Question 03
Why is it so hard to stick with it?
Most contrarians give up. Usually when their shareholders call.
It works because it hurts. Taking a position against the crowd is difficult, but compared to what follows, it’s the easy bit. Holding it for years while the crowd does well and you don't, that's the test. It takes a special type of person who can endure the pain. That’s why we’ve built an environment where contrarians are encouraged to apply and empowered to stay for the long term.
It’s structure that is unusually concrete and built to endure. Foundation ownership in perpetuity means no outside shareholders pressuring our investors to give up. An investment engine that has outlasted every market fad since 1989 means independence doesn't retire when any one person does. Analysts run paper portfolios under real rules, building a record that follows them for years. Client capital does not simply follow seniority, persuasion or the loudest voice in the room; it follows demonstrated judgement and skill. We turn independent thinking into something accountable, consistent and lasting.
Being contrarian takes courage. Staying contrarian takes structure.
The real work begins after we buy the stock.
Contrarians usually break not because they stop believing, but because something around them gives way: nervous shareholders, or a chief executive who needs this quarter to look good. Courage is a fine quality in an individual. In a firm, it needs scaffolding.
For us, that preparation starts with ownership of the firm. Orbis is controlled by a family foundation in perpetuity by design. No stockmarket listing, no private equity backer, no parent company with other business lines. No external pressure to smooth the ride. Nobody can force us to hug the benchmark or to change our approach.
This structure empowers us to do things differently. We have the luxury of designing an investment process that encourages and rewards difficult decisions. At its heart sits our paper portfolio system, which has tracked every stock idea from every analyst for decades. Each analyst runs a concentrated simulated portfolio of their highest-conviction ideas, creating an objective long-term record of actual security selection skill. Not real money, but very real accountability. Your colleague thinks your investment idea is dumb? A client is uneasy seeing it in the portfolio? We take it seriously, but ultimately, the market, and only the market, will be the judge.
The system is not for everyone. But independent thinkers love it. They relish the opportunity to back their ideas with conviction and accountability. They know that their objective results–never office politics–will determine their pay and, ultimately, influence over client capital. As it should.
The proof is in the tenure of our investment team. Around half our analysts have been with Orbis for more than 10 years. We set the bar high, and those who clear it are happy to stick around. Turnover is higher in the early years but it’s never dog-eat-dog. We give people the chance to figure out if this is right for them and those who don’t make it often go on to greater opportunities elsewhere.
Equity analyst team: experience and average tenure since 2000
30 Jun 2026 | Permanent Orbis employees only. Tenure includes time spent as an investment professional at Orbis and Allan Gray Proprietary Limited, and their predecessors, where applicable. Historical data may be updated to reflect revisions in classifications.
So, what’s in it for you? First, it turns out that when you are being judged solely on results, you tend to be a lot more selective with the ideas you put forward. In 2025, our analysts researched 434 companies. Only 96 survived the first cut for deeper digging. After thesis defence meetings, just 20 went into our Global Equity Fund as substantial new positions. Less than 5%. It’s a formidable hurdle. Weaker ideas are weeded out quickly, leaving only those with the best chance of delivering superior returns. As always, there are no guarantees, but it’s a remarkably rigorous starting point.
The real work begins after we buy the stock. That’s when our structure really shines. We have the people and the processes to stick with our philosophy no matter what the market throws at us. When performance is great and we look clever, we will be contrarians looking for discounts to intrinsic value. When performance is bad and we look stupid, we will be contrarians looking for discounts to intrinsic value. It is rewarding to be brave and patient, but only if you can stick with it. We can.
Contrarians usually break not because they stop believing, but because something around them gives way: nervous shareholders, or a chief executive who needs this quarter to look good. Courage is a fine quality in an individual. In a firm, it needs scaffolding.
For us, that preparation starts with ownership of the firm. Orbis is controlled by a family foundation in perpetuity by design. No stockmarket listing, no private equity backer, no parent company with other business lines. No external pressure to smooth the ride. Nobody can force us to hug the benchmark or to change our approach.
