ORBIS GLOBAL EQUITY FUND Fact Sheet at 31 May 2014

Transcription

1 ORBIS GLOBAL EQUITY FUND Fact Sheet at 31 May 2014 ORBIS The Fund is designed to remain fully invested in global equities. It aims to earn higher returns than world stockmarkets, without greater risk of loss, and has a benchmark of the FTSE World Index, including income ( World Index ). The Fund s currency exposure is managed relative to that of the World Index. Price $ Size $15.0 billion Minimum US$50,000 (Existing investors) Load None Dealing Weekly (Thursday) Fee 1.5% p.a. ± up to 1.0%, based on 3 year rolling performance vs. benchmark Independent Rating Commentary Last May we wrote that your Fund s exposure to the Technology sector had declined as a result of bottom-up decisions to allocate capital to more attractive ideas elsewhere. Technology s weight in Global is now even lower at 14%, down from 20% twelve months ago. The main driver has been the sale of the Fund s position in the US semiconductor manufacturer, Micron Technology, in the wake of its strong outperformance. Micron outpaced the benchmark over the last year amid rising memory prices and the prospect of meaningful structural change in the industry. The Fund trimmed its holding throughout the year as the price approached our assessment of intrinsic value, and sold out entirely in March, after which Micron s shares have continued to perform well. While it is not unusual for us to sell too early and miss some additional upside, we believe our clients are better served if we continue to deploy their capital in the most attractively valued stocks we can find. Geographical Deployment Fund s % exposure to % of Region Equities Currencies World Index United States Canada Other North America Korea Greater China Other Asia ex-japan United Kingdom Continental Europe Europe Japan Other Total May not sum due to rounding Top 10 Holdings (%) Samsung Electronics 5.6 NetEase 3.9 Weatherford International 3.4 Sberbank of Russia 3.2 Motorola Solutions 3.1 Gazprom 2.8 American Intl. Group 2.8 Liberty Global 2.5 INPEX 2.3 Charter Communications 2.2 Total 31.8 Value (US$) % Cumulative return ,000 1,750 1,500 1,250 1, (100) Inception (10) Morningstar OBSR Analyst Rating TM Silver Track Record Value of $10 invested at inception on 1 January 1990 (dividends reinvested) Orbis Global World Index Avg Global Equity Fund* *See Notices page for important disclosure about the Average Global Equity Fund. Performance in US dollars (net of fees) Orbis Global World Index 10 Years 5 Years 3 Years 1 Year Bottom Half Top Half Key 5% 25% 50% 75% 95% $ $53.33 $36.49 % Returns Annualised Orbis Global World Index Avg Global Equity Fund* Quartile Ranking Since Inception (1 Jan 1990) Latest 20 years Latest 10 years Latest 5 years Latest 3 years Latest year Not annualised Calendar year to date Latest month Risk Measures (Since inception, month end prices) Maximum drawdown 50% 54% 54% Annualised monthly volatility 16.6% 15.6% 16.0% Beta vs World Index Annualised monthly tracking error 9.4% 0.0% 7.1% Ranking within global equity fund peer group The value of shares in the Fund may fluctuate and is not guaranteed. When making an investment in the Funds, an investor s capital is at risk. This Fact Sheet does not constitute a financial promotion, a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. Percent of funds with a higher return

2 NOTICES Legal Notices Returns are net of fees, include income and assume reinvestment of dividends. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Allan Gray Unit Trust Management Limited, a member of the Association for Savings & Investments SA. Commission and incentives may be paid by investors to third parties and if so, would be included in the overall costs. The Fund is priced weekly. Figures quoted are for the periods indicated for a $10 investment, using NAV-NAV prices, with income distributions reinvested. Performance is quoted in US dollar currency terms. A prospectus is available on request from Allan Gray Unit Trust Management Limited. Certain capitalised terms are defined in the Prospectus. Fund Information The country and currency classification for equity securities follows that of third party benchmark providers for comparability purposes. Based on a number of factors including the location of the underlying business, Orbis may consider a security s classification to be different and manage the Fund s exposures accordingly. Fund Minimum The Orbis Global Strategy is currently accepting subscriptions of at least US$50 million with Orbis (across one or more funds) from qualified new investors or US$50,000 from existing investors in other Orbis Funds. Clients investing via Allan Gray, which includes the Allan Gray Investment Platform, an Allan Gray investment pool or otherwise through Allan Gray Nominees remain subject to the investment minimums specified by the applicable terms and conditions. Sources FTSE World Index: FTSE International Limited ( FTSE ) FTSE FTSE is a trademark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices or underlying data. No further distribution of FTSE data is permitted without FTSE s express written consent. Average Fund data source, Peer Group ranking data source and Morningstar OBSR Analyst Rating: 2014 Morningstar. All Rights Reserved. Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 May 2014 has been extended to reflect the move in the World Index through 31 May 2014 for periods greater than one month. Returns for shorter periods are not shown as high price volatility and late fund reporting may cause them to be significantly restated. Notice to Persons in the European Economic Area (EEA) The Orbis Global Equity Fund is an alternative investment fund that is neither admitted for public marketing anywhere in the EEA nor marketed in the EEA for purposes of the Alternative Investment Fund Managers Directive. As a result, persons located in any EEA member state will only be permitted to subscribe for shares in the Fund under certain circumstances as determined by, and in compliance with, applicable law.

