ORBIS OPTIMAL ORBIS OPTIMAL
ORBIS
OPTIMAL OPTIMAL
strategy summary
Fact Sheet at 30 September 2011
Orbis offers an investment in the following Optimal Funds:
ORBIS
The Orbis Optimal Strategy seeks capital appreciation in US dollars, euro or yen on a low risk global portfolio. This Strategy invests in Orbis’ preferred mix of equities via investments in Orbis’ equity strategies. The risk of loss is managed with stockmarket and currency hedging. The characteristics of the Orbis Optimal (US$) Fund, which holds the long-term track record, are shown below.
Portfolio
Commentary
Analysis of Stockmarket Exposure (%)
Equity Exposure
Portfolio Hedging
Accounting Exposure
Beta Adjusted Exposure† 0 0 5 3 0 8
Top 10 Holdings looking through to the underlying Funds % 3.2 2.7 2.7 2.6 2.2
Orbis Optimal (US$) Avg Global Equity Fund*
Avg US$ Bond Fund US$ Bank Deposits
80 70 60 50
$71.44
40
$33.50 $26.05 $23.80
30 20 15 10 8
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Performance in US dollars (net of fees)
North America 29 (30) (1) Europe 19 (15) 4 Japan 18 (11) 7 Asia ex-Japan 11 (6) 5 Other 6 (4) 2 Total 83 (66) 17 † Equity Exposure, multiplied by a Beta determined using Blume’s technique, minus Portfolio Hedging.
Cisco Systems Samsung Electronics WellPoint Rakuten NetEase.com
$71.44 $3,773 million $50,000 None Weekly (Thursday) up to 0.5% pa plus fees from underlying Orbis Funds
Value of $10 invested at inception (dividends reinvested)
Whether it’s the Greek debt crisis or dysfunctional politics in Washington, investors have plenty of serious macro risks to worry about. A combination of extreme pessimism, risk aversion and shortterm thinking creates a toxic brew for stockpickers like us. But we are – and always will be – price takers. Our job is to sift through stocks that the market spits out at times like this. Although we hardly enjoy sharp stockmarket downdrafts like the ones experienced recently, we are happy to pick up shares like Google at a compelling discount to what we believe they are worth. For Members seeking to take advantage of our stockpicking expertise while reducing the risk inherent in owning equities, Optimal is a natural complement to our Equity Funds. By design, the Orbis Fund Family allows us to remain focused primarily on stockpicking while enabling Members to choose the level of risk that is appropriate for them.
Region
Price Size Minimum Load Dealing Fee
Track Record
Value (US$)
Orbis Optimal (US$) Fund (data for which is presented here) Orbis Optimal (Euro) Fund Orbis Optimal (Yen) Fund
NRG Energy INPEX National Grid Safeway CVS Caremark Total
% Returns Orbis US$ Bank Annualised Optimal Deposits Since Inception (1 Jan 1990) 9.5 4.1 Latest 20 years 8.3 3.7 Latest 10 years 5.0 2.3 Latest 5 years 2.1 2.1 Latest 3 years 2.6 0.6 Latest year (1.0) 0.2 Calendar year 2010 (3.9) 0.3 Not annualised Year to date (0.7) 0.1 Latest month (1.5) 0.0 Risk Measures (Since inception, month end prices) Maximum drawdown 17% 0% Annualised monthly volatility 8.5% 0.7% Correlation vs World Index 0.0 0.0
Avg Global Equity Fund* 4.5 4.8 3.4 (2.6) (0.6) (6.7) 8.9
Avg US$ Bond Fund 5.7 5.4 4.3 4.8 6.1 2.6 3.9
(12.7)
4.5
55% 16.1% 0.9
6% 3.5% 0.2
Currency Allocation % of Fund % 1.9 1.5 1.5 1.5 1.5 21.3
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. The Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Bank Deposits reflect the return on 1 month deposits in US dollars. Avg Global Equity Fund and Avg US$ Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved.
