Orbis Limited

Orbis refunds its base management fee entirely if the fund does not outperform a cash benchmark, typically the yield on short-term government bonds. The firm only retains a performance fee when returns exceed that hurdle, creating an unusually aligned economic model. This structure applies across most of its open-ended fund range and is considered one of the most investor-friendly fee arrangements in global asset management.

Orbis Limited and Allan Gray are separate legal entities with distinct client bases but share a common investment philosophy and research culture. William Gray was a partner at Allan Gray in South Africa before founding Orbis. The two firms cross-own equity in each other's management companies, creating a mutual alignment that supports succession planning and shared research resources.

Orbis runs concentrated, value-oriented portfolios with a global mandate. The typical portfolio holds 30 to 50 stocks, with an average holding period of multiple years. The firm avoids benchmark weights entirely, taking large active positions in cyclical, financial, and industrial names that are often underweighted by growth-oriented competitors. Cash levels vary tactically depending on the opportunity set.

Orbis manages both pure equity and multi-asset strategies. The Global Balanced Fund allocates across equities, fixed income, and commodities, targeting absolute returns with lower volatility than pure equity mandates. There is also a Japan Equity Fund, an Emerging Markets Equity Fund, and a listed closed-end vehicle.

The firm's distinguishing feature is its zero-benchmark, absolute-return orientation paired with a fee structure that only pays when clients earn a real return above cash. Orbis analysts operate without formal sector silos and the portfolio managers are unconstrained by geography or market-cap limits. The research bench is global, with analysts encouraged to follow companies wherever they are listed, including Japan and emerging markets.