3 ORBIS SICAV JAPAN EQUITY FUND Yen & Euro Classes Fact Sheet at 31 May 2014 ORBIS The Fund is designed to remain fully invested in Japanese equities. It aims to earn higher returns than the Japanese stockmarket, without greater risk of loss, and has a benchmark of the TOPIX Index, including income measured in Japanese yen or hedged into euro. Orbis manages the following classes in this Fund: Orbis SICAV Japan Equity (Yen) is predominantly exposed to the Japanese yen. Orbis SICAV Japan Equity (Euro) hedges its currency exposure into euro. Independent Rating Commentary In 2014, two of our favourite shares have moved in opposite directions. We discussed INPEX in June last year, and since then it has outperformed the Japanese market by over 20%. Our thesis remains the same: we continue to believe the Ichthys natural gas project will greatly increase INPEX s longterm earnings potential. Progress for Ichthys remains on budget and on schedule, and following a long period of underperformance for INPEX, it seems the market is beginning to appreciate the project s value. We retain a positive long-term view on the stock. On the other end of the spectrum is SEGA SAMMY HOLDINGS, which we discussed last September. Disappointed by slow progress on casino legislation and weak results due to a delayed product launch, the market has punished the stock. Taking a longer-term view, we believe these issues will prove temporary and that the potential for SEGA SAMMY to participate in a Tokyo casino is more valuable than the market appreciates. Of course, while we do consider shortterm price movements for the opportunities they might expose, our focus is always on the longer-term performance we can deliver for your Fund. Sector Allocation % of Fund % of TOPIX Consumer Non-Durables Cyclicals Financials Information and Communications 15 7 Technology 1 14 Utilities 0 2 Net Current Assets 2 0 Total May not sum due to rounding Top 10 Holdings (%) INPEX 9.2 Sundrug 4.9 NKSJ Holdings 8.9 Japan Tobacco 4.9 Nissan Motor 6.4 Dai-ichi Life Insurance 4.9 Nippon Television Holdings 5.1 Sumitomo 4.9 Mitsubishi 5.1 Sumitomo Mitsui Fin. 4.8 Total 59.1 Ranking within Japan equity fund peer group Value (Yen) Value (Euro) Yen Class Euro Class Price 3,682!24.44 Size 166 billion!148 million FX Rate /$ $/! Minimum $50,000 Load None Dealing Weekly (Thursday) Fee 1.5% p.a. ± up to 1.0%, based on 3 year rolling performance vs. benchmark Morningstar OBSR Analyst Rating TM Silver Orbis Japan Equity (Yen) TOPIX Index Avg Japan Equity Fund* Orbis Japan Equity (Euro) Track Record Value of 1,000 invested at inception on 1 January 1998 (dividends reinvested) TOPIX hedged into euro ,682 1,293 1,155 *See Notices page for important disclosure about the Average Japan Equity Fund. Value of!10 invested at inception on 1 January 2003 (dividends reinvested) Performance in class currency (net of fees) % Cumulative return (50) Inception (20) Orbis Japan (Yen) TOPIX T 10 Years 5 Years 3 Years 1 Year Bottom Half Top Half Key 5% 25% 50% 75% 95% Percent of funds with a higher return Orbis Japan (Yen) Avg Japan Equity Fund* Orbis Japan (Euro) TOPIX hedged into euro % Returns Annualised TOPIX Index Quartile Ranking Since Inception (1 Jan 1998) Since Inception (1 Jan 2003) Latest 15 years Latest 10 years Latest 5 years Latest 3 years Latest year Not annualised Calendar year to date (3.8) (6.8) (7.8) (3.9) (7.0) Latest month Risk Measures (Since inception, month end prices) Maximum drawdown 52% 56% 64% Annualised monthly volatility 18.8% 18.3% 20.1% Beta vs TOPIX Tracking error 10.1% 0.0% 6.7% The value of shares in the Fund may fluctuate and is not guaranteed. When making an investment in the Funds, an investor s capital is at risk. This Fact Sheet does not constitute a financial promotion, a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. Orbis Investment Management (B.V.I.) Limited

