Articles tagged as "Orbis"
How to unlock value through offshore investing
The volatility of 2025 has underscored the importance of diversification. Global markets have swung from sharp declines to record highs, reminding us that a...
Orbis Global Equity: Biotech breakthroughs in a crowded market
In an increasingly competitive and crowded market, the biotech sector offers unique opportunities to capitalise on overlooked, undervalued shares. Graeme...
Separating the numbers from the narratives
In the latest episode of The Allan Gray Podcast, portfolio manager Rory Kutisker-Jacobson hosts Mark Dunley-Owen, portfolio manager from our offshore partner...
Geopolitics in flux: The impact of fast, constant changes on South African markets
In recent years, South African markets have been significantly influenced by global political developments. Cross-border conflicts, political tensions and...
US-China tension puts SA jobs and growth at risk
As superpower rivalries reshape global growth, investors are urged to diversify portfolios. This was one of the messages on Day 1 of Allan Gray’s retirement...
Orbis Global Equity: Discipline in the face of volatility
The US market has long represented a safe haven for many investors, although the tide may finally be turning. Adam R. Karr, president and portfolio manager a...
Trustless, rustless, shiny and tiny: The investment case for gold
Gold-related securities are among the top holdings of our offshore partner Orbis' multi-asset strategies.
US opportunities with a good prognosis: UnitedHealth and Elevance Health
While the US stock market represents about 70% of the FTSE World and MSCI World indices, just half of the Orbis Global Equity Fund is invested in American...
Orbis: President’s letter 2023
In his annual president’s letter, Adam R. Karr, from our offshore partner, Orbis, discusses the performance of the Orbis Strategies during 2023, looks back a...
Regime change and the rise of the stockpicker
Alec Cutler chats to Bloomberg’s Merryn Somerset Webb about the impact of central bank and government intervention, the future of inflation and why being a...
Orbis: President’s letter 2022
In his president’s letter, Adam Karr, from our offshore partner, Orbis, reflects on the actions that he and the team took during 2022 to ensure they delivere...
Solving the diversification dilemma
"Don’t put all your eggs in one basket" is a phrase familiar to many of us, and when it comes to investing and minimising risk, it is quite a sensible...
Orbis: Our perspective on developed market bond yields
Bonds are typically included in an investment portfolio to provide diversification and deliver yield. Developed market bonds are currently offering much lowe...
Orbis: Our perspective on developed market bond yields
Bonds are typically included in an investment portfolio to provide diversification and deliver yield. Developed market bonds are currently offering much lowe...
In pursuit of value
The current disparity in markets, both locally and offshore, is creating an opportunity for bottom-up investors like ourselves to generate meaningful returns...
Beyond the froth: Orbis’ contrarian case for Comcast
Like finding a really good coffee, finding a good long-term investment opportunity is not always easy. A coffee that looks delicious may taste foul, and ther...
Ballot underway for Allan Gray-Orbis Global Fund of Funds
There is currently a ballot underway for the Allan Gray-Orbis Global Fund of Funds (“the Fund”) which proposes changes to the Fund’s structure, name and...
Podcast: A candid conversation with Orbis' Adam Karr
Taking a long-term, contrarian approach has influenced every aspect of how we invest and do business at Orbis and Allan Gray. From the way the firms are...
Balanced Fund: Perspectives and positioning
In a recent webinar, Portfolio Manager Tim Acker discussed the investment environment and looked at how the Allan Gray Balanced Fund is positioned to take...
Orbis: President's letter 2020
In his annual president's letter, William Gray, from our offshore partner, Orbis, reflects on a difficult year and reaffirms his conviction in the team's...
The uncertainty spectrum
Wildfires in Australia, mass protests in the US, a global pandemic. These are just some of the events that have roiled markets this year, leaving investors...
Orbis: The importance of preparation
In this six-minute video, Orbis' president and head of the investment team, William Gray, discusses the impact of COVID-19 on the firm and the importance of...
Will growth stocks beat value stocks forever?
Markets move up and down and investment styles move in and out of favour. With value investing being on the wrong side of the trend for around 12 years,...
COVID-19: Evaluating market risk versus opportunity
We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...
