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Orbis Investment Management LP

Last Updated: 12/3/2020

Orbis Investment Management LP is a Limited Partnership that started in 1989 and is primarily owned and controlled by Allan Gray.

Fundamental, long-term contrarian investing. 

Orbis Investment Management LP operates out of an office in San Francisco, CA. Based on the Form ADV filed on 2020-03-30 00:00:00, the investment firm is comprised of 14 employees, only 7 of whom performs investment advisory functions.

Fact Sheet

      Name: Orbis Investment Management LP
      CRD No: 158511
      Filing Recorded: 2020-03-30 00:00:00
      Year of Origin: 1989
      Employees: 14
      Clients: 2
      AUM: 136,165,000
      Management Fee: Unknown Percent
      Performance Fee: Unknown Percent
      Client Type: Pooled Investment Vehicles, Other Investment Advisers
      Assets Traded: Unspecified


Investment Strategy

According to the brochure submitted to IAPD, Orbis Investments investment strategy is as follows:

Orbis devotes a substantial proportion of its business efforts to detailed “bottom up” investment research conducted with a long-term perspective. This research philosophy is intended to enable Orbis to invest in equities which it believes offer superior fundamental value. Orbis determines whether it believes an equity offers superior fundamental value by comparing the share price with an assessment of the equity’s intrinsic value. The lower the price of a share as compared to its assessed intrinsic value, the more attractive Orbis considers the equity’s fundamental value. Orbis generally assesses an investment’s attractiveness using a three-to-five year time horizon.

Methods of Analysis

In addition, Orbis Investments methods of analysis include:

Orbis aims to focus its research efforts on what it believes are the most promising investment opportunities. This is facilitated, among other means, by using a proprietary equity screening tool based on quantitative considerations. Orbis maintains a database of key financial information, including company fundamentals and share prices, on more than 3,000 of the U.S.’s most marketable stocks. The database tracks fundamental data which, wherever possible, extends back over multiple decades in keeping with the long-term orientation of Orbis’ research, and it includes share prices which are updated daily. Orbis has developed quantitative techniques which use this database to produce a projected total rate of return offered by each equity for the next three-to-five years, based on the prevailing share price. This estimate, together with an analysis of macro-economic and investment trends, provides a preliminary assessment of those areas of investment that seem most fruitful. Additional equities which appear intriguing are identified by anticipating economic and corporate developments.

This approach helps Orbis to focus its more time-consuming, non-quantitative equity research on the most promising sectors, themes and equities. Equities that are considered promising are subjected to “bottom up” investment analysis. The starting point is to eliminate those equities that have fallen out of favor for sound and enduring reasons (for example, the shares of companies that Orbis believes are poorly managed or vulnerable). Those equities that are not eliminated by this pre-screening are subjected to intensive qualitative investment research. This entails evaluation of factors such as the company’s perceived ability to generate superior growth in cash flow, earnings and dividends in the projected economic environment, the quality of management, its historical record, the company’s competitive environment, the strength of its balance sheet, and, most importantly, the extent to which the share price already reflects these factors. The result of this research process is a continuously monitored group of equities whose share prices Orbis considers most fundamentally attractive. These selected equities are included in client portfolios. Orbis emphasizes each equity’s perceived risk and reward, but also monitors the correlation between the selected equities to control diversification.

Top 10 Holdings from Form 13F

Reporting Period: 09/30/2020

Issuer Share Value(1000s) Put/Call
NETEASE INC 4,140,003 1,882,335
XPO LOGISTICS INC 16,030,396 1,357,133
ANTHEM INC 3,439,489 923,812
ABBVIE INC 9,155,385 801,920
COMCAST CORP NEW 16,049,183 742,435
UNITEDHEALTH GROUP INC 2,214,410 690,387
BRITISH AMERN TOB PLC 19,029,229 687,907
AUTOHOME INC 6,555,596 629,337
HOWMET AEROSPACE INC 31,353,151 524,225
FACEBOOK INC 1,960,543 513,466

Historical 13F Filings

EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forOrbis Investment Management LPin our 13F section HERE.

To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.

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Historical Portfolio Holdings for Orbis Investment Management LP