The foundation is funded annually by a donation of 7% of the taxed profits from Allan Gray Limited, which has committed to making this contribution in perpetuity.
The organization operates in South Africa, Namibia, Botswana, and Swaziland. It aims to encourage them to become high-impact, res ponsible entrepreneurs, instilling within them five values : Intellectual Imagination Achievement Excellence Personal Initiative Spirit of Significance and Courageous Commitment. The nonprofit provides grants for s econdary and tertiary education to poor but promising high school students.
At the time, this was the largest single donation to charity recorded in South Africa. In 2005 he founded the Allan Gray Orbis Foundation with a personal gift of $15 0 million.
In 1979, he and his wife Gill set up the Allan and Gill Gray Charitable Trust, which supports projects such as the World Wildlife Fund, Cape Mental Health, and the adult literacy project Iziko lo Lwazi. William now serves as President of the company.Ī He is quoted as commenting on leadership as follows: “One needs to cultivate a sense of purpose, a commitment to making a difference through business.” He most certainly has.Īllan Gray has used his business success to give back. Many local investors who use the asset sw ap capabilities of Allan Gray, such as the AG Global Equity Fund, have their funds managed by Orbis, as the firm does not use any outside fund managers within its range of global equity funds. The firm continued to eschew a sales force, relying on independent financial advisers an d smart advertising, making its accomplishment s that much more impressive.Īs with Allan Gray Limited, Orbis Investment Management has been a smashing success, now managing about $3 0 billion in funds. This was followed by a period of strong growth, as it vastly outperformed the other, much larger funds of the life assurance industry in the early 2000s, raking in billi ons from the retail investment sector. In 1998 Allan Gray Limited entered the retail fund space. In 1989, in advance of the end of exchange controls in South Africa, Allan left the country with his son William to launch Orbis Investment Management in London, England, moving it s headquarters two years later to Bermuda. His approach was successful, and the company became the largest private independent asset management firm in the country - overseeing $40 billion in assets and running pension funds for many top corporations, such as the Rembrandt Group. He also implemented his belief in investing heavily in companies whose shares prices we re less than his assessment of their intrinsic value. While many financial services firms at the time utilized large sales forces, he emphasized a more concentrated focus on asset management and service. In 1973 he returned to South Africa and founded Allan Gray Limited, which served institutions and promised to deliver superior returns through rigorous research. He then earned an MBA from Harvard, after which he spent eight years as a portfolio manager at Fidelity Fund Management and Research in Boston. He studied to be a chartered accountant at Rhodes University, obtaining a Bachelor of Commerce in 1957. Born in 1937 in East London, South Africa, he was fascinated by stocks as a child. Allan Gray is the founder of Allan Gray Limited and Orbis Investment Management.
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