Allan Gray portfolio manager Simon Mawhinney, who fielded calls from investors questioning his strategy to buy Newcrest in 2013 when the gold price was falling, thinks now is the time to be selectively investing in oil and iron ore companies as prices plunge, bankruptcies loom and a weaker Australian dollar offers little support.

Mr Mawhinney, who is joint ­portfolio manager of the Australian equity fund and a contrarian investor who seeks to make money by going against the grain, thinks that now is one of the best times in many years to be buying good quality energy companies.