Orbis Global Equity Fund - Retail Class
About this Fund
|FUND MANAGER||Orbis Investment Management|
|ASSET CLASS||GLOBAL EQUITIES|
|INVESTMENT STYLE||The Fund is designed to remain fully invested in global equities.|
|INVESTMENT PROFILE||The Fund aims to earn higher returns than world stockmarkets without greater risk of loss.|
|CURRENCY MANAGEMENT||Active management|
|BENCHMARK||MSCI World Index in AUD, with net dividends reinvested|
|FUND SIZE||MSCI World Index in AUD, with net dividends reinvested|
|NO. OF HOLDINGS||40-80|
Benefits of investing in the Orbis Global Equity Fund - Retail Class
Invest differently - Orbis' contrarian investment approach
The Orbis investment approach covers three main principles - Fundamental, Long-term and Contrarian:
Benchmark-unaware and high conviction
Orbis will buy significant positions in securities that it believes may offer outstanding value even if these securities are not in the Benchmark.
Refundable performance fees and capped payments to Orbis
Orbis receives a fixed (base) investment management fee and performance fees.
When the Fund beats the Benchmark, 25% of the outperformance is paid into a reserve. When the Benchmark beats the Fund (i.e. the Fund underperforms), refunds are issued at the same 25% rate from the reserve. If the reserve is nil, no refund is available but Orbis will notionally track the underperformance and such losses will need to be recovered by the Fund's outperformance before any performance fee can be paid to Orbis.
In this way, Orbis does not immediately collect performance fees when the Fund performs well. Instead, Orbis receives payment from the reserve only where the reserve has positive value, and this amount is capped at 2.5% (per year) of the Class' net asset value. Once paid to Orbis, these amounts are no longer refundable. See section 4 of the Information Booklet for more information.
Intended for those looking for a contrarian investment style exposure to global equities, and who take a long-term view with investing and can endure performance fluctuations.
About the Fund
The Fund is designed to remain fully invested in global equities. It aims to earn higher returns than world stockmarkets without greater risk of loss. The benchmark is the MSCI World Index with net dividends reinvested, expressed in Australian dollars ("MSCI World Index). Currency exposure is managed separately to equity exposure.
The way we invest
Built differently for your benefit
How we invest your money
The Fund invests primarily in securities of companies listed on stock exchanges around the world and some exposure to cash and cash equivalents. The Fund also uses foreign exchange contracts to manage foreign exchange risk.
The Fund's assets are typically invested within the following asset allocation ranges.
Orbis will implement the above asset allocation according to certain investment restrictions. These restrictions are measured at the Fund, not Class, level. Orbis is allowed to make an investment which is not consistent with such restrictions if Equity Trustees and Orbis agree that the investment is not a material departure from these restrictions.