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Allan Gray Stable Fund (A)

South African - Multi Asset - Low Equity
Inception:01 Jul 2000

Latest Price : 18 Dec 2014 R 29.60
12mth Sector Rank30 / 35
12mth Overall Rank293 / 398
12mth Volatility vs Sector Average0.7
Equinox Buy FeesWholesale0.000%
Management Company Annual Fees:***Flexible   [details]
PSG Annual Admin and Platform Fee[details]
TER Ratio2.03%
TER Performance0.81%
TER Date30 Sep 2013
Latest Total AssetsR 37,204.1m
Assets at end September 2014R 37,772.8m
Previous QuarterR 36,876.3m
Move+ R 896.6m
Income Declaration and Payment
DeclarationQuarterly: End of March, June, September and December
PaymentReinvestments and distributions are paid out within a month of declaration
Performance to 18 Dec 2014 ++
3 months-1.00%0.65%-0.35%
6 months-0.67%1.28%0.62%
1 year4.67%2.48%7.15%
3 years20.50%8.39%28.89%
5 years33.46%17.06%50.52%
Price History
Fees include VAT.
* Published Retail Buy Fee is always the highest fee charged by the Management company.
*** Management Company Annual Fees are automatically worked into price and distributions paid. ++Price performances are based on historical price data, using a NAV price by NAV price comparison and exclude Equinox fees and management company initial fees. Income performances are based on interest and dividend distributions of the fund.
Fund Manager
Ian Liddle
Fund Overview

Objectives: The Allan Gray Stable Fund was introduced to provide an investment product that offers a high degree of capital stability while aiming to produce returns that are superior to bank deposits. The fund also seeks to provide a high level of capital stability with low risk of loss over any two year period.

Benchmark: The Fundís benchmark is the daily interest rate as supplied by FirstRand Bank Limited plus 2%.

Universe: The Allan Gray Stable Fund aims to achieve its objective through investing in a combination of high income fixed interest investments and some capital growth. The fund invests in a mix of shares, bonds, property, commodities and cash. The Fund may buy foreign assets up to a maximum of 25% of the fund. The fund typically invests the bulk of its foreign allowance in a mix of funds managed by Orbis Investment Management Limited, our offshore investment partner.

The maximum net equity exposure of the Fund is 40%. The fundís net equity exposure may be reduced from time to time using exchange-traded derivative contracts on stock market indices. The fund is managed to comply with the investment limits governing retirement funds. Returns are likely to be less volatile than those of an equity-only fund or a balanced fund.

Other: The A Class of this fund is closed for new investments. The chief difference between the Allan Gray Stable Fund and the Allan Gray Balanced Fund is that the Stable Fund will never have more than 40% of the fund exposed to equities, whereas the Balanced Fund could have equity exposure of up to 75%. This fund is therefore more suitable for more risk-averse investors. Please note that the assumed tax rate for calculating returns on an after-tax basis is 25%.

Performance Fee: The fund has a minimum fee of 0.5%, a fee at benchmark of 1% and a sharing rate (measured over two year periods) of 10%. The maximum annual fee payable to Allan Gray is 1.5% (excluding VAT). Assets invested in the Orbis funds incur a management fee. These, along with other expenses are included in the total expense ratio. No fee is charged if the fund's cumulative return over a two-year period is equal to or less than 0%.

Top Holdings at end September 2014
Holding% of Fund
MMI 2014114.55%
MMI 2015024.26%
ZAR Cash3.72%
MMI 2014103.41%
MMI 2015092.77%
Total % 56.96%
Asset Allocation at end September 2014
Top Holdings at end June 2014
Holding% of Fund
ZAR Cash4.01%
MMI 2014113.97%
MMI 2014083.89%
MMI 2014093.35%
MMI 2015023.06%
Total % 56.75%
Top Holdings at end March 2014
Holding% of Fund
MMI 2014044.58%
MMI 2014083.53%
MMI 2014093.39%
MMI 2015023.23%
ZAR Cash2.91%
Total % 58.50%


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