Offshore investing
If you are keen to access different economies, geographic regions and a broader selection of companies, and in doing so increase your potential to earn returns under different conditions, you may wish to invest offshore. Here we offer some thoughts about investing offshore, and insights into offshore unit trusts, including those managed by Orbis and Allan Gray Australia.
Articles in "Offshore investing"
Beyond the US: Separating the signals from the noise
The US has dominated global news flow in the wake of the presidential election, and market-moving headlines continue to present the temptation to act on...
Trustless, rustless, shiny and tiny: The investment case for gold
Gold-related securities are among the top holdings of our offshore partner Orbis' multi-asset strategies.
Back to the future: Why studios are betting on the box office
While many continue to doubt the viability of theatrical exhibition, viewing it as another legacy business that will crumble before the rising tide of...
An offshore solution for the more cautious investor: introducing Orbis Global Cautious
We are pleased to introduce the Orbis SICAV Global Cautious Fund, which, as Nshalati Hlungwane discusses, meets the needs of more conservative investors...
Geopolitical factors trigger concerns about Georgia
Frontier markets, like Georgia, offer investors exposure to a range of sectors and opportunities that are not available in more developed markets, however,...
Building multi-asset portfolios in an uncertain world
Periods of heightened uncertainty are inevitable when you are investing over the long term. And when it is not clear when or how things might change,...
Introducing the Orbis SICAV Global Cautious Fund
We are pleased to introduce the Orbis SICAV Global Cautious Fund (Global Cautious or the Fund), a low equity, global multi-asset fund that we believe fulfils...
US opportunities with a good prognosis: UnitedHealth and Elevance Health
While the US stock market represents about 70% of the FTSE World and MSCI World indices, just half of the Orbis Global Equity Fund is invested in American...
How to invest offshore with Allan Gray – and allow for the transfer of wealth
Investing offshore is an important way to diversify your portfolio, spread your risk and get access to companies and industries not available locally. Julie...
Beyond our borders: A case for investing offshore
Investing offshore should always form part of your long-term diversification strategy. South Africa comprises about 0.3% of the world’s market capitalisation...
Build a legacy with the Allan Gray Offshore Endowment
Investing offshore has long been a way to diversify and grow one’s wealth. This is even more relevant today, as investors seek strategies that will safeguard...
Orbis: President’s letter 2023
In his annual president’s letter, Adam R. Karr, from our offshore partner, Orbis, discusses the performance of the Orbis Strategies during 2023, looks back a...
Holding steady when global markets are in flux
In the latest episode of The Allan Gray Podcast, Radhesen Naidoo, Allan Gray’s joint head of Institutional Clients and the client-servicing lead for Orbis in...
The magnificent middle
The so-called “magnificent seven” have dominated global headlines and returns this year. Take them out of the equation, and the rest of the market is slightl...
From Johannesburg to Japan: How to resist the magnetism of the magnificent seven
In conversation with Tamryn Lamb, Allan Gray portfolio manager Tim Acker and Graeme Forster, portfolio manager at our offshore partner, Orbis, explain why we...
Orbis: Navigating market change
To do well over the long term, you need to be positioned differently – particularly when markets are going through change. Fiona Jeffery, from our offshore...
Central Banks and Big Macs: Finding value in currencies
One of the easiest ways to lose money is to buy something for more than it is really worth. When picking stocks, we seek to avoid permanent capital loss by...
Orbis Global Equity: Value in a changing Japan
Optically, Japan has not been an attractive investment destination over the last 30 years. However, Brett Moshal, from our offshore partner, Orbis, illustrat...
Teenagers, curfews & interest rates
As interest rates have risen, we have seen a collapse in the valuations of a range of profitless tech companies. More recently we have seen a crisis in the ...
Are we entering a global stockpicker’s paradise?
In conversation with portfolio manager Rory Kutisker-Jacobson, Matthew Spencer from our offshore partner, Orbis, explains why the Investment team believes th...
Memory: Industry cycles, not the business cycle
Rob Perrone, a member of the team of Investment Counsellors at our offshore partner, Orbis, explores the case for investing in the memory semiconductor...
