25. SA listed property: The appeal of fixed assets in an uncertain world
South African listed property has shifted from being a leading wealth creator in the early 2000s to one of the weakest performers over the past decade on the back of sluggish economic growth, ongoing infrastructure challenges and the impact of COVID-19 on retail and office space demand. Over the last year, the sector has shown signs of recovery. Is it time to cement the opportunity, or should it be approached with caution? In conversation with Allan Gray portfolio manager Siphesihle Zwane, investment analysts Ghiete van Zyl and Umar-Farooq Kagee explore how we apply our long-term investment approach when considering opportunities in listed property. They also unpack the distinctive features of this asset class and explain the fundamental drivers of the sector’s longer-term prospects. Allan Gray website
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24. How money tells the story of humanity – with David McWilliams
Many investors focus on trying to figure out how new technologies might change the world so that they can identify and back the likely winners. But according to renowned Irish economist and bestselling author David McWilliams, the greatest, enduring technological innovation of modern civilisation is not artificial intelligence or the internet – it is money. In conversation with Allan Gray chief investment officer Duncan Artus, McWilliams explains why he believes that money – a social technology – has changed the direction of humanity, and why it continues to influence the development of the world. Through money, we take a tour of the global investment universe, discussing everything from Trump and trade wars to credit cycles and currencies. Allan Gray website · Allan Gray | Could 2025 be the most consequential year in our lifetime?
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23. Beyond the US: Separating the signals from the noise
The US has dominated global news flow in the wake of the presidential election, and market-moving headlines continue to present the temptation to act on impulse. As investors who focus on the fundamentals, the “great election year” has challenged Allan Gray and our offshore partner, Orbis, to continue to filter the signals from the noise to identify compelling long-term opportunities. In this episode, portfolio manager Tim Acker is joined by Orbis portfolio manager Ben Preston. They touch on the impact of the US election on the markets, delve into how Orbis is exploring potential in the Korean market and biopharmaceuticals, and reveal enhancements to Orbis’ investment process. Allan Gray website
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22. A revival for South Africa’s retail giants?
As sentiment towards the South African economy improves following the formation of the government of national unity, some of the major retailers are seeing improved share performance. Lower oil prices, extended periods of uninterrupted power supply and the recent interest rate cut, which heralds a shift in policy, are notable short-term tailwinds to the sector. However, the longer-term prospects for SA retailers may be different. In a post-pandemic world where time-starved consumers face surging living costs, the battle for market share requires a balance between pricing, quality and convenience. Portfolio managers Siphesihle Zwane, Jithen Pillay and Kamal Govan discuss the thinking behind the retail exposure in the Allan Gray funds. They also delve into the performance drivers for Spar, Shoprite, Pick n Pay and Woolworths and explore key themes influencing the sector. Allan Gray website · Rate-cutting cycle kicks off
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21. How the great election year has shaped financial markets
Global elections have been a dominant force this year, with sentiment around polling and election results driving volatility in many markets. The ANC’s drastic decline at the polls and the formation of a government of national unity have been of keen interest to investors in SA Inc. Abroad, we have seen Labour take the lead by a landslide in the UK general election and the US presidential race heat up as Kamala Harris and Donald Trump increase their efforts to return to the White House. In this conversation, portfolio managers Thalia Petousis and Sean Munsie join Product Development manager Vuyo Mroxiso to explore the impact of the great election year on financial markets and explain how political change is reshaping the opportunity set for long-term investors. Allan Gray | Unit Trusts · Introducing the Allan Gray Interest Fund and the Allan Gray Income Fund
Long-term investors have to make sense of a barrage of information, from market movements and geopolitical news to economic developments and personal finance trends. Through conversations with investment professionals from Allan Gray and various expert guests, we aim to give you insight into how we view the world and how this shapes the way we construct our portfolios to deliver long-term returns for our clients.
Allan Gray is an authorised financial services provider.
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