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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilism and highlights opportunities in Japan and select undervalued global equities."
In the Q2 2025 commentary for the Orbis Global Equity Strategy, Portfolio Manager Adam R. Karr outlines a highly volatile period marked by significant geopolitical shocks, tariff implementation (such as 25% on Canada/Mexico and 145% on Beijing), and a mid-year market correction. Despite these challenges, the Strategy delivered a strong 22% year-to-date return, outperforming the MSCI All Country World Index by 11% on an asset-weighted basis with shallower drawdowns. Karr details a profound structural shift away from globalization toward "national capitalism" and mercantilism, wherein traditional safe havens like the US dollar and Treasuries have failed to act as classic shock absorbers. In response to these regime changes, the fund maintains a deliberate underweight to US equities (40% compared to 67% in the World Index) and remains positioned in value-oriented, resilient, and durable franchises purchased at undemanding valuations. Notable recent actions include adding to select "babies thrown out with the bathwater" like Mitsubishi Estate and Bruker Corporation, alongside core positions in Steris, Tesco, and Shell. Orbis continues to champion active stock-picking and currency diversification, particularly through an overweight position in the Japanese yen, to navigate the crowded trades and high valuations characterizing passive indices.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Growth Outlook
Market outlook remains high conviction: Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Risk Appetite
Risk appetite posture is high conviction: Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Forward Guidance
Forward guidance signal: Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Language Signal
Tone analysis indicates high conviction language: Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
Time Horizon
Investment time horizon reflects a high conviction orientation. Orbis Global Equity outperformed the MSCI ACWI YTD (22% vs 10%) by avoiding crowded US mega-caps and holding resilient value stocks. The manager warns of a shift toward mercantilis...