Orbis Global Balanced: Investing through the cycles
History seemingly often repeats itself, but it might be dangerous to assume that the investing landscape over the next 20 years will be similar to that of th...
Regime change and the rise of the stockpicker
Alec Cutler chats to Bloomberg’s Merryn Somerset Webb about the impact of central bank and government intervention, the future of inflation and why being a...
Signs of sea change
Speaking at the recent Allan Gray Fund Provider event, Adam R. Karr, president and head of the Investment teams at our offshore partner, Orbis, explains why...
Value matters: Steering a course through uncertain markets
History suggests that good stockpicking results can make an enormous difference when equity markets are generally weak. However, savvy investors can take wha...
Orbis: President’s letter 2022
In his president’s letter, Adam Karr, from our offshore partner, Orbis, reflects on the actions that he and the team took during 2022 to ensure they delivere...
Five investment lessons from the last 20 years… for the next 20 years
Dan Brocklebank, head of UK operations at our offshore partner, Orbis, reflects on five lessons from the past two decades that investors can draw on to impro...
The great misallocation
The days of the ‘Everything bubble’ are long gone, but where are we in the latest boom-bust cycle? While they all follow a similar pattern, the current cycle...
Orbis Global Balanced: Beware the Great and Powerful Dollar
The US dollar has rallied significantly over the course of this year, leaving other currencies in its wake. Alec Cutler, from our offshore partner, Orbis,...
Podcast: Do old investment truths still hold in the current global environment?
In the latest episode of The Allan Gray Podcast, hosted by Allan Gray portfolio manager Rory Kutisker-Jacobson, Dan Brocklebank, head of Orbis UK, reflects o...
Positive energy: A contrarian take on transition
Nicola Dormehl, from our offshore partner, Orbis, discusses the energy transition and energy holdings that are likely to play an important and rewarding role...
Orbis Global Equity: The duration dislocation
In investing, risk and opportunity are two sides of the same coin. Graeme Forster from our offshore partner, Orbis, unpacks current distortions in the market...
Solving the diversification dilemma
"Don’t put all your eggs in one basket" is a phrase familiar to many of us, and when it comes to investing and minimising risk, it is quite a sensible...
Orbis investment update: Risks in the real world
Alec Cutler and Rob Perrone, from our offshore partner, Orbis, discuss the real risks the world is facing and the attractive investment opportunities Orbis h...
Orbis Global Balanced: Russia-Ukraine conflict accelerates market shifts
Russia’s invasion of Ukraine is a painful reminder that there is more to life than markets, and our concern goes out to the people suffering. As investors, o...
Russia-led volatility underscores the need for calm, considered action
As recently as last week, it was still unclear whether or not Russia would launch a full-scale invasion of Ukraine. It is now all too clear that Putin wasn’t...
The power of perspective in an expensive market
Historically, every decade has its “poster child” asset class. In the 70s it was gold, the 80s Japanese shares, and materials shares in the noughties. At the...
Orbis: President’s letter 2021
In his inaugural president’s letter, Adam Karr, from our offshore partner, Orbis, shares some thoughts about himself, the path forward for Orbis, the market...
Orbis: Taming turbulence
Turbulence. It’s a word that can strike fear into the heart of even the most seasoned air traveller and even a little of it has been known to put people off...
Orbis Global Equity: Navigating risk and reward
At a recent investment update via Zoom webinar, Matthew Spencer and Stanley Lu, from our offshore partner, Orbis, reviewed the Orbis Global Equity Fund’s...
Orbis: Inflation – the bottom-up case for caution
If headlines are to be believed, people are gravely concerned that inflation will rise. If market prices are to be believed, people are quietly convinced tha...
Orbis: Our perspective on developed market bond yields
Bonds are typically included in an investment portfolio to provide diversification and deliver yield. Developed market bonds are currently offering much lowe...
Orbis: The three stages of recent performance explained
The past quarter has been painful. After an encouraging start to the year, the performance of our offshore partner, Orbis, has been impeded by its exposure t...
Markets change quickly, investments shouldn’t
We often say that we play the hand we are dealt by the market. We can control our research efforts and our decisions, but we certainly can’t control the...
