The Allan Gray Podcast

Global investors have been on a rollercoaster ride in the wake of President Trumps announcement of an array of reciprocal tariffs which rocked global stock markets, initially sending US shares tumbling and then rebounding as investors hung onto news headlines as a key determinant of prices. But prices shouldnt be confused with value, and the extreme volatility serves as a stark reminder to investors that paying a premium for optimism is dangerous and hefty price tags should be interrogated. In a wide-ranging conversation, Institutional Clients manager Horacia Naidoo-McCarthy and Rob Perrone, a senior investment specialist at our offshore partner, Orbis, explore the current global investment universe, explain why great expectations appear to be baked into markets and discuss many of the compelling opportunities in less popular markets. Orbis Global Balanced: Defensively positioned to deliver long-term returns · The conflict between price and fundamentals

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