Background of the Fund

The Orbis MIS-Orbis/SM Australia Equity Fund (the "Fund") aims to remain fully invested in shares listed on the Australian Stock Exchange. The Fund is managed by Orbis Investment Management (Australia) Pty Limited, an Australian company (ABN: 48 112 316 168, AFSL: 298487) with its principal office in Sydney.

The Fund is managed using the techniques developed at Allan Gray Limited and the Orbis Group over the past 30 years, applied to the Australian stock market. We focus our efforts on calculating the real underlying value of various companies using the extensive technology developed by the Orbis Group over the past 15 years and the insights of a local team of analysts.

The basic philosophy underlying our approach is the belief that while stock market prices are the best indicator of value for companies over very long periods of time, substantial deviations of those prices from their true value do occur over the short to medium term. We add value by focusing our efforts on determining the long term fundamental value of stocks rather than in carrying out economic forecasts or engaging in share trading activities. Optimal results from an investment in the Fund requires a long term commitment.

Analysts are directly incentivised by the Fund's performance and management are substantial investors in the Fund. We aim to capture the benefits of having a small dedicated local team who have a direct interest in the success of the Australian business and at the same time benefit from the use of Orbis' extensive investment infrastructure. Please see our Product Disclosure Statement for more details on the Fund.

To find out more about the Orbis Group, please click here.

Links

• Details of our Australian Office
• Biographies of some members of the Orbis team in Sydney

Units in the Orbis MIS-Orbis/SM Australia Equity Fund are offered by Orbis to both Wholesale Clients and Retail Clients. Prospective investors should please read the legal statement and privacy statement before continuing.