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 Personal Finance Consultant Samke Ngwenya.
Black women, however, are more likely to run a start-up than white women. Bruce Whitfield interviews Ventureburn's Stephen Timm.
The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.
The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.
Naspers is up about 100%, so far, this year. Bruce Whitfield interviews Just One Lap Financial Educator Simon Brown.
The Money Show’s Bruce Whitfield interviews Makhathini for his “ShapeShifter” feature.
If the engine is running and you are sitting behind the wheel you are not allowed to operate your phone says W Cape's JP Smith
Former Eskom chair Zola Tsotsi’s jaw-dropping statements include Tony Gupta saying they could hire or fire Eskom board members.
Coca-Cola has reduced its 500ml "buddy" to 440ml and the traditional 330ml Coke cans will soon have a volume of just 300ml.
Deputy President of MDC says Mugabe's threats could not deter them from their mission to impeach him - they were determined.
Up for a Springboks level scrum? Instructions on how to ensure you get the deals in your inbox the moment they become known...