Allan Gray Australia names Tim Hillier co-portfolio manager of Stable Fund

Allan Gray Australia has promoted Tim Hillier to co-portfolio manager of the Allan Gray Australia Stable Fund, effective Nov. 4, 2026, alongside CIO and Managing Director Simon Mawhinney. The move comes as the firm widens the fund’s defensive investment tools and equity-risk management flexibility.

Why it matters: - The promotion puts a longtime Allan Gray investment professional into a larger decision-making role on a flagship defensive strategy. - The Stable Fund can now use a wider set of tools to manage market risk, which may change how the portfolio responds in volatile conditions.

What happened: - Allan Gray Australia promoted Tim Hillier to co-portfolio manager of the Allan Gray Australia Stable Fund, effective Nov. 4, 2026. - Hillier will manage the fund alongside Chief Investment Officer and Managing Director Simon Mawhinney. - The promotion announcement came with changes to the Stable Fund’s investment parameters.

The details: - The Stable Fund can now invest in Australian Government bonds with up to 36 months to maturity, up from the prior 12-month limit. - The fund’s allocation to cash, Australian Government bonds and term deposits will remain between 50% and 100% of net asset value. - The fund may use listed derivatives, including short positions in Australian index futures, to help reduce losses when markets fall. - The fund will not take a net negative exposure to equities. - Hillier joined Allan Gray in 2014 as an analyst. - Hillier previously worked at Origin Energy, Ernst & Young and PwC. - Hillier is a CFA Charterholder and Chartered Accountant.

Between the lines: - The changes give Allan Gray more flexibility to defend capital without abandoning the fund’s stated investment approach. - Hillier’s elevation signals internal succession planning and recognition of stock-picking experience after 12 years with the firm. - Hillier said the incremental changes extend the investments available to the team and provide another way to manage equity market risk while staying focused on fundamental, contrarian investing. - Mawhinney said Hillier’s promotion reflects Allan Gray’s ongoing effort to promote and recognize talent, and that Hillier’s stock-picking ability earned him the role.

What's next: - Investors looking for the updated fund rules can review the Investor Notice referenced in the announcement. - Allan Gray directs investors to its website for further information on the Stable Fund and related documents. - The firm also points investors to its TMDs at Target Market Determinations.