Money manager Allan Gray has slashed the valuations for Zimbabwean stocks in its African fund by 45% after turmoil that saw the government shut the country (’s bourse in June.

Zimbabwe’s official exchange rate and equity prices don’t reflect reality, the Cape Town-based firm said in commentary provided to investors. At the end of June, 17% of the $189 million Allan Gray Africa Equity Fund was held in Zimbabwean stocks, the largest proportion after Nigeria and SA, based on country of primary listing...

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