A $29 Billion Manager Tips Nigerian Stocks Over South Korea’s Kospi
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓now favors Nigerian stocks over South Korea’s Kospi index.
- ✓Nigeria’s benchmark index surged 72% this year, outpacing the Kospi’s 54% gain.
- ✓Portfolio manager Kamal Govan said, “Nigeria’s rally has been broad-based, spanning banks, oil and gas, telecommunications and industrial goods.” This growth offers investors a fresh diversification play.
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Allan Gray Ltd., which oversees $29 billion in assets, favors Nigerian stocks over South Korean equities, as they offer a diversification play from the artificial-intelligence frenzy that has swept markets from Wall Street to Asia.
Nigeria’s benchmark stock index has surged 72% in dollar terms this year, putting it on track for its biggest annual gain since 2007 and outpacing the Kospi’s 54% advance. The rally has put the market “in the same conversation” as South Korea’s Kospi Index, said Kamal Govan, a portfolio manager at Allan Gray, who runs the Cape Town-based money manager’s $604 million Africa ex SA Equity Fund.
A breakdown of the fund, which has gained 28% this year, shows Nigerian equities account for nearly a third of its holdings.
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