US dollar Greater China currencies Korean won Other Total
87 6 4 3 100
*The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Leveraged Funds remain closed to all new investments and the Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
ORBIS OPTIMAL
specific fund details Fact Sheet at 30 September 2011
This page shows the specific track record of additional Orbis Funds applying the Orbis Optimal Strategy. Orbis Optimal (US$) Fund seeks capital appreciation in US dollars on a low risk global portfolio. The Fund’s currency benchmark is 100% US dollars. Details for this Fund are shown on the Orbis Optimal Fund Strategy Summary page.
ORBIS
Orbis Optimal (Euro) Fund invests substantially all of its assets in the Orbis Optimal (US$) Fund, and by selling forward US dollars into euro, hedges most or all of its currency exposure into euro. Orbis Optimal (Yen) Fund invests substantially all of its assets in the Orbis Optimal (US$) Fund, and by selling forward US dollars into yen, hedges most or all of its currency exposure into yen. Fund Information
Graphs
Orbis Optimal (Euro) Fund in euro
Value of !10 invested at inception (dividends reinvested)
Price and Performance net of fees Price: E24.06
FX Rate: $/E 1.3392
% Returns Annualised Since Inception (30 Jun 1998) Latest 10 years Latest 5 years Latest 3 years Latest year Calendar year 2010 Not annualised Year to date Latest month
Orbis Euro Bank Avg Global Avg Euro Optimal Deposits Equity Fund* Bond Fund 6.8 2.8 (0.2) 3.4 4.0 2.5 (0.5) 3.4 1.7 2.3 (3.7) 2.6 3.1 1.1 1.1 4.6 0.0 0.9 (5.0) (0.6) (2.9) 0.5 16.6 4.7 (0.2) (0.5)
0.7 0.1
Size: E388 million
(12.8)
1.1
Orbis Optimal (Euro) Avg Global Equity Fund*
Avg Euro Bond Fund Euro Bank Deposits
26
€24.06
23 20 18 16
Value (Euro)
Currency Allocation % of Fund
€15.61 €14.47
14 12 10
€9.68
9
Euro Greater China currencies Korean won Other Total
88 6 4 2 100
8 7 6
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Orbis Optimal (Yen) Fund in yen
Value of ¥1,000 invested at inception (dividends reinvested)
Price and Performance net of fees
FX Rate: ¥/$ 77.14
% Returns Annualised Since Inception (1 Jan 2006) Latest 5 years Latest 3 years Latest year Calendar year 2010 Not annualised Year to date Latest month
Size: ¥0.8 billion
Orbis Yen Bank Avg Global Avg Yen Optimal Deposits Equity Fund* Bond Fund (0.8) 0.4 (7.7) 0.0 (1.2) 0.4 (10.6) 0.2 (0.2) 0.2 (10.7) 0.1 (2.6) 0.1 (13.8) (1.4) (6.4) 0.1 (4.8) (2.2) (1.7) (1.3)
0.1 0.0
(17.1)
0.4
Currency Allocation % of Fund Japanese yen Greater China currencies Korean won Other Total
Avg Yen Bond Fund Yen Bank Deposits
1500 1400 1300 1200 1100
Value (Yen)
Price: ¥955
Orbis Optimal (Yen) Avg Global Equity Fund*
¥1,021 ¥1,003 ¥955
1000 900 800 700
88 6 4 2 100
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. The Orbis Optimal (US$) Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Euro and Yen Bank Deposits reflect the return on 1 month deposits in the respective currency. Avg Global Equity Fund, Avg Euro and Yen Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved. Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.
¥632
600 500
2006
2007
2008
2009
2010
2011
Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Leveraged Funds remain closed to all new investments and the Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
ORBIS
OPTIMAL LEVERAGED
strategy summary
Fact Sheet at 30 September 2011
Orbis manages the following Leveraged Funds:
ORBIS
Orbis Leveraged (US$) Fund (data for which is presented here) Orbis Leveraged (Euro) Fund Orbis Leveraged (Yen) Fund The Leveraged Funds maintain a core position in the risk-averse Orbis Optimal (US$) Fund, but differ by currency exposure. The characteristics of the Orbis Leveraged (US$) Fund, which holds the long-term track record, are shown below.
