Investment Review – October 2025

Market Indicators

  • JSE All Share (ALSI) 109,243.56
  • Rand/Euro R 20.00
  • Rand/Pound R 22.74
  • Rand/US Dollar R 17.28
  • Rand/Aus Dollar R 11.33

When AI Steps Off the Screen: The Real-World Revolution

When electricity first lit up a bulb, it dazzled the public. But that was just the beginning. Over time, it became the invisible force behind industry, transport, communication, and modern life itself. Today, Artificial Intelligence (AI) is at a similar inflection point. Tools like ChatGPT have flipped the switch and made AI visible to the world. But the real transformation lies ahead, as AI becomes embedded in the physical world. This commentary explores how real-world AI is emerging, why it matters, and why investors should pay attention.

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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.