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.
- 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
- Email: [email protected]
- Telephone: 415-489-3600
- Address: 600 Montgomery Street Suite 3800, San Francisco, CA 94111
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
|XPO LOGISTICS INC||16,030,396||1,357,133|
|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|
|HOWMET AEROSPACE INC||31,353,151||524,225|
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.