Portfolio
Value of $10 invested at inception (dividends reinvested)
Orbis Leveraged (US$) Avg Global Equity Fund†
Analysis of Stockmarket Exposure (%)
50 40
$33.50 $26.05 $23.80
30 20 15 10 8
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Performance in US dollars (net of fees)
% 3.7 2.9 2.9 2.9 2.9 41.6
NRG Energy INPEX National Grid Safeway CVS Caremark Total
$112.20
75
Value (US$)
Beta Adjusted Exposure‡ 0 0 9 6 0 15
Top 10 Holdings looking through to the underlying Funds
Currency Allocation % of Fund
US dollar Greater China currencies Euro Korean won Other Total
Avg US$ Bond Fund US$ Bank Deposits
150 125 100
Equity Stockmarket Accounting Region Exposure Positions Exposure North America 57 (59) (2) Europe 39 (30) 9 Japan 36 (21) 15 Asia ex-Japan 20 (11) 9 Other 11 (8) 3 Total 163 (129) 34 ‡ Equity Exposure, multiplied by a Beta determined using Blume’s technique, minus Stockmarket Positions.
% 6.4 5.3 5.2 5.1 4.3
$112.20 $223 million 97% of NAV 1.65%* $50,000 None Weekly (Thursday) Indirectly bears fees from underlying Orbis Funds
Track Record
Please refer to the Optimal Fund Fact Sheet for commentary on the core strategy underlying the Leveraged Funds.
% of net assets Cisco Systems Samsung Electronics WellPoint Rakuten NetEase.com
Price Size Loans Loan spreads Minimum Load Dealing Fee
86 14 (14) 8 6 100
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Orbis Leveraged borrows and invests up to 200% of Members’ capital. Bank Deposits reflect the return on 1 month deposits in US dollars. The Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Avg Global Equity Fund and Avg US$ Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved.
% Returns Annualised Since Inception (1 Jan 1990) Latest 20 years Latest 10 years Latest 5 years Latest 3 years Latest year Calendar year 2010 Not annualised Year to date Latest month
Orbis US$ Bank Avg Global Avg US$ Leveraged Deposits Equity Fund† Bond Fund 11.8 4.1 4.5 5.7 10.7 3.7 4.8 5.4 5.5 2.3 3.4 4.3 0.4 2.1 (2.6) 4.8 4.5 0.6 (0.6) 6.1 (3.7) 0.2 (6.7) 2.6 (8.1) 0.3 8.9 3.9 (3.1) (2.2)
0.1 0.0
Risk Measures (Since inception, month end prices) Maximum drawdown 36% 0% Annualised monthly volatility 17.2% 0.7% Correlation vs World Index (0.1) 0.0
(12.7)
4.5
55% 16.1% 0.9
6% 3.5% 0.2
*The Fund is bearing an effective interest rate of 2.11% per annum on its outstanding borrowings at month end. The Fund is charged interest at LIBOR plus 1.65% on its borrowings. †The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Leveraged Funds are closed to new investment, including from existing Members. Current Leveraged Fund Members will remain free to switch at no cost to other Orbis Funds, including among the Leveraged Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
ORBIS LEVERAGED
specific fund details Fact Sheet at 30 September 2011
This page shows the specific track record of additional Orbis Funds applying the Orbis Leveraged Strategy. Orbis Leveraged (US$) Fund seeks capital appreciation in US dollars on a low risk global portfolio. The Fund’s currency benchmark is 100% US dollars. Details for this Fund are shown on the Orbis Leveraged Fund Strategy Summary page.
