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Our Investment Process

  • 1
    Individual Accountability »
  • 2
    Filtering of Ideas »
  • 3
    Focus »

Individual Accountability

In our view, contrarian investment decisions are best made by individuals, not groups. We use paper portfolios to enable our analysts to express unequivocally their best ideas and to be held accountable for their recommendations. This ensures that the Orbis Funds benefit from the best thinking across the firm at any given time. Our Performance team analyzes each individual’s contribution to the value added or subtracted for clients, allowing us to remunerate them accordingly.

Individual Accountability

Filtering of Ideas

It is dangerous to have courage without conviction. We must conduct substantial fundamental research to develop a high degree of conviction before we put our clients’ capital behind our ideas, but time is our most precious resource. Our process is therefore designed to ensure that we are only working on our most promising ideas at any given time – and that we have conducted substantial in-depth fundamental research before we invest any of our clients’ capital. Generally speaking, research proceeds in three progressively comprehensive phases, eliminating the weakest ideas at each point along the way. Although analysts retain full individual accountability for their recommendations, each idea receives rigorous peer review in which the investment thesis is scrutinized and questioned in detail by other members of the investment team before inclusion in the Orbis Funds. The purpose is not to build consensus, but to ensure that our analysts make fully informed, high conviction decisions.

Filtering of Ideas


At Orbis, we believe that building sufficient conviction in ideas, creating a portfolio from those ideas and executing investment decisions each requires its own focus. Accordingly, we have carefully divided investment decision-making responsibilities into discrete areas of expertise – investment research, portfolio construction and trading – leaving each member of our investment team free to focus on doing what they do best and to develop the necessary conviction that our approach demands.


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