Articles tagged as "Orbis"
Beyond the US: Separating the signals from the noise
The US has dominated global news flow in the wake of the presidential election, and market-moving headlines continue to present the temptation to act on...
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.
Back to the future: Why studios are betting on the box office
While many continue to doubt the viability of theatrical exhibition, viewing it as another legacy business that will crumble before the rising tide of...
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...
Orbis: President’s letter 2023
In his annual president’s letter, Adam R. Karr, from our offshore partner, Orbis, discusses the performance of the Orbis Strategies during 2023, looks back a...
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...
Solving the diversification dilemma
"Don’t put all your eggs in one basket" is a phrase familiar to many of us, and when it comes to investing and minimising risk, it is quite a sensible...
Orbis: President’s letter 2021
In his inaugural president’s letter, Adam Karr, from our offshore partner, Orbis, shares some thoughts about himself, the path forward for Orbis, the market...
Orbis: Our perspective on developed market bond yields
Bonds are typically included in an investment portfolio to provide diversification and deliver yield. Developed market bonds are currently offering much lowe...
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...
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...
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...
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.
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 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...
How to pick offshore investments for long-term wealth creation
Living in South Africa, or even as a South African living abroad, it’s easy to become completely sucked into the news about our country...
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...
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...
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...
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...
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...
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...
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...
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...