ORBIS
Orbis Leveraged (Euro) Fund invests substantially all of its assets in the Orbis Leveraged (US$) Fund, and by selling forward US dollars into euro, hedges most or all of its currency exposure into euro. Orbis Leveraged (Yen) Fund invests substantially all of its assets in the Orbis Leveraged (US$) Fund, and by selling forward US dollars into yen, hedges most or all of its currency exposure into yen. Fund Information
Graphs
Orbis Leveraged (Euro) Fund in euro
Value of !10 invested at inception (dividends reinvested)
Price and Performance net of fees Price: E37.01 FX Rate: $/E 1.3392 Size: E50 million % Returns Orbis Euro Bank Avg Global Avg Euro Annualised Leveraged Deposits Equity Fund* Bond Fund Since Inception (30 Jun 1998) 10.4 2.8 (0.2) 3.4 Latest 10 years 5.4 2.5 (0.5) 3.4 Latest 5 years 0.3 2.3 (3.7) 2.6 Latest 3 years 4.4 1.1 1.1 4.6 Latest year (3.1) 0.9 (5.0) (0.6) Calendar year 2010 (7.9) 0.5 16.6 4.7 Not annualised Year to date (2.8) 0.7 (12.8) 1.1 Latest month (2.1) 0.1
Orbis Leveraged (Euro) Avg Global Equity Fund*
25 20
€15.61 €14.47
16 14 12 10
86 (14) 14 8 6 100
€9.68
8 6
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Value of ¥1,000 invested at inception (dividends reinvested)
Price and Performance net of fees Price: ¥885 FX Rate: ¥/$ 77.14 Size: ¥1.5 billion % Returns Orbis Yen Bank Avg Global Avg Yen Annualised Leveraged Deposits Equity Fund* Bond Fund Since Inception (1 Jan 2006) (2.1) 0.4 (7.7) 0.0 Latest 5 years (1.7) 0.4 (10.6) 0.2 Latest 3 years 3.6 0.2 (10.7) 0.1 Latest year (3.9) 0.1 (13.8) (1.4) Calendar year 2010 (8.2) 0.1 (4.8) (2.2) Not annualised Year to date (3.4) 0.1 (17.1) 0.4 Latest month (2.1) 0.0
Currency Allocation % of Fund 100 (14) 14 (14) 7 7 100
Orbis Leveraged (Yen) Avg Global Equity Fund*
Avg Yen Bond Fund Yen Bank Deposits
1500 1400 1300 1200 1100
Value (Yen)
Orbis Leveraged (Yen) Fund in yen
Japanese yen US dollar Greater China currencies Euro Korean won Other Total
€37.01
30
Currency Allocation % of Fund Euro US dollar Greater China currencies Korean won Other Total
Avg Euro Bond Fund Euro Bank Deposits
45 40 35
Value (Euro)
¥1,021 ¥1,003
1000 900
¥885
800 700
¥632
600 500
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Orbis Leveraged borrows and invests up to 200% of Members’ capital. The Orbis Leveraged (US$) Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Euro and Yen Bank Deposits reflect the return on 1 month deposits in the respective currency. Avg Global Equity Fund, Avg Euro and Yen Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved.
2006
2007
2008
2009
2010
2011
Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Leveraged Funds are closed to new investment, including from existing Members. Current Leveraged Fund Members will remain free to switch at no cost to other Orbis Funds, including among the Leveraged Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
OPTIMAL OPTIMAL
strategy summary
Fact Sheet at 30 September 2011
Orbis offers an investment in the following Optimal Funds:
ORBIS
The Orbis Optimal Strategy seeks capital appreciation in US dollars, euro or yen on a low risk global portfolio. This Strategy invests in Orbis’ preferred mix of equities via investments in Orbis’ equity strategies. The risk of loss is managed with stockmarket and currency hedging. The characteristics of the Orbis Optimal (US$) Fund, which holds the long-term track record, are shown below.
