Who is Orbis Investments

Who We Are

Orbis is a different type of investment company. To generate superior long-term returns, one needs to think and act differently.


Founded: 1989

Privately Owned

Core Skill: Bottom-up stockpicking in global markets

Investment Philosophy: Fundamental, long-term, contrarian

A Global Footprint: 10 offices with clients in more than 50 countries

A Large Investment Team: 40 equity analysts

Assets Under Management: £25 billion

2017: we are now open for business with UK retail intermediaries

With a focus on continuity, our track record has been built by multiple generations of stockpickers.

For over 25 years, we have been consistently contrarian – as stockpickers and business owners.

Being contrarian isn’t easy. It goes against human nature. Our firm is uniquely structured to encourage bold but considered decisions, even in times of stress. Our survival rests entirely on the success of those who invest with us. We are in it together.

What Makes Us Different?

Choosing an investment manager isn’t easy. We’ve deliberately designed our firm to invest differently and to ensure that we can only succeed if we add value for our clients over the long term. We believe the choices we’ve made – to develop multiple generations of stockpickers, to secure perpetual private ownership, to refund fees and to co-invest with clients – tell our real story.

Sustainability of investment capabilities

We have a broad and deep team of 40 equity analysts, supported by a detailed attribution system which objectively measures each analyst’s performance. This combination improves our odds of identifying great stockpickers – for now and for generations to come.

Perpetually private and employee-owned

Orbis’ controlling interest is held by a charitable foundation established by our founder and his family. This ownership structure allows our firm to remain privately owned in perpetuity, which we believe is critical to supporting long-term, contrarian investment decisions.

Refundable fees

We believe an active manager should only be paid if it delivers outperformance. Our performance fees are structured to provide refunds during periods of underperformance. There is no base fee. Refundable fees ensure that our interests are closely aligned with those of our clients.

Co-investment with our clients

The firm’s founders, management and staff co-invest in the Orbis Funds alongside our investors – on the same terms and fees. As a group, we represent one of the largest investors in our funds and therefore have powerful incentives to behave as responsible stewards of our investors’ capital.

We are structured to align our interests with those of our clients

We are structured to harness contrarian decisions

Our Investment Beliefs

Fundamental research

Investment decisions are better driven by fundamental, bottom-up research rather than macro forecasting.

Unconstrained portfolios

To deliver superior long-term investment returns, we must be prepared to build portfolios that differ significantly from their benchmarks.


The best long-term investment ideas are often found in areas of the market which are out of favour with most investors.

Individual accountability

Contrarian investment decisions are best made by individuals, not groups or committees.

Risk is permanent capital loss

Risk is the chance that we permanently lose our clients’ capital, not being different.

Our History

Orbis was founded in 1989 to provide investors with investment management based on the principles of fundamental, long-term and contrarian thinking.

Our approach to investment management can be traced directly to the vision of our founder, Allan W B Gray. A graduate of Harvard Business School, Allan began his investment career in 1965 at Fidelity. After eight years, he returned to his native South Africa to start his own firm, which later became Allan Gray Proprietary Limited. That firm is now the largest privately owned and independent asset manager in Southern Africa.

Orbis was subsequently formed to develop a global investment capability by applying the same investment and organisational philosophies. Our fundamentals have not changed since inception and we continue to stick to our processes and principles. Today, Orbis manages around £25 billion.

But, despite our proven track record, you probably haven’t heard of us. There’s a good reason for that – our funds were limited to institutions, pensions and high-net worth individuals. Now, we are making our funds available to all UK retail investors via intermediaries and platforms.