Allan Gray Managed Funds

About investing

There are three stages to opening an account. Please visit the Invest Now page to learn more.

You can open an account with an initial investment of AUD 10,000 per Fund, or set up a regular savings plan to gradually build up your investment. The minimum contribution is AUD 500 per month per Fund.

If we receive your completed application form, identification documents (where applicable) and money before 2pm (Sydney time) on any business day, your money will be invested that very day and you will receive that day’s price for your investment.
Your transaction will be finalised the next business day and you will receive a statement confirming those details.

You can open an account with an initial investment of AUD 10,000 per Fund, or set up a regular savings plan to gradually build up your investment. The minimum contribution is AUD 500 per month per Fund.

Your bank account will be debited on the first business day of each month. You’ll need an Australian bank account to set up a regular savings plan.

The type of documents you’ll need will depend on the investment you make. We have a different identification form for the main entity types (individual, company, or trust). Please visit our forms page to learn more. You can also find a list of documents on the back of the relevant Identification form.

As you are providing copies of original documents, they’ll need to be certified. You’ll find a list showing who can certify them and how this should be done by reading our Getting your documents certified page.

There are three reasons to read the PDS (and Information Booklet) before you invest.

  1. Our PDS and Information Booklet gives you the information you need to make an informed decision about whether to invest in our Funds.
    They include details such as:

      • our approach to investment management
      • product features and benefits
      • fees that apply – which may affect your returns
      • risks of investing
      • how to invest, and
      • any other information that is essential to your decision to invest

    The booklet also lets you know who to contact and how we handle any complaints if you are unhappy with our service.

  2. You’ll be bound by this document when you become a unitholder
    We offer Units in the Funds based on the terms and conditions in the PDS (including the Information Booklet) and the Constitution (the document that establishes the Fund and sets out both your rights and responsibilities and those of the Fund provider or responsible entity). A summary of the Constitution is provided in these documents.
  3. It will help you with your decision making.
    The information provided helps you compare our products with each other and with other investment opportunities.

Yes, you can invest in the Allan Gray Australia Equity Fund, Balanced Fund and Stable Fund directly by opening an account with Allan Gray Australia. You can find the New Zealand forms for investment here.

Yes, you can invest in any of the Allan Gray Australia Funds directly by opening an account with Allan Gray Australia, or you can invest in the Equity Fund (Class A), Balanced Fund and Stable Fund using the Allan Gray South Africa platform.

If you wish to use our South Africa platform, please contact Allan Gray South Africa. You can find the South African forms for investment here.
Tel: +27 (0)21 415 2301

No, unfortunately not. Although we share the same name, the same investment philosophy, and many other common characteristics, we are a separate business in Australia.

Yes, you may find it easier to liaise with Allan Gray South Africa when you are opening your account.
Please contact their client service team on:
Tel: +27 (0)21 415 2301

How to transact and manage your account

Yes, if you have multiple investments with us, you’ll have access to all of your holdings by simply logging in.

You’ll be able to view information about your investment, including your account balance and transaction history, and access copies of your statements. You can also view your personal contact details, check your distribution instructions and view the bank account details we have on file for you.

We will set up your online account when you invest with us. Please contact us if you would like us to set up online access.

The simplest way to top up your account is by using our online instruction portal.

Alternatively, you can complete and return the Additional Investment form, by downloading it from Forms.

The following statements are available to all unitholders in our funds.

  • A transaction confirmation statement, showing a change in your investment (we provide this when you transact on your account or on your request).
  • Quarterly investment management reports.
  • The annual audited accounts of the fund for each period ending 30 June.
  • Annual distribution, tax and confirmation of holdings statements for each period ending 30 June.

We will send you or your authorised representatives the above statements by email unless you instruct us otherwise.
Sign up to receive our monthly email and you’ll also receive the latest fund fact sheets, our Quarterly Reports and up-to-date commentary from our analysts.

You may access a statement anytime online by registering to use Allan Gray Online. Or, just contact us , we’ll be happy to help.

You can update your account details online if the investment is held in your name and you are the only signatory on the account.

Yes, you can transfer some or all of your investment to another person or entity, as long as you keep a balance of AUD 10,000 in each Fund. Both parties will need to complete and sign the Transfer form available from the Forms section of this website.

If you are transferring your investment to someone who is not currently investing with Allan Gray Australia, they’ll need to follow the account opening process before the transfer is processed.

Minimum redemption amount

The minimum redemption amount is AUD 500 if you are redeeming via a monthly redemption plan. No minimum applies in other circumstances.