Portfolio
Commentary
Analysis of Stockmarket Exposure (%)
Equity Exposure
Portfolio Hedging
Accounting Exposure
Beta Adjusted Exposure† 0 0 5 3 0 8
Top 10 Holdings looking through to the underlying Funds % 3.2 2.7 2.7 2.6 2.2
Orbis Optimal (US$) Avg Global Equity Fund*
Avg US$ Bond Fund US$ Bank Deposits
80 70 60 50
$71.44
40
$33.50 $26.05 $23.80
30 20 15 10 8
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Performance in US dollars (net of fees)
North America 29 (30) (1) Europe 19 (15) 4 Japan 18 (11) 7 Asia ex-Japan 11 (6) 5 Other 6 (4) 2 Total 83 (66) 17 † Equity Exposure, multiplied by a Beta determined using Blume’s technique, minus Portfolio Hedging.
Cisco Systems Samsung Electronics WellPoint Rakuten NetEase.com
$71.44 $3,773 million $50,000 None Weekly (Thursday) up to 0.5% pa plus fees from underlying Orbis Funds
Value of $10 invested at inception (dividends reinvested)
Whether it’s the Greek debt crisis or dysfunctional politics in Washington, investors have plenty of serious macro risks to worry about. A combination of extreme pessimism, risk aversion and shortterm thinking creates a toxic brew for stockpickers like us. But we are – and always will be – price takers. Our job is to sift through stocks that the market spits out at times like this. Although we hardly enjoy sharp stockmarket downdrafts like the ones experienced recently, we are happy to pick up shares like Google at a compelling discount to what we believe they are worth. For Members seeking to take advantage of our stockpicking expertise while reducing the risk inherent in owning equities, Optimal is a natural complement to our Equity Funds. By design, the Orbis Fund Family allows us to remain focused primarily on stockpicking while enabling Members to choose the level of risk that is appropriate for them.
Region
Price Size Minimum Load Dealing Fee
Track Record
Value (US$)
Orbis Optimal (US$) Fund (data for which is presented here) Orbis Optimal (Euro) Fund Orbis Optimal (Yen) Fund
NRG Energy INPEX National Grid Safeway CVS Caremark Total
% Returns Orbis US$ Bank Annualised Optimal Deposits Since Inception (1 Jan 1990) 9.5 4.1 Latest 20 years 8.3 3.7 Latest 10 years 5.0 2.3 Latest 5 years 2.1 2.1 Latest 3 years 2.6 0.6 Latest year (1.0) 0.2 Calendar year 2010 (3.9) 0.3 Not annualised Year to date (0.7) 0.1 Latest month (1.5) 0.0 Risk Measures (Since inception, month end prices) Maximum drawdown 17% 0% Annualised monthly volatility 8.5% 0.7% Correlation vs World Index 0.0 0.0
Avg Global Equity Fund* 4.5 4.8 3.4 (2.6) (0.6) (6.7) 8.9
Avg US$ Bond Fund 5.7 5.4 4.3 4.8 6.1 2.6 3.9
(12.7)
4.5
55% 16.1% 0.9
6% 3.5% 0.2
Currency Allocation % of Fund % 1.9 1.5 1.5 1.5 1.5 21.3
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. The Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Bank Deposits reflect the return on 1 month deposits in US dollars. Avg Global Equity Fund and Avg US$ Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved.
US dollar Greater China currencies Korean won Other Total
87 6 4 3 100
*The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Leveraged Funds remain closed to all new investments and the Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
ORBIS OPTIMAL
specific fund details Fact Sheet at 30 September 2011
This page shows the specific track record of additional Orbis Funds applying the Orbis Optimal Strategy. Orbis Optimal (US$) Fund seeks capital appreciation in US dollars on a low risk global portfolio. The Fund’s currency benchmark is 100% US dollars. Details for this Fund are shown on the Orbis Optimal Fund Strategy Summary page.
