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 – equities, fixed income or balanced mandate
Foreign only (via the Allan Gray and Orbis funds)

Composite and benchmark performance (BWP) at 31 March 2026

Fund	Since Inception (%)	10 Years (%)	5 Years (%)	3 Years (%)	2 Years (%)	1 Year (%)
Global Balanced	12.5	9.9	14.8	18.9	18.8	28.8
Benchmark	10.2	7.2	9.6	11.6	9.0	10.4
Domestic Equity	12.2	-	18.8	23.1	26.2	32.3
Benchmark	10.1	-	20.0	20.3	18.4	15.9
Domestic Balanced *	12.0	7.8	13.4	17.2	17.6	24.0
Benchmark	8.7	5.3	11.7	11.7	9.6	7.0
Domestic Fixed Interest **	6.1	3.9	3.7	3.3	0.2	-2.5
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.}