For South Africans who have heard of Allan Gray and want to know what it offers, what it costs to start, and how to invest directly.
In short: Allan Gray is a Cape Town investment manager founded in 1973. You can invest directly with it from R1,000 a month (with a R10,000 opening lump sum) or a R50,000 lump sum in its unit trusts. It also offers a retirement annuity, a tax-free investment account, a living annuity and an offshore platform. Fees are built into each fund rather than charged on what you deposit, and Allan Gray does not give personal financial advice, so you either choose for yourself or use an independent financial adviser.
Who is Allan Gray?
Allan Gray was founded in Cape Town in 1973 by Allan W B Gray, an East London born investor who had spent several years at Fidelity in Boston. In 1989 he set up Orbis, which now manages most of the offshore money in Allan Gray’s funds. Allan Gray himself died in November 2019.
The company is privately owned. According to its ownership page, a controlling interest is held by the Allan & Gill Gray Foundation, a philanthropic foundation, with shares also held by staff and by E², an empowerment partner that funds social entrepreneurs. This is separate from the Allan Gray Orbis Foundation, which runs the well-known scholarship and fellowship programmes for young South Africans.
Allan Gray describes its approach as long-term, valuation-based investing: it looks for shares and other assets it believes are priced below their real worth, which means its funds can look very different from the market for long stretches.
Is Allan Gray regulated?
Yes. Allan Gray Proprietary Limited is an authorised financial services provider under the FAIS Act and a member of ASISA. Its unit trusts are run by Allan Gray Unit Trust Management (RF), which is registered under the Collective Investment Schemes Control Act and supervised by the Financial Sector Conduct Authority (FSCA). The trustee for the unit trusts is Rand Merchant Bank. You can read the full disclosures on Allan Gray’s legal information page.
Allan Gray’s main unit trusts
Allan Gray keeps its core range small. The suggested investment periods below come from Allan Gray’s own fund descriptions.
| Fund | What it does | Suggested time frame |
|---|---|---|
| Equity Fund | Mostly shares, local and offshore. The most ups and downs. | 5 years or more |
| Balanced Fund | The flagship. A mix of shares, bonds, cash and commodities, with up to 75% in shares and up to 45% offshore. Meets retirement fund limits. | 3 years or more |
| Stable Fund | Aims to protect your money over any two years, with lower returns than the Balanced Fund over time. | 2 years or more |
| Interest Fund | Bonds and cash for short-term savings. | 6 months to 1 year |
| Money Market Fund | Cash-type investments for very short-term money. | Short term |
| Orbis Global Equity and Global Balanced feeder funds | Rand-priced funds that invest offshore through Orbis. | 5 years or more |
There are also specialist funds, including the SA Equity, Optimal, Bond and Income funds. If you are new to how these products work, our guide to unit trusts explains the basics.
What about past performance?
Allan Gray publishes performance, risk measures and fees for every fund on its fund pages, updated monthly. As an example, the Balanced Fund page showed, as at 30 September 2026, a highest annual return of 46.1% and a lowest annual return of minus 14.2%. That range is the point: even the “middle of the road” fund has had years where it lost money. Past performance is not a guide to future returns, so check the latest fund factsheet before you invest rather than relying on any single number.
Products and minimums
These minimums are from Allan Gray’s product pages and FAQs, checked in October 2026.
| Product | Minimum to start | Good to know |
|---|---|---|
| Unit trusts (basic investment) | R1,000 a month by debit order plus a R10,000 lump sum, or a R50,000 lump sum | Extra lump sums from R1,000. No penalties to switch or withdraw. |
| Retirement annuity | R2,000 a month by debit order, or a R50,000 lump sum | Contributions are tax deductible within SARS limits. Two-pot rules apply. |
| Tax-free investment account | Subject to Allan Gray’s minimums and the SARS limits | Transfers in: R46,000, or R2,000 or more plus a R2,000 monthly debit order. |
| Preservation funds | R50,000 transfer | For money from a previous employer’s fund. |
| Offshore platform | R50,000 or US$3,500 lump sum | Additions from R5,000 or US$400. |
| Living annuity | At retirement | Paid from retirement savings, with income drawn within legal limits. |
Tax-free investment account limits
The SARS limits are the same wherever you hold your account: R46,000 per tax year and R500,000 over your lifetime. Anything above those limits is taxed at 40%. Only fixed-fee unit trusts qualify, so not every Allan Gray fund is available inside the account (the Stable Fund, for example, is not). Our tax-free investment account guide covers the limits in more detail.
