In addition to our range of Australian equity Funds we offer your clients exclusive access to the Orbis Global Funds, which share the same long-term, contrarian investment approach and remain privately-owned companies founded by Dr Allan Gray.
We are delighted to share that we are a proud supporter of the Portfolio Construction Strategies Conference 2019 on 21-22 August and that Charles Dalziell, Investment Director at Orbis Australia, will present on the topic “Complacency kills: the party is over for growth investing”.
Charles will cover the underperformance of value stocks against growth stocks that has occurred in the US over the last twelve years – the longest stretch of underperformance in living memory. A number of theories have been put forward as to why, and also why some people believe this is the new normal. Charles will show that these theories are contradicted by historical data and neither technological change nor interest rates explain the last 12 years; rather, we have just come through a period where the starting valuations favoured outperformance of growth stocks. We now we face a future where valuations heavily favour value stocks and the data shows that value has a greater than 85% chance of outperforming growth from here.
The Portfolio Construction Strategies Conference is the pre-eminent investment conference in the industry calendar. It will challenge your portfolio construction thinking, by debating contemporary and emerging portfolio construction approaches – with an emphasis on looking at the issues that will dominate the 2020s and beyond. The depth of learning available and speaker line-up is always second to none.
As an added bonus, by attending the live program in full delegates can earn 12 CE hours. In addition, after the program delegates can earn a further eight CE hours by attending online the sessions they didn’t catch live.
Click here to learn more about the event and to register to attend. The team at Allan Gray & Orbis look forward to seeing you there!
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Equity Trustees Limited ABN 46 004 031 298, AFSL No. 240975 is the issuer of units in the Allan Gray Australia Balanced Fund ARSN 615 145 974, Allan Gray Australia Equity Fund ARSN 117 746 666 and Allan Gray Australia Stable Fund, ARSN 149 681 774 (Allan Gray Funds) and units in the Orbis Global Equity Fund (Australia registered) ARSN 147 222 535, Orbis Global Equity LE Fund (Australia registered) ARSN 613 753 030 and Orbis Global Balanced Fund (Australia registered) ARSN 615 545 170 (Orbis Funds). Allan Gray Australia Pty Limited ABN 48 112 316 168, AFSL No. 298487 is the investment manager of the Allan Gray Funds.
Past performance is not a reliable indicator of future performance. There are risks involved with investing and the value of your investments may fall as well as rise. This represents Allan Gray Australia Pty Limited and Orbis Investment Advisory Pty Limited’s view at a point in time and may provide reasoning or rationale on why we bought or sold a particular security for the Allan Gray or Orbis Funds or our clients. We may take the opposite view/position from that stated, as our view may change. If this article is authored by Orbis, it does not prohibit the Orbis Funds from dealing in the securities before or after this article is published. This article constitutes general advice or information only and not personal financial product, tax, legal, or investment advice. It does not take into account the specific investment objectives, financial situation or individual needs of any particular person and may not be appropriate for you. We have tried to ensure that the information here is accurate in all material respects, but cannot guarantee that it is.
You should consider the relevant funds’ Product Disclosure Statement (PDS) or Information Memorandum (IM), as applicable, before acquiring, holding or disposing units in the Allan Gray or Orbis Funds. The PDS or IM can be obtained from
www.orbis.com.au and www.allangray.com.au.
Target Market Determinations (TMDs) for the Allan Gray products can be found at
allangray.com.au/PDS-TMD-documents,
while TMDs for the Orbis Funds can be found at www.orbis.com.au on the 'Forms' page under 'How to Invest'. Each TMD sets out who an investment in the relevant Allan Gray or Orbis Funds might be appropriate for and the circumstances that trigger a review of the TMD.
Managed investment schemes are generally medium to long-term investments. They are traded at prevailing prices and the value of units may go down as well as up. There are risks with investing the Fund and there is no guarantee of repayment of capital or return on your investment. Subject to relevant disclosure documents, managed investments can engage in borrowing and securities lending. A schedule of fees and charges is available in the PDS.