Welcome to Allan Gray Australia.
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Individual Investors
Discover the Allan Gray difference. Learn more about our Funds including performance and download offer documents.
Financial Advisers
The information contained in this section is for adviser and wholesale investor use only.
Retail Investors
The Allan Gray Australia Funds are available for investment by New Zealand retail clients.
To comply with New Zealand law, our website provides information only about Allan Gray Australia Funds. We do not provide advice to New Zealand retail clients.
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The website is primarily designed for Australian investors.
US persons are not generally permitted to invest in the Allan Gray Australia Funds. However, we will accept applications from US persons who are genuine residents of Australia, New Zealand or South Africa.
Orbis Global
Real Return Fund
Show Performance and fund data
Orbis Global Real Return Fund
The Orbis Global Real Return Fund offers access to a portfolio of uncorrelated assets that can reduce risk and offer unique alpha opportunities.
The Fund applies a contrarian long-term investment strategy and its unique approach to portfolio construction, where every security must fight for its place in the portfolio, sets it apart from peers and can act as a diversifier in client portfolios.
Why should the Orbis Global Real Return Fund be part of your client portfolios?
A differentiated toolbox
Uncorrelated assets like hedged equities and commodities (e.g. gold) can reduce risk and offer unique alpha opportunities, while an active currency strategy helps safeguard long-term purchasing power.
Versatile application
The Fund’s unique approach to portfolio construction, where every security must fight for its place in the portfolio, sets it apart from peers and can act as a diversifier in client portfolios.
Experienced expert team
8 professionals, 5 of whom with 10+ years investment experience at Orbis. In addition, the multi-asset team is supported by Orbis’ deep and global bench of research teams based around the world.
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.
Research and Ratings
Disclaimer
The rating published on 04/2025 for ETL3967AU is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved. Please read the target market determination prior to investing.
Disclaimer
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned ETL3967AU September 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines. Please read the target market determination prior to investing.
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.
Risks of Investing
All investments carry risk. If you are considering the Orbis Global Real Return 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.
Fixed interest risk
Fixed interest securities are particularly affected by interest rates and inflation. If interest rates increase, capital values may fall and vice versa. Inflation will erode the real value of capital. Also, issuers may not be able to honour repayments on bonds issued.
Derivative risk
Use of derivatives generally may result in the Fund being leveraged and can result in increased volatility. Derivatives can lead to losses due to changes in market conditions (e.g. interest rates, exchange rates, regulation or supply/demand) and may be terminated due to events outside of our control. To mitigate this risk, the Fund aims to net exposures against its counterparties through, amongst other things, maintaining a limit on the level of gains or losses it may have per counterparty. Derivatives do not always perfectly or even highly correlate or track the value of the assets or indices they are designed to track.
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 you can be found on our Forms and Documents page.