Andrew Lapping

Andrew Lapping

Andrew joined Allan Gray in February 2001 as a fixed interest trader and moved to the Investment 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. Andrew holds a Bachelor of Science degree in Engineering and a Bachelor of Commerce degree in Accounting, both from the University of Cape Town, and is a CFA® charterholder.

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...

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...

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%...

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...

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...

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...

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,...

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