Articles tagged as "Orbis"
Trustless, rustless, shiny and tiny: The investment case for gold
Gold-related securities are among the top holdings of our offshore partner Orbis' multi-asset strategies.
US opportunities with a good prognosis: UnitedHealth and Elevance Health
While the US stock market represents about 70% of the FTSE World and MSCI World indices, just half of the Orbis Global Equity Fund is invested in American...
Regime change and the rise of the stockpicker
Alec Cutler chats to Bloomberg’s Merryn Somerset Webb about the impact of central bank and government intervention, the future of inflation and why being a...
Orbis: President’s letter 2022
In his president’s letter, Adam Karr, from our offshore partner, Orbis, reflects on the actions that he and the team took during 2022 to ensure they delivere...
The evolving role of balanced funds
Tamryn Lamb looks at the important role balanced funds have played in your portfolio over time, the returns they have generated and the variability of these...
In pursuit of value
The current disparity in markets, both locally and offshore, is creating an opportunity for bottom-up investors like ourselves to generate meaningful returns...
Beyond the froth: Orbis’ contrarian case for Comcast
Like finding a really good coffee, finding a good long-term investment opportunity is not always easy. A coffee that looks delicious may taste foul, and ther...
Ballot underway for Allan Gray-Orbis Global Fund of Funds
There is currently a ballot underway for the Allan Gray-Orbis Global Fund of Funds (“the Fund”) which proposes changes to the Fund’s structure, name and...
Podcast: A candid conversation with Orbis' Adam Karr
Taking a long-term, contrarian approach has influenced every aspect of how we invest and do business at Orbis and Allan Gray. From the way the firms are...
Balanced Fund: Perspectives and positioning
In a recent webinar, Portfolio Manager Tim Acker discussed the investment environment and looked at how the Allan Gray Balanced Fund is positioned to take...
Balanced Fund: Optionality, the most unappreciated asset
One of the most unappreciated assets in a portfolio is optionality – the ability to take advantage of market disparity and to move between and within asset...
Balanced Fund: Optionality, the most unappreciated asset
One of the most unappreciated assets in a portfolio is optionality – the ability to take advantage of market disparity and to move between and within asset...
Orbis: President's letter 2020
In his annual president's letter, William Gray, from our offshore partner, Orbis, reflects on a difficult year and reaffirms his conviction in the team's...
The uncertainty spectrum
Wildfires in Australia, mass protests in the US, a global pandemic. These are just some of the events that have roiled markets this year, leaving investors...
Equity Fund update: In pursuit of potential
The most important determinant of investment success is the price you pay for an asset, and valuations for many quality companies are the cheapest they have...
Equity Fund update: In pursuit of potential
The most important determinant of investment success is the price you pay for an asset, and valuations for many quality companies are the cheapest they have...
Orbis: The importance of preparation
In this six-minute video, Orbis' president and head of the investment team, William Gray, discusses the impact of COVID-19 on the firm and the importance of...
Will growth stocks beat value stocks forever?
Markets move up and down and investment styles move in and out of favour. With value investing being on the wrong side of the trend for around 12 years,...
Orbis: Performance and positioning during COVID-19
There has been little else to talk about as COVID-19 dominates world headlines. Globally, everyone is trying to evaluate the real impact the pandemic will ha...
COVID-19: Evaluating market risk versus opportunity
We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...
COVID-19: Evaluating market risk versus opportunity
We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...
The money bubble
There’s something magical about bubbles. Formed of water, soap and a breath of air they seem incredible. In financial markets, bubbles are a lot less revered...
Orbis’ improved fee structure: Highlights and FAQ
Our offshore partner, Orbis, is improving its fee structure. We intend to implement these changes on 14 May 2020.
Orbis: Well positioned for the challenges that lie ahead
In his annual president’s letter, William Gray, from our offshore partner, Orbis, pays tribute to his father and reviews Orbis’ performance and prospects.
How to invest in challenging times
A braai over the weekend inevitably reminds us of the significant challenges our country faces – there is lots of negative news to talk about.
How to invest in challenging times
A braai over the weekend inevitably reminds us of the significant challenges our country faces – there is lots of negative news to talk about.
Obituary: Saying goodbye to our founder
It is with deep sadness that we share the news of the death of Allan William Buchanan Gray. He died of natural causes on 10 November 2019 in Bermuda, where h...
Are you comfortable swimming against the tide?
Allan Gray and our offshore partner, Orbis, describe our shared investment approach as “contrarian”. “Contrarian” is usually defined as “opposing or rejectin...
The year of payback
Excess returns from the FTSE/JSE All Share Index (ALSI) relative to cash have disappointed over the last five years, with cash now outperforming, on average....
The year of payback
Excess returns from the FTSE/JSE All Share Index (ALSI) relative to cash have disappointed over the last five years, with cash now outperforming, on average....
The upside of down markets
2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...
The upside of down markets
2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...
The role of currency when investing offshore
If you buy a share in your local market, assessing your performance is easy. If the price goes up, you make money. If you buy shares in other markets, howeve...
Orbis: Think like a business owner
Say you own a small stake in a company. Every day, one of your partners tells you what he thinks the business is worth, and he offers to buy your stake or se...
