Andrew Lapping

Andrew Lapping

Andrew joined Allan Gray in February 2001 as a fixed interest trader and moved to the research team as an equity analyst in February 2003. He was appointed as fixed interest portfolio manager in June 2006, began managing a portion of client equity and balanced portfolios in February 2008 and was appointed as chief investment officer in March 2016. He also manages African equities. He completed his BSc (Eng) and BCom at UCT.

Articles by Andrew Lapping

Valuations matter

By Andrew Lapping on 11 Jun 2019

Uncertainty abounds at present. Equity returns for the past few years have been underwhelming, political upheaval locally and internationally is causing wave...

Balanced Fund update: An improved opportunity set

By Andrew Lapping on 03 May 2019

The poor sentiment towards equity markets at the end of 2018 reversed sharply in the first quarter of 2019, with the JSE appreciating 8% and the MSCI World...

The upside of down markets

By Andrew Lapping on 11 Jan 2019

2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

2018 was a difficult year for investors with most asset classes falling in price. The prices of all assets are volatile; the only asset to seemingly lack...

How to thrive in choppy markets

By Andrew Lapping on 23 Aug 2018

This year has been characterised by increased volatility and concern about the global risks – from trade disputes to inflation. After a strong start to the...

Ride out volatility and maximise returns

By Andrew Lapping on 22 Aug 2018

Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...

How Allan Gray values a stock

By Andrew Lapping on 18 Jul 2018

Allan Gray is a strong proponent of value investing, the mantra famously championed by Warren Buffet. Put simply, value investing is the concept of buying...

Do you enjoy pain? How about the platinum industry?

By Andrew Lapping on 30 Jun 2018

Over the past two years we have invested in certain platinum mining companies. These investments have performed extremely poorly. Andrew Lapping looks back a...

Finding opportunity in the volatility

By Andrew Lapping on 19 Apr 2018

The first quarter proved to be a difficult one with the Allan Gray Equity, Balanced and Stable Funds all delivering negative returns. The most significant...

Investment lessons from 2017: be patient and trust your analysis

By Andrew Lapping on 01 Feb 2018

Separating oneself from the noise is tricky. There is an enormous amount of information out there; you can listen to experts on television, read newspapers,...

How has your investment been impacted by the fall in the price of Steinhoff?

By Andrew Lapping on 11 Dec 2017

Global retailer Steinhoff International Holdings NV’s share price had fallen 86.9% by close of trade on Friday 8 December, following CEO Markus Jooste’s...

Woolworths: Value investing in action

By Andrew Lapping on 23 Nov 2017

It can be difficult for investors to choose an investment manager when many of us seem to sound and look the same. Using Woolworths as an example, Andrew...

Is now the time to invest?

By Todd Buchholz and Andrew Lapping on 12 Oct 2017

Is it time to put your money under the mattress or is it time to invest? Watch this 7-min clip with Andrew Lapping, our chief investment officer, and Todd...

How to be a discerning investor

By Andrew Lapping on 25 Aug 2017

Negative sentiment and lower expectations for future growth are sending investors scurrying...

SNAPSHOT: Allan Gray Equity Fund

By Andrew Lapping on 11 Aug 2017

The Allan Gray Equity Fund is for investors who are looking to create long-term wealth by investing in shares: historically equities have been the best way t...

Allan Gray condemns Net1 CEO severance payment

By Andrew Lapping on 31 May 2017

Allan Gray notes with outrage the financial settlement claimed by Serge Belamant upon his retirement as CEO of Net1.  We are very surprised that Mr Belamant...

Net1 announces Serge Belamant’s retirement

By Andrew Lapping on 25 May 2017

Net1 has announced that Serge Belamant will retire as chief executive officer (CEO) and director of the company at the end of this month and Herman Kotzé,...

Nigeria: Finding opportunities where others fear to tread

By Andrew Lapping on 31 Mar 2017

Wow, that valuation changed quickly! A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa...

Net1: Do the right thing

By Andrew Lapping on 17 Mar 2017

We are very concerned about the situation surrounding Net1 – both the immediate need to ensure that 17 million beneficiaries receive their payments on time a...

Tough times for African equities

By Andrew Lapping on 03 Feb 2017

Most African equity markets had a difficult 2016, generating negative dollar returns. The worst performers were Egypt and Nigeria, which fell 47% and 41%...

Keep calm and carry on investing

By Andrew Lapping on 17 Jan 2017

The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which investors vie...

Stable Fund update: An uneventful quarter

By Andrew Lapping on 04 Nov 2016

After the volatility of the previous 12 months, the quarter to the end of September was surprisingly peaceful, with generally muted asset class returns. The...

How to think about the rand when making investment decisions

By Andrew Lapping on 18 Jul 2016

Over the last few years we have been concerned about the strength of the rand and our portfolios have been positioned for currency weakness. One of our...

Africa ex-SA Equity Fund: Finding value in Nigeria

By Andrew Lapping on 01 Apr 2016

The first quarter of the year was particularly volatile. The Africa ex-SA Equity Fund closed unchanged for the quarter, masking substantial intra-quarter mov...

How things change

By Andrew Lapping on 31 Dec 2015

Global mining businesses have had a remarkable fall from grace over the past 18 months. Talk has moved from a 20-year supercycle and commodity shortages to...

The sentiment pendulum

By Andrew Lapping on 01 Apr 2015

Investor sentiment is a delicate thing, which changes with surprising rapidity. Kenyan banks… Three years ago Kenya and the Kenyan banks were very out of...

The Allan Gray Bond Fund: What's in store for the next 10 years?

By Andrew Lapping on 27 Oct 2014

We launched the Allan Gray Bond Fund 10 years ago, this month. Ten years passes quickly. The most surprising thing about the period has been the lack of...

The impact of events relating to African Bank on Allan Gray Unit Trusts

By Ian Liddle and Andrew Lapping on 12 Aug 2014

African Bank’s failure has had a small, negative impact on our Allan Gray Equity, Balanced and Stable Funds. In this GrayIssue we attempt to address a broad...

Understanding the risk of loss in Africa ex-SA

By Andrew Lapping on 30 Jun 2014

A small percentage of the foreign component of our Balanced and Stable Funds is invested in Africa and investors looking for greater exposure to the region c...

The Allan Gray Africa Equity Fund celebrates 15 years

By Andrew Lapping and Nick Ndiritu on 30 Jun 2013

When the Allan Gray Africa Equity Fund (the Fund) was launched on 1 July 1998 it was the first unitised product in which Allan Gray Proprietary Limited was...

It is the price you pay that counts, not the headlines

By Andrew Lapping on 31 Dec 2011

People enjoy stories; they are fun. This is true in all facets of life, including investing. Investors often have stories to tell about individual equities,...

The long-term outlook for the South African bond market

By Andrew Lapping on 31 Mar 2011

As a bond investor you need to ask yourself two questions: are your inflation expectations reasonable, and will the potential real return be sufficient? Andr...

Why Sasol is our preferred resource share

By Andrew Lapping on 31 Mar 2010

Sasol's share price has fared poorly over the past year compared to the 28% appreciation of the FTSE/JSE All Share Index (ALSI). Going forward, Sasol will be...

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