In The News

All Articles About Orbis Access

The value of your investments may go down as well as up, so you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results.

March 2017
Investor views: “I’m investing for my 4-year old twins.”
6 April 2017

David Parkinson has invested for his twins’ future by opening Junior ISAs for both of them. Choosing a fund is no easy task, but he opted for the Orbis Global Equity Fund. He was attracted to its fee structure, which means that investors only a pay a performance fee if the Fund outperforms its benchmark.

Pessimism over emerging markets may be unwarranted
FT Adviser
3 April 2017

Orbis director Dan Brocklebank argues that investor sentiment on emerging market (EM) stocks may be overly pessimistic. He considers two reasons commonly cited for avoiding EMs—that they fare worse when the US raises interest rates and during developed world bear markets—and finds that neither is well-substantiated.

Deal of the week: boost your ISA savings by up to £100 with Orbis Access
31 March 2017

Orbis’ ISA and Junior ISA promotion, whereby investments made into a stocks and shares ISA or JISA prior to 30 April are matched by a contribution up to £100, is featured as Moneywise’s ‘deal of the week.’

Orbis manager gambles on sterling recovery
FT Adviser
22 March 2017

Orbis portfolio manager Alec Cutler has taken a long position on the UK pound, while shorting the US dollar. He believes that the pound’s meaningful decline in value relative to the US dollar since Britain’s EU referendum has been excessive and presents an opportunity for long-term investors.

For better equity returns, focus on valuations—not economic growth
The Globe and Mail
14 March 2017

Orbis investment counsellor Chris Horwood discusses the tendency for many investors to chain economic growth. History suggests that investment returns actually don’t have much to do with economic growth, and investors are better-served focussing on company valuations.

Alec Cutler, who runs the $2.8bn Orbis Global Balanced fund, has revealed the reasons why he thinks now is a good time to be invested in gold
What Investment
10 March 2017

Orbis portfolio manager Alec Cutler contends that having some exposure to gold can put investors in a better position for a range of outcomes. By contrast, he believes attractively-priced bonds, and particularly government bonds, are very hard to come by.

Time for asset managers to feel their share of the pain
Professional Advisor
9 March 2017

Orbis director Dan Brocklebank argues that the conversation around hidden charges in the active management industry must extend to fee structures. Symmetrical fee structures are the only way to truly align the interests of managers and investors.

Active management: the triumph of hope over experience
Portfolio Institutional
3 March 2017

The Financial Conduct Authority’s (FCA) November 2016 Interim report shone a bright light on fees charged by active managers, concluding that, on average, they don’t provide investors with value for money. Orbis director Dan Brocklebank applauds the FCA’s efforts to expose—with the aim of improving—the industry’s “inconvenient truths.”

February 2017
The global funds boasting all the ‘right’ kinds of volatility over the last decade
FE Trustnet
27 February 2017

FE Trustnet looks at which global equity funds have been volatile over the last decade while protecting investors’ capital on the downside.

Investor views: “Don’t pay for a manager who hugs the index”
15 February 2017

Many investors pay their managers higher fees for products which are really index funds in disguise. Orbis’ performance-linked fee means that if the fund fails to beat its benchmark, investors pay no fee at all.

56 new FE alpha managers named in 2017 rebalance
FE Trustnet
13 February 2017

The FE Alpha Manager status is designated to the top 10% performing managers in the industry, which, this year, included Orbis’ Alec Cutler.

Arconic’s board resists activist calls to ditch chief Kleinfeld
Financial Times
6 February 2017

Arconic, the US-based metals and components company and a holding in the Orbis Funds, has resisted efforts by shareholders to oust its embattled CEO Klaus Kleinfeld. Orbis partner Adam Karr remarks that under Mr. Kleinfeld’s tenure, Arconic’s decision making has been poor and detrimental to shareholder value.

Growth, value, momentum and income investing: what is best?
Money Observer
3 February 2017

There is no ‘one size fits all’ in investing, and different investment strategies can be applied successfully. Orbis’ primary focus on identifying individual under-priced shares, has generated superior returns over the long-term.

The best funds in the worst sectors for alpha generation
FE Trustnet
2 February 2017

While funds focussed on specific sectors have earned the most success in the last decade, some global funds, including Orbis Global Equity Fund, have also earned their keep.

January 2017
A fee structure for fund managers who put their money where their mouth is
Wall Street Journal
11 January 2017

Investment management fee structures have come under fire for failing to promote value for clients, and performance fees seek to address that problem. Orbis’ performance fee means that fees are paid when the fund outperforms the benchmark and refunds are paid when it underperforms.

How to bag a bargain share in January sales
Money Observer
5 January 2017

One way to earn attractive long-term returns is to find well-priced stocks in one attractive area of the market. Orbis director Dan Brocklebank points out that banks may be one such undervalued area, as they have remained out of favour with investors in the years since the financial crisis.

FCA raises questions about fee levels
IPE Magazine
3 January 2017

The UK Financial Conduct Authority (FCA) published an interim report in November on the asset management industry, casting a dark light on the high fees managers charge clients—even when they deliver no value. Orbis director Dan Brocklebank observes that a well-designed performance fee structure can ensure that managers are incentivised to deliver long-term value to their clients and are paid on that basis alone.

