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Allan Gray Australia Equity Fund

The Fund offers you a choice of two fee structures: Class A which charges a base fee and a performance fee, or you can choose to pay a zero base fee and a higher performance fee with Class B.

Class A
Class B

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Portfolio Information

Investment objective

The Fund seeks long-term returns that are higher than its benchmark, the S&P/ASX 300 Accumulation Index.

Investment approach

We believe that investing in undervalued shares and securities identified through fundamental research offers the potential for strong returns over the long term. The Fund aims to be fully invested in Australian listed equities at all times with no prolonged periods where it will hold more than 10% in cash. Returns from the Fund can be volatile, particularly over the short and medium term.

Fact Sheet

APIR CodeETL0060AU
Management fees and costs (Base fee) 0.77%*
Performance fee20.5%*
Inception date4 May 2006
Buy / Sell spread0.20% / 0.20%
Distribution frequencyAnnual
Minimum suggested investment timeMore than 5 years
Class size as at 09/01/2025 AUD 2.15 billion
Fund size as at 31/12/2024 AUD 2.59 billion
Strategy size as at 31/12/2024 AUD 11.12 billion

Performance
Top 5 Holdings
Sector Breakdown
Asset Allocation
Prices
Distributions

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Period:

Information as at:

	1 month %	3 months %	1 year %	3 years % p.a	5 years % p.a	10 years % p.a	15 years % p.a	Since public launch % p.a (4 May 2006)
Equity Fund	(5.3)	(3.6)	11.9	9.0	6.6	9.0	9.0	8.0
Benchmark	(3.1)	(0.8)	11.4	7.1	8.0	8.5	7.8	6.8
Relative Performance	(2.2)	(2.8)	0.5	1.9	(1.4)	0.5	1.2	1.2

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 Class A units in the Fund and in the benchmark over the selected period. The public launch date of the Fund was 4 May 2006. The benchmark is the S&P/ASX 300 Accumulation Index. Returns relate to Class A units and 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 31/12/2024
Woodside Energy Group	Woodside Energy Group is an Australia-based global energy company operating across oil, gas, and new energy.	8%
Alcoa	Alcoa is one of the world’s largest bauxite miners and producers of aluminium. Alcoa has access to bauxite mines globally, including in Australia and Brazil.	7%
Ansell	Ansell is an Australia-based manufacturer of gloves and safety products for industrial and healthcare uses.	7%
QBE Insurance Group	QBE Insurance Group is an Australia-based global insurance company, with operations spanning Australia and New Zealand, North America, Europe, Central and South America, and Asia Pacific.	6%
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.	6%

Asset Allocation as at 31/12/2024

The Fund may use ASX-listed futures contracts to maintain its exposure to the ASX while deciding how to invest cash. Cash exposure therefore includes net current assets and cash equitised through SPI 200 futures contracts.

Allan Gray Australia Equity Fund (Class A)

	Current Price 10/10/2023	Month-end Price 30/09/2023	Select Date
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.

Allan Gray Australia Equity Fund (Class A)

Declaration date	Record date	Payment date	AUD per unit	Ex-distribution price

Equity Fund - Class A

Going against human instinct and taking a contrarian approach to investing is not for everyone. It takes practice and commitment in your convictions. We use our fundamental research to uncover opportunities in areas that are overlooked or discarded by other investors.

We wait for what we believe to be the right opportunity to buy and give investments time for their value to be realised, as practising patience can be a distinct advantage over the long term. We bring this established investment philosophy to you through the Allan Gray Australia Equity Fund.

Why choose the Allan Gray Australia Equity Fund?

To benefit from a time-tested, contrarian investment approach

By investing for the long term, we look past the short-term market noise and wait patiently for a share’s value to improve. We believe bottom-up research is key to finding true value. We do not rely on macroeconomic forecasting or third-party research. Rather, our team of analysts undertakes its own rigorous research into each individual company to find hidden value.

To increase outperformance potential by investing differently

If you invest in the same shares as the majority of investors at the same time, it is by definition almost impossible to achieve different results. We look to buy shares when others are selling, and sell when others are buying. This gives us an edge, as we can face less competition and pay a lower price for shares that are out of favour with the broader investment community.

To improve the opportunity of upside

Taking a contrarian approach can improve your chance of paying a lower price and this can help you to achieve a better-than-average return when value is recognised by the market. By looking in unpopular areas of the market, we may find bargains, where excessive negative investor sentiment has created the opportunity to buy shares at a good price.

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Speak to our Client Services team

To learn more about our Funds, please do not hesitate to contact us directly by phone or email.

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Investment management fees at a glance

Investors in Class A units of the Fund will pay management fees and costs (base fee) of 0.77% p.a and a performance fee of 20.5%. These fees are included in the daily unit price for the Class.

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 Class over a 12-month period, expressed as a percentage of the average daily value of the Class 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 Class.

Financial Year	Indirect cost ratios
30 June 2022	0.77%
30 June 2023	0.77%
30 June 2024	0.77%

Risks of Investing

All investments carry risk. If you are considering the Allan Gray Australia Equity 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 shares. As these investments can be volatile, your investment will fluctuate.

Individual shares can and often do fall in value
Individual shares can fall in value for many reasons including a company’s internal operations, actions by its management, its business environment and investor sentiment and responses.

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.