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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Orbis Global Equity contends that excessive market risk tolerance and historically tight credit spreads have created a dangerous environment for chasing speculative returns, leaving resilient and predictable businesses trading at historically compelling relative valuations. As the broader equity market has compounded well above sustainable long-term trends and risk premia have shrunk, investor appetite for certainty has waned. In response, the strategy is actively tilting toward high-quality, defensive compounders with mission-critical demand profiles, recurring software revenues, and robust free cash flow dynamics that trade at meaningful discounts to intrinsic value. This positioning is exemplified by core holding Motorola Solutions, which pairs a near-monopoly footprint in public safety communications with expanding high-margin subscription software and counter-drone defense technologies. While broader market participants overlook stability in favor of cyclical momentum, the strategy focuses on durable franchises capable of compounding through macro dislocations and geopolitical volatility.
Elevated market complacency and historically narrow credit spreads create exceptional relative value in defensive, predictable compounders with mission-critical demand profiles trading at wide discounts to intrinsic value.
The manager expects that if prevailing market optimism and unusually tight credit spreads prove transient, the market will once again assign a premium to stability and predictability. In anticipation, the strategy continues to direct capital toward defensive businesses featuring resilient end-market demand, enduring free cash flows, and attractive valuation discounts relative to intrinsic value.
As of Oct 5, 2026
The fund is managed by a highly experienced team led by President Adam Karr, who holds degrees from Northwestern University and Harvard Business School and has been with Orbis since 2002. Graeme Forster joined as Director in 2022 with advanced degrees from Oxford and Cambridge plus CFA designation. Benjamin Preston has been directing capital in the strategy since 2000 with Oxford mathematical sciences background and CFA. Nick Purser leads currency management with advanced degrees from Cambridge and Oxford plus CFA. The team operates within a firm founded in 1989 by Allan W.B. Gray, managing $34 billion globally with offices across major financial centers including London, Vancouver, Sydney, San Francisco, Hong Kong, Tokyo, and Luxembourg.
The Orbis Global Equity Fund employs a contrarian value investing approach that has been consistently applied for over 30 years. The fund seeks to achieve higher returns than global equity markets without taking on greater risk through extensive proprietary bottom-up fundamental research. The investment team actively seeks undervalued and ignored stocks, often investing against prevailing market sentiment with a three-to-five year investment horizon. With an active share of 97% and a concentrated portfolio of 73-80 stocks, the fund emphasizes patience and fundamental analysis over market trends or momentum. Private ownership allows for a truly long-term perspective without external pressure for short-term results, accepting underperformance as the price for seeking superior long-term returns.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
50
Growth Outlook
50
Risk Appetite
50
Capital Deployment
50
Forward Guidance
50
Language Signal
50
Perceived Risk
50
Opportunity Density
50
Time Horizon
50
Top Conviction Themes
Key Catalysts
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