Épisodes

  • 39.Unlocking infrastructure investment in South Africa

    39.Unlocking infrastructure investment in South Africa
    Oct 20 2026
    At the end of 2025, the estimated size of South Africa’s savings pool stood at a substantial R15.8 trillion, yet the country continues to face a significant infrastructure investment shortfall. Some policymakers might view this dichotomy as evidence that Regulation 28, which governs how retirement funds may invest, should be adjusted to lower the offshore allowance and direct more savings towards local infrastructure.

    In the latest episode of The Allan Gray Podcast, portfolio manager Thalia Petousis, economist Sandy McGregor and ESG analyst Raine Adams argue that SA’s infrastructure underinvestment is not the result of a shortage of money, but the shortage of opportunity. The private sector continues to show a willingness to fund viable projects. They point to the roughly R350bn of capital that has been invested in the local Renewable Energy Independent Power Producer Procurement Programme projects since 2022 – the same year that the offshore allowance was in fact increased.

    The discussion underscores that addressing the country’s infrastructure investment shortfall is less about changing Regulation 28 and more about making progress on the reform agenda, instituting sensible public policies, raising governance standards and increasing the number of opportunities worth investing in. Allan Gray website · Changing Regulation 28: A solution looking for a problem
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    42 min
  • 38. Beyond the hit rate: Making the best investment ideas count

    38. Beyond the hit rate: Making the best investment ideas count
    Aug 18 2026
    Successful investing is often associated with making perfect decisions, yet even the most accomplished investors can be wrong from time to time. Long-term investment outcomes are driven less by perfection and more by ensuring that the best ideas are backed with conviction and time to influence long-term returns.

    In the latest episode of The Allan Gray Podcast, Mica Townsend, an investment specialist in our ManCo Distribution team, is joined by Allan Gray portfolio manager Tim Acker to discuss how position sizing shapes investment outcomes. Drawing on reflections across a range of our portfolio holdings, from AB InBev and Investec to Naspers and Prosus, they explore why managing downside risk, allocating capital to the most promising ideas and disciplined decision-making may matter more than achieving a perfect hit rate. Allan Gray website
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    36 min
  • 37. New tools, old habits: Investing in the age of AI

    37. New tools, old habits: Investing in the age of AI
    Aug 6 2026
    Artificial intelligence (AI) is transforming the way investors access information and make decisions, yet the forces that drive markets remain remarkably familiar. In this episode of The Allan Gray Podcast, Allan Gray Institutional Clients manager Horacia Naidoo-McCarthy and Simon Skinner, director and head of Orbis’ Global Investment team, discuss the impact of AI on investing and market behaviour, the risks of false certainty and the enduring value of independent thinking. Allan Gray website · Investing through disruption: Lessons from history for the age of AI
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    46 min
  • 36. Needles in a haystack: Finding the compounders that drive long-term equity returns

    36. Needles in a haystack: Finding the compounders that drive long-term equity returns
    Jul 15 2026
    Finding long-term compounders can feel a little like searching for a needle in a haystack. While a small number of businesses generate a disproportionate share of long-term equity market returns, identifying them is far more difficult than it appears in hindsight. In this episode of The Allan Gray Podcast, portfolio managers Siphesihle Zwane, Jithen Pillay and Pieter Koornhof discuss how Allan Gray searches for businesses with the potential to compound value over long periods of time. They explore why a great business is not always a great investment, what characteristics underpin enduring businesses, and why some of the best buying opportunities emerge during periods of uncertainty. Allan Gray website · Diamonds in the rough: A look at luxury
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    1 h et 1 min
  • 35. The investment case for preparation over prediction

    35. The investment case for preparation over prediction
    Jul 1 2026
    In an environment defined by ongoing change, investors may be tempted to reduce uncertainty by trying to predict what lies ahead. However, as forecasts are seldom accurate, investors may be better served by accepting that uncertainty is inherent and by preparing for a world that will continue to surprise.

    In the latest episode of The Allan Gray Podcast, Marise Bester, a manager in the ManCo Distribution team, hosts Allan Gray portfolio managers Varshan Maharaj and Kamal Govan to discuss the factors currently shaping markets and influencing investment decisions. They cover a broad range of themes, from the disconnect between South Africa’s sluggish economy and its strong market performance to how interest rates and inflation influence global markets. They also explore the underlying drivers of AI-related capital flows and delve into our approach to offshore allocation. Allan Gray website · Beyond the narratives: Investing through uncertainty · Lessons from the markets and the sea: Don’t get caught in the undertow
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    37 min
  • 34. Exploring the frontier: Why elevated risk offers enticing opportunities

    34. Exploring the frontier: Why elevated risk offers enticing opportunities
    May 4 2026
    Global markets are navigating a challenging mix of persistent conflict, energy insecurity and volatile inflation, stoking fear among investors. In frontier and smaller emerging markets, that fear weighs heavily on asset prices, often sending them well below what the underlying business fundamentals suggest.

    Horacia Naidoo-McCarthy, a manager in the Institutional Clients team, is joined by portfolio managers Rory Kutisker-Jacobson and Varshan Maharaj to explore opportunities in unloved or overlooked markets amid uncertainty. Using some examples from the Allan Gray Frontier Markets Equity Fund’s investment universe, they discuss the distinction between structural and cyclical risk, how deep fundamental research can uncover high-quality businesses hidden in plain sight, and where patient long-term investors may be rewarded for leaning into risk when fear dominates asset prices. Frontier Markets Equity Fund: Focusing on value amid market volatility · Allan Gray website
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    54 min
  • 33. South Africa’s reform test: Fleeting gains or fundamental change?

    33. South Africa’s reform test: Fleeting gains or fundamental change?
    Apr 8 2026
    Last year’s strong market returns renewed optimism in South Africa after years of sluggish growth, but many investors are wondering whether the country has truly reached a turning point or is merely in the midst of a false dawn. Allan Gray portfolio managers Thalia Petousis and Sandy McGregor are joined by ESG analyst Raine Adams to discuss whether the country’s reform narrative is on track. They also explore the structural factors shaping the economic environment, including energy, water and logistics, and share views on whether local asset prices can withstand global shocks. Tipping point or false dawn? South Africa’s defining question · Allan Gray website
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    48 min
  • 32. How to outsmart behavioural biases when investing – with Dr Daniel Crosby

    32. How to outsmart behavioural biases when investing – with Dr Daniel Crosby
    Feb 17 2026
    For many investors, 2025 intensified the behavioural pressures that shape investment decisions. Markets reached record highs, even as global growth slowed and political tides turned across major economies. Amid these contrasts, investors and advisers were reminded just how crucial it is to manage behaviour. Falling prey to inherent behavioural biases and knee-jerk reactions when markets shift are well-known ways to hinder performance and erode returns. In conversation with Allan Gray portfolio manager Tim Acker, leading behavioural finance expert and author Dr Daniel Crosby explores habits and hacks that personal and professional investors can employ to navigate volatile markets, avoid cognitive traps and enhance their long-term investment success. Allan Gray website · Why behaviour shapes long-term investment success more than performance
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    50 min