When investors consider the current state of the South African economy and the number of uncertainties in the environment, it is easy to forget that despite its recent performance, the JSE has proved resilient through uncertainty for well over 100 years. From the sanctions in 1986 and the first democratic elections in 1994, to the dotcom bubble in 2000 and the global financial crisis in 2008, the market has weathered many bouts of overwhelmingly negative sentiment and rewarded long-term investors handsomely. Allan Gray’s flagship Balanced, Equity and Stable funds have outperformed the market over the long term, with most of this outperformance generated during down markets. Tough times often create opportunities to add value.

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