278407,598,340 0.81 %
REMGRO (General Industrials)3,693,350719,242,979 1.43 %
CASH (Cash on call)01,795,809,962 3.57 %
MM-02MONTH (Money Market)01,454,818,612 2.89 %
O-AGEXSAB (Offshore Intern)932,2081,758,638,619 3.50 %
ZPLP (Preference Shares)5,611,337370,348,242 0.74 %
U-NEWPLAT (Exchange Traded Funds)3,924,417438,749,821 0.87 %
TOTAL R21,513,864,68542.81%

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