Institutional mandates

Allan Gray Botswana currently offers its clients four different mandates, all on a segregated basis:

Global balanced, incorporating equities and fixed interest and investing in Botswana and offshore
Global stable (low equity balanced mandate)
Botswana only
Foreign only (via the Allan Gray and Orbis funds)

Composite and benchmark performance (BWP) at 30 September 2025

Fund	Since Inception (%)	10 Years (%)	5 Years (%)	3 Years (%)	2 Years (%)	1 Year (%)
Global Balanced	12.5	10.0	15.8	21.4	21.5	24.3
Benchmark	10.4	7.6	9.9	14.6	14.4	12.0
Domestic Equity	11.6	-	17.7	23.3	24.3	23.9
Benchmark	9.9	-	17.2	21.7	18.8	16.1
Domestic Balanced *	12.0	7.4	12.3	18.3	18.4	17.4
Benchmark	8.8	5.1	10.5	13.4	11.8	9.5
Domestic Fixed Interest **	6.5	4.6	4.9	5.7	5.5	3.5
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.}