4 NOTICES Legal Notices Returns are net of fees, include income and assume reinvestment of dividends. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Allan Gray Unit Trust Management Limited, a member of the Association for Savings & Investments SA. Commission and incentives may be paid by investors to third parties and if so, would be included in the overall costs. The Fund is priced weekly. Figures quoted are for the periods indicated for a 1,000 and!10 investment, using NAV-NAV prices, with income distributions reinvested. Performance is quoted in yen and euro currency terms. A prospectus is available on request from Allan Gray Unit Trust Management Limited. Certain capitalised terms are defined in the Prospectus. Fund Information Prior to 29 November 2002 the Orbis SICAV Japan Equity Fund Yen class was a British Virgin Islands investment company, Orbis Japan Equity (Yen) Fund Limited. The country and currency classification for equity securities follows that of third party benchmark providers for comparability purposes. Based on a number of factors including the location of the underlying business, Orbis may consider a security s classification to be different and manage the Fund s exposures accordingly. Fund Minimum The Orbis Japan Equity Strategy is currently accepting subscriptions of at least US$50,000 from both qualified new investors and existing investors in other Orbis Funds. Clients investing via Allan Gray, which includes the Allan Gray Investment Platform, an Allan Gray investment pool or otherwise through Allan Gray Nominees remain subject to the investment minimums specified by the applicable terms and conditions. Sources TOPIX Total Return Index: Tokyo Stock Exchange. TOPIX hedged into euro is calculated by Orbis using an industry-standard methodology using the TOPIX Total Return Index which is in yen. No further distribution of the TOPIX data is permitted. Average Fund data source, Peer Group ranking data source and Morningstar OBSR Analyst Rating: 2014 Morningstar. All Rights Reserved. Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 May 2014 has been extended to reflect the move in the World Index through 31 May 2014 for periods greater than one month. Returns for shorter periods are not shown as high price volatility and late fund reporting may cause them to be significantly restated. Notice to Persons in the European Economic Area The Orbis SICAV Japan Equity Fund (which includes Yen and Euro Classes), a sub-fund of Orbis SICAV, a UCITS IV compliant Luxembourg fund, is admitted for public marketing in Ireland, Luxembourg, the Netherlands, Norway and the United Kingdom. Persons located in any other European Economic Area member state will only be permitted to subscribe for shares in the Fund under certain circumstances as determined by, and in compliance with, applicable law. Orbis Investment Management (B.V.I.) Limited

5 ORBIS SICAV ASIA EX-JAPAN EQUITY FUND Fact Sheet at 31 May 2014 ORBIS Commentary In January we noted that, in recent years, your Fund s experience with country selection in China and Korea has been negative. While large exposures to those markets detracted from performance in 2013, our stock selections within those markets more than made up for that headwind. So far this year, India has been a different story with a similar result. Despite having found selected opportunities including Housing Development and Infrastructure Limited (HDIL) and IDFC, India s leader in infrastructure project financing, the Fund s overall exposure to Indian shares has been limited, and with that market outperforming the benchmark, this has detracted from relative performance. That said, both HDIL and IDFC are among your Fund s top year-to-date contributors, and overall, our stock selections within India more than offset the effect of having limited exposure to a strong market. As always, we remain confident in our investment philosophy and will not make macro calls on overall markets. Rather, we believe we have a greater chance of generating superior returns if we focus on selecting individual stocks. Geographical Deployment The Fund seeks higher returns than the average of the Asia ex-japan equity markets, without greater risk of loss and has a benchmark of the MSCI All Country Asia ex Japan (Net) (US$) Index ( MSCI Asia ex-japan Index ). Currency exposure is managed separately to equity exposure. The Fund may be long in benchmark or non-benchmark currencies without holding underlying assets in those currencies. Value (US$) Price $23.04 (Investor