This structure empowers us to do things differently. We have the luxury of designing an investment process that encourages and rewards difficult decisions. At its heart sits our paper portfolio system, which has tracked every stock idea from every analyst for decades. Each analyst runs a concentrated simulated portfolio of their highest-conviction ideas, creating an objective long-term record of actual security selection skill. Not real money, but very real accountability. Your colleague thinks your investment idea is dumb? A client is uneasy seeing it in the portfolio? We take it seriously, but ultimately, the market, and only the market, will be the judge.
Being contrarian takes courage. Staying contrarian takes structure.
The system is not for everyone. But independent thinkers love it. They relish the opportunity to back their ideas with conviction and accountability. They know that their objective results–never office politics–will determine their pay and, ultimately, influence over client capital. As it should.
The proof is in the tenure of our investment team. Around half our analysts have been with Orbis for more than 10 years. We set the bar high, and those who clear it are happy to stick around. Turnover is higher in the early years but it’s never dog-eat-dog. We give people the chance to figure out if this is right for them and those who don’t make it often go on to greater opportunities elsewhere.
Equity analyst team: experience and average tenure since 2000
30 Jun 2026 | Permanent Orbis employees only. Tenure includes time spent as an investment professional at Orbis and Allan Gray Proprietary Limited, and their predecessors, where applicable. Historical data may be updated to reflect revisions in classifications.
So, what’s in it for you? First, it turns out that when you are being judged solely on results, you tend to be a lot more selective with the ideas you put forward. In 2025, our analysts researched 434 companies. Only 96 survived the first cut for deeper digging. After thesis defence meetings, just 20 went into our Global Equity Fund as substantial new positions. Less than 5%. It’s a formidable hurdle. Weaker ideas are weeded out quickly, leaving only those with the best chance of delivering superior returns. As always, there are no guarantees, but it’s a remarkably rigorous starting point.
The real work begins after we buy the stock. That’s when our structure really shines. We have the people and the processes to stick with our philosophy no matter what the market throws at us. When performance is great and we look clever, we will be contrarians looking for discounts to intrinsic value. When performance is bad and we look stupid, we will be contrarians looking for discounts to intrinsic value. It is rewarding to be brave and patient, but only if you can stick with it. We can.
Keep exploring our questions
Orbis Investment Management Limited © 2026
The trademarks ‘Orbis’, ‘Orbis Invest Differently’ and ‘Orbis Invest Differently & Design’ are owned by Orbis Holdings Limited and used with permission by Orbis Investment Management Limited.
Past performance does not predict future results. The value of investments in the Orbis Funds 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 and also obtain professional financial advice before investing. You should consider such funds’ Product Disclosure Statement (PDS) or Information Memorandum (IM), as applicable, before acquiring or disposing units in any Orbis Fund. The PDS or IM can be obtained from www.orbis.com. Target Market Determinations (TMDs) for the Orbis Funds can be found on our 'Forms' page under 'How to Invest'. Each TMD sets out who an investment in the relevant Fund might be appropriate for and the circumstances that trigger a review of the TMD.
This document constitutes general advice only and not personal financial product, tax, legal, or investment advice, and does not take into account the specific investment objectives, financial situation or individual needs of any particular person. This document also does not constitute a recommendation, an offer to sell or a solicitation to buy or hold units in the Orbis Fund, or any other interests.
Equity Trustees Limited AFSL No. 240975 ABN 46 004 031 298 (EQT) is the responsible entity for and issuer of units in the Orbis Funds domiciled in Australia. While Orbis has endeavoured to ensure the accuracy of this Report, to the maximum extent permitted by applicable law, Orbis, Equity Trustees Limited, and their respective related parties, employees, and directors do not provide any warranty or guarantee as to the accuracy or reliability of such information, and accept no liability to anyone relying upon it.