We are active, contrarian investors and we have been working to create long-term value for institutional investors since 1990. But you may not have heard of us, and there’s good reason for that.
Until recently, our funds were limited to institutions, pensions and high-net worth individuals. They’re now available to UK retail investors via intermediaries.
With a strong belief in independent financial advice and our proven track record of success, we hope to make a significant difference for your clients soon too.
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How to deal with an erratic business partner
Nov 11, 2019
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 sell you another on that basis. Sometimes his idea of value seems justified by the company’s prospects. But other times, his excitement or fears run away with him, and the value he suggests seems little short of silly. more...
Orbis Investments: Man and machine: mapping risk better together
Oct 14, 2019
In Above-average companies, below-average prices, we walked through valuation and fundamental measures for the Global Equity Strategy, highlighting a few “clusters” of ideas. We believe that perspective is important. To assess a portfolio’s return prospects, looking at fundamental and valuation metrics is vital. But to assess a portfolio’s risk, another angle is also useful: how our holdings behave. more...
Orbis Investments: When expectations and reality diverge
Oct 11, 2019
On July 17th, something odd happened in the stock market. Netflix released its quarterly results, reporting that revenue had grown by a whopping 26% year-on-year. That is equivalent to doubling revenues every three years, and it puts Netflix squarely among the fastest-growing 10% of companies globally. But stranger things have happened than Netflix growing quickly. Almost immediately, the company’s stock fell more than 10%. more...
Orbis Investments: There are bigger risks than swimming against the tide
Oct 7, 2019
We have always described ourselves as “contrarian” investors. While many of our best investment decisions on behalf of clients in the past have been at odds with market sentiment, we are also quick to point out that we are never contrarian for its own sake. Just like driving down the wrong side of the road is a bad idea, so too is blindly betting against the crowd. There are many nuances, and our degree of apparent “contrarian-ness” can vary over time. more...
Orbis: How do emerging markets really stack up against the US?
Jun 26, 2019
The US is expensive, and emerging markets (EMs) are cheap, We’ve observed that before. But price alone isn’t what matters. What matters is the relationship between what you’re paying and what you’re getting, and the US and EMs represent different baskets of businesses. more...
Fundamental, long-term contrarian, investing
Our investment approach has stood the test of time.
Only pay for outperformance
Our unique refundable fee structure is designed to align our interest with investors.
This means that investors only pay when the Orbis funds outperform their benchmark(s), and if they don’t beat their benchmarks, we also refund fees at the same rate.