The Allan Gray Orbis Global Balanced Feeder Fund invests only in the Orbis SICAV Global Balanced Fund managed by Allan Gray's offshore investment partner, Orbis Investment Management Limited. The Fund aims to create long-term wealth for investors and to outperform its designated combined equity and bond markets as measured by the Fund's benchmark. Orbis Global Balanced invests in a diversified global portfolio of equities, fixed-income, and commodity-linked instruments.

• 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.