Allan Gray-Orbis Global Equity Feeder AMETF · JSE:AGOGE
Allan Gray-Orbis Global Equity Feeder AMETF — Allan Gray — AfDB Allan Gray webinar 2020
9 slides from Allan Gray-Orbis Global Equity Feeder AMETF's conference presentation, Nov 10, 2020
Slide 1: An investor's perspective
An investor’s perspective Mark Dunley-Owen Allan Gray Allan Gray Proprietary Limited is an authorised financial services provider. © Allan Gray 2020 1
Slide 2: The risks and rewards of African fixed income
The risks and rewards of African fixed income 25% 500 20% 400 15% 300 10% 200 5% 100 0% 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Nigeria 12mth TBill auction yield (LHS) Naira US dollar exchange rate (RHS) Source: Bloomberg Allan Gray Proprietary Limited is an authorised fin
Slide 3: Attractive long-term, absolute returns
Attractive long-term, absolute returns 1.8x US 3m TBill + 4% 1.7x 1.6x Allan Gray Africa ex-SA Bond Fund (USD) 1.5x Standard Bank Africa Sovereign Bond Index (USD) 1.4x 1.3x 1.2x 1.1x 1.0x 0.9x 0.8x 2013 2014 2015 2016 2017 2018 2019 2020 Source: Bloomberg, Allan Gray research Allan Gray Proprietary
Slide 4: Warning signs
Warning signs Macro indicators 2020F Egypt Ghana Kenya Nigeria SA Zambia Liquidity risk Interest to revenue 44% 40% 21% 41% 17% 30% External debt to GDP 25% 36% 31% 17% 22% 73% Refinancing risk Local currency 5-year bond yield 15% 20% 11% 3% 7% 33% Current account balance % GDP -4% -3% -5% -4% -2% -
Slide 5: Wish list
Wish list Investors Authorities Issuers Long term Transparent Contrarian Allan Gray Proprietary Limited is an authorised financial services provider. © Allan Gray 2020 5
Slide 6: Thank You
Thank You Allan Gray Proprietary Limited is an authorised financial services provider. © Allan Gray 2020 6
Slide 7: Important information
Important information Copyright © 2020 Allan Gray Proprietary Limited. All rights reserved. The content and information may not be reproduced or distributed without the prior written consent of Allan Gray Proprietary Limited (Allan Gray). Information and content The information and content of this p
Slide 8: Important information
Important information Benchmarks FTSE/JSE All Share Index and FTSE/JSE All Bond Index The FTSE/JSE All Share Index and FTSE/JSE All Bond Index (the FTSE/JSE Indices) are calculated by FTSE International Limited (‘FTSE’) in conjunction with the JSE Limited (‘JSE’) in accordance with standard criteria
Slide 9: Important information
Important information Understanding the funds Investors must make sure that they understand the nature of their choice of funds and that their investment objectives are aligned with those of the Fund/s they select. The Allan Gray Equity, Balanced, Stable and rand-denominated offshore funds may inves