Why did the South African money manager Allan Gray Ltd. decide to invest in Indonesia despite its severe market selloff?

According to Rory Kutisker-Jacobson, portfolio manager at Allan Gray Ltd., the selloff—driven by MSCI's January warning of a potential downgrade to frontier-market status due to investability concerns and limited share availability—created a 'fertile hunting ground for patient, valuation-driven investors in frontier markets,' where pricing inefficiencies and compelling opportunities arise from being 'overlooked or poorly researched by global investors.'

What specific Indonesian company did Allan Gray Ltd. invest in, and what broader strategy does this reflect?

Allan Gray Ltd. made its first investment in Indonesia last month in PT Indofood Sukses Makmur, one of the world’s largest makers of instant noodles, as part of a broader strategic shift reflected in increased internal research focus on the country and plans for additional investments—consistent with the firm’s frontier-market equity fund approach that targets undervalued opportunities amid volatility.

South African Money Manager Invests $29 Billion in Indonesia Amid Asset Selloff

Jul 7, 2026

Allan Gray Ltd invested $29 billion in Indonesian assets, including food maker PT Indofood, leveraging market undervaluation amid MSCI downgrade risks and geopolitical oil price fluctuations.

bloomberg

2026-07-07

South African Money Manager Invests $29 Billion in Indonesia Amid Asset Selloff

South African Money Manager Invests $29 Billion in Indonesia Amid Asset Selloff

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