2016 was a good year for Orbis clients. The Orbis Funds outperformed their benchmarks by an asset-weighted 7.6% after all fees and expenses.
Doing right by our clients is not only about the investments we select, but also about how we act as stewards of their capital.
Equity investors should stay focused on valuations, even when GDP numbers dominate the headlines.
Value shares' outperformance this year should be considered against the backdrop of an unusually painful decade.
The rise of passive investing has brought benefits for investors, but it has coincided with high levels of market trending that could create risks for index investors.
In a well-designed fee structure, managers should share equally in both good and bad performance.
Minimising losses is arguably more important than maximising gains at a time when many stockmarkets in the developed world appear fully valued.
Businesses experiencing change today may make for attractive long-term investments.
Over the past few years, we have become increasingly drawn to investment opportunities in emerging markets.
Japan's corporate governance initiatives aim to improve engagement between investors and companies, and we generally regard them as a step in the right direction.
Our investment in XPO Logistics stands out as an illustration of our contrarian, fundamental approach.
Our response to the Brexit vote is to do more of the same—remain focussed on the long-term fundamentals of individual companies.
Today's market conditions may demand playing a “Loser’s Game” by avoiding mistakes rather than swinging aggressively for high-risk opportunities.
In this paper we share our perspective, as bottom-up stockpickers, on the active versus passive debate.
Understanding cycles is an essential part of investing; timing them is not.
Investors are best-served treating EM equities as they would any other asset class: buy them when they are cheap and avoid them when they are expensive.
A gold miner and a semi-conductor maker: they have little in common besides being deeply out of favour and, in our view, examples of attractive long-term contrarian investments.
All oil companies are not created equal; we believe selected energy companies are better-placed to make it through tough times and deliver attractive investment returns.
Our investment performance in 2015 was sub-standard. After all fees and expenses, dollar-weighted client returns were 0.6 percentage points below their respective benchmarks.
Orbis Chairman Allan Gray discusses the establishment of the Allan & Gill Gray Foundation, which has been endowed with the Gray family’s controlling interests in the Orbis and Allan Gray groups.
We believe today's pessimism on emerging markets may be overdone.
Weak performance is always uncomfortable, but how investors react in the tough times will often distinguish them over the long-term.
Last month we discussed crises in Greece and mainland China and their effects on oil prices. In August, stockmarket turmoil sharpened and spread around the world.
Greece and China have dominated financial headlines since March. With fear running high, we try to remain focused on the relationship between the price and value of individual securities.
Our Thinking will cover a range of topics, from investment views on companies and the opportunity set to our take on enduring investment issues. In this first article, we make the case for active management.
This Report does not constitute advice nor a recommendation to buy, sell or hold, nor an offer to sell or a solicitation to buy interests or shares in the Orbis Funds or other securities in the companies mentioned in it (“relevant securities”). It has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Orbis, its affiliates, directors and employees (together, the “Orbis Group”) are not subject to restrictions on dealing in relevant securities ahead of the dissemination of this Report. Subscriptions are only valid if made on the basis of the current Prospectus of an Orbis Fund.
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