Investment Review – June 2018

Market Indicators

  • JSE All Share (ALSI) 57,610.98
  • Rand/Euro R 16.04
  • Rand/Pound R 18.12
  • Rand/US Dollar R 13.72
  • Rand/Aus Dollar R10.16

The Impact of Culture on Investment Performance

Over the years of researching asset managers in South Africa and globally, there have been many cases of successful asset managers who have seemingly fallen apart, lost assets and faced uncertain futures. This deterioration often happens quickly and without warning. We spend significant time analysing whether there is a common thread running between these firms that face collapse. Is there any specific factor or common denominator that we could focus on which would allow us to identify those asset managers in advance and avoid them?

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.