Orbis: Unpacking the risks from regulatory change
For Chinese companies, regulatory change is a perennial risk. In July, the government gave investors a stark reminder of that risk when it announced sweeping...
Orbis: The case for the not so boring middle
The past few quarters have seen a shift in market leadership, with technology stocks giving up ground to other, more cyclical sectors, prompting many to ask:...
Why should you consider a global balanced fund?
Balanced funds aim for the investment “sweet spot”: Minimising risk while still delivering return. If you are looking to achieve a decent return investing...
Beyond the froth: Orbis’ contrarian case for Comcast
Like finding a really good coffee, finding a good long-term investment opportunity is not always easy. A coffee that looks delicious may taste foul, and ther...
Orbis: Are there real long-term opportunities in the US?
With just 30% of assets invested in US shares versus 66% for the MSCI World Index, the Orbis Global Equity Fund’s current underweight to the US market is the...
Orbis: The great imbalance
At its heart investing is a balancing act. Balancing how much you stand to gain if things go well, with how much you could lose if things don't work out. Now...
Orbis Global Balanced Fund: A tour of the portfolio
After the extraordinary performance of 2020, global stock and bond markets both appear unusually expensive. From this starting point, long-term returns for...
Ballot underway for Allan Gray-Orbis Global Fund of Funds
There is currently a ballot underway for the Allan Gray-Orbis Global Fund of Funds (“the Fund”) which proposes changes to the Fund’s structure, name and...
The benefits of neglect
When investors are scarce and investments are plentiful, investors pay low prices and investments offer high returns. When investors are plentiful and...
Orbis: Harder to get into than Harvard
If 2020 was an emotional roller coaster, the first month of 2021 provided a peek inside the darker corners of the funhouse. We remain hopeful that more...
Orbis: President's letter 2020
In his annual president's letter, William Gray, from our offshore partner, Orbis, reflects on a difficult year and reaffirms his conviction in the team's...
Orbis Global Equity: Positioned for multiple views of the future
2020 has been quite a year and many of us are undoubtedly looking forward to putting it in the past. The pandemic, global lockdowns, US elections, one of the...
Orbis: Finding an edge in tech
The future of society and technology requires ever-increasing connectivity, data speeds, and computational power, and those improvements depend on ever more...
Orbis: Identifying opportunities in a turbulent market
The continued outperformance of certain sectors, especially technology, has created an extremely high level of concentration within markets. This provides a...
How is the market up?
After the worst five-week crash ever, global stock markets have recovered all of their losses in just five months, with the MSCI World Index setting a new...
Orbis: Our job is to be uncomfortable
Our job at Allan Gray and Orbis is to be uncomfortable and to sweat our clients’ capital. Ultimately what we focus on is the risk of capital loss - and that...
Orbis: Tech opportunities rise in the East
Technology stocks have performed remarkably well in recent years and particularly amid the COVID-19 pandemic. John Christy and Stanley Lu, from our offshore...
Orbis: Resilience and enthusiasm at a time of uncertainty
In a presentation to advisers and clients via Zoom webinar, Matthew Spencer, from our offshore partner Orbis, discusses the disappointing recent performance ...
Orbis: Keeping a clear head during the COVID chaos
2020 has proven to be a year of many firsts, for all the wrong reasons, resulting in much uncertainty. Presenting to clients via Zoom webinar, Alec Cutler,...
Orbis: Lesson from the past
In this seven-minute video, Orbis portfolio manager, Adam Karr, draws on lessons learned in previous market crises to discuss the current environment and som...
Orbis: The importance of preparation
In this six-minute video, Orbis' president and head of the investment team, William Gray, discusses the impact of COVID-19 on the firm and the importance of...
Orbis: Turn away from the noise and look to the long term
Much has been written about the emotional cycle of fear and greed in investing. Both panic and excessive optimism can create extraordinary opportunities for...
Orbis: Performance and positioning during COVID-19
There has been little else to talk about as COVID-19 dominates world headlines. Globally, everyone is trying to evaluate the real impact the pandemic will ha...
Orbis: Well positioned for the challenges that lie ahead
In his annual president’s letter, William Gray, from our offshore partner, Orbis, pays tribute to his father and reviews Orbis’ performance and prospects.
