Perspectives

Keep the tech bubble nightmares at bay

Ben Preston
By Ben Preston
June 2017
5 mins. To Read

Technology stocks' strong performance has left many investors wondering if history is repeating itself. They shouldn't panic too fast; today's tech leaders are fundamentally different than in the past and so is the dominance they wield.

When defensives aren't defensive

August 2017
3 mins. To Read

Mature bull markets often offer "defensive" shares at reasonable prices, but not this time. With rich valuations and unfavourable exposure to high interest rates, defensives look anything but.

Tech can be contrarian—if the price is right

July 2017
4 mins. To Read

Tech stocks are often considered popular, but over our history, we've found that both cyclical and fast-growing tech companies can trade at attractive discounts to intrinsic value.

A contrarian look at US healthcare

Betsy Lind
By Betsy Lind
May 2017
4 mins. To Read

Our investment approach requires in-depth knowledge of companies—and industries. In US healthcare, we’ve found that investor fears about regulation and competition can often create attractive long-term opportunities.

Two myths about emerging market equities

Graeme Shaw
By Graeme Shaw
May 2017
3 mins. To Read

We consider two reasons commonly cited for avoiding emerging market equities—that they underperform when US interest rates rise and during developed world bear markets—and find that neither is substantiated. Clinging to these beliefs may cause investors to miss out on attractive long-term investment opportunities.

Keeping a cool head in Korea

April 2017
4 mins. To Read

Geopolitical tension in Korea is uncomfortable, but the uncertainty is nothing new. While we have no edge in predicting what will happen, we can think through the risks rationally, and we continue to find selected Korean shares attractive on a bottom-up basis.

The only investment mistake you can't come back from

Jeremie Teboul
By Jeremie Teboul
April 2017
3 mins. To Read

As we enter the ninth year of a bull market, attractive opportunities are challenging to find and carefully avoiding capital loss may be the name-of-the-game for long-term investors.

Hunting for value in unpopular neighbourhoods

Graeme Forster
By Graeme Forster
March 2017
4 mins. To Read

The most popular neighbourhoods are currently in the US and in the least economically sensitive sectors. We have found greater fundamental value elsewhere; an example is the financial sector, where selected non-US bank stocks trade at depressed levels.

Stewardship: being a responsible shareholder

February 2017
4 mins. To Read

Doing right by our clients is not only about the investments we select, but also about how we act as stewards of their capital.

For better equity returns, focus on valuations—not growth

January 2017
3 mins. To Read

Equity investors should stay focused on valuations, even when GDP numbers dominate the headlines.

President's Letter 2016

William Gray
By William Gray
December 2016
4 mins. To Read

2016 was a good year for Orbis clients. The Orbis Funds outperformed their benchmarks by an asset-weighted 7.6% after all fees and expenses.

Putting the value run in perspective

November 2016
2 mins. To Read

Value shares' outperformance this year should be considered against the backdrop of an unusually painful decade.

Passive investing is not risk-free

October 2016
4 mins. To Read

The rise of passive investing has brought benefits for investors, but it has coincided with high levels of market trending that could create risks for index investors.

Our perspective on fees

Matthew Adams
By Matthew Adams
October 2016
12 mins. To Read

In a well-designed fee structure, managers should share equally in both good and bad performance.

A contrarian take on risk

Ben Preston
Maurits Ovaa
By Ben Preston and Maurits Ovaa
October 2016
13 mins. To Read

Minimising losses is arguably more important than maximising gains at a time when many stockmarkets in the developed world appear fully valued.

Looking for underappreciated change, not just cheap stocks

August 2016
4 mins. To Read

Businesses experiencing change today may make for attractive long-term investments.

Seizing the opportunity in emerging markets

July 2016
3 mins. To Read

Over the past few years, we have become increasingly drawn to investment opportunities in emerging markets.

Our perspective on corporate governance and capital allocation in Japan

Brett Moshal
Tsukasa Tokikuni
By Brett Moshal and Tsukasa Tokikuni
July 2016
17 mins. To Read

Japan's corporate governance initiatives aim to improve engagement between investors and companies, and we generally regard them as a step in the right direction.

Contrarian thinking in action: XPO Logistics

Adam Karr
Matthew Adams
By Adam Karr and Matthew Adams
July 2016
15 mins. To Read

Our investment in XPO Logistics stands out as an illustration of our contrarian, fundamental approach.

Putting Brexit moves into perspective

June 2016
3 mins. To Read

Our response to the Brexit vote is to do more of the same—remain focussed on the long-term fundamentals of individual companies.

Playing the loser's game

May 2016
3 mins. To Read

Today's market conditions may demand playing a “Loser’s Game” by avoiding mistakes rather than swinging aggressively for high-risk opportunities.

Active management: a practitioner's perspective

By Orbis Investment Team
May 2016
33 mins. To Read

In this paper we share our perspective, as bottom-up stockpickers, on the active versus passive debate.

Timing investment cycles is difficult, so don't try

April 2016
4 mins. To Read

Understanding cycles is an essential part of investing; timing them is not.

Our perspective on emerging market equities

By Orbis Investment Team
April 2016
14 mins. To Read

Investors are best-served treating EM equities as they would any other asset class: buy them when they are cheap and avoid them when they are expensive.

What "contrarian investing" means to us

February 2016
5 mins. To Read

A gold miner and a semi-conductor maker: they have little in common besides being deeply out of favour and, in our view, examples of attractive long-term contrarian investments.

A tough month for markets; a tough year for oil

January 2016
5 mins. To Read

All oil companies are not created equal; we believe selected energy companies are better-placed to make it through tough times and deliver attractive investment returns.

President's Letter 2015

William Gray
By William Gray
December 2015
4 mins. To Read

Our investment performance in 2015 was sub-standard. After all fees and expenses, dollar-weighted client returns were 0.6 percentage points below their respective benchmarks.

Chairman's Letter 2015

Allan Gray
By Allan Gray
December 2015
3 mins. To Read

Orbis Chairman Allan Gray discusses the establishment of the Allan & Gill Gray Foundation, which has been endowed with the Gray family’s controlling interests in the Orbis and Allan Gray groups.

Hunting for opportunities in emerging markets

November 2015
3 mins. To Read

We believe today's pessimism on emerging markets may be overdone.

Finding the silver-lining in indiscriminate sell-offs

October 2015
4 mins. To Read

Weak performance is always uncomfortable, but how investors react in the tough times will often distinguish them over the long-term.

Finding value amidst market volatility

August 2015
4 mins. To Read

Last month we discussed crises in Greece and mainland China and their effects on oil prices. In August, stockmarket turmoil sharpened and spread around the world.

A tale of two crises

July 2015
5 mins. To Read

Greece and China have dominated financial headlines since March. With fear running high, we try to remain focused on the relationship between the price and value of individual securities.

Introducing Our Thinking

By Orbis Investment Team
June 2015
5 mins. To Read

Our Thinking will cover a range of topics, from investment views on companies and the opportunity set to our take on enduring investment issues. In this first article, we make the case for active management.

This Report does not constitute advice nor a recommendation to buy, sell or hold, nor an offer to sell or a solicitation to buy interests or shares in the Orbis Funds or other securities in the companies mentioned in it (“relevant securities”). It has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Orbis, its affiliates, directors and employees (together, the “Orbis Group”) are not subject to restrictions on dealing in relevant securities ahead of the dissemination of this Report. Subscriptions are only valid if made on the basis of the current Prospectus of an Orbis Fund.


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