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

Allan Gray Australia promoted Tim Hillier to co-portfolio manager of the Allan Gray Australia Stable Fund, effective 4 November 2026. The move comes alongside changes to the fund’s investment rules that expand flexibility in bonds, cash and derivatives management.

Why it matters: - The Stable Fund is getting a broader toolkit to manage downside risk and equity exposure. - Hillier’s promotion signals succession planning and a deeper bench inside Allan Gray Australia’s investment team. - The changes may affect how the fund balances defense with return-seeking investments for clients.

What happened: - Allan Gray Australia promoted Tim Hillier to co-portfolio manager of the Allan Gray Australia Stable Fund, effective 4 November 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: - Hillier joined Allan Gray in 2014 as an analyst. - His prior experience includes roles at Origin Energy, Ernst & Young and PwC. - Hillier is a CFA Charterholder and Chartered Accountant. - The fund can now invest in Australian Government bonds with maturities of up to 36 months, up from the previous 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 can use listed derivatives, including short positions in Australian index futures, to help reduce loss risk when markets fall. - The fund will not take a net negative exposure to equities. - Allan Gray Australia directs investors to the website for more information and to the Investor Notice for details on the changes.

Between the lines: - The mandate changes give the portfolio team more room to shift defensively without abandoning the fund’s core structure. - Hillier’s elevation after 12 years at the firm suggests Allan Gray is rewarding internal talent tied to its stock-picking approach. - Mawhinney’s comments frame the move as both a personnel decision and a continuation of the firm’s investment culture.

What’s next: - Investors will see the Stable Fund managed jointly by Hillier and Mawhinney under the updated investment parameters. - The fund’s positioning will now be able to adjust more dynamically if equity markets weaken. - Allan Gray Australia says the broader changes will still sit within its fundamental, contrarian investing approach.

The bottom line: - Allan Gray Australia is pairing a leadership promotion with a more flexible Stable Fund mandate, aiming to preserve downside protection while widening the team’s investment options.