Past performance shown on the Orbis funds described or disclosed on this website (collectively, the "Funds") is not a reliable indicator of future results. Values may fall as well as rise and you may get back less than you originally invested. It is therefore important that you understand the risks involved before investing. The Funds share prices fluctuate and are not guaranteed. When making an investment in the Funds, an investor’s capital is at risk.
The information contained on our website is being made available for the benefit of the present Members or Shareholders of the Funds and such other persons authorised by the Funds to receive such information, provided that such Members and other persons are not prohibited under the applicable laws of their citizenship, domicile or residence from receiving such information. No other persons are authorised by the Funds to receive such information.
The Funds are sold by prospectus or other forms of disclosure statements specified by applicable law only. Each Fund's prospectus/disclosure statement contains important information which you should read carefully before investing.
The information contained on our website is not intended to constitute an offer of any securities to any person, and is not intended for distribution to anyone in any jurisdiction where such distribution is not authorised or to any person to whom it is unlawful to make such distribution. Persons in receipt of the information contained herein are therefore required to inform themselves about and observe such restrictions.
References to specific securities should not be construed as investment advice.
The distribution of the information contained on our website and the offering of shares in the Funds is restricted in certain jurisdictions. Except as noted below, no action has been taken to permit either the distribution of this information or the offering of any of the shares of the Funds in any jurisdiction where action would be required for such purpose.
Fund shares/units are not being offered, directly or indirectly to the public in Australia through our website. The offer to invest in an Orbis Fund is made through the current disclosure document for the relevant Fund. Disclosure documents for the Australian registered Orbis Funds are issued by Equity Trustees Limited ABN 46 004 031 298, AFSL No. 240975 ("EQT"), as the relevant Fund's responsible entity or trustee. Australian resident investors should contact Orbis' distributor in Australia, Orbis Investment Advisory Pty Ltd, AFSL No. 237862 ("Orbis Australia"), at firstname.lastname@example.org for further information regarding the Funds.
Eligible Canadian resident investors should contact Orbis Investment Advisory (Canada) Limited, which is registered as an exempt market dealer in each of Canada’s provinces. Orbis Investment Advisory (Canada) Limited can be contacted at email@example.com. In order to be eligible, a Canadian resident must qualify to participate in a distribution that is exempt under Canadian National Instrument 45-106 from Canada’s prospectus requirements (e.g., “accredited investors” and those others meeting the “minimum amount investment” threshold). Additionally, residents in Ontario, Quebec and Newfoundland and Labrador must qualify as “permitted clients” under Canadian National Instrument 31-103.
Each sub-fund of Orbis SICAV, a UCITS IV compliant Luxembourg fund, is admitted for public marketing in Luxembourg and the United Kingdom. In addition, Orbis SICAV Emerging Market Equity Fund, Orbis SICAV Global Equity Fund, Orbis SICAV Global Balanced Fund and Orbis SICAV Japan Equity Fund are admitted for public marketing in Ireland, the Netherlands, Norway and Sweden. The Orbis Funds that are not Orbis SICAV funds are alternative investment funds that are neither admitted for public marketing anywhere in the European Economic Area (EEA) nor marketed in the EEA for purposes of the Alternative Investment Fund Managers Directive. As a result, persons located in any EEA member state will only be permitted to subscribe for shares in the Funds that are admitted for public marketing in that member state or, with respect to any other Fund, whether or not a sub-fund of Orbis SICAV, under certain circumstances as determined by, and in compliance with, applicable law.
Except in regard to the Orbis SICAV, a recognised scheme in the United Kingdom available to all UK resident investors, the information on this website is directed to professional clients (as defined in the Financial Conduct Authority (FCA) Handbook). Our website is not designed, intended nor may be used as a financial promotion to any person in the UK other than such persons. None of the Funds are regulated by the FCA although the Orbis SICAV has been recognized by the FCA. The protections provided by the UK regulatory system, including recourse to the UK Financial Services Compensation Scheme, do not extend to investments in the Funds. Our website should not be accessed from the United Kingdom by any person other than these types of persons.
