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 a structure that is unusually concrete and built to endure.
Foundation ownership in perpetuity means no outside shareholders pressuring us to compromise our approach. Our investment engine, built and refined across market cycles since 1989, is designed to carry that independence from one generation of investors to the next. Analysts run paper portfolios that simulate real world conditions, 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 all analysts. 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.
This shows through 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, but it's not for everyone.
Equity analyst team: experience and average tenure since 2000
31 Dec 2025 | 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 our analysts are being judged solely on results, they tend to be a lot more selective with the ideas they 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 Strategy as substantial new positions. Less than 5%. It’s a formidable hurdle. Weaker ideas are weeded out quickly, leaving only those we believe have 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.
Global Equity Strategy: the importance of being patient Historical ranges of gross relative returns vs MSCI World Index
Past performance is not reliable indicator of future results. 31 Dec 2025 | The value of your investment with Orbis may fluctuate and returns are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment with Orbis, an investor’s capital is at risk. Please refer to the respective prospectus or offering document for full information on the risks associated with investing. Please refer to the notices page explaining how returns are calculated. Trailing period returns are calculated on a monthly series. MSCI World Index is net of withholding tax. Over time, returns after fees will be lower than shown in this slide. Refer to the Global Equity long-term returns slide for further information.
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 all analysts. 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.
This shows through 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, but it's not for everyone.
Equity analyst team: experience and average tenure since 2000
31 Dec 2025 | 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 our analysts are being judged solely on results, they tend to be a lot more selective with the ideas they 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 Strategy as substantial new positions. Less than 5%. It’s a formidable hurdle. Weaker ideas are weeded out quickly, leaving only those we believe have 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.
Global Equity Strategy: the importance of being patient Historical ranges of gross relative returns vs MSCI World Index
Past performance is not reliable indicator of future results. 31 Dec 2025 | The value of your investment with Orbis may fluctuate and returns are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment with Orbis, an investor’s capital is at risk. Please refer to the respective prospectus or offering document for full informationon the risks associated with investing. Please refer to the notices page explaining how returns are calculated. Trailing period returns are calculated on a monthly series. MSCI World Index is net of withholding tax. Overtime, returns after fees will be lower than shown in this slide. Refer to the Global Equity long-term returns slide for further information.
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