Orbis’ improved fee structure: Highlights and FAQ
Our offshore partner, Orbis, is improving its fee structure. We intend to implement these changes on 14 May 2020.
Orbis: Contrarian investing in an unconventional environment
Orbis has been going through a period of painful underperformance. Jonathan Brodie reminds investors what Orbis is trying to achieve, examines performance ov...
Orbis: Is value investing dead?
Over multiple decades, the traditional value approach of buying cheap stocks has worked remarkably well. Over the last decade, it hasn’t, leading an...
Q&A: Understanding Orbis’ performance and potential
Market breadth has been very narrow offshore, with few winners and many losers. Among the losers have been emerging markets and select cyclicals. At the same...
Orbis: There are bigger risks than swimming against the tide
We have always described ourselves as “contrarian” investors. While many of our best investment decisions on behalf of clients in the past have been at odds...
Orbis: enthusiasm for the portfolio
Contrarian investing is a strange profession. When things are going well, you can look like a magician – earning extraordinary returns while others flounder....
Changes to Orbis’ fee structure – good news for investors
Allan Gray’s offshore partner Orbis is introducing a new fee structure for African investors.
Orbis: A meaningfully improved fee structure
Orbis is intending to make various changes to its fee structure which includes the creation of a mechanism to invest performance fees it earns when times are...
Orbis: Perspectives on the portfolio
Matthew Spencer, from our Offshore partner Orbis, explains what has driven Orbis’ recent performance, while also sharing some research about performance tren...
How to diversify efficiently from South Africa
The poor performance of the rand is an ongoing concern for investors. Gaining offshore exposure is a good way to mitigate against the risk that a weak rand...
Capital: Can companies have too much of a good thing?
In the centre of London, there is a market whose history stretches back to the first century. Built on the site of a Roman forum, Leadenhall was once the...
Orbis: Hunting for value
Buying cheap stocks and selling them for a profit sounds like a reasonable way to make money. But there’s a bit more to it when it comes to the way we invest...
Orbis: Can you be patient and excited at the same time?
As contrarian investors who invest differently, periods of underperformance are part of the investment cycle and, while disappointing, they can offer...
Allan Gray-Orbis rand-denominated offshore unit trusts open; living annuity offshore limits removed
After a review of our offshore asset exposures, we are pleased to announce that we have reopened the Allan Gray-Orbis rand-denominated offshore unit trusts f...
Orbis: Key detractors from recent performance
Periods of underperformance are stressful and disappointing, and while they are an expected part of the investment cycle for us as a contrarian manager, we...
Orbis: Positioning portfolios for long-term performance
William Gray, from our offshore partner, Orbis, reviews Orbis’s recent performance and discusses their investment approach in the current environment.
Simplifying offshore investing
Over the years, South African exchange control regulations, which limit the amount that you can transfer or invest abroad, have been relaxed considerably. Th...
The role of currency when investing offshore
If you buy a share in your local market, assessing your performance is easy. If the price goes up, you make money. If you buy shares in other markets, howeve...
What is a good offshore strategy?
Novice and experienced investors often ask the same question time and again: When is the best time to invest offshore?
Orbis Global Equity Fund: Unpacking recent performance
As bottom-up stockpickers, we don’t pay much attention to benchmarks or to what other investors are doing. Instead, our investment decisions are based on...
Offshore investing: Not a popularity contest
There is no such thing as a ‘popular investment opportunity’. If it’s popular, then that popularity will already be reflected in the price you have to pay. A...
Orbis: How to balance risk and return in the current environment
As we look at opportunities around the world, one thing seems clear – it is no time to be a hero. According to Alec Cutler, from our offshore partner, Orbis,...
Cloudy crystal ball
Two years ago, our crystal ball was cloudy. Shares and commodity prices suffered a rout in early 2016, and markets were concerned that economies around the...
Adopt a global mind-set for long-term investment success
South African investors are fixated on the rand exchange rate, so much so that our currency movements act as a barometer of our nation’s mood: when the rand ...
