Andrew Lapping

Andrew Lapping

Andrew was employed at Allan Gray from February 2001 to August 2020. He joined 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 became chief investment officer in March 2016. He also managed 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

Insights categories - ESG

Stewardship and Business Sustainability Reports

By Andrew Lapping on 31 Mar 2020

Reading time: 1 min

This is the fifth year that we have published our Stewardship Report, which outlines how we integrate environmental, social and governance (ESG) issues into...

Insights categories - Local investing

Valuations matter

By Andrew Lapping on 11 Jun 2019

Reading time: 12 mins

Uncertainty abounds at present. Equity returns for the past few years have been underwhelming, political upheaval locally and internationally is causing wave...

Insights categories - Local investing

Balanced Fund update: An improved opportunity set

By Andrew Lapping on 03 May 2019

Reading time: 4 mins

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...

Insights categories - Local investing

The upside of down markets

By Andrew Lapping on 11 Jan 2019

Reading time: 7 mins

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...

Insights categories - Local investing

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

Reading time: 6 mins

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...

Insights categories - Personal investing

How to thrive in choppy markets

By Andrew Lapping on 23 Aug 2018

Reading time: 4 mins

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...

Insights categories - Personal investing

Ride out volatility and maximise returns

By Andrew Lapping on 22 Aug 2018

Viewing time: 1 min

Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...

Insights category - companies

How Allan Gray values a stock

By Andrew Lapping on 18 Jul 2018

Reading time: 6 mins

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...

Insights categories - Investment insights

Do you enjoy pain? How about the platinum industry?

By Andrew Lapping on 30 Jun 2018

Reading time: 9 mins

Over the past two years we have invested in certain platinum mining companies. These investments have performed extremely poorly. Andrew Lapping looks back a...

Insights categories - Markets and economy

Tough times for African equities

By Andrew Lapping on 03 Feb 2017

Reading time: 4 mins

Most African equity markets had a difficult 2016, generating negative dollar returns. The worst performers were Egypt and Nigeria, which fell 47% and 41%...

Insights category - companies

The sentiment pendulum

By Andrew Lapping on 01 Apr 2015

Reading time: 4 mins

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...

Insights categories - Markets and economy

Understanding the risk of loss in Africa ex-SA

By Andrew Lapping on 30 Jun 2014

Reading time: 9 mins

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...

Insights categories - Investment insights

It is the price you pay that counts, not the headlines

By Andrew Lapping on 31 Dec 2011

Reading time: 9 mins

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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