COVID-19: Evaluating market risk versus opportunity
We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...
The money bubble
There’s something magical about bubbles. Formed of water, soap and a breath of air they seem incredible. In financial markets, bubbles are a lot less revered...
Orbis’ improved fee structure: Highlights and FAQ
Our offshore partner, Orbis, is improving its fee structure. We intend to implement these changes on 14 May 2020.
Orbis: Well positioned for the challenges that lie ahead
In his annual president’s letter, William Gray, from our offshore partner, Orbis, pays tribute to his father and reviews Orbis’ performance and prospects.
How to invest in challenging times
A braai over the weekend inevitably reminds us of the significant challenges our country faces – there is lots of negative news to talk about.
Obituary: Saying goodbye to our founder
It is with deep sadness that we share the news of the death of Allan William Buchanan Gray. He died of natural causes on 10 November 2019 in Bermuda, where h...
Are you comfortable swimming against the tide?
Allan Gray and our offshore partner, Orbis, describe our shared investment approach as “contrarian”. “Contrarian” is usually defined as “opposing or rejectin...
The year of payback
Excess returns from the FTSE/JSE All Share Index (ALSI) relative to cash have disappointed over the last five years, with cash now outperforming, on average....
The upside of down markets
2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...
The role of currency when investing offshore
If you buy a share in your local market, assessing your performance is easy. If the price goes up, you make money. If you buy shares in other markets, howeve...
Orbis: Think like a business owner
Say you own a small stake in a company. Every day, one of your partners tells you what he thinks the business is worth, and he offers to buy your stake or se...
What is a good offshore strategy?
Novice and experienced investors often ask the same question time and again: When is the best time to invest offshore?
Offshore investing: Not a popularity contest
There is no such thing as a ‘popular investment opportunity’. If it’s popular, then that popularity will already be reflected in the price you have to pay. A...
Tech stocks: Is history repeating itself?
To cut through the suspense, let me admit up front that I’m not going to answer the question directly: we don’t find it productive to spend a lot of time...
Key buckets of opportunities
In our search for undervalued assets we have found companies that fit into five categories...
Orbis: Two myths about emerging market equities
At the end of 2015, emerging market (EM) shares had meaningfully underperformed developed market (DM) shares over the previous five years...
Keep calm and carry on investing
The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which investors vie...
Orbis: We welcome the rise of passive investing
The Wall Street Journal ran a series this month commemorating the rise of passive investing. The articles make ‘the case for the triumph of passive’, calling...
Orbis: Not just looking for cheap stocks
Our investment approach, which we share with our offshore partner Orbis, is sometimes characterised as ‘looking for cheap stocks’. Jeremie Teboul from Orbis...
What do low global bond yields mean for South African investors?
Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2014. More than half of global government...
Investing: a history of bubbles
'Invest in stocks? Forget about it.' - USA Today headline, 8 May 2012. As contrarian investors, we cannot help but take notice when one of the most widely re...
The trend is your friend till it bends at the end
For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...
The trend is your friend till it bends at the end
For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...
Japan: economic pessimism creates buying opportunities
As bottom-up stock pickers, we believe that great investment opportunities can be found in even the most challenging conditions. Japan is a perfect example....
Responding to challenging times
Performance does not come in a straight line, which means that periods of long-term outperformance will always be accompanied by periods of, sometimes...
Foreign exposure in the Allan Gray Stable Fund
The long-term track record of the Allan Gray Stable Fund shows returns well ahead of its benchmark and satisfactory capital stability. Nevertheless, the Fund...
When is bad news good news?
As contrarian investors we are always on the lookout for shares that we can buy at a significantly lower price than we believe they are worth. Thus, with ban...
The story is in the stocks
Investors who give their money to professional managers to invest still wish to remain informed about what their managers are thinking and how therefore they...
Launch of the Allan Gray-Orbis Global Optimal Fund of Funds
Allan Gray introduced its third rand-denominated offshore fund on 1 March 2010 bringing the total number of unit trusts to nine. The Allan Gray-Orbis Global...
The benefits and pitfalls of foreign diversification
Most South African investors looking to diversify will choose to include offshore assets in their portfolio. The trick is to select the right combination of...
