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 30 June 2026

Fund	Since Inception (%)	10 Years (%)	5 Years (%)	3 Years (%)	2 Years (%)	1 Year (%)
Global Balanced	12.7	10.4	15.8	19.9	21.8	24.0
Benchmark	10.4	7.7	10.4	12.3	11.0	11.7
Domestic Equity	12.0	-	18.5	22.2	21.7	23.0
Benchmark	10.2	-	19.7	19.3	15.8	12.4
Domestic Balanced *	11.9	7.7	13.4	17.0	14.8	18.6
Benchmark	8.8	5.8	12.2	12.0	8.9	7.1
Domestic Fixed Interest **	6.0	3.9	3.8	3.2	-0.2	-1.3
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.}