Institutional mandates

Allan Gray Botswana currently offers institutional clients the following mandates, all on a segregated basis:

Global Balanced (multi-asset class mandate investing in Botswana and offshore)
Global Stable (low equity, multi-asset class mandate)
Botswana-only (equity, fixed income or balanced mandate)
Foreign-only (via the Allan Gray and Orbis funds)

Composite and benchmark performance (BWP) at 30 September 2026

Fund	Since Inception (%)	10 Years (%)	5 Years (%)	3 Years (%)	2 Years (%)	1 Year (%)
Global Balanced	12.5	10.3	15.7	18.8	19.3	14.6
Benchmark	10.3	8.1	10.3	12.7	10.7	9.5
Domestic Equity	11.8	-	18.7	20.6	18.5	13.4
Benchmark	10.0	-	18.0	16.1	13.4	10.7
Domestic Balanced *	12.0	7.7	13.7	16.3	14.8	12.2
Benchmark	8.9	6.2	12.3	11.3	9.6	9.2
Domestic Fixed Interest **	6.3	4.4	5.1	4.7	3.2	3.0
Benchmark	-	-	-	-	-	-

^{*The Domestic Balanced Composite terminated in July 2017 and the Global Balanced Composite returns were used as estimates from 1 July 2017. The Domestic Balanced Composite was reinstated in April 2022 and the Domestic Balanced Composite returns have been used since reinstatement.}

^{**The Domestic Fixed Interest carve out returns of the Domestic Balanced Composite.}