Allan Gray Orbis Global Balanced Feeder Fund

• Seek long term capital gains and above inflation returns in a diversified, multi-asset class portfolio
• Are looking to invest offshore using Rands
• Are looking to increase their offshore allocations
• Are comfortable with short-term volatility and potential capital loss
• Have an investment horizon of at least 3-5 years

Composite Benchmark:

• 60% the MSCI World Index
• 40% J.P. Morgan GBI Global Index

The Orbis Global Balanced Fund aims to balance investment returns and risk of loss. The net equity exposure is balanced between 40% and 75% to achieve this objective. Returns are likely to be less volatile than those of a global equity-only fund. Pricing and trading of the fund's units are completed daily in Rands.

The bottom-up approach guides the weighting among the asset classes and the selection of securities across asset classes. Like Allan Gray, Orbis uses in-house research to identify companies whose shares are underpriced based on their long-term intrinsic value. This long-term perspective enables them to buy shares shunned by the stock market because of their unexciting/poor short-term prospects. However, which may present relative value in the long term.

Furthermore, to increase the overall risk-adjusted return, fixed-income instruments are used. These include cash, cash equivalents, government bonds and investment-grade and high-yield corporate bonds and, at times, distressed corporate bonds.