Investment Review – October 2020

Market Indicators

  • JSE All Share (ALSI) 51,684.70
  • Rand/Euro R 18.91
  • Rand/Pound R 21.01
  • Rand/US Dollar R 16.23
  • Rand/Aus Dollar R 11.40

Cautionary Tales of Offshore Investing

South African businesses have a strong history of successfully expanding their operations offshore and becoming well renowned global businesses. This has been done to access growth opportunities in offshore markets and to diversify away from a lower growth and higher risk domestic environment. While some companies have achieved success in their offshore pursuits, there are many that have struggled.

In this month’s article we take a deeper look at two of these businesses, Woolworths and Sasol, and explore what lessons we can learn from their failures by relating it back to how we make our own investment decisions.


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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.