Investor Summary

The fund is managed by a seasoned team of investment professionals led by Adam Karr, who serves as President and head of investment teams with over 20 years at Orbis and educational credentials from Northwestern University and Harvard Business School. Benjamin Preston brings extensive market experience as a Chartered Financial Analyst with over 25 years at the firm, while Nick Purser leads currency management with nearly 30 years of expertise since 1996. Graeme Forster provides strategic oversight as director of client capital with strong academic credentials from Oxford and Cambridge universities plus CFA designation. The team is supported by Orbis's global investment organization comprising 65 investment professionals including 42 CFA charterholders, operating from offices across London, Vancouver, Sydney, San Francisco, Hong Kong, Tokyo and Luxembourg. This experienced leadership team manages the fund within Orbis's broader $35 billion asset management platform, ensuring access to extensive research resources and global market expertise.

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Fund Strategy

The fund employs a fundamentally value-based investment philosophy rooted in the principles of Benjamin Graham and Warren Buffett, focusing on identifying equities trading at significant discounts to their assessed intrinsic value through extensive proprietary bottom-up research. The approach emphasizes contrarian thinking and independent decision-making to uncover opportunities overlooked by the broader market. Investment decisions are driven by fundamental company-specific analysis rather than macro forecasting, with active currency management to mitigate foreign exchange risks while enhancing returns. The fund maintains a long-term perspective, prioritizing value creation for clients through disciplined value investing that aims to achieve superior returns versus the MSCI All Country World Index ex-USA benchmark.

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FUND PERFORMANCE AS OF 31st December 2025

ANNUALIZED SINCE INCEPTION QUARTERLY YTD
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