Allan Gray

Contrarian, long-term equity and multi-asset insights from Allan Gray.

South Africa5 articlesLast published 1 Jun 2026

EquitiesMulti-Asset

Research

Two laws, one obligation: Safeguarding retirement fund contributions

This article examines how South African retirement fund contribution obligations are now governed by both section 13A of the Pension Funds Act and section 34A of the Basic Conditions of Employment Act, following the withdrawal of the labour law exemption triggered by the two-pot retirement system rollout in 2024. It outlines the timing misalignments between the two frameworks, the risks of dual non-compliance, and practical steps employers and advisers should take to adapt payroll and contribution processes.

1 Jun 2026

Allan GrayMulti-Asset

Non‑financial actions that materially improve retirement outcomes

Allan Gray explores how employee benefits consultants can guide retirement fund members toward better outcomes through non-financial decisions, including starting early, working longer, resisting early withdrawals, and preserving savings when changing jobs. The article also covers fund design principles such as default contribution rates, investment strategy selection under South Africa's Regulation 37, and the implications of the two-pot retirement system introduced in September 2024.

1 Jun 2026

Allan GrayEquities

Beyond the narratives: Investing through uncertainty

Allan Gray portfolio manager Varshan Maharaj argues that dominant market narratives - currently centred on AI, geopolitics and macro disruption - frequently create price-to-intrinsic-value dislocations that disciplined, bottom-up valuation investors can exploit. The piece uses Georgian banks post-Russia-Ukraine invasion as a case study in sentiment overshooting fundamentals, and cautions that AI's technological significance does not automatically justify current elevated equity valuations.

31 May 2026

Allan GrayMulti-Asset

Lessons from the markets and the sea: Don’t get caught in the undertow

Allan Gray summarises key takeaways from a recent investment update, using nautical metaphors to argue that disciplined, long-term investing - embracing equity's return potential while maintaining portfolio ballast - is more effective than attempting to time markets amid today's broad-based uncertainty. The piece draws on 25 years of South African market data to illustrate the cost of missing top-performing months, the compounding benefit of limiting drawdowns, and the importance of staying invested through volatility.

28 May 2026

Allan GrayIndustry

Taxation of retirement lump sums and living annuity income for non-residents

This Allan Gray article explains the South African tax implications for emigrants who cease tax residency, covering withdrawal rules for retirement fund components, lump sum tax tables, and the application of double taxation agreements (DTAs) to both lump sum benefits and living annuity income. It provides a practical FAQ-style guide on how non-residents can apply for DTA relief via SARS directives to avoid double taxation on South African retirement savings.

10 May 2026