Orbis Investment Management Limited

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Orbis Investment Management Limited
Excellence in Asset Management Conference
London, 29th January 2002 Geoffrey
Gardner Director of Fund Management
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Locations
London - Advisory office 25 staff Global
Research Risk Modeling Information Technology
Bermuda - Primary office 24 staff Portfolio
Management North American Research Trading
Cape Town - Allan Gray Limited 75
staff Largest independent retirement fund asset
manager in South Africa Market leading 27 year
track record Advisor to Orbis Africa Equity Fund
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Philosophy

• Common sense.

We are business analysts who seek to invest in
shares of companies that trade at significant
discount to our assessment of the intrinsic value
of the business.
We believe the share prices of such companies
will eventually appreciate to reflect the
intrinsic business value. The timing of the price
move is uncertain, but we are prepared to be
patient and invest in the company with a three to
five year investment horizon.
If executed in a disciplined and consistent
manner such an investment philosophy offers the
potential for superior returns and reduced risk
of loss.
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Human Behaviour

• Safety in numbers?

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Style Summary

• Contrarian
• We often find ourselves buying shares that few
  others like and selling them when they are
  popular.
• Value-oriented
• We are not 'value' managers in the sense of
  buying only stocks with low price/earnings ratios
  or avoiding companies with high growth. We focus
  on intrinsic value and hold shares selling at low
  prices relative to their intrinsic value.
• Focused
• Each of our equity funds typically contains no
  more than 50 primary positions at any one time.
• Long term
• Intrinsic value often takes time to be recognised
  by the broader market. We therefore do our
  research with at least a four-year time horizon
  and our funds tend to buy and hold.

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Casey Stengel
Knowing how to do something and doing it are two
different things  
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Orbis Global Equity Fund
Net of fees in US from inception 31 December
1989 to 31 December 2001.
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All Equity Fund Returns ()
Net of fees to 31 December 2001. Avg Fund data
source Standard Poors Micropal. World Index
FTSE World Index total return.
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Orbis Investment Management Limited