ORBIS
Orbis Optimal (Euro) Fund invests substantially all of its assets in the Orbis Optimal (US$) Fund, and by selling forward US dollars into euro, hedges most or all of its currency exposure into euro. Orbis Optimal (Yen) Fund invests substantially all of its assets in the Orbis Optimal (US$) Fund, and by selling forward US dollars into yen, hedges most or all of its currency exposure into yen. Fund Information
Graphs
Orbis Optimal (Euro) Fund in euro
Value of !10 invested at inception (dividends reinvested)
Price and Performance net of fees Price: E24.06
FX Rate: $/E 1.3392
% Returns Annualised Since Inception (30 Jun 1998) Latest 10 years Latest 5 years Latest 3 years Latest year Calendar year 2010 Not annualised Year to date Latest month
Orbis Euro Bank Avg Global Avg Euro Optimal Deposits Equity Fund* Bond Fund 6.8 2.8 (0.2) 3.4 4.0 2.5 (0.5) 3.4 1.7 2.3 (3.7) 2.6 3.1 1.1 1.1 4.6 0.0 0.9 (5.0) (0.6) (2.9) 0.5 16.6 4.7 (0.2) (0.5)
0.7 0.1
Size: E388 million
(12.8)
1.1
Orbis Optimal (Euro) Avg Global Equity Fund*
Avg Euro Bond Fund Euro Bank Deposits
26
€24.06
23 20 18 16
Value (Euro)
Currency Allocation % of Fund
€15.61 €14.47
14 12 10
€9.68
9
Euro Greater China currencies Korean won Other Total
88 6 4 2 100
8 7 6
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Orbis Optimal (Yen) Fund in yen
Value of ¥1,000 invested at inception (dividends reinvested)
Price and Performance net of fees
FX Rate: ¥/$ 77.14
% Returns Annualised Since Inception (1 Jan 2006) Latest 5 years Latest 3 years Latest year Calendar year 2010 Not annualised Year to date Latest month
Size: ¥0.8 billion
Orbis Yen Bank Avg Global Avg Yen Optimal Deposits Equity Fund* Bond Fund (0.8) 0.4 (7.7) 0.0 (1.2) 0.4 (10.6) 0.2 (0.2) 0.2 (10.7) 0.1 (2.6) 0.1 (13.8) (1.4) (6.4) 0.1 (4.8) (2.2) (1.7) (1.3)
0.1 0.0
(17.1)
0.4
Currency Allocation % of Fund Japanese yen Greater China currencies Korean won Other Total
Avg Yen Bond Fund Yen Bank Deposits
1500 1400 1300 1200 1100
Value (Yen)
Price: ¥955
Orbis Optimal (Yen) Avg Global Equity Fund*
¥1,021 ¥1,003 ¥955
1000 900 800 700
88 6 4 2 100
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. The Orbis Optimal (US$) Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Euro and Yen Bank Deposits reflect the return on 1 month deposits in the respective currency. Avg Global Equity Fund, Avg Euro and Yen Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved. Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.
¥632
600 500
2006
2007
2008
2009
2010
2011
Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Leveraged Funds remain closed to all new investments and the Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
ORBIS
OPTIMAL LEVERAGED
strategy summary
Fact Sheet at 30 September 2011
Orbis manages the following Leveraged Funds:
ORBIS
Orbis Leveraged (US$) Fund (data for which is presented here) Orbis Leveraged (Euro) Fund Orbis Leveraged (Yen) Fund The Leveraged Funds maintain a core position in the risk-averse Orbis Optimal (US$) Fund, but differ by currency exposure. The characteristics of the Orbis Leveraged (US$) Fund, which holds the long-term track record, are shown below.