Allan Gray-Orbis Global Fund of Funds update: Balancing risk and return
A large portion of the Allan Gray Orbis Global Fund of Funds (the Fund) is invested in the Orbis Global Balanced Fund. But what is a “balanced fund”? The...
Orbis Global Equity: Investing differently
Over the last five years, the median global equity manager has underperformed the MSCI World Index and many value-oriented global equity managers have done...
Do you need to rethink your offshore investment exposure?
Treasury’s decision to increase offshore investment limits for unit trusts, investment managers and long-term insurers is great news for savers and their...
Currency matters
Rob Perrone, from our offshore partner Orbis, discusses why exchange rates are a big deal, and how Orbis actively manages currency exposure in it funds...
Q&A: Orbis Global Equity Fund
What are the names of the managers of the Orbis Global Equity Fund and where are they based...
The global opportunity set
Orbis does not invest in "the market". Instead, they focus entirely on finding the most compelling individual opportunities on offer. There's no better way t...
Will traditional car manufacturers be driven off the road by their electric counterparts?
Investors in general are pessimistic about the autos sector. They are worried about earnings declines and the growth of electric cars, produced by the likes ...
Finding value in an over-valued world
Defensive shares are normally a safe place to “hide” when valuations look high, but Orbis is currently finding more opportunities among cyclical shares where...
Emerging market equities: looking beyond the mega-caps
Our offshore partner Orbis launched an Emerging Markets Equity Strategy in January 2016. Later that year it broadened the mandate of its Asia ex-Japan Equity...
Orbis: Tech can be contrarian - if the price is right
We are contrarian investors, and technology shares are often popular. Given that, you might expect us to shun them. At times, we have: when tech stocks trade...
Global jitters: Avoid safe havens, opportunity in overlooked sectors
The uncertain global political and economic backdrop created by unexpected recent shocks has spooked investors. However fear, particularly when spurred by...
Tech stocks: Is history repeating itself?
To cut through the suspense, let me admit up front that I’m not going to answer the question directly: we don’t find it productive to spend a lot of time...
Key buckets of opportunities
In our search for undervalued assets we have found companies that fit into five categories...
Why the classic 60/40 is dangerous
Sixty percent equities and forty percent bonds has become such a standard for “moderate risk” that any other allocation raises eyebrows...
How to pick offshore investments for long-term wealth creation
Living in South Africa, or even as a South African living abroad, it’s easy to become completely sucked into the news about our country...
Orbis: Two myths about emerging market equities
At the end of 2015, emerging market (EM) shares had meaningfully underperformed developed market (DM) shares over the previous five years...
Orbis: Are there any bargains out there?
Since 1990, the Orbis Global Equity Fund’s investment mandate has been to seek higher returns than the average of the world’s equity markets, without greater...
Beware the siren song of growth
Growth has an almost irresistible allure for investors. Whether it’s a rapidly growing economy, a start-up with a hot new product, or a new industry that...
Global perspective: Do value shares deserve to be this cheap?
The Orbis Global Balanced Fund aims to balance capital appreciation and income generation with the associated risk of its investments. These objectives...
Something’s got to give...
Recently companies in Australia that have grown their earnings and paid large dividends have been well rewarded. But is this sustainable?
Orbis: Not just looking for cheap stocks
Our investment approach, which we share with our offshore partner Orbis, is sometimes characterised as ‘looking for cheap stocks’. Jeremie Teboul from Orbis...
Pursuing long-term returns without simply reaching for risk
Ben Preston and Maurits Ovaa explain why Orbis believes minimising losses is arguably more important than maximising gains at a time when many stock markets ...
XPO Logistics: Diversification through owning both shares and bonds
Forming contrarian views about the intrinsic value of companies is the core of what we do. In the Orbis Global Balanced Fund, this fundamental company resear...
Playing a loser's game
The loser’s game isn’t especially fun to play, but it is a winning strategy for those who have the discipline and the patience for it. William Gray, from our...
Discipline is key
The Orbis Global Equity Fund (the Fund) lagged the MSCI and FTSE World Indices in 2015, extending a period of underperformance that began in early 2014. As...
Orbis: Buying carefully in indiscriminate selloffs
Periods of short-term underperformance are a price we must pay for seeking superior long-term returns. The third quarter certainly qualified as one of those...
