Allan Gray Orbis Global Optimal Fund of Funds

• Seek foreign currency capital stability and above inflation returns
• Seek returns above foreign currency bank deposits
• Are looking to invest offshore using Rands
• Are looking to increase their allocations to offshore equity
• Are comfortable with currency and stock market fluctuations
• Wish to use Fund as a foreign absolute return in a diversified multi-asset class portfolio

The Fund's benchmark is the simple average of the benchmarks of the underlying Orbis funds.

Simple Average of:

• US Bank Deposits
• Average US Bond Fund Index
• Average Global Equity Fund Index
• Euro Bank Deposits
• Average Euro Bond Fund Index

The Allan Gray-Orbis Global Optimal Fund of Funds aims to achieve its objective by only investing in the Orbis Optimal SA funds. The Orbis Optimal SA funds included in the Fund use exchange-traded derivative contracts on stock market indices to reduce net equity exposure. 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. However, Orbis can choose from a broader range of shares listed internationally.