Retirement annuity tax benefits
Retirement annuity contributions are tax deductible up to 27.5% of the greater of your remuneration or taxable income, capped at R430,000 a year. Since 1 September 2024, new contributions are split under the two-pot system, and you can make one withdrawal a tax year of at least R2,000 from your savings component, taxed at your marginal rate. You can usually retire from the fund from age 55. If you are deciding where your next rand should go, read our comparison of a retirement annuity vs a TFSA.
What does Allan Gray cost?
When you invest directly, Allan Gray does not take an initial fee off your deposit, and there are no transaction fees to switch between its unit trusts or to withdraw. The costs sit inside each fund and are deducted before published performance is calculated.
The figure to look for is the total investment charge (TIC), which adds the total expense ratio to transaction costs. On the Balanced Fund page, checked in October 2026, the TIC was 1.72% a year including VAT. Part of the management fee is linked to performance against the fund’s benchmark, so the charge rises when the fund beats its benchmark and falls when it lags. Each fund’s page and factsheet shows its current breakdown.
If you use a financial adviser, their fee is charged on top and agreed between you and them.
How to invest with Allan Gray
- Decide what the money is for and when you will need it. That points you to a product (unit trust, RA or tax-free account) and a fund.
- Read the fund page and factsheet for the fund you are considering, including fees and the range of past returns.
- Have your ID, bank details and proof of address ready.
- Click “Invest now” on allangray.co.za and complete the online application. Allan Gray phones you to confirm before the investment goes ahead.
- Set up your debit order or pay your lump sum, then track your account through the secure login.
If you would like help choosing, Allan Gray has a find an adviser tool for independent financial advisers who use its products.
Is Allan Gray right for you?
Allan Gray may suit you if you want a simple, well-established manager, are happy to invest for at least three to five years, and can sit through periods when its funds behave differently from the market. It may suit you less if you want the lowest possible fees (index funds and ETFs are usually cheaper), want to start with less than R1,000 a month, or want personal advice from the company itself.
It is worth comparing at least two or three providers before you commit. Coronation is the manager most often compared with Allan Gray, and our Coronation Fund Managers guide covers its funds, minimums and fees in the same format. Our guide on how to choose an investment platform in South Africa sets out what to compare.
Contact details
- Phone: 0860 000 654 (from outside South Africa: +27 21 415 2301)
- Hours: Monday to Friday, 07:30 to 17:30
- Online: the contact page and FAQs
Be careful of scams. Fraudsters impersonate well-known firms, including Allan Gray, on WhatsApp and Telegram. Never pay investment money into a personal bank account, and if in doubt, phone the official number above before you pay anything.
Frequently asked questions
What is the minimum amount to invest with Allan Gray?
For a basic unit trust investment, R1,000 a month by debit order with a R10,000 lump sum, or a R50,000 lump sum. For a retirement annuity, R2,000 a month or a R50,000 lump sum.
Does Allan Gray charge a fee to withdraw?
No. There are no penalties or transaction fees to withdraw from or switch between its unit trusts. Withdrawals usually take three to five business days. Retirement products follow the retirement fund rules, so access is limited.
Is the Allan Gray Balanced Fund a good investment?
It is Allan Gray’s flagship fund and is designed for people investing for three years or more, including in retirement products. Whether it suits you depends on your goals and time frame. Check the latest factsheet for current fees and returns, and remember that past performance does not guarantee future returns.
Does Allan Gray give financial advice?
No. Allan Gray does not employ financial advisers or give personal advice. You can invest directly on your own or work with an independent financial adviser.
Is the Allan Gray Orbis Foundation part of Allan Gray?
It is a separate non-profit organisation, funded through an endowment set up by Allan Gray. It runs scholarships and fellowships for young South Africans. Applications and criteria are published by the foundation itself, not by the investment company.
How do I contact Allan Gray?
Phone 0860 000 654 on weekdays from 07:30 to 17:30, or use the contact page on allangray.co.za.
What to confirm before you invest
Minimums, fees and fund options change. Before you invest, confirm the current figures on Allan Gray’s website and read the latest minimum disclosure document (factsheet) for your chosen fund.
Last checked: 26 October 2026, against Allan Gray’s official website.
Disclaimer: This article is general information, not financial advice. Code Cash is not affiliated with Allan Gray. Speak to a registered financial adviser about your own circumstances before making investment decisions.