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Portfolio Information

Investment objective

The Fund aims to provide a long-term return that exceeds the Reserve Bank of Australia cash rate, with less volatility than the Australian sharemarket.

Investment approach

The Fund invests a minimum of 50% in cash and money market instruments such as term deposits. When the opportunity arises, the remainder is invested in carefully selected Australian securities using our contrarian investment philosophy. When Allan Gray believes share markets offer compelling long-term value, up to 50% of the Fund’s total assets may be held in Australian listed securities. The Fund may experience some fluctuations or volatility in pursuing its objective, given its exposure to ASX-listed securities, especially if the sharemarket declines beyond its normal range.

Fact Sheet

APIR CodeETL0273AU
Management fees and costs (Base fee) 0.26%*
Performance fee20.5%*
Inception date1 July 2011
Buy / Sell spread0.10% / 0.10%
Distribution frequencyQuarterly
Minimum suggested investment timeTwo years or longer
Fund size as at 31/12/2024 AUD 328.93 million

Performance
Top 5 Holdings
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	Since public launch % p.a (1 July 2011)
Stable Fund	(0.6)	0.1	6.6	5.0	4.4	5.2	5.8
Benchmark	0.4	1.1	4.5	3.2	2.0	1.8	2.2
Relative Performance	(1.0)	(1.0)	2.1	1.8	2.4	3.4	3.6

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 the Fund and in the benchmark over the selected period. The public launch date of the Fund was 1 July 2011. The benchmark is the Reserve Bank of Australia cash rate. The Funds returns 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.

Top 5 holdings shown only for ASX-listed securities exposure.

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.	3%
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.	2%
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.	2%
Orora	Orora is an Australia-based packaging manufacturer with operations in Australia, New Zealand and the US.	1%
Fletcher Building	Fletcher Building is one of the largest building companies in Australasia. The company's operations span the building supply chain, from raw materials to residential development and large-scale construction projects.	1%

Exposure to ASX-listed Securities Over Time

30 September 2024

A maximum of 50% of the portfolio is invested in ASX-listed securities: the remainder in cash and money market instruments. The S&P/ASX 300 Price Index overlay illustrates how the Fund’s exposure to ASX-listed securities has changed as the sharemarket fluctuated.

Asset Allocation as at 31/12/2024

Prices

	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.

Distribution

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

Stable Fund

To meaningfully outperform cash, you need to be invested in growth assets but some investors don’t want the volatility that could come with full exposure to the sharemarket. That’s where the Allan Gray Australia Stable Fund could help.

Rather than holding complicated investments, its a simple fund that holds cash and money market instruments, and can invest in selected securities when we believe the opportunity is right – so the Fund aims to outperform cash over the long term without exposing you fully to the volatility of investing in securities alone.

Why choose the Allan Gray Australia Stable Fund?

Access the sharemarket with less risk

By investing predominantly in cash and money market instruments, with selected exposure to the sharemarket, the Fund may potentially outperform cash over the long term with less risk than investing in the sharemarket alone. Exposure to shares will never exceed 50% of the portfolio.

Not too complex

We don’t believe that outperforming cash should be complicated. This is why the Fund does not employ complex strategies such as long/short trading, options or derivatives. It simply invests in cash, term deposits and money market instruments and has limited exposure to selected domestic securities like shares.

A time-tested philosophy

Leverages our time-tested contrarian investment strategy in two ways. Firstly, we increase our exposure to shares when we see value and increase exposure to cash and money market instruments when we believe the market is running too hot. Secondly, the Stable Fund incorporates some of our contrarian share ideas that we use in our flagship Australian Equity Fund, which prioritises our long-term fundamental analysis.

Speak to our Client Services team

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

Get in touch

Investment management fees at a glance

As an investor in the Fund, you will pay a base fee of 0.26% p.a. and a performance fee of 20.5%. These fees are already included in the daily unit price for the Fund.

If after deducting the base fee, 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 are reflected accordingly. A schedule of fees and charges is available in the disclosure documents, and the latest total expense ratio can be found in the Fund fact sheet and Minimum Disclosure Document.

Risks of Investing

All investments carry risk. If you are considering the Allan Gray Australia Stable Fund, you should be aware that:

There is no guarantee your investment will do well
Please remember that we do not guarantee the success, repayment of capital or any rate of return on income, capital or investment performance of the Fund. In particular, past performance is not an indicator of future performance.

While we limit the Fund’s money market investments to those that are high quality, credit risk exists
If an issuer defaults on an investment, the Fund may suffer a loss of capital, interest or delay in repayment of capital. The market value of an investment can also fall significantly when the perceived risk associated with it increases or its credit rating declines.

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.