Welcome to Allan Gray Australia.
We want to ensure you get the right experience for you.
Individual Investors
Discover the Allan Gray difference. Learn more about our Funds including performance and download offer documents.
Financial Advisers
The information contained in this section is for adviser and wholesale investor use only.
Retail Investors
The Allan Gray Australia Funds are available for investment by New Zealand retail clients.
To comply with New Zealand law, our website provides information only about Allan Gray Australia Funds. We do not provide advice to New Zealand retail clients.
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If you are looking for Allan Gray South Africa, please click here.
The website is primarily designed for Australian investors.
US persons are not generally permitted to invest in the Allan Gray Australia Funds. However, we will accept applications from US persons who are genuine residents of Australia, New Zealand or South Africa.
Show investment objective, performance and more
Portfolio Information
Investment objective
The Fund seeks to provide long-term returns that are higher than the custom benchmark. In doing so, the Fund aims to balance capital growth, income generation and risk of loss using a diversified portfolio.
Investment approach
In carrying out our contrarian investment approach, the Balanced Fund has significant freedom to invest in different asset classes to take advantage where we see opportunities. This means we have great flexibility and can capitalise when we believe that markets are attractive. Our target range is to have anything between 40%-90% of the Fund invested in shares and 10%-50% in fixed income and cash, and 0-10% in commodity -linked instruments depending on where the opportunities are. The Fund’s portfolio may from time to time move outside these ranges in pursuit of the Fund’s investment objectives.
- APIR CodeETL4654AU
- Management fees and costs (Base fee) 0.76%*
- Performance fee20.3%*
- Inception date1 March 2017
- Buy / Sell spread0.20% / 0.20%
- Distribution frequencyAnnual
- Minimum suggested investment timeMore than 3 years
- Fund size as at 30/04/2024 AUD 175.50 million
| 3 months % | 1 year % | 3 years % p.a | 5 years % p.a | Since public launch (1 Mar 2017) % p.a | |
|---|---|---|---|---|---|
| Balanced Fund | 7.3 | 10.9 | 9.0 | 7.9 | 7.7 |
| Benchmark | 5.7 | 11.8 | 6.2 | 6.7 | 7.4 |
| Relative Performance | 1.6 | (0.9) | 2.8 | 1.2 | 0.3 |
| Relative highest and lowest annual return since public launch | Return % | Calendar year |
|---|---|---|
| Highest | ||
| Lowest |
Notes
The chart shows the value of AUD 10,000 invested in the Fund and in the benchmark over the selected period. The public launch date of the Fund was 1 March 2017. The benchmark is a blend of the S&P/ASX 300 Accumulation Index (36%), S&P Australian Government Bond Index (24%), MSCI World Index with net dividends reinvested, expressed in AUD (24%) and JP Morgan Global Government Bond Index, expressed in AUD (16%). Returns are net of fees, include income, assume reinvestment of distributions and exclude any spreads that might be payable on transactions. Returns for periods of more than one year are annualised. Annualised returns show the average amount earned on an investment in the Fund each year over the given time period. The highest and lowest returns earned during a calendar year since the public launch of the Fund are shown to demonstrate the variability of returns. The complete return history for the Fund can be obtained by contacting our Client Services team. Past performance is not indicative of future performance. Fund prices will fluctuate and there is no guarantee with respect to the performance of the Fund or that an investor’s capital will be preserved. The actual performance experienced by investors may differ as a result of the specific investment date, the date of reinvestment of income distributions, and withholding tax applied to income distributions. The minimum initial lump sum investment amount is $10,000.
*The base fee and the performance fee (if applicable) are calculated and accrued daily and paid monthly. Goods and Services Tax, net of Reduced Input Tax Credit, is applicable to the base fee and the performance fee and reflected accordingly.
| Security Name | Description | % of Fund as at 30/04/2024 |
|---|---|---|
| Australian Government Bonds < 1 Year | Australian Government Bonds < 1 Year | 18% |
| SPDR® Gold Trust | SPDR® Gold Trust is an exchange-traded fund (ETF) which aims to track the value of gold bullion. Backed by physical gold, the ETF was the first product of its kind in the US and is one of the largest globally. | 5% |
| Alumina | Alumina is an Australia-based company that invests, via a partnership with Alcoa, in bauxite mining, alumina refining, and aluminium smelting operations. | 3% |
| Newmont | Newmont is one of the world’s largest gold mining companies with a portfolio of assets in North America, South America, Australia, and Africa. Headquartered in the United States, it acquired Australian-based Newcrest Mining in October 2023. | 3% |
| Woodside Energy Group | Woodside Energy Group is an Australia-based global energy company operating across oil, gas, and new energy. | 3% |
Geographical Allocation Date as at 30/04/2024
| % | Australia | Europe and UK | North America | Asia | Other | Total |
| Net Equity | 24 | 13 | 6 | 12 | 3 | 57 |
| Hedged Equity | - | 2 | 6 | - | - | 9 |
| Fixed Income and Cash | 18 | 2 | 8 | - | - | 29 |
| Commodity Investments | - | - | - | - | - | 5 |
| Total | 42 | 17 | 21 | 12 | 3 | 95 |
This table highlights the Fund’s exposure to regions. Net equity is calculated by taking into account the exchange-traded derivatives used to reduce market exposure. The geographical region of a security is generally based on the region allocated to that security by third-party data providers for comparability purposes. As exchange rate fluctuations can have a significant impact on returns, the Fund uses over-the-counter derivatives such as currency forwards to manage foreign exchange risk. Commodity Investments are not specifically allocated to a geographical region.