Portfolio
Value of $10 invested at inception (dividends reinvested)
Orbis Leveraged (US$) Avg Global Equity Fund†
Analysis of Stockmarket Exposure (%)
50 40
$33.50 $26.05 $23.80
30 20 15 10 8
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Performance in US dollars (net of fees)
% 3.7 2.9 2.9 2.9 2.9 41.6
NRG Energy INPEX National Grid Safeway CVS Caremark Total
$112.20
75
Value (US$)
Beta Adjusted Exposure‡ 0 0 9 6 0 15
Top 10 Holdings looking through to the underlying Funds
Currency Allocation % of Fund
US dollar Greater China currencies Euro Korean won Other Total
Avg US$ Bond Fund US$ Bank Deposits
150 125 100
Equity Stockmarket Accounting Region Exposure Positions Exposure North America 57 (59) (2) Europe 39 (30) 9 Japan 36 (21) 15 Asia ex-Japan 20 (11) 9 Other 11 (8) 3 Total 163 (129) 34 ‡ Equity Exposure, multiplied by a Beta determined using Blume’s technique, minus Stockmarket Positions.
% 6.4 5.3 5.2 5.1 4.3
$112.20 $223 million 97% of NAV 1.65%* $50,000 None Weekly (Thursday) Indirectly bears fees from underlying Orbis Funds
Track Record
Please refer to the Optimal Fund Fact Sheet for commentary on the core strategy underlying the Leveraged Funds.
% of net assets Cisco Systems Samsung Electronics WellPoint Rakuten NetEase.com
Price Size Loans Loan spreads Minimum Load Dealing Fee
86 14 (14) 8 6 100
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Orbis Leveraged borrows and invests up to 200% of Members’ capital. Bank Deposits reflect the return on 1 month deposits in US dollars. The Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Avg Global Equity Fund and Avg US$ Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved.
% Returns Annualised Since Inception (1 Jan 1990) Latest 20 years Latest 10 years Latest 5 years Latest 3 years Latest year Calendar year 2010 Not annualised Year to date Latest month
Orbis US$ Bank Avg Global Avg US$ Leveraged Deposits Equity Fund† Bond Fund 11.8 4.1 4.5 5.7 10.7 3.7 4.8 5.4 5.5 2.3 3.4 4.3 0.4 2.1 (2.6) 4.8 4.5 0.6 (0.6) 6.1 (3.7) 0.2 (6.7) 2.6 (8.1) 0.3 8.9 3.9 (3.1) (2.2)
0.1 0.0
Risk Measures (Since inception, month end prices) Maximum drawdown 36% 0% Annualised monthly volatility 17.2% 0.7% Correlation vs World Index (0.1) 0.0
(12.7)
4.5
55% 16.1% 0.9
6% 3.5% 0.2
*The Fund is bearing an effective interest rate of 2.11% per annum on its outstanding borrowings at month end. The Fund is charged interest at LIBOR plus 1.65% on its borrowings. †The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Leveraged Funds are closed to new investment, including from existing Members. Current Leveraged Fund Members will remain free to switch at no cost to other Orbis Funds, including among the Leveraged Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
ORBIS LEVERAGED
specific fund details Fact Sheet at 30 September 2011
This page shows the specific track record of additional Orbis Funds applying the Orbis Leveraged Strategy. Orbis Leveraged (US$) Fund seeks capital appreciation in US dollars on a low risk global portfolio. The Fund’s currency benchmark is 100% US dollars. Details for this Fund are shown on the Orbis Leveraged Fund Strategy Summary page.
