Investment Review – June 2022

Market Indicators

  • JSE All Share (ALSI) 66,223.3084
  • Rand/Euro R 17.09
  • Rand/Pound R 19.86
  • Rand/US Dollar R 16.33
  • Rand/Aus Dollar R 11.27

The Ultimate Bottleneck?

Within the world of manager research, a lot of what we spend our time on is driven by the state of markets. And, for such a long period of time, we’ve been looking at parts of the market that haven’t been as excessively priced as the growth basket of stocks.

That has now changed quite significantly, so recently we’ve been testing the investment case around this part of the market. Is this an opportunity, or not?

According to managers like Sands Capital and Baillie Gifford, both long established growth equity managers, there has never been a better time to invest. Indeed, if your only source of information were these managers, it’s safe to say you would probably be investing quite heavily in growth right now. But for better or worse, our scope is a lot broader and there are a number of additional factors we need to consider.

In this month’s commentary we take a look at a very interesting stock that may hold the keys to success for many investors around the globe.

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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.