The EU Online Dispute Resolution platform (http://ec.europa.eu/consumers/odr/) is available to those Shareholders of the Orbis SICAV who are natural persons residing in a member state of the European Union and who use the Online Services (as defined below).
The Funds' prospectuses have not been registered by the Registrar of Companies in Hong Kong. The Funds are collective investment schemes as defined in the Securities and Futures Ordinance of Hong Kong (the “Ordinance”) but have not been authorised by the Securities and Futures Commission pursuant to the Ordinance. Accordingly, interests in the Funds may only be offered or sold in Hong Kong to persons who are “professional investors” as defined in the Ordinance and any rules made under the Ordinance or in circumstances which are permitted under the Companies Ordinance of Hong Kong and the Ordinance.
Fund shares/units are not being offered, directly or indirectly to the public in New Zealand through our website. The offer to invest in an Orbis Fund is made through the current disclosure document for the relevant Fund. Disclosure documents for the Australian registered Orbis Funds are issued by Equity Trustees Limited ABN 46 004 031 298, AFSL No. 240975 ("EQT"), as the relevant Fund's responsible entity or trustee. New Zealand resident investors should contact Orbis' distributor in Australia, Orbis Investment Advisory Pty Ltd, AFSL No. 237862, at firstname.lastname@example.org for further information regarding the Funds.
Orbis Global Equity Fund, Orbis Optimal SA Fund (Euro and US$ classes), Orbis SICAV Emerging Market Equity Fund, Orbis SICAV Global Balanced Fund and Orbis SICAV Japan Equity Fund (Yen and Euro classes) have been approved in terms of section 65 of the Collective Investment Schemes Control Act, 2002 by the South African Registrar of Collective Investment Schemes. South African residents interested in receiving a prospectus or other information on these funds (including a schedule of fees and charges and maximum commissions) should contact the authorised representative for those funds, Allan Gray Unit Trust Management (RF) Proprietary Limited at Offshore_direct@allangray.co.za.
Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of an investment in a Fund may go down as well as up, and past performance is not a reliable indicator of future results. No Fund’s manager(s) provide(s) any guarantee with respect to capital or any Fund’s returns. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Commission and incentives may be paid by investors to third parties and, if so, would be included in the overall costs. The Funds are priced weekly. A Fund may be closed to new investments at any time in order to be managed in accordance with its mandate. The Funds invest in foreign securities. Depending on their markets, trading in those securities may carry risks relating to, among others, macroeconomic and political circumstances, constraints on liquidity or the repatriation of funds, foreign exchange rate fluctuations, taxation and trade settlement.
Neither the shares in the Funds nor the Funds themselves have been registered under any United States securities legislation and are only offered through transactions that do not violate such legislation and do not require the registration of the Funds or the shares of the Funds in the United States of America or in any of its territories or possessions.
The information provided in any email sent by Orbis is provided to the recipient only and for the information purposes of the recipient only. Such information is not intended for, may not, without the express consent of Orbis, be distributed to, and may not be relied upon by, any other party, including without limitation, any advisory or other client of the recipient. Orbis reserves the right to refuse service to anyone at any time without notice for any reason. You agree that you are responsible for your own communications and for any consequences thereof.
The website's purpose is only to provide general information or factual information about Orbis or regarding a current investment with Orbis. The content on the Orbis website is not intended to provide legal, tax or investment advice. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.
Changes are periodically made to the information on our website or the content provided through email services and these changes will be incorporated from time to time in our website. Orbis expressly reserves the right, in its sole and absolute discretion, to alter or amend any information or content on our website without notice.
The information and content contained on our website or received through email services is relevant as of the dates expressly stated therein and no implication is being made that there has been no change in such information subsequent to such dates. The information is subject to change without notice.
