Ian Liddle

Ian Liddle

Ian joined Allan Gray in 2001 as an equity analyst after several years as a management consultant. He managed a portion of client equity and balanced portfolios and was the chief investment officer from 2008 until 2016. He is now chairman of Allan Gray Proprietary Limited and is a Chartered Financial Analyst.

Articles by Ian Liddle

New directors appointed

By Ian Liddle on 22 Apr 2016

The shareholders of our main operating company in South Africa and our group holding company have approved new appointments to both companies’ boards...

Annual report from the outgoing Chief Investment Officer

By Ian Liddle on 01 Mar 2016

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2015. These are Ian Liddle’s final Annual...

SA mining and the sunk cost fallacy

By Ian Liddle on 30 Sep 2015

Ian Liddle discusses why the challenges in South African mining provide an interesting case study of the 'sunk cost fallacy', a behavioural bias that sees us...

What do low global bond yields mean for South African investors?

By Ian Liddle on 28 Jan 2015

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2014. More than half of global government...

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...

Diamonds in the rough

By Leonard Krüger, Ian Liddle, Birte Schneider, Victor Seanie and Ruan Stander on 31 Mar 2014

Small- and mid-cap companies make up 16% of the FTSE/JSE All Share Index, but 25-30% of our clients' South African equity holdings. Although many of these...

Time to review your equity exposure?

By Ian Liddle on 27 Jan 2014

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2013. We aim to grow our clients’ wealth...

Gold and platinum mines: 'Eating sardines' or 'trading sardines'?

By Ian Liddle on 31 Dec 2013

"There is the old story about the market craze in sardine trading when the sardines disappeared from their traditional waters in Monterey, California. The...

Not the time to relax risk appetite

By Ian Liddle on 28 Jan 2013

In his 1988 annual letter to shareholders, Warren Buffett wrote: ‘We have no idea how long the excesses will last, nor do we know what will change the...

Building an investment team that thrives (not just survives) on generational transition

By Ian Liddle on 31 Dec 2012

We aim to provide you with benchmark-beating investment returns for at least the next 100 years. But we can succeed in this ambition only for as long as we a...

Responsible Investing

By Ian Liddle and Mahesh Cooper on 30 Sep 2012

The Code for Responsible Investing in South Africa ('CRISA') was introduced in 2011 as an industry-wide initiative. Allan Gray supports CRISA's principles an...

Looking back at 2011 and preparing for the years ahead

By Ian Liddle on 20 Jan 2012

South Africa has thus far been spared the crushing austerity measures affecting Europe. Three important factors have been in our favour so far: a decade of...

Foreign exposure in the Allan Gray Stable Fund

By Ian Liddle and Mahesh Cooper on 31 Dec 2010

The long-term track record of the Allan Gray Stable Fund shows returns well ahead of its benchmark and satisfactory capital stability. Nevertheless, the Fund...

Welcoming the world to South Africa (but are they here to stay...?)

By Ian Liddle on 30 Jun 2010

For most of the time since our first democratic election in 1994, foreign investors have been net buyers of companies listed on the JSE. They are now...

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