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Calendar Year Total Rates of Return

Curr20122011201020092008200720062005200420032002200120001999199819971996199519941993199219911990
Equity Funds
Orbis Global Equity FundUS$16.2(9.3)6.041.5(35.9)12.718.721.816.645.7(10.3)18.27.128.621.04.313.836.6(2.2)17.511.734.7(7.8)
FTSE World Index (US$)US$17.0(6.5)12.734.4(40.9)11.321.511.316.133.9(19.1)(16.1)(11.1)26.023.015.413.219.65.822.6(5.1)19.7(17.1)
Average Global Equity Fund (US$)US$13.3(11.2)7.231.1(42.2)10.620.99.013.232.0(19.6)(18.6)(11.9)28.117.09.813.814.3(0.6)29.8(1.5)14.0(7.9)
Orbis SICAV Global Equity Fund*Euro14.0(6.4)12.939.0(33.8)1.46.938.9
FTSE World Index (Euro)Euro15.2(3.4)20.630.2(37.8)0.48.628.3
Average Global Equity Fund (Euro)Euro11.1(8.2)14.827.9(39.6)0.18.524.7
Orbis SICAV Japan Equity (Yen) Fund*Yen20.2(6.1)1.29.8(32.4)(7.0)(4.4)44.611.329.3(6.7)(3.0)10.125.224.6
TOPIX Total Return IndexYen20.9(17.0)1.07.6(40.6)(11.1)3.045.211.325.2(17.5)(18.9)(25.0)59.7(6.6)
Average Japan Equity Fund (Yen)Yen18.9(18.0)(0.4)9.3(44.6)(13.6)0.147.78.022.2(18.9)(18.4)(23.5)73.8(7.2)
Orbis Japan Equity (US$) FundUS$20.0(6.1)0.58.9(32.6)(3.4)0.047.413.430.0(4.8)1.217.329.9(0.9)1
TOPIX hedged into US$US$19.6(16.9)1.17.8(39.2)(6.8)8.250.113.027.4(16.0)(16.0)(19.1)68.7(6.4)1
Orbis SICAV Japan Equity (Euro) Fund*Euro18.6(5.4)0.27.7(34.9)(4.4)(1.8)47.913.931.9
TOPIX hedged into EuroEuro17.9(16.2)1.38.4(38.4)(8.0)5.948.313.729.0
Orbis SICAV Asia ex-Japan Equity Fund*US$23.2(11.9)5.496.4(44.0)24.627.8
MSCI All Country Asia ex Japan (Net) (US$) IndexUS$22.4(17.3)19.672.1(52.4)40.133.3
Average Asia ex-Japan Equity FundUS$20.4(19.9)18.372.6(52.9)37.832.4
Allan Gray Africa Equity Fund**US$22.6(13.5)34.965.2(38.1)14.436.541.147.862.881.2(11.1)(14.1)111.012.52
MSCI EFM Africa Index***US$21.5(16.1)33.267.6(44.0)21.827.531.848.148.828.3(18.2)(19.1)54.6(17.4)2
Absolute Return Funds
Orbis Optimal (US$) FundUS$3.8(2.3)(3.9)9.9(2.5)7.04.98.62.210.812.229.032.62.911.4(9.3)4.016.80.910.520.125.724.2
Orbis Leveraged (US$) FundUS$9.4(6.4)(8.1)19.3(5.6)1.6(0.2)14.1(0.6)17.517.872.371.3(4.1)(1.3)(23.3)10.224.2(9.2)24.331.934.519.7
Bank Deposits (US$)US$0.20.20.30.43.15.55.23.41.41.21.84.16.65.35.75.95.76.34.53.34.06.48.8
Average Global Equity Fund (US$)US$13.3(11.2)7.231.1(42.2)10.620.99.013.232.0(19.6)(18.6)(11.9)28.117.09.813.814.3(0.6)29.8(1.5)14.0(7.9)
Average US$ Bond FundUS$5.34.24.88.00.25.43.11.52.83.09.15.99.3(1.9)7.96.53.914.5(3.7)8.64.912.87.1
Orbis Optimal (Euro) FundEuro2.8(1.4)(2.9)9.3(0.1)2.80.510.52.06.79.129.727.90.40.72
Orbis Leveraged (Euro) FundEuro8.6(6.3)(7.9)19.8(5.6)0.4(2.3)13.0(0.2)18.818.970.965.7(7.2)(11.0)2
Bank Deposits (Euro)Euro0.31.10.51.04.54.22.92.22.12.43.44.54.32.92.02
Average Global Equity Fund (Euro)Euro11.1(8.2)14.827.9(39.6)0.18.524.75.110.1(31.9)(13.7)(6.0)49.3(4.8)2
Average Euro Bond FundEuro8.61.12.86.01.50.2(0.8)3.15.83.97.24.75.4(2.5)6.32
Orbis Optimal (Yen) FundYen5.3(3.5)(6.4)10.1(9.0)1.62.1
Orbis Leveraged (Yen) FundYen8.9(7.0)(8.2)18.5(8.6)(3.2)(4.9)
Bank Deposits (JPY)Yen0.10.10.10.20.80.60.2
Average Global Equity Fund (Yen)Yen27.7(15.8)(6.3)34.4(53.0)3.722.2
Average Yen Bond FundYen6.0(0.2)0.60.61.10.9(0.7)

* The Orbis SICAV Global Equity Fund, the Orbis SICAV Japan Equity Fund, (which includes Yen and Euro Classes) and the Orbis SICAV Asia ex-Japan Equity Fund are funds of Orbis SICAV, a UCITS IV compliant Luxembourg fund, which is the only Orbis investment company admitted for public marketing in Luxembourg. Prior to 29 November 2002, the Yen Class of the Orbis SICAV Japan Equity Fund was a British Virgin Islands investment company, Orbis Japan Equity (Yen) Fund Limited. The returns for the Orbis SICAV Global Equity Fund and the Orbis SICAV Asia ex-Japan Equity Fund relate to the investor class of shares.

** Previously the Orbis Africa Equity (Rand) Fund. From 1 October 2010 management of the Fund has transferred to Allan Gray International (Pty) Ltd. From 1 May 2012 the Fund has been renamed the Allan Gray Africa Equity Fund.

*** Since inception to 30 April 2012 the benchmark was the FTSE/JSE Africa All Share Index including income.

Past performance is not a reliable indicator of future results. The value of investments may go down as well as up and an investor may not get back the amount invested.

Returns are net of fees, include income, assume reinvestment of dividends and are based on valuations using prices at market close. Please refer to the explanatory notes on the Returns page.

Partial year returns - not annualised

1 Since 12 June 1998

2 Since 30 June 1998

Sources: