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Orbis Investments

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other

Please specify

          Segregated mandate in the Japan Equity Strategy.
        
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Orbis was founded in 1989 to provide clients with performance-oriented global investment management based on the principles of fundamental, long-term and contrarian thinking. Since the firm's inception, our purpose has been straightforward: to empower our clients by enhancing their savings and wealth. As fundamental, long-term and contrarian investors, we invest primarily in equities priced significantly below our assessment of their intrinsic value. We believe that a focused portfolio of such shares can earn higher long-term returns than world stockmarkets, with no greater risk of loss. Above all, our clients come first and without their trust and confidence, the firm cannot—and should not—survive.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Bermuda

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

421 FTE

02.4. Additional information. [Optional]

Orbis is headquartered in Bermuda and has offices in eight countries. The majority of the portfolio management and trading activities for the Orbis Funds are conducted by a team of senior individuals based in Bermuda. Investment teams, which provide advice to the team based in Bermuda and/or undertake some portfolio management, are also located in London, San Francisco, Hong Kong and Tokyo. We also have a substantial operational presence in Vancouver, London and Sydney, and a smaller operational presence in Tokyo. Our Luxembourg office focuses on oversight and control for the Orbis SICAV Funds. Orbis comprises approximately 400 professionals, of whom around 40% are based in London and around 20% are based in both Bermuda and Vancouver.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

A controlling interest in Orbis is held by Allan & Gill Gray Foundation, which has no owners in the traditional sense and is instead designed to exist in perpetuity and to serve two equally important purposes: (1) to promote the commercial success, continuity and independence of the Orbis and Allan Gray groups, and (2) to ensure that the distributable profits the Foundation receives from these firms are ultimately devoted exclusively to philanthropy.

Importantly, the Foundation does not directly manage Orbis or the Allan Gray groups, but rather vests control of the firms in Orbis Allan Gray Limited, a holding company whose board consists of a majority of present executives and includes non-executive directors. With perpetual ownership in strong hands, the management of Orbis can focus entirely on adding value for clients for generations to come. We believe our ability, as a firm and as individuals, to focus on the very long-term without the pressure to produce short-term results is an enduring competitive advantage in this industry.

We are associated with the Allan Gray Group (based in Cape Town, South Africa) and with Allan Gray Australia, both of which are also PRI signatories. All three companies share the same founder, investment approach, ethos and commitment to long-term wealth creation; they also share a common controlling shareholder in Allan & Gill Gray Foundation.


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity >50% 94 0 0
Fixed income <10% 2 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities <10% 1 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 3 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Not Applicable)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

70.6 Developed Markets
29.4 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

Percentages exclude commodity exposure, accruals and all hedging instruments. Fixed income exposures are determined with reference to the currency in which each instrument is issued.


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