What is a good offshore strategy?
Novice and experienced investors often ask the same question time and again: When is the best time to invest offshore?
Offshore investing: Not a popularity contest
There is no such thing as a ‘popular investment opportunity’. If it’s popular, then that popularity will already be reflected in the price you have to pay. A...
Tech stocks: Is history repeating itself?
To cut through the suspense, let me admit up front that I’m not going to answer the question directly: we don’t find it productive to spend a lot of time...
Key buckets of opportunities
In our search for undervalued assets we have found companies that fit into five categories...
Orbis: Two myths about emerging market equities
At the end of 2015, emerging market (EM) shares had meaningfully underperformed developed market (DM) shares over the previous five years...
Beware the siren song of growth
Growth has an almost irresistible allure for investors. Whether it’s a rapidly growing economy, a start-up with a hot new product, or a new industry that...
Keep calm and carry on investing
The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which investors vie...
Protect your buying power by investing offshore
We are all fixated on the rand-dollar exchange rate and what it will do next, but does it really affect our day-to-day? And what can you do about it? Listen ...
Orbis: We welcome the rise of passive investing
The Wall Street Journal ran a series this month commemorating the rise of passive investing. The articles make ‘the case for the triumph of passive’, calling...
Orbis: Not just looking for cheap stocks
Our investment approach, which we share with our offshore partner Orbis, is sometimes characterised as ‘looking for cheap stocks’. Jeremie Teboul from Orbis...
Playing a loser's game
The loser’s game isn’t especially fun to play, but it is a winning strategy for those who have the discipline and the patience for it. William Gray, from our...
Playing a loser's game
The loser’s game isn’t especially fun to play, but it is a winning strategy for those who have the discipline and the patience for it. William Gray, from our...
What do low global bond yields mean for South African investors?
Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2014. More than half of global government...
Orbis funds: Finding the best long-term value for clients
The Orbis Global Equity Fund will mark its 25th year at the end of December. In that time, Orbis has provided access to the same fundamental, contrarian,...
Orbis funds: Finding the best long-term value for clients
The Orbis Global Equity Fund will mark its 25th year at the end of December. In that time, Orbis has provided access to the same fundamental, contrarian,...
Introducing the Orbis Global Balanced Fund
Like Allan Gray, Orbis has a limited range of funds which it believes addresses the needs of most investors. New funds are only introduced after very careful...
Orbis Global Equity Fund: A reversal of fortunes
After a prolonged period of relative underperformance, since January this year the Orbis Global Equity Fund has meaningfully outpaced its benchmark in US...
Orbis Global Equity Fund: A reversal of fortunes
After a prolonged period of relative underperformance, since January this year the Orbis Global Equity Fund has meaningfully outpaced its benchmark in US...
Do not confuse stability with safety
According to Ben Preston, from our offshore partner Orbis, Orbis and Allan Gray's strict adherence to our bottom-up research process keeps us focused on...
Do not confuse stability with safety
According to Ben Preston, from our offshore partner Orbis, Orbis and Allan Gray's strict adherence to our bottom-up research process keeps us focused on...
Investing offshore to reduce portfolio risk
Five years on from the start of the Global Financial Crisis, as economic uncertainty continues across the world, investors remain sceptical about exposing...
Drilling into the detail of oil and gas investments
At first glance, the Orbis Global Equity Fund's exposure to Oil & Gas; Gas stocks appears to be similar to that of its benchmark. At December 2012, about 9% ...
A healthy approach
Broadly speaking, one could think about building a portfolio in two key ways. Investors with a 'top-down' approach start with a wide view of the world and ma...
Investing: a history of bubbles
'Invest in stocks? Forget about it.' - USA Today headline, 8 May 2012. As contrarian investors, we cannot help but take notice when one of the most widely re...
The trend is your friend till it bends at the end
For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...
Things you can control, and things you cannot
In this current very uncertain world, we cannot begin to control or predict political or economic outcomes. But we can control what shares we buy and we are...
Japan: economic pessimism creates buying opportunities
As bottom-up stock pickers, we believe that great investment opportunities can be found in even the most challenging conditions. Japan is a perfect example....
Responding to challenging times
Performance does not come in a straight line, which means that periods of long-term outperformance will always be accompanied by periods of, sometimes...
Foreign exposure in the Allan Gray Stable Fund
The long-term track record of the Allan Gray Stable Fund shows returns well ahead of its benchmark and satisfactory capital stability. Nevertheless, the Fund...
When is bad news good news?
As contrarian investors we are always on the lookout for shares that we can buy at a significantly lower price than we believe they are worth. Thus, with ban...
The story is in the stocks
Investors who give their money to professional managers to invest still wish to remain informed about what their managers are thinking and how therefore they...
Launch of the Allan Gray-Orbis Global Optimal Fund of Funds
Allan Gray introduced its third rand-denominated offshore fund on 1 March 2010 bringing the total number of unit trusts to nine. The Allan Gray-Orbis Global...
Tough to be different
In the Q2 Quarterly Commentary, Jonathan Brodie and Trevor Black of Orbis discussed the fact that long-term outperformance requires a partnership between the...
