Investors in commodity miners and producers have found themselves in one of the better places in the market since the pandemic, owing partly to a lift in demand as countries embarked on stimulus programmes and supply-side constraints keeping a lid on production. Local mining shares were one of the key driving forces behind the FTSE/JSE All Share Index hitting a new high earlier this year. As local investors, we think we are pretty well-versed in analysing and valuing commodity producers, but when you go to a global asset allocation level, there is not nearly the same amount of interest, outside of hedge funds and some niche managers. Allan Gray portfolio managers Sean Munsie and Rory Kutisker-Jacobson and investment analyst Jithen Pillay discuss the cyclical nature of commodities and delve into the various macro issues that are currently impacting commodity prices. They also explore the energy transition and share their views on some of the new opportunities in the sector. On the commodity boom and other South African fables (and foibles)

South African inflation just hit its highest peak since 2009, as it accelerated to 7.4% in June, in line with the global trend. Over in the US, inflation reached a four-decade high of 9.1% last month. As households around the world grapple with rising food and fuel costs, central banks are faced with the difficult task of hiking interest rates to rein in inflation. Allan Gray portfolio manager Sandy McGregor started his career in the 1970s when, much like today, the world was facing rampant global inflation and an energy crisis. In conversation with Allan Gray portfolio manager Thalia Petousis, Sandy reflects on the very real geopolitical and economic challenges currently affecting the world. Taking us through a range of scenarios, he shares some important lessons from the past and looks to the future, reminding long-term investors that periods of strife often present opportunities. Investing · Markets and economy · Allan Gray

From the global technology stock sell-off and rising inflation, to the war in Ukraine exacerbating a global energy crisis, investors are tasked with navigating an increasingly complex and volatile environment. In the first episode of the Allan Gray podcast, Tamryn Lamb hosts a conversation with Allan Gray’s chief investment officer, Duncan Artus, and Alec Cutler, portfolio manager at our offshore partner, Orbis. Delving into many of the critical issues shaping the environment, they explain how they are thinking about these global events and positioning the portfolios for a range of potential outcomes. What has gone wrong with Naspers? · Food price inflation: Are we watching “That ‘70s Show”? · Invest offshore