However, after your redemption is processed, you must always maintain a minimum investment balance of AUD 10,000.

Monthly redemption plan

With the monthly redemption plan, you can make regular redemptions of at least AUD 500 per month. This saves you the time and hassle of giving us an instruction each month.

To set up a regular redemption plan, you must have a minimum balance of AUD 25,000 and maintain a balance of AUD 10,000 after each redemption is paid.

  1. Make sure you read the important information about the minimum amounts.
  2. Complete the Redemption form.
  3. Email, fax or post the instruction to us.

Yes, as long as you have a minimum balance of AUD 25,000 in your account at the start. The minimum monthly regular redemption amount is AUD 500 and payments can only be made to Australian bank accounts.
We will automatically suspend the regular redemption once your account balance reaches AUD 10,000.

Regular redemption plans are processed on the 22nd of each month. If the 22nd is not a business day, we will process your regular redemption plan on the preceding business day.
We aim to pay regular redemption proceeds on the 25th of each month if this is a business day.

Generally, redemption proceeds should arrive in your bank account within four to seven business days after we have received your request. Payment to an overseas bank account may take longer.

You can withdraw from your investment at any time. There is no minimum redemption amount but you should keep a minimum balance of AUD 10,000 invested with us.

Payments can only be made to a bank account with the same name as your investment account.

Yes, you can. Keep in mind, as payments are made in Australian dollars, the proceeds will be converted by your bank into the currency of your overseas bank account.

If you are invested in your own name, this investment forms part of your estate, and will be dealt with according to the terms of your will or in accordance with the law if necessary.

Yes. Same day switches between Class A and Class B can be arranged upon completion of this switch request form. There is no buy/sell spread when switching between the Allan Gray Australia Equity Fund Class A and Class B.
We do not offer switches between the Allan Gray Australia Funds. If you decide to move your investment from one Fund to another, you will need to redeem your investment and make an additional investment once you receive the proceeds of your redemption. Please note that this does mean that your investment will not be invested in either Fund, and therefore will not experience any market price movements for the amount of time between the two transactions.

There are three steps to facilitate a move between Allan Gray Australia Funds.

  1. Please complete this redemption form and wait for the funds to be transferred to your nominated bank account.
  2. Complete this additional investment form and email it to or post to Allan Gray Funds Unit Registry GPO Box 804 Melbourne VIC 3001 Australia.
  3. Once your redemption funds are received, you will need to apply them to your new investment by transferring the funds to the relevant bank account (see Section 5 of the additional investment form).

Should you have any questions, please do not hesitate to contact our Client Services team to guide you through the steps.

Why does Allan Gray not enable switches between Funds?

Switches can be complex to manage due to the selling and subsequent purchases of assets and the timing implications of these transactions across Funds with differing liquidity profiles, particularly during times of market stress. The ways in which cash flows are managed contributes to Fund performance. As such, we believe it is in the interests of our Funds’ unitholders to preserve flexibility in managing cash flows and therefore not offer same day switches between Allan Gray Funds. You can, however, continue to move your investment between Funds by redeeming your investment in one Fund and making an investment in another by using the additional investment form.

About fees and costs

As an investor in the Funds you will pay a base fee (if applicable) and a performance fee.
These fees are already included in the daily unit price for the Funds.

The base fees for the Allan Gray Funds are:

  • Allan Gray Australia Equity Fund (Class A) – 0.75% per annum
  • Allan Gray Australia Equity Fund (Class B) – Nil
  • Allan Gray Australia Balanced Fund – 0.75% per annum
  • Allan Gray Australia Stable Fund – 0.25% per annum

The fee is charged daily based on the value of the Fund and is the minimum fee which you will pay for your investment.

The performance fees for the Allan Gray Funds are:

  • Allan Gray Australia Equity Fund (Class A) – 20%
  • Allan Gray Australia Equity Fund (Class B) – 35%
  • Allan Gray Australia Balanced Fund – 20%
  • Allan Gray Australia Stable Fund – 20%

If after deducting the base fee (if applicable), the Fund’s return is higher than the benchmark then a performance fee is charged on the excess return.

A performance fee is only charged when the Fund’s return (after considering base fees if applicable) is higher than the benchmark’s return.

A high water mark is in place to ensure that our investors only pay once for performance which exceeds that of the benchmark

Yes, if the value of the Fund and the benchmark is going down, a performance fee can still be charged if the value of the Fund has fallen less than the benchmark. This is because the Fund has still delivered a better return than the benchmark. Therefore, the level of costs in the Fund can vary.

