AGEST Super. Straight forward. Simple. Fair

The Orbis Global Equity Fund remains fully invested in global equities and seeks to earn higher returns than world stockmarkets with no greater risk.  A focused number of equities are selected based on detailed proprietary research emphasising intrinsic value. The Strategy’s Benchmark is the MSCI World Index*. The Strategy’s currency exposure is managed relative to that of the World Index.

While Orbis has a distinct and enduring investment philosophy, it does not fit squarely into any of the popular categories of investment style. Orbis' philosophy is not about investing in high or low growth, big or small, or strong or weak companies. Instead, Orbis aims to invest in companies whose share prices do not reflect the intrinsic value of the underlying business.

While this investment philosophy remains constant, the type of companies whose shares Orbis considers undervalued does change over time. At times, Orbis finds opportunities in high growth companies and at other times in low growth companies; depending on the prevailing investment consensus and whether Orbis believes true value is being overestimated or underestimated. Portfolio holdings are concentrated in the shares of companies whose prospects are currently most underestimated by investors. So, while Orbis is not contrarian for the sake of it, Orbis' portfolios are consistently exposed to stocks that other investors consider are deteriorating or are worse than average.

Orbis typically adopts a three to five year time horizon.

*The MSCI World Index measures the performance of major sharemarkets around the world, with each sharemarket's performance contributing to the index in proportion to its relative size by market capitalization.