Shares) Size $2,764 million Minimum US$50,000 (Existing investors) Load None Dealing Weekly (Thursday) Fee 1.5% p.a. ± up to 1.0%, based on 3 year rolling performance vs. benchmark Track Record of Investor Shares Value of $10 invested at inception on 1 January 2006 (dividends reinvested) Orbis Asia ex-japan MSCI Asia ex-japan Index Avg Asia ex-japan Fund* *See Notices page for important disclosure about the Average Asia ex-japan Fund. Performance in US dollars (net of fees) $24.40 $19.87 $18.25 Fund s % exposure to % of MSCI Country Equities Currencies Asia ex-japan Index Korea China Hong Kong Taiwan Greater China Singapore Russia India Malaysia Indonesia Other Net Current Assets Total May not sum due to rounding Top 10 Holdings (%) MSCI Asia ex-japan Index Avg Asia ex-japan Fund* % Returns Annualised Orbis Asia ex-japan Since Inception (1 Jan 2006) Latest 5 years Latest 3 years Latest year Not annualised Calendar year to date Latest month Risk Measures (Since inception, month end prices) Maximum drawdown 55% 62% 62% Annualised monthly volatility 24.6% 23.7% 24.1% Beta vs MSCI Asia ex-japan Index Annualised monthly tracking error 8.3% 0.0% 6.8% Ranking within Asia ex-japan equity fund peer group Quartile Ranking Samsung Electronics 9.2 NetEase 7.2 Korea Electric Power 6.0 Sohu.com 5.6 KB Financial Group 5.1 Noble Group 4.9 Sberbank of Russia 4.6 Lotte Shopping 4.3 China Unicom (Hong Kong) 3.8 Olam International 3.7 Total 54.4 % Cumulative return (20) Orbis Asia ex-japan MSCI Asia Asia ex-japan Index I Inception 5 Years 3 Years 1 Year The value of shares in the Fund may fluctuate and is not guaranteed. When making an investment in the Funds, an investor s capital is at risk. This Fact Sheet does not constitute a financial promotion, a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds. Orbis Investment Management (B.V.I.) Limited Bottom Half Top Half Key 5% 25% 50% 75% 95% Percent of funds with a higher return

6 NOTICES Legal Notices Returns are net of fees, include income and assume reinvestment of dividends. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Allan Gray Unit Trust Management Limited, a member of the Association for Savings & Investments SA. Commission and incentives may be paid by investors to third parties and if so, would be included in the overall costs. The Fund is priced weekly. Figures quoted are for the periods indicated for a $10 investment, using NAV-NAV prices, with income distributions reinvested. Performance is quoted in US dollar currency terms. A prospectus is available on request from Allan Gray Unit Trust Management Limited. Certain capitalised terms are defined in the Prospectus. Fund Information The country and currency classification for equity securities follows that of third party benchmark providers for comparability purposes. Based on a number of factors including the location of the underlying business, Orbis may consider a security s classification to be different and manage the Fund s exposures accordingly. Fund Minimum The Orbis Asia ex-japan Strategy is currently accepting subscriptions of at least US$25 million with Orbis (across one or more funds) from qualified new investors or US$50,000 from existing investors in other Orbis Funds. Clients investing via Allan Gray, which includes the Allan Gray Investment Platform, an Allan Gray investment pool or otherwise through Allan Gray Nominees remain subject to the investment minimums specified by the applicable terms and conditions. Sources MSCI Asia ex-japan Index: MSCI Inc. MSCI is a trademark of MSCI Inc. and is used by under licence. The MSCI information (1) may not be redistributed or used as a component of a financial product or index; (2) does not constitute investment advice; and (3) is provided on an as is basis with each of its users assuming the risk of his/her use. MSCI and related parties expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. None of those parties shall have any liability for any damages (whether direct or otherwise). Average Fund and Peer Group ranking data source: 2014 Morningstar. All Rights Reserved. Such information (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The latest Morningstar data for 22 May 2014 has been