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
SizeR50,866,711,461
Sector Rank: 28 out of 123
(lump sum over 3 years to 31 July 2019)
Overall Rank: 350 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1185 at 31 July 2019
( 5.81% annual compound return)
R100 per month since 31 July 2016 was worth R 3865 at 31 July 2019
( 4.56% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 JUL 2000 Holdings:191
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
GLENCORE (Mining)25,174,3661,230,019,523 2.42 %
BATS (Tobacco)1,837,973909,043,066 1.79 %
MC GROUP (Media)3,124,462420,583,830 0.83 %
FORTRESSA (Real Estate Investment Trusts)25,932,999555,744,169 1.09 %
FOREIGNBO (Foreign Invest)01,781,525,281 3.50 %
EQUITY (General Equity)0235,846,612 0.46 %
R2035 (Bond)910,950,000867,770,970 1.71 %
ASPEN (Pharmaceuticals - Biotechnology)3,932,998396,446,198 0.78 %
REMGRO (General Industrials)2,244,375423,378,900 0.83 %
CASH (Cash on call)01,239,344,280 2.44 %
MM-08MONTH (Money Market)02,355,345,134 4.63 %
O-ORBGLBA (Offshore Intern)46,768,1759,342,378,538 18.37 %
ZPLP (Preference Shares)5,321,300385,794,250 0.76 %
U-NEWPLAT (Exchange Traded Funds)5,564,704631,037,433 1.24 %
NASPERS-N (Software - Computer Services)271,457927,318,829 1.82 %
TOTAL R21,701,577,01342.67%

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