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Investment Capabilities

  • 1
    What do they do? »
  • 2
    What new joiners can expect »
  • 3
    Where are they located? »

Equity Analysts

What do they do?

Our equity analysts are responsible exclusively for stock selection. As such, they spend the vast majority of their time conducting rigorous fundamental research on individual companies in order to assess their intrinsic value. Analysts communicate their recommendations through the use of a paper portfolio which simulates investment decisions in the actual stock market. This is a list of stock recommendations that have been weighted to reflect the analyst’s degree of conviction in each idea. The performance of each analyst’s paper portfolio, relative to a relevant benchmark, provides the most significant input to their remuneration. In the early years of an analyst’s career, their paper portfolio is a valuable learning tool that has a limited impact on clients’ portfolios. Analysts who demonstrate superior stockpicking ability are given additional responsibility, and it is the recommendations of these “selected analysts” that serve as the raw materials for the portfolio construction process. Our equity analysts have come from a wide range of backgrounds such as accounting, private equity, law and industry.

Equity Analysts

What new joiners can expect

New analysts quickly become responsible for their own investment recommendations. After a brief mentoring period, analysts test themselves with a simulated portfolio of their best ideas. These ideas may be purchased in the Orbis Funds, and successful analysts gain more influence over the client portfolios. Along the way, every analyst gains invaluable experience and the opportunity to learn directly from some of the industry’s most talented stockpickers.

Equity Analysts

Where are they located?

We believe equity research is best conducted by small, independent teams led by analysts who have demonstrated stockpicking ability. It is much less important to us where they are located. For example, our Asia ex-Japan research team is based in Hong Kong, our Japan team is in London and we have a global sector research team in Wimbledon. North American companies are primarily, but not exclusively, covered by our San Francisco-based analysts. The same is true for European stocks, which are primarily covered by analysts in London. Australian shares are covered by our Sydney-based team and our sister company Allan Gray Proprietary Limited has expertise in African research. Thanks to our enormous investment in technology and videoconferencing capability, our research teams are able to benefit from shared insights while remaining autonomous.