The Johannesburg Stock Exchange (JSE) is pleased to welcome the Allan Gray–Orbis Global Equity Feeder Actively Managed Exchange Traded Fund (AGOGE) and the Allan Gray–Orbis Global Balanced Feeder Actively Managed Exchange Traded Fund (AMETF) (AGOGB), broadening the range of global, actively managed exposures available to South African investors.
These new AMETFs provide investors access to rand-denominated feeder portfolios managed by Allan Gray Unit Trust Management (RF) Proprietary Limited, which invest only (barring a small percentage in liquid assets) in underlying funds managed by Orbis, Allan Gray’s offshore investment partner.
The AGOGE AMETF targets investors who want to grow their capital over the long term by investing in an actively managed portfolio of global stocks that are considered to offer superior fundamental value. This fund invests only (barring a small percentage in liquid assets) in the Orbis Global Equity Fund, which follows a value-driven, “bottom-up” research approach. The fund aims to outperform its benchmark, the MSCI World Index (including income after withholding taxes), over the long term, without taking on greater risk.
Read – JSE Expands Actively Managed ETF Suite with Ninety One AMETF Listing
The AGOGB AMETF, on the other hand, aims for long-term real growth through a diversified and actively managed multi-asset portfolio. This fund invests only (barring a small percentage in liquid assets) in the Orbis SICAV Global Balanced Fund, which uses the same value-driven, “bottom-up” research approach and flexibly allocates between global equities, fixed income, and commodity-linked instruments. The typical net equity exposure is between 40% and 75%. The fund aims to outperform its benchmark, comprising 60% the MSCI World Index (with net dividends reinvested) and 40% the J.P. Morgan Global Government Bond Index, balancing investment returns and risk of loss.
“Part of being able to do a good job for clients is about accessibility. To this end, we are excited to make the Allan Gray-Orbis Global Equity and Global Balanced feeder funds available via the JSE, giving clients and potential clients another way to access these strategies and benefit from the expertise of our offshore partner, Orbis. These funds, and the underlying Orbis funds, are a core part of our fund range and offer differentiated global positioning with a proven track record of delivering superior risk-adjusted returns over time,” says Shaun Duddy, head of Retail Product Development at Allan Gray, adding that while the way investors can access Allan Gray and Orbis’ investment offering has evolved over time, both businesses’ investment philosophy and approach have remained consistent.
In 2025, the JSE saw a steady rise in the number of actively managed ETFs being listed, and it’s clear why. AMETFs have quickly become one of the fastest-growing segments of our listed product offering, following key regulatory reforms introduced in 2022 that enabled their listing. Since then, the JSE has welcomed consistent growth in both listings and market uptake, reflecting strong demand from investors.
This momentum speaks to the JSE’s product innovation and our commitment to delivering value to clients, investors, and the broader financial ecosystem.
Unlike traditional ETFs, AMETFs employ an active investment strategy designed to outperform a set benchmark. Yet, they retain the transparency, liquidity, and ease of trading that ETFs are known for—making them especially attractive to retail investors seeking diversified exposure through a single listed product. By combining active management with the accessibility of exchange-traded products, AMETFs offer a compelling solution for investors looking to navigate changing market conditions with agility and confidence.
Maurice Madiba, Head of Primary Markets at the JSE commented, “We welcome the listing of the AMETFs by Allan Gray Unit Trust Management (RF) Proprietary Limited, a household name in the South African investment landscape. This marks the addition of another major asset manager using the efficiency, liquidity and flexibility of the ETF offering at the JSE. As we close the year celebrating 25 years of ETFs, we recognise the diverse mix of products issued by managers over the years and wish Allan Gray success along their journey. We remind ourselves that investing is a long-term game and the sooner you start the better, now some of Allan Gray best funds are available and accessible to investors.”
Today’s listings brings the total number of ETFs on the JSE to 126, with a combined market capitalisation exceeding R247.9 billion.