We have no sustainable advantage predicting these factors, and won’t get it right every year.— Duncan Artus, Allan Gray Portfolio Manager
It’s always good to stay humble.— Duncan Artus, Allan Gray Portfolio Manager
The Money Show’s Bruce Whitfield interviewed Allan Gray Portfolio Manager Duncan Artus.
Artus – in his words - discussed five examples of how luck was critical in their investments.
The rise in global terrorism: deadly attacks in Paris, Nice, Brussels and Istanbul, to name a few, dented the public morale, rattled the luxury goods market and led to Richemont being the top contributor to our relative returns for the 12 months to September.
MTN’s fine: completely unexpected, took management by surprise and contributed to the fall in the share price which made MTN the second biggest contributor to our relative returns for the 12 months to September.
AB-InBev’s acquisition of SABMiller: while in our assessment a transaction was probable, trying to predict merger and acquisition activity is near impossible.
Brexit: by the time Brexit came about, we had reduced our clients’ SABMiller holdings by two-thirds and were substantially underweight in the stock. The concomitant fall in the share price stood us in good stead on a relative basis.
- Gold shares: in isolation accounted for a quarter of our outperformance. The gold price went up because of a confluence of global macroeconomic factors.
Need more detail? Listen to the interview in the audio below.
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
The Money Show’s Bruce Whitfield interviews newly appointed KPMG SA CEO Nhlamu Dlomu and IRBA CEO Bernard Agulhas.
The Money Show’s Bruce Whitfield interviews Liberty SA Retail Consumer Economist Tendani Mantshimuli.
The Money Show’s Bruce Whitfield interviews Pauli van Wyk, a journalist with Scorpio at Daily Maverick.
The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.
The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.
Bruce Whitfield interviews Iskander to learn about her non-profit company that partners with South African employers.
The Money Show’s Bruce Whitfield interviews KPMG South Africa CEO Nhlamu Dlomu.
Sharone Daniels, a community activist in Cape Town's Ocean View says they need police intervention to end gang violence.
Civil engineer and Ph.D. researcher John Okedi speaks to CapeTalk host John Maytham about his plans.
Former President Kgalema Motlanthe sat down for a lengthy and candid interview with 702 and CapeTalk anchor, Eusebius McKaiser.
A government employee emailed John Maytham about what he or she believes is the real state of play with the Cape water crisis.
The Money Show’s Bruce Whitfield interviews Sasfin CEO Roland Sassoon.