Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Orbis Global Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Orbis Global Equity outperformed by 7.8% in H1 2026 by hunting mispriced AI casualties in a historically narrow market. The strategy targets businesses like insurance brokers and building-products distributors that use AI to enhance operations rather than face disruption."
Orbis Global Equity returned 19.9% in the first half of 2026, outperforming the MSCI All Country World Index by 7.8% net of fees. Ben Preston assumed strategy leadership on July 1, with the investment philosophy, process, and stockpicking engine remaining unchanged. The portfolio navigated one of the narrowest market breadth environments on record, where only one in four stocks outperformed the index in April and May. The strategy frames AI exposure in four groups, with particular focus on the Overlooked category of businesses mispriced as AI casualties. Insurance brokers Brown & Brown and Ryan Specialty exemplify this approach, where AI enhances rather than replaces human judgement in commercial and specialty coverage. QXO demonstrates value creation through operational transformation in building-products distribution. The manager draws parallels to electric motor adoption in factories, where value came from redesigning workflows rather than simply swapping technology. The portfolio emphasizes adaptability, with every position required to earn its keep. The outlook acknowledges ongoing uncertainty from geopolitical realignment, shifting trade, and generational technology changes, with the goal of building a portfolio that benefits more from being right than suffers from being wrong.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