Our website may now, or hereafter from time to time contain certain statements or information with respect to the projection of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items; or the plans, objectives and/or projections of Orbis for future operations; or future economic performance. Orbis wishes to caution you that such projections are only predictions and that actual events or results may differ materially. Orbis is an active manager and any statement that relates to a specific issuer should not be treated as a representation that Orbis is pursuing any particular trading strategy. In particular, where the website or the content received through email services provides commentary on securities, financial instruments, indices, financial products or indicators, or economic conditions, it is done in the context of investment decisions for the Funds. The website content does not constitute a recommendation to buy, sell or hold any shares or other securities in the companies mentioned in it (“relevant securities”) nor does it constitute financial advice, and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Orbis and its employees are subject to certain restrictions on dealing in relevant securities ahead of the dissemination of this commentary.
The Orbis Funds are speculative and involve a high degree of risk. The Funds’ performance may be volatile. An investor could lose all or a substantial amount of its investment. The Funds’ manager has total trading authority over the Funds and the use of a single adviser applying generally similar trading programs could mean lack of diversification and consequently higher risk. For some Orbis Funds, there is no secondary market for interests in the Fund, and none is expected to develop. There are restrictions on transferring interests in the Funds. The Funds’ fees and expenses may offset the Funds’ trading profits.
Allocations are subject to change at any time.
We do not use third-party cookies on our website. Generally, we use four types of cookies:
1. Authentication Cookie – This cookie is set on your computer when you log into our website. It is used to confirm that you are logged in. This cookie will remain on your computer until you log off the site or your logged-in session times out.
2. Profile Cookie – This cookie is used to keep track of who you are on our website. For example, if you navigate to our website and enter your Investor Type status, we store this information in our database and then store a unique ID in the profile cookie on your computer. This cookie will only remain on your computer if you have clicked the "Remember Me" option. This cookie is also used to track some of your actions on our website.
3. Request Verification Token – This cookie is used to ensure that the request you submitted to our website actually originated from our website, which increases the security on our website. This cookie will not remain on your computer after you have left our site.
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If you would like to disable cookies from our website, you can adjust your browser settings to do so, however, you may find that our website ceases to work. You can learn more about cookies at www.allaboutcookies.org.
Without limiting the generality of the foregoing: (i) Orbis does not warrant that our website, the content provided through email services or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality; and (ii) while Orbis has taken reasonable measures to ensure the integrity of our website, the content provided through email services and the information contained therein, no warranty, whether express or implied is given that any files, downloads or applications available via our website are free of viruses, trojans, bombs, time-locks or any other data or code that has the ability to corrupt or affect the operation of your system.
Your use of our website and the information contained therein is entirely at your own risk. You assume full responsibility and risk of loss for the investment decisions, results obtained, regulatory reports and statements produced using our website and the information contained therein, including your account information. Neither Orbis, its affiliated companies, holding companies, subsidiaries or subsidiaries of its holding companies, or their shareholders, agents, consultants or employees will be liable for any damages whatsoever relating to the use of our website or the information contained therein, including, without limitation any direct, indirect, special, incidental, consequential or punitive damages, whether in an action arising out of contract, statute, delict or otherwise.
Orbis Investment Management Limited and Orbis Investment Management (B.V.I.) Limited are licensed to conduct investment business by the Bermuda Monetary Authority.
External links may be provided for your convenience, but they are beyond the control of Orbis and no representation or endorsement is made as to their content. Use of or reliance on any external links provided is at your own risk. Orbis takes no responsibility for third party content, nor does Orbis have any obligation to monitor such third party content. Orbis reserves the right at all times to remove or refuse to distribute any content on our website.
You agree that you are an Authorised User. "Authorised User" means a Member or Shareholder in a Fund and each person that has been authorised by way of an Orbis Fund Change of Contact Details Form or Orbis Funds Online Services Form to access that Member's or Shareholder's account, including the authority to view the related account information, submit transaction instructions or make changes to the Members or Shareholder's static data (such as the email or registered address associated with that account); and
You agree to comply with remote access operating standards and procedures and with username or other password control requirements and other security procedures as may be issued from time to time by Orbis for Online Services. You are solely responsible for maintaining the confidentiality and use of any personal identification numbers, account numbers and other personal or security information required to make use of Online Services, and you are also responsible for all statements made and acts or omissions that occur through any communications initiated through the use of such personal information. Any individual that possesses the information required to pass through all security measures will be presumed to be an Authorised User.
