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Portfolio Information

Investment objective

The Fund aims to outperform global stockmarkets with an actively managed portfolio of high conviction stocks. The Fund’s benchmark is the MSCI All Country World Index With Special Tax (“MSCI ACWI Special Tax”).

Investment approach

The Fund is actively managed with a contrarian long-term investment approach and aims to be fully invested at all times. The portfolio may be concentrated and considerably different than its benchmark. Currency exposure is managed separately to equity exposure.

Fact Sheet

APIR CodeETL0463AU
Retail class inception dateDecember 2015
Buy / Sell spread0.25% / 0.25%
Distribution frequencyAnnual
Minimum suggested investment timeMore than 5 years
Retail class size as at 09/01/2025 AUD 603.86 million
Fund size as at 31/12/2024 AUD 3.90 billion
Strategy size as at 31/12/2024 AUD 35.93 billion

Performance
Top 10 Holdings
Sector Breakdown
Geographic Breakdown
Prices
Distributions

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Period:

Information as at:

	1 month %	3 months %	1 year %	3 years % p.a	5 years % p.a	10 years % p.a Illustrative returns*	15 years % p.a Illustrative returns*	Since inception % p.a Illustrative returns*
Global Equity Fund	(2.1)	5.2	23.3	12.2	11.4	11.2	11.5	9.5
Benchmark	2.7	11.0	29.7	11.5	13.0	12.6	12.5	9.1
Relative Performance	(4.8)	(5.8)	(6.4)	0.7	(1.6)	(1.4)	(1.0)	0.4

Relative highest and lowest annual return since public launch	Return %	Calendar year
Highest
Lowest

Important notes to be read together with all data above

The Fund is registered with the Australian Securities and Investments Commission as the Orbis Global Equity Fund (Australia Registered). The chart above shows the value of AUD 10,000 invested in the Fund’s retail class and in the benchmark over the selected period. All returns shown above are net of fees, include income and assume reinvestment of distributions and exclude the buy/sell spread. * The net returns until 30 November 2015 are illustrative and based on returns of the wholesale classes after applying the retail class fee. Returns from 1 December 2015 are actual returns of the retail class. Returns for more than one year are annualised. The start of any return period is adjusted to the closest valuation day. Past performance is not indicative of future performance. Please consider the Fund’s most recent Product Disclosure Statement and Target Market Determination before investing. The Orbis Global Equity Fund changed its Benchmark on 1 January 2021 from MSCI World Index to MSCI All Country World Index With Special Tax (AUD) (MSCI ACWI Special Tax). Returns prior to 1 January 2021 relate to MSCI World Index.

Stock		% of Fund as at 31/12/2024
1	QXO	7.2
2	Corpay (was FLEETCOR)	5.6
3	Alphabet	4.6
4	Interactive Brokers Group	4.6
5	Nintendo	3.9
6	UnitedHealth Group	3.9
7	Elevance Health	3.4
8	Global Payments	3.0
9	RXO	2.7
10	RenaissanceRe Holdings	2.6

Prices

	Current Price 10/10/2023	Month-end Price 30/09/2023	Select Date
Buy
Sell
Net Asset Value (NAV)

All prices are net of distributions and fees. Buy price is the Fund’s NAV per unit plus the buy/entry spread. The sell price is the Fund’s NAV per unit less the sell/exit spread.

Distribution

Declaration date	Record date	Payment date	AUD per unit	Ex-distribution price

Orbis Global Equity Fund

The Orbis Global Equity Fund offers access to an actively managed portfolio of high conviction global stocks.

It applies a contrarian long-term approach to look for undervalued opportunities for your clients that others miss, resulting in a portfolio that may be concentrated and looks very different from the benchmark.

Why should the Orbis Global Equity Fund be part of your client portfolios?

Unique diversification

Add unique diversification to client portfolios with a value-orientated, contrarian approach that invests in high conviction global stocks that typically look very different to the benchmark.

The time advantage

Give your client portfolios the advantage of time with a truly long-term investment approach versus other market participants. Our global analysts think and invest over years, not months.

The contrarian edge

Our global analysts are encouraged to make independent decisions, rather than having to reach group consensus. This emboldens them to take–and stick with–truly contrarian positions.

Structured for success

Private ownership means we have no external pressure for fast results and instant success. This allows us to scour the globe for investment opportunities others miss, and the resolve not to capitulate at the wrong moment.

Research and Ratings

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Disclaimer

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Disclaimer

Investment management fees at a glance

We have fixed and performance based fee components:

The fixed fee is 1% p.a. and there is a refundable performance fee of 25%.
We charge a performance fee when we beat the benchmark, but not all of it immediately goes to us. A majority of it remains in the Fund and is refunded to you if we underperform.
More information about our fees can be found here.

Eligible Managed Accounts can receive a 20-basis point p.a. rebate to the Fund’s 1% p.a. fixed fee.

Financial Year	Indirect cost ratios
30 June 2021	1.07%
30 June 2022	1.07%
30 June 2023	1.07%

Risks of Investing

All investments carry risk. If you are considering the Orbis Global Equity Fund, you should be aware that:

There is no guarantee your investment will do well
We do not guarantee the success, repayment of capital or any rate of return on income, capital or investment performance of the Fund. Past performance is not necessarily an indicator of future performance.

Markets can be volatile
The Fund will primarily hold global shares. As these investments can be volatile, your investment will fluctuate.

Individual shares can and often do fall in value
Individual shares can fall in value for many reasons including a company’s internal operations, actions by its management, its business environment and investor sentiment and responses.

Currency movements will impact performance
Fluctuations in exchange rates can have a significant influence on the Fund’s international investments and could impact overall returns.

You can find a comprehensive explanation of the risks in the Product Disclosure Statement (PDS) which should be read together with the information booklet which you can find on our forms and documents page.