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: 9 out of 9
(lump sum over 3 years to 31 July 2019)
Overall Rank: 679 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1099 at 31 July 2019
( 3.19% annual compound return)
R100 per month since 31 July 2016 was worth R 3616 at 31 July 2019
( 0.29% annual return compounded monthly)
Formation Date:03 FEB 2004 Holdings:5
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
USA C (For Currency)034,890 0.00 %
CASH (Cash on call)019,098,665 0.15 %
O-ORBGLBA (Offshore Intern)46,445,5049,277,921,992 74.61 %
TOTAL R9,297,055,54774.76%

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