extended to reflect the move in the MSCI Asia ex-japan Index through 31 May 2014 for periods greater than one month. Returns for shorter periods are not shown as high price volatility and late fund reporting may cause them to be significantly restated. Notice to Persons in the European Economic Area The Orbis SICAV Asia ex-japan Equity Fund, a sub-fund of Orbis SICAV, a UCITS IV compliant Luxembourg fund, is admitted for public marketing in Ireland, Luxembourg, the Netherlands, Norway and the United Kingdom. Persons located in any other European Economic Area member state will only be permitted to subscribe for shares in the Fund under certain circumstances as determined by, and in compliance with, applicable law. Orbis Investment Management (B.V.I.) Limited

7 ORBIS SICAV GLOBAL BALANCED FUND Fact Sheet at 31 May 2014 ORBIS The Fund seeks to balance appreciation of capital, income generation and risk of loss with a diversified global portfolio of equity, fixed income and commodity-linked instruments. It aims to earn higher long-term returns than its benchmark, which is comprised of 60% MSCI World Index with net dividends reinvested and 40% JP Morgan Global Government Bond Index ( 60/40 Index ), each in US dollars. Price $12.83 (Investor Shares) Size $450 million Minimum $50,000 (Existing investors) Load None Dealing Weekly (Thursday) Fee 1.5% p.a. ± up to 1.0%, based on 3 year rolling performance vs. benchmark Commentary To pursue its mandate, Global Balanced has several tools at its disposal. An important tool that tends not to get much discussion time is the Fund s currency risk management. Currency movements can have a pronounced effect on a global investor s returns, so our primary aim is to reduce the risk of a permanent loss in purchasing power. As with other assets, we believe it is possible to analyse the fundamentals of a currency and determine whether it is over- or undervalued. We then apply this research with a focus on reducing exposure to those that appear to be poor stores of value. For example, this year we have reduced your Fund s exposure to the euro from 19% to 7%, while increasing the US dollar exposure from 44% to 61%. In our view, current exchange rates do not adequately reflect the euro s vulnerability to monetary easing, resurgent Japanese exports, and continued unrest in Ukraine. While we do not seek to capture short-term currency movements, we believe it is important to manage the Fund s exposure to preserve your long-term purchasing power. Asset Allocation (%) North America Europe Asia ex- Japan Japan Other Total Gross Equity Net Equity Fixed Income Commodity-Linked 1 Net Current Assets 1 Total /40 Index Equity Fixed Income Total May not sum due to rounding. See Notices page for important disclosure about Net Equity and Fixed Income. Currency Allocation (%) Value (US$) Orbis Global Balanced 60/40 Index Avg Global Balanced Fund* 9.5 Track Record of Investor Shares Value of $10 invested at inception (dividends reinvested) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Performance in US dollars (net of fees) $12.90 $11.83 $11.04 % Returns Annualised Orbis Global Balanced 60/40 Index Avg Global Balanced Fund* Since Inception (1 Jan 2013) Latest year Not annualised Calendar year to date Latest month Risk Measures (Since inception, month end prices) Maximum drawdown 2% 3% 6% Annualised monthly volatility 6.5% 6.5% 8.1% Beta vs World Index Correlation vs 60/40 Index Tracking error vs 60/40 Index 3.8% 0.0% 5.5% *See Notices page for important disclosure about the Average Global Balanced Fund. Top Ten Holdings (% of Fund) Orbis Global Balanced 60/40 Index US dollar British pound 8 8 Euro 7 19 Japanese yen 7 15 Canadian dollar 1 3 Other 16 8 Total May not sum due to rounding. BP 3.2 Telefonaktiebolaget LM Ericsson 2.9 Samsung Electronics 2.5 Norsk Hydro 2.2 SK Telecom 2.2 Merck 2.1 Carnival plc 2.0 Microsoft 2.0 General Motors 1.7 British American Tobacco 1.7 Total 22.5 The value of shares in the Fund may fluctuate and is not guaranteed. When making an investment in the Funds, an investor s capital is at risk. This Fact Sheet does not constitute a financial promotion, a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds.

