Quarterly Commentary

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Orbis Global Equity Fund (Australia Registered)

30 Jun 2017

When I joined Orbis in 2000, the tech-heavy Nasdaq Composite Index was trading near an all-time high. Today it stands about 20% higher than that previous peak, leaving those of us with first-hand memories of the dotcom boom-and-bust era feeling slightly nervous. But there is a big difference between price and value. Just because a stock has gone up a lot doesn’t mean it’s expensive—and vice-versa.

Past performance is not a reliable indicator of future results. Values may fall as well as rise and you may get back less than you originally invested. It is therefore important that you understand the risks involved before investing. 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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