Allan Gray, SA’s biggest privately held asset manager, has defended its value-based investment strategy. It says current equity valuations are attractive for long-term investors despite its flagship equity, balanced and stable funds underperforming their benchmarks for the past three years.

In the 12 months to October 31 2020, the Cape Town-based firm’s equity fund fell 10.7% compared with a drop of 8.7% for its benchmark, while over three years it slid 4.8% versus a benchmark fall of 4.6%...

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