8 NOTICES Legal Notices Returns are net of fees, include income and assume reinvestment of dividends. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Allan Gray Unit Trust Management Limited, a member of the Association for Savings & Investments SA. Commission and incentives may be paid by investors to third parties and if so, would be included in the overall costs. The Fund is priced weekly. Figures quoted are for the periods indicated for a $10 investment, using NAV-NAV prices, with income distributions reinvested. Performance is quoted in US dollar currency terms. A prospectus is available on request from Allan Gray Unit Trust Management Limited. Certain capitalised terms are defined in the Prospectus. Fund Information The Benchmark is a composite index consisting of the MSCI World Index with net dividends reinvested (60%) and the JP Morgan Global Government Bond Index (40%). Net Equity is Gross Equity minus stockmarket hedging. The country and currency classification for equity securities follows that of third party benchmark providers for comparability purposes. Based on a number of factors including the location of the underlying business, Orbis may consider a security s classification to be different and manage the Fund s exposures accordingly. Fixed Income refers to fixed income instruments issued by corporate bodies, governments and other entities, such as bonds, money market instruments and cash and cash equivalents. Fixed Income regional allocation is based on the currency denomination of the instrument. Fund Minimum The Orbis Global Balanced Strategy is currently accepting subscriptions of at least US$50 million with Orbis (across one or more funds) from qualified new investors or US$50,000 from existing investors in other Orbis Funds. Clients investing via Allan Gray, which includes the Allan Gray Investment Platform, an Allan Gray investment pool or otherwise through Allan Gray Nominees remain subject to the investment minimums specified by the applicable terms and conditions. Sources Average Fund data source: 2014 Morningstar, Inc. All Rights Reserved. Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 May 2014 has been extended to reflect the move in the World Index through 31 May 2014 for periods greater than one month. Returns for shorter periods are not shown as high price volatility and late fund reporting may cause them to be significantly restated. MSCI World Index data source is MSCI Inc. MSCI is a trademark of MSCI Inc. and is used by under licence. The JP Morgan Global Government Bond Index data source is J.P. Morgan Securities LLC. JP Morgan is a trademark of JPMorgan Chase & Co. and is used by with permission. The composite index (1) may not be redistributed or used as a component of a financial product or index; (2) does not constitute investment advice; and (3) is provided on an as is basis with each of its users assuming the risk of his/her use. MSCI, JP Morgan and their related parties expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. None of those parties shall have any liability for any damages (whether direct or otherwise). Notice to Persons in the European Economic Area The Orbis SICAV Global Balanced Fund, a sub-fund of Orbis SICAV, a UCITS IV compliant Luxembourg fund, is admitted for public marketing in Luxembourg and the United Kingdom. Persons located in any other European Economic Area member state will only be permitted to subscribe for shares in the Fund under certain circumstances as determined by, and in compliance with, applicable law.

9 ORBIS OPTIMAL SA FUND Fact Sheet at 31 May 2014 ORBIS The Fund seeks capital appreciation in US dollars or euro on a low risk global portfolio. The Fund invests principally in a focused portfolio of selected global equities believed to offer superior relative value and employs stockmarket hedging to reduce risk of loss. US$ Class Euro Class Price $14.85!14.20 Size (millions) $2,201!267 Minimum US$50,000 (Existing investors) Load None Dealing Weekly (Thursday) Fee 1% pa plus 20% of outperformance vs US$/Euro Bank Deposits Commentary Investors looking to diversify away from stockmarkets currently have very few attractive options. Cash returns are negligible and, as we have noted previously, bonds look unlikely to deliver satisfactory long-term returns after a multi-decade bull market. Still, appetite for bonds has remained robust this year. As a result, the Average US$ Bond Fund is up 3% since the start of the year, and 10-year US Treasury yields stand at 2.5% per annum, their lowest since last October. Although we can t predict when the bond rally will come to an end indeed markets have a nasty way of extracting the most pain from the greatest number of participants we continue to believe that Optimal s ability to capture our core skill of stock selection, while hedging most stockmarket exposure, creates an ideal diversification tool. We are confident that Optimal s time-tested strategy and historical lack of correlation with major asset classes make it an alternative to cash and bonds, particularly in the current environment. Analysis of Stockmarket Exposure (%) Region