The high water mark is the highest return the Fund has achieved in comparison to the benchmark since the Fund was launched.

A performance fee is only charged when the Fund’s return in comparison to the benchmark reaches a new high. When this happens the high water mark is reset at this level.

If the Fund subsequently loses value, and then increases again, the high water mark ensures that performance fees are not charged for this value increase because this is only recovering previous losses.

You can look at the indirect cost ratio (ICR) which is published on this website each month. This ratio shows the amount of base and performance fees charged over the last 12 months as a percentage of the Fund’s net asset value.

The approximate dollar value of fees charged on your investment is also shown on your quarterly statement.

Yes, the price which you receive when you transact in the Funds will include a spread. The spread covers the costs the Fund incurs in buying and selling equities for your transactions. It means you only pay for your trades when buying and selling, not the other investors in the Fund.

This procedure helps you when other investors are transacting and ensures that you do not incur additional costs for those transactions.

The spread for the Allan Gray Australia Equity Fund is 0.20%. For the Allan Gray Australia Balanced Fund the spread is 0.20% and for the Allan Gray Australia Stable Fund the spread is 0.10%. The spread is lower for the Allan Gray Australia Stable Fund because a smaller portion of the Fund is invested in equities.

Allan Gray covers the portion of costs which are directly associated with running a fund. We do this to ensure that you are not paying more to invest with us than you would if you invested directly in shares.

Standard fund running costs include fund administration, custody, registry and responsible entity fees.

We have benchmarks to measure each Fund’s performance. Our aim is to deliver a better return than the benchmark over a period of time.

The Allan Gray Australia Equity Fund’s benchmark is the S&P/ASX 300 Accumulation Index.

The Allan Gray Australia Balanced Fund uses a custom benchmark, made up of:

  • 36% S&P/ASX 300 Accumulation Index
  • 24% S&P/ASX Australian Government Bond Index
  • 24% MSCI World Index (net dividends reinvested) expressed in AUD; and
  • 16% JPMorgan Global Government Bond Index expressed in AUD.

The Allan Gray Australia Stable Fund’s benchmark is the RBA cash rate.

More questions answered

Daily fund prices, complete price history and performance information about the Funds can be found on this website. You can also sign up for our monthly newsletter which contains the fund fact sheets, as well as the latest news, views and commentary from our analysts.

A fund is required to pay and/or attribute 100% of the taxable income to investors each financial year in the form of a distribution.

Distributions reflect the income earned by the fund from its underlying assets (rather than the value of the assets themselves) and are paid and/or attributed to investors after fees are deducted. These assets may include shares, fixed income, cash, or a combination of these. This means a distribution could include interest earned, dividends, rental income and capital gains realised when assets are sold. For global assets, currency movements resulting in changes in the value of hedging contracts can also affect income distributions.

Both the Allan Gray Australia Equity Fund and the Balanced Fund only make distributions once a year at the end of the financial year.

The Allan Gray Australia Stable Fund makes a distribution at the end of each calendar quarter.

You can choose to:

  • have your distribution paid in cash if you have an Australian bank account
  • reinvest your distribution in the same Fund, or
  • use a combination of the two options.

Yes, you will need to pay tax on the distribution and declare the taxable amounts you received as part of your annual tax return. From a tax perspective, your choice to reinvest the distribution is irrelevant.

Allan Gray Australia Equity Fund (Class A)

  • ISIN: AU60ETL00600
  • APIR: ETL0060AU

Allan Gray Australia Equity Fund (Class B)

  • ISIN: AU60ETL03497
  • APIR: ETL0349AU

Allan Gray Australia Balanced Fund

  • ISIN: AU60ETL46546
  • APIR: ETL4654AU

Allan Gray Australia Stable Fund

  • ISIN: AU60ETL02739
  • APIR: ETL0273AU

Allan Gray Australia became a signatory to the PRI in July 2018. For more information, please read our statement on Responsible Investing . You can also read our PRI-published Public Transparency and Assessment Report here.

The Allan Gray Australia Equity Fund (the Fund) is required to report on modern slavery and has released a statement covering the period 1 July 2020 – 30 June 2021. This statement outlines an initial risk assessment on the Fund’s immediate suppliers for key inherent modern slavery risk indicators and outlines the investment approach employed to detect modern slavery, including child labour, deceptive recruitment practices and slavery. For more information, you can download our statement. The investment approach employed to detect modern slavery is applied by Allan Gray Australia in respect of all the Funds we manage.