Question 06
Would we invest in us?
We eat our own cooking. What is your appetite?
Managers come and go. Some lose their edge. Some change to chase fads and gather assets. Some retire. Some sell the firm and move on. We’re here to stay. By design, our ownership structure is perpetual, which forces us to think very carefully about the long term.
The people managing our clients’ money are also managing the founding family’s money, the philanthropic foundation’s money, and the savings of their colleagues and their families. With our own money on the line, we have a keen interest in ensuring that Orbis can continue to deliver superior returns for generations to come.
The alignment runs beyond today’s investment team. Our senior investors and leaders keep a financial interest in the firm for 12 years after they leave, so the generation handing over the firm remains tied to the generation taking it forward. We are now on our fourth generation of investors and have shown that our philosophy can be passed on without losing its character and structure. Each generation has a responsibility to protect it and always improve the way it is applied. People change. Markets change. The philosophy endures because the firm has been built to carry it forward.
We're not for everyone. We’re built for those who see the value of investing differently.
There's an old test worth applying to anyone managing money: do they eat their own cooking? At Orbis, the answer is yes, at scale. The firm's founders, owners, management and employees, along with their families, invest in the Orbis Strategies alongside clients, on identical terms and paying the same fees. As a group they are among the largest single investors in the strategies. If you are frustrated with our performance, you can be sure that we are even more frustrated with ourselves.
And if you are thinking of the decades and generations ahead, so are we. Our most senior investors and leaders of the firm have an interest in the firm’s profits that extends for 12 years after they leave the firm. When they walk out the door on their last day at Orbis, much of their personal wealth and their future income will be in the hands of the generation they have left behind. Leaving the firm in better shape than you found it isn't an empty platitude here.
Building for the long term across markets and decision makers We aim to deliver superior returns through bottom-up stock selections... (annualised returns, US$)
30 Jun 2026 | Past performance is not a reliable indicator of future results. 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. Net returns for Orbis Global, Japan, International and Emerging Markets are for the Core Refundable Reserve Fee. Net returns for AGA Equity Fund are for Class A. AGA Equity Fund returns are for informational purposes only and are not available for investment. Returns in currencies other than the nominated currency are provided for informational purposes only. WHT stands for withholding tax. Performance has been calculated since each Strategy’s inception date (AGL: 15 Jun 1974; Orbis Global: 1 Jan 1990; Orbis Japan: 1 Jan 1998; Orbis International: 1 Jan 2009; Orbis Emerging Markets: 1 Jan 2006) or Fund’s public launch (AGA Equity: 4 May 2006) and converted into USD for those in a different nominated currency. †The gross return of the share carve-out of Allan Gray Proprietary Limited’s Global Balanced mandate and the total return of the FTSE/JSE All Share Index. AGL returns are for informational purposes only and are not available for investment. ^On 1 Nov 2016, the representative account broadened its mandate from Asia ex-Japan equities to include all Emerging Markets equities. Its name changed accordingly, and its benchmark changed from the MSCI Asia ex-Japan Index to the MSCI Emerging Markets Index.
That’s what keeps us going every day. To make a difference for clients and to ensure that we can keep doing it for generations to come. It’s an approach that has stood the test of more than 35 years at Orbis and we’re on our fourth generation of investors; and more than 50 years at our sister company Allan Gray in South Africa, which is currently on its sixth generation of investors. It has been a challenging journey at times but ultimately rewarding. For those who crave independent thinking, long-term discipline, and intellectual honesty, that's what we've built here.
Our approach is not a good fit for everyone
There's an old test worth applying to anyone managing money: do they eat their own cooking? At Orbis, the answer is yes, at scale. The firm's founders, owners, management and employees, along with their families, invest in the Orbis Strategies alongside clients, on identical terms and paying identical fees. As a group they are among the largest single investors in the strategies. If you are frustrated with our performance, you can be sure that we are even more frustrated with ourselves.
We're not for everyone. We’re built for those who see the value of investing differently.
And if you are thinking of the decades and generations ahead, so are we. Our most senior investors and leaders of the firm have an interest in the firm’s profits that extends for 12 years after they leave the firm. When they walk out the door on their last day at Orbis, much of their personal wealth and their future income will be in the hands of the generation they have left behind. Leaving the firm in better shape than you found it isn't an empty platitude here.
Building for the long term across markets and decision makers We aim to deliver superior returns through bottom-up stock selections... (annualised returns, US$)
30 Jun 2026 | Past performance is not a reliable indicator of future results. 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 tothe notices page explaining how returns are calculated. Net returns for Orbis Global, Japan, International and Emerging Markets are for the Core Refundable Reserve Fee. Net returns for AGA Equity Fund are for Class A. AGA Equity Fund returns are for informational purposes only and are not available for investment. Returns in currencies other than the nominated currency are provided for informational purposes only. WHT stands for withholding tax. Performance has been calculated since each Strategy’s inception date (AGL: 15 Jun 1974; Orbis Global: 1 Jan 1990; Orbis Japan: 1 Jan 1998; Orbis International: 1 Jan 2009; Orbis Emerging Markets: 1 Jan 2006) or Fund’s public launch (AGA Equity: 4 May 2006) and converted into USD for those in a different nominated currency. †The gross return of the share carve-out of Allan Gray Proprietary Limited’s Global Balanced mandate and the total return of the FTSE/JSE All Share Index. AGL returns are for informational purposes only and are not available for investment. ^On 1 Nov 2016, the representative account broadened its mandate from Asia ex-Japan equities to include all Emerging Markets equities. Its name changed accordingly, and its benchmark changed from the MSCI Asia ex-Japan Index to the MSCI Emerging Markets Index.
That’s what keeps us going every day. To make a difference for clients and to ensure that we can keep doing it for generations to come. It’s an approach that has stood the test of more than 35 years at Orbis and we’re on our fourth generation of investors; and more than 50 years at our sister company Allan Gray in South Africa, which is currently on its sixth generation of investors. It has been a challenging journey at times but ultimately rewarding. For those who crave independent thinking, long-term discipline, and intellectual honesty, that's what we've built here.
Our approach is not a good fit for everyone
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