Contrarian investing and different performance
The valuation-based approach to investing used by Allan Gray and our offshore partner Orbis is often contrarian since the shares that are most attractively...
A tale of two crises
Greece and China have dominated financial headlines since March. With fear running high, we try to remain focused on the relationship between the price and...
The case for active management
It is popular these days to talk about how difficult the past several years have been for active managers. In a sense, however, active management is always...
Orbis Global Equity: Guided by our investment philosophy
This piece was originally published in the Orbis March 2015 Quarterly Manager's Report. Over the 25-year history of Orbis' Global Equity Fund, the underlying...
Orbis Funds: Reflecting on 2014 and looking ahead
This piece was originally published in the Orbis December 2014 Annual Manager's Report. In 2014, Orbis identified several new opportunities, including select...
Orbis funds: Finding the best long-term value for clients
The Orbis Global Equity Fund will mark its 25th year at the end of December. In that time, Orbis has provided access to the same fundamental, contrarian,...
Orbis Global Balanced Fund: Balancing risk and reward
Orbis has launched a new global multi-asset fund – the Orbis Global Balanced Fund. The Fund has been registered for marketing in South Africa and is now...
Introducing the Orbis Global Balanced Fund
Like Allan Gray, Orbis has a limited range of funds which it believes addresses the needs of most investors. New funds are only introduced after very careful...
How to access investment opportunities in Asia
Asia presents interesting investment opportunities, but for the average investor, researching these opportunities would be a massive undertaking fraught with...
Finding value in global markets
Emerging markets have come under intense focus so far this year and while the main worries have centred on countries such as Argentina and Turkey, the market...
Hunting for compelling opportunities in the current environment
2013 was a good year for global stock markets. The FTSE World Index returned 24.7% in US$ terms since the start of 2013 and is near an all-time high. The Orb...
Access global investment opportunities via our offshore platform
We understand that many investors are keen to invest offshore but neglect to do so as they find it too daunting. Johann Grandia discusses some of the...
Orbis Global Equity Fund: A reversal of fortunes
After a prolonged period of relative underperformance, since January this year the Orbis Global Equity Fund has meaningfully outpaced its benchmark in US...
Equity opportunities down under
Last quarter, Seema Dala wrote about the importance of diversifying your portfolios by investing offshore. Australia is definitely offshore from South Africa...
Do not confuse stability with safety
According to Ben Preston, from our offshore partner Orbis, Orbis and Allan Gray's strict adherence to our bottom-up research process keeps us focused on...
Drilling into the detail of oil and gas investments
At first glance, the Orbis Global Equity Fund's exposure to Oil & Gas; Gas stocks appears to be similar to that of its benchmark. At December 2012, about 9% ...
A healthy approach
Broadly speaking, one could think about building a portfolio in two key ways. Investors with a 'top-down' approach start with a wide view of the world and ma...
Investing: a history of bubbles
'Invest in stocks? Forget about it.' - USA Today headline, 8 May 2012. As contrarian investors, we cannot help but take notice when one of the most widely re...
High correlations present challenges
Actively managed funds, including the Orbis Global Equity Fund, have struggled to outperform the market over the past year. Actively managed funds are able t...
Things you can control, and things you cannot
In this current very uncertain world, we cannot begin to control or predict political or economic outcomes. But we can control what shares we buy and we are...
Japan: economic pessimism creates buying opportunities
As bottom-up stock pickers, we believe that great investment opportunities can be found in even the most challenging conditions. Japan is a perfect example....
Responding to challenging times
Performance does not come in a straight line, which means that periods of long-term outperformance will always be accompanied by periods of, sometimes...
When is bad news good news?
As contrarian investors we are always on the lookout for shares that we can buy at a significantly lower price than we believe they are worth. Thus, with ban...
The story is in the stocks
Investors who give their money to professional managers to invest still wish to remain informed about what their managers are thinking and how therefore they...
Tough to be different
In the Q2 Quarterly Commentary, Jonathan Brodie and Trevor Black of Orbis discussed the fact that long-term outperformance requires a partnership between the...