ORBIS
Orbis Leveraged (Euro) Fund invests substantially all of its assets in the Orbis Leveraged (US$) Fund, and by selling forward US dollars into euro, hedges most or all of its currency exposure into euro. Orbis Leveraged (Yen) Fund invests substantially all of its assets in the Orbis Leveraged (US$) Fund, and by selling forward US dollars into yen, hedges most or all of its currency exposure into yen. Fund Information
Graphs
Orbis Leveraged (Euro) Fund in euro
Value of !10 invested at inception (dividends reinvested)
Price and Performance net of fees Price: E37.01 FX Rate: $/E 1.3392 Size: E50 million % Returns Orbis Euro Bank Avg Global Avg Euro Annualised Leveraged Deposits Equity Fund* Bond Fund Since Inception (30 Jun 1998) 10.4 2.8 (0.2) 3.4 Latest 10 years 5.4 2.5 (0.5) 3.4 Latest 5 years 0.3 2.3 (3.7) 2.6 Latest 3 years 4.4 1.1 1.1 4.6 Latest year (3.1) 0.9 (5.0) (0.6) Calendar year 2010 (7.9) 0.5 16.6 4.7 Not annualised Year to date (2.8) 0.7 (12.8) 1.1 Latest month (2.1) 0.1
Orbis Leveraged (Euro) Avg Global Equity Fund*
25 20
€15.61 €14.47
16 14 12 10
86 (14) 14 8 6 100
€9.68
8 6
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Value of ¥1,000 invested at inception (dividends reinvested)
Price and Performance net of fees Price: ¥885 FX Rate: ¥/$ 77.14 Size: ¥1.5 billion % Returns Orbis Yen Bank Avg Global Avg Yen Annualised Leveraged Deposits Equity Fund* Bond Fund Since Inception (1 Jan 2006) (2.1) 0.4 (7.7) 0.0 Latest 5 years (1.7) 0.4 (10.6) 0.2 Latest 3 years 3.6 0.2 (10.7) 0.1 Latest year (3.9) 0.1 (13.8) (1.4) Calendar year 2010 (8.2) 0.1 (4.8) (2.2) Not annualised Year to date (3.4) 0.1 (17.1) 0.4 Latest month (2.1) 0.0
Currency Allocation % of Fund 100 (14) 14 (14) 7 7 100
Orbis Leveraged (Yen) Avg Global Equity Fund*
Avg Yen Bond Fund Yen Bank Deposits
1500 1400 1300 1200 1100
Value (Yen)
Orbis Leveraged (Yen) Fund in yen
Japanese yen US dollar Greater China currencies Euro Korean won Other Total
€37.01
30
Currency Allocation % of Fund Euro US dollar Greater China currencies Korean won Other Total
Avg Euro Bond Fund Euro Bank Deposits
45 40 35
Value (Euro)
¥1,021 ¥1,003
1000 900
¥885
800 700
¥632
600 500
Returns are net of fees, include income and assume reinvestment of dividends. Shares in the Fund are available by Prospectus only. Certain capitalised terms are defined in the Prospectus. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Orbis Leveraged borrows and invests up to 200% of Members’ capital. The Orbis Leveraged (US$) Fund was managed with a currency benchmark of 40% US$, 40% ecu and 20% yen prior to 1 July 1998, 100% US$ thereafter. Euro and Yen Bank Deposits reflect the return on 1 month deposits in the respective currency. Avg Global Equity Fund, Avg Euro and Yen Bond Fund - Data Source © 2011 Morningstar, Inc. All Rights Reserved.
2006
2007
2008
2009
2010
2011
Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 September 2011 has been extended to reflect the move in the World Index through 30 September 2011 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Approved for issue in the United Kingdom by Orbis Investment Advisory Limited, Orbis House, 5 Mansfield Street, London, England W1G 9NG; a firm authorised and regulated by the Financial Services Authority.
Past performance is not a reliable indicator of future results. Orbis Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. When making an investment in the Funds, an investor’s capital is at risk. This Report does not constitute a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. The Leveraged Funds are closed to new investment, including from existing Members. Current Leveraged Fund Members will remain free to switch at no cost to other Orbis Funds, including among the Leveraged Funds. The Orbis Global Equity Strategy and Optimal Strategy are currently accepting subscriptions of at least US$50 million from qualified new investors. The Orbis Asia ex-Japan Equity Fund is open to existing Orbis investors only. The Japan Equity Strategy remains open to existing and new investors. For more details, please visit our website.
Orbis Investment Management Limited
(Licensed to conduct investment business by the Bermuda Monetary Authority)
Contact: [email protected] Telephone: +1 (441) 296 3000 www.orbisfunds.com