You agree that all personal information provided to us for your use of Online Services (including your address, telephone number and email address) is complete and true and the telephone number and email address at which you may be reached to discuss any order request submitted to us via our website is valid and current. You also agree to advise us promptly of any changes in your personal information.
The Funds’ transfer agents are the initial source of most of the account information provided on our website. Other information is developed by Orbis. Due to the source of and subsequent input process applied to the account information provided on our website and the inherent hazards of electronic distribution, there may be periods when account information is inaccessible, or when delays, omissions or inaccuracies occur in the account information provided on our website.
Our website and its content are owned by Orbis or its licensors. Copyright in all information, material and logos (hereinafter referred to generally as "material") made available through our website or email services is protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. The copyright in all material vesting in Orbis published on our website or provided through email services shall continue to vest in Orbis.
Without derogating from the foregoing, Orbis hereby authorises you to view, copy, download to a local drive, print and distribute the content of our website, or any part thereof, provided that: (i) such content is used for your information purposes only; (ii) such content is used for non-commercial purposes and you are expressly prohibited from incorporating any material of Orbis proprietary material from our website or provided through email services in any other work, publication or website either of your own or belonging to any third party; and (iii) any reproduction of Orbis proprietary material from our website or portion thereof must include this notice in its entirety.
The trademarks, logos and service marks displayed on our website are registered and unregistered trademarks of their owners. Nothing contained on our website or in the content provided through email services should be construed as granting any licence or right to use any trademark without the written permission of the owner thereof. No right, title or interest in any proprietary material contained in our website is granted to you hereunder.
We are committed to protecting the security of your personal information. We use a variety of security technologies and procedures to protect your non-public personal information. Even though we have taken significant steps to ensure that your personal information is not misused, you should know that we cannot fully eliminate security risks associated with personal information.
FTSE World Index and FTSE/JSE Africa All Share Index data source is FTSE International Limited ("FTSE") ©FTSE 2014. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.
TOPIX Total Return Index: Tokyo Stock Exchange. TOPIX hedged into US$ and euro are calculated by Orbis using an industry-standard methodology using the TOPIX Total Return Index which is in yen. No further distribution of the TOPIX data is permitted.
MSCI TR: MSCI Inc. "MSCI" is a trademark of MSCI Inc. and is used by Orbis Investment Management Limited under licence. The MSCI information (1) may not be redistributed or used as a component of a financial product or index; (2) does not constitute investment advice; and (3) is provided on an "as is" basis with each of its users assuming the risk of his/her use. MSCI and related parties expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. None of those parties shall have any liability for any damages (whether direct or otherwise).
S&P 500 Total Return Index (“S&P 500 Index”): Standard & Poor’s (S&P) (and its affiliates, as applicable) © 2015. None of S&P, its affiliates or their third-party information providers guarantee the accuracy, adequacy, completeness or availability of any information or is responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. In no event shall any such party be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with others’ use of S&P content.
Average Fund data source is Morningstar Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Benchmarks and indexes are shown for illustrative purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the Funds.
Orbis Investment Management Limited (together with one or more of its affiliates) is obliged to comply with Bermuda’s Standard for Electronic Transactions.
Your attention is drawn to the fact that information transmitted via the Internet, including without limitation email, is susceptible to monitoring and interception. Orbis disclaims any liability for the interception or monitoring of, or access to, such information by any person.
Orbis requests that no unsolicited confidential or proprietary information be sent to Orbis. Any such unsolicited information or material sent to Orbis will be deemed not to be confidential, unless otherwise agreed in writing by Orbis.
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