Equity Exposure Hedging Accounting Exposure Beta Adjusted Exposure North America 29 (29) 0 0 Asia ex-japan 20 (17) 3 0 Europe 20 (19) 1 1 Japan 18 (17) 0 0 Other 2 (2) 0 0 Total 89 (85) 4 1 May not sum due to rounding Equity Exposure, multiplied by a Beta determined using Blume s technique, minus Hedging Currency Allocation % of Fund Value (US$) Value (Euro) Orbis Optimal SA (US$) Avg Global Equity Fund* Orbis Optimal SA (Euro) Avg Global Equity Fund* Track Record Value of $10 invested at inception on 1 January 2005 (dividends reinvested) Avg US$ Bond Fund US$ Bank Deposits *See Notices page for important disclosure about the Average Global Equity Fund $14.89 $14.85 $13.88 $11.99 Value of!10 invested at inception on 1 January 2005 (dividends reinvested) Performance in class currency (net of fees) Avg Euro Bond Fund Euro Bank Deposits US$ Class US dollar 75 Korean won 9 Greater China currencies 5 Other 11 Total 100 May not sum due to rounding Top 10 Equity Holdings (%) Euro Class Euro 76 Korean won 9 Greater China currencies 5 Other 10 Total 100 Samsung Electronics 4.2 Motorola Solutions 2.0 NetEase 2.7 Telefonaktiebolaget LM Ericsson 1.9 NKSJ Holdings 2.3 Cable & Wireless Comm. 1.9 INPEX 2.2 SAP 1.6 American Intl. Group 2.1 Dai-ichi Life Insurance 1.5 Total 22.4 Includes equity positions held indirectly % Returns Annualised Orbis Optimal SA (US$) US$ Class US$ Bank Deposits Avg Global Equity Fund* Avg US$ Bond Fund Orbis Optimal SA (Euro) Euro Class Euro Bank Deposits Avg Global Equity Fund* Avg Euro Bond Fund Since Inception (1 Jan 2005) Latest 5 years Latest 3 years Latest year Not annualised Calendar year to date (0.1) Latest month Risk Measures (Since inception, month end prices) Maximum drawdown 10% 0% 54% 6% 6% 0% 49% 5% Annualised monthly volatility 5.2% 0.6% 17.8% 3.2% 4.7% 0.5% 13.9% 2.8% Correlation vs World Index 0.5 (0.1) (0.3) The value of shares in the Fund may fluctuate and is not guaranteed. When making an investment in the Funds, an investor s capital is at risk. This Fact Sheet does not constitute a financial promotion, a recommendation, an offer to sell or a solicitation to buy shares or units of the Orbis Funds.

10 NOTICES Legal Notices Returns are net of fees, include income and assume reinvestment of dividends. While we have endeavoured to ensure the accuracy of the information herein, such information is not guaranteed as to accuracy or completeness. Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Allan Gray Unit Trust Management Limited, a member of the Association for Savings & Investments SA. Commission and incentives may be paid by investors to third parties and if so, would be included in the overall costs. The Fund is priced weekly. Figures quoted are for the periods indicated for a $10 and!10 investment, using NAV-NAV prices, with income distributions reinvested. Performance is quoted in US dollar and euro currency terms. A prospectus is available on request from Allan Gray Unit Trust Management Limited. Certain capitalised terms are defined in the Prospectus. Fund Information The country and currency classification for equity securities follows that of third party benchmark providers for comparability purposes. Based on a number of factors including the location of the underlying business, Orbis may consider a security s classification to be different and manage the Fund s exposures accordingly. Fund Minimum The Orbis Optimal Strategy is currently accepting subscriptions of at least US$50 million with Orbis (across one or more funds) from qualified new investors or US$50,000 from existing investors in other Orbis Funds. Clients investing via Allan Gray, which includes the Allan Gray Investment Platform, an Allan Gray investment pool or otherwise through Allan Gray Nominees remain subject to the investment minimums specified by the applicable terms and conditions. Sources FTSE World Index: FTSE International Limited ( FTSE ) FTSE FTSE is a trademark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices or underlying data. No further distribution of FTSE data is permitted without FTSE s express written consent. Average Fund data source: 2014 Morningstar, Inc. All Rights Reserved. Such information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. *The latest Morningstar data for 22 May 2014 has been extended to reflect the move in the World Index through 31 May 2014 for periods greater than one month. The average fund returns are not shown for the periods of a month or less as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. Total Rate of Return for Bank Deposits is the compound total return for one-month interbank deposits in the specified currency. Notice to Persons in the European Economic Area (EEA) The Orbis Optimal SA Fund is an alternative investment fund that is neither admitted for public marketing anywhere in the EEA nor marketed in the EEA for purposes of the Alternative Investment Fund Managers Directive. As a result, persons located in any EEA member state will only be permitted to subscribe for shares in the Fund under certain circumstances as determined by, and in compliance with, applicable law.