Orbis Investment Strategies

Equity Strategies

Each Strategy remains fully invested in equities selected from a specified geographic region
Each is actively managed to outperform a "Benchmark" index of the stockmarkets in its region
The equities are selected based on detailed proprietary research which emphasises intrinsic value
The portfolio may be focused and, unlike an index fund, notably different from its Benchmark
However, the resulting risk of underperforming the Benchmark is regularly monitored

Orbis Global Equity

This Strategy invests in equities globally and seeks to earn higher returns than world stockmarkets with no greater risk. The Strategy’s Benchmark is the FTSE World Index, including income. The Strategy’s currency exposure is managed relative to that of the World Index.

Orbis Japan Equity

This Strategy invests in Japanese equities and seeks to earn higher returns than the Japanese stockmarket with no greater risk. The Strategy is offered with yen, euro or US dollar currency exposure. The Strategy’s Benchmark is the Tokyo Stock Price Index, including income.

Orbis Africa Equity

This Strategy invests mainly in South African equities and seeks to earn higher returns in rand than the South African stockmarket with no greater risk. The Strategy’s Benchmark is the FTSE/JSE Africa All Share Index, including income. This Strategy does not hedge currencies and thus is exposed to the rand.

Orbis Asia ex-Japan Equity

This Strategy invests mainly in Asian equities outside Japan and seeks to earn higher returns than the average of the Asia ex-Japan equity markets with no greater risk. The Strategy's Benchmark is the MSCI All Country Asia ex Japan (Net) (US$) Index, including income. The Strategy's currency exposure is managed relative to that of its Benchmark.

Absolute Return Strategies - Orbis Optimal and Orbis Leveraged

These Strategies seek absolute (ie positive) returns regardless of stockmarket trends
They invest directly or indirectly in Orbis’ selected equity strategies
They manage risk of loss with stockmarket hedging
They are able to have no net exposure to stockmarket trends
They are differentiated from each other by their risk levels and their base currencies

Orbis Optimal

The Orbis Optimal Strategy seeks capital appreciation in US dollars, euro or yen on a low risk global portfolio. This Strategy invests in Orbis’ preferred mix of equities via investments in Orbis’ equity strategies. The risk of loss is managed with stockmarket and currency hedging.

Orbis Leveraged

The Orbis Leveraged Strategy seeks capital appreciation on a leveraged global portfolio. The Strategy invests up to 200% of its net assets, primarily in the Orbis Optimal Strategy with currency hedging enabling the Leveraged Strategy to be managed in a base currency of US dollars, euro or yen. The Strategy also makes incremental investments in currencies, stockmarket indices and bonds.