Allan Gray-Orbis Global Fund of Funds
MANAGEMENT Fund Manager's Comment
Orbis Investment Management Ltd.
Andrew Lapping, BSc (Eng), B Com, CFA

The Fund invests in a mix of equity, absolute return and multi-asset class funds managed by Allan Gray's offshore investment partner, Orbis Investment Management Limited. The typical net equity exposure of the Fund is between 40% and 75%. The Orbis Optimal SA funds included in the Fund use exchange-traded derivative contracts on stock market indices to reduce net equity exposure. In these funds, the market exposure of equity portfolios is effectively replaced with cash-like exposure, plus or minus Orbis' skills in delivering returns above or below the market. Returns are likely to be less volatile than those of an international equity-only fund. Although the Fund is fully invested outside South Africa, the units in the Fund are priced and traded daily in rands.

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SectorGlobal-Multi Asset-High Equity
Sector Rank: 7 out of 9
(lump sum over 3 years to 28 February 2019)
Overall Rank: 811 out of 991
(lump sum over 3 years to 31 July 2017)
R1000 invested on 29 February 2016 was worth R 1063 at 28 February 2019
( 2.05% annual compound return)
R100 per month since 29 February 2016 was worth R 3659 at 28 February 2019
( 1.05% annual return compounded monthly)
Formation Date:03 FEB 2004 Holdings:5
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
ORBGLBALA (Equities)47,399,5679,352,476,586 74.24 %
CASH (Cash on call)061,721,807 0.49 %
O-ORBGLEQ (Offshore Intern)451,2541,310,125,238 10.40 %
TOTAL R10,724,323,63185.13%

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