Allan Gray: Balanced Fund: Taking profits while navigating global opportunities
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After a strong year for both local and global markets, many investors are sitting on meaningful gains- but may also be feeling unsure about what comes next. The Allan Gray Balanced Fund delivered an exceptional 24% return in 2025, well ahead of its long-term
average, supported by strong returns from precious metals, offshore assets and local bonds.
A key feature of the local market’s strength was its narrowness, and this is a source of concern, with performance driven by a handful of shares rather than broad-based gains. When markets deliver outsized gains, a key differentiator is behaviour: knowing when to hold steady, when to take profits and how to avoid emotional decision‑making.
average, supported by strong returns from precious metals, offshore assets and local bonds.
A key feature of the local market’s strength was its narrowness, and this is a source of concern, with performance driven by a handful of shares rather than broad-based gains. When markets deliver outsized gains, a key differentiator is behaviour: knowing when to hold steady, when to take profits and how to avoid emotional decision‑making.
