Allan Gray Orbis Global Equity Feeder Fund

• Seek long term capital gains and above inflation returns
• Are looking to invest offshore using rands
• Are looking to increase their allocations to offshore equity
• Are comfortable with global stock market and currency fluctuation and risk of capital loss
• Typically have an investment horizon of 5 years or more

MSCI World Index

The Allan Gray Orbis Global Equity Feeder Fund aims to achieve its objective through total exposure to selected global shares. Orbis uses in-house research to identify companies worldwide whose share prices are underpriced relative to 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. The investment philosophy aligns with Allan Gray's investment philosophy in South African equities. Furthermore, Orbis can choose from a broader range of shares listed internationally.