Allan Gray Orbis Global Equity Feeder Fund

The Allan Gray Orbis Global Equity Feeder Fund invests only in the Orbis Global Equity Fund, managed by Allan Gray's offshore investment partner, Orbis Investment Management Limited. The Fund purely invests in selected global shares. With total exposure to all of the risks and rewards of global shares, returns will reflect volatility over short- and medium-term periods. Pricing and trading of the Fund's units are completed daily in Rands.

• 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.