Hedged Equity represents the Fund's use of exchange-traded derivatives to reduce market exposure. Commodity Investments reflect the Fund's indirect investment in commodites like gold, through commodity-linked instruments or unlisted shares.
Prices
| Current Price | Month-end Price |
Select Date
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|---|---|---|---|
| Buy | |||
| Sell | |||
| Net Asset Value (NAV) |
All prices are net of distributions and fees. Buy price is the Fund’s NAV per unit plus the buy/entry spread. The sell price is the Fund’s NAV per unit less the sell/exit spread.
Distributions
| Declaration date | Record date | Payment date | AUD per unit | Ex-distribution price |
|---|
Balanced Fund
Our Balanced Fund is designed to leverage our contrarian approach across equities and fixed income, depending on where we see opportunities, to drive long-term returns.
Your portfolio may benefit from a unique Balanced Fund with a wide mandate that gives us the flexibility to go against the consensus to drive results.
Why choose the Allan Gray Australia Balanced Fund?
Time-tested contrarian investment philosophy
Going against human instinct and taking a contrarian approach to investing is not for everyone. It takes true discipline and commitment in your convictions. The Fund leverages our time-tested contrarian investment strategy across a diversified portfolio and is benchmark unaware as we focus on long-term results.
A strong foundation
To reduce risk and generate higher long-term returns we aim to buy the right assets at the right price. Prioritising our long-term view in our fundamental analysis gives us a competitive edge that may enable us to deliver better outcomes.
Expertise
This Fund combines Allan Gray Australia’s domestic specialisation with Orbis Investment’s global markets expertise.
Performance driven with the flexibility to adapt
While the Fund offers a broad investment mix to balance risk, its focus is to drive performance. We can vary the Fund’s exposure to different asset classes depending on where we find value, the potential for capital growth and income and risk of loss. This flexibility helps us drive long-term returns while seeking to reduce the impact of major market falls.
Speak to our Client Services team
To learn more about our Funds, please do not hesitate to contact us directly by phone or email.
Investment management fees at a glance
Investors in the Fund will pay management fees and costs (base fee) of 0.76% p.a and a performance fee of 20.3%. These fees are included in the daily unit price for the Fund.
If after deducting the base fee (if applicable), the Fund’s return is higher than the benchmark’s return, then a performance fee is charged on the excess return. A high-water mark is in place to ensure that you only pay once for performance which exceeds the benchmark. The base fee and the performance fee (if applicable) are calculated and accrued daily and paid monthly. Goods and Services Tax, net of Reduced Input Tax Credit, is applicable to the base fee and the performance fee and reflected accordingly.
History of total fees and costs
The total fees and costs, outlined below, is a measure of the actual fees and costs incurred by the Fund over a 12-month period, expressed as a percentage of the average daily value of the Fund for the same period. Fees and costs may vary and the current total fees and costs should not be used as an indication of future total fees and costs. See the disclosure documents for more information about the fees and costs that apply to this Fund.
| Financial Year | Indirect cost ratios |
|---|---|
| 0.78% | |
| 0.78% | |
| 0.79% |
Risks of Investing
All investments carry risk. If you are considering the Allan Gray Australia Balanced Fund, you should be aware that:
There is no guarantee your investment will do well
We do not guarantee the success, repayment of capital or any rate of return on income, capital or investment performance of the Fund. Past performance is not an indicator of future performance.
Markets can be volatile
The Fund will primarily hold Australian and international shares and bonds. As these investments can be volatile, your investment will fluctuate. In addition, some of the markets in which the Fund invests may be considered emerging markets, which carry their own risks such as political and social instability.
Currency movements will impact performance
Although a large portion of the Fund will be held in Australian assets, fluctuations in exchange rates can have a significant influence on the Fund’s international investments and could impact overall returns.
You can find a comprehensive explanation of the risks in the Product Disclosure Statement (PDS), which should be read together with the Information Booklet and our Target Market Determinations, all of which can be found on our Forms and Documents page.