December 2016
The investment strategy tipped to shine in 2017
Money Observer
30 December 2016

Value investing has been out of style as of late, despite it being the outperforming strategy when compared to growth investing over the long term. Orbis is featured in this article as specialists in value investing.

The multi-asset funds that have thrived and fallen in 2016
FE Trustnet
20 December 2016

Most multi-asset funds struggled in 2016 to beat the FTSE All World index. However, the Orbis Global Balanced Fund was one of just two funds in the relevant Investment Association sectors that comfortably outperformed the FTSE All World index as well as its benchmark.

Turnover troubles: Is trading frequency disclosure a triumph for transparency?
Money Marketing
12 December 2016

Orbis Investments has been disclosing annual portfolio net asset value turnover statistics for its OEIC funds. Director Dan Brocklebank feels the figure is “useful”, but needs to be put in context as it can vary from year to year.

It Works Because It Hurts: 4 Contrarian Stocks With Big Upside Potential
9 December 2016

Adam Karr, Managing Director at Orbis, sits down with Wallace Forbes in an interview to talk about Orbis’ investment philosophy and contrarian thinking.

Why it can pay to take a long-term view
Shares Magazine
8 December 2016

When it comes to investing, taking a long-term view is difficult especially when investors are exposed to news and images of Wall Street despair. Orbis Director Dan Brocklebank points out that it’s especially difficult to filter out from all of this noise what really matters over the long term. He suggests best approaches for investors.

November 2016
What can UK retailers expect from Black Friday?
Investors Chronicle
24 November 2016

Since the UK voted to leave the EU, a dark cloud has been cast over the resilience of consumer spending in Britain. But, Orbis’ Ben Preston believes the Brexit vote hasn’t harmed consumers’ willingness to shop, rather it had an impact on the value of currency.

FCA slams active managers and proposes single fund charge
Investors Chronicle
24 November 2016

Dan Brocklebank, director at Orbis Access, sees the new FCA report on fund fees as a wake-up call for the industry and a positive step in fund charge reforms. Orbis believes in a fee structure that shares losses as well as gains and says that investors should demand value for money from the fees they pay their managers.

Godfrey’s The People’s Trust reaches fundraising goals
Money Marketing
22 November 2016

The People’s Trust, the new fund to be launched by Daniel Godfrey, former chief executive of the Investment Association, has reached its minimum funding target and will be launched in the first half of next year. Orbis Investments is one of the fund’s first three investment managers.

Fund Manager Chat: Dan Brocklebank – Orbis Investments UK
Lipper Alpha Insight
4 November 2016

Our own Dan Brocklebank sits down with Jake Moeller, Head of Lipper UK & Ireland Research, and outlines his views on the key aspects of the active vs passive debate. Plus, he discusses the approach Orbis adopts in order to align investor interests with those of the fund manager. Have a listen!

The most consistent outperformers from the IA Global sector
2 November 2016

The Orbis Global Equity Fund is highlighted - alongside two other IA Global funds – following research by FE Trustnet indicating that they have “consistently sat in their sector’s upper deciles over recent years.”

The impact of shifting commodity prices
Investment & Pensions Europe
1 November 2016

Orbis’ Ben Preston talks about opportunities that slumping commodity prices can create for investors who are brave enough to take all the risks attached with investing in emerging market equities.

October 2016
Why investors should be really excited about market valuations
24 October 2016

Dan Brocklebank, director at Orbis Access, explains why investors should be excited about value stocks and under-the-radar opportunities at the moment rather than worrying about the strong performance of most major indices.

It is time for the Government to send out a clear signal that saving for the future is the right thing to do, says Jeff Prestridge
The Mail on Sunday
23 October 2016

Jeff Prestridge argues that the government should start encouraging people to save instead of allowing companies to push or encourage customers to increase spending and debt. He then goes into detail about The People’s Trust, an initiative started by Daniel Godfrey, former IA Chief Executive, and the merits of investment trusts. Orbis Investments is mentioned as one of the first three asset managers who are backing Godfrey’s initiative.

A home for real long-term investors: Former fund industry boss unveils his People’s Trust that aims for 7% a year return
23 October 2016

Daniel Godfrey, former chief executive of the Investment Association, plans to launch a low cost, long-term mutual fund called the People’s Trust. It will target a compound annual return of 7% and Godfrey is looking to crowdfund the set-up costs. Orbis Investments is one of three ‘supporting investment managers’ initially announced.

Is “pay for performance” the future for fund fees?
The Evidence-Based Investor
19 October 2016

Dan Brocklebank, director at Orbis Access, in an interview brings attention to lack of transparency in asset management, how the Orbis Access fee model works and his hopes for the future where more active managers move towards these sorts of fee models.

Orbis Access creates giant race track at Canary Wharf
Event Magazine
17 October 2016

Coverage of the Benchmark Rally event in Canary Wharf where we installed a giant race track to raise more awareness of Orbis Access and our fee model.

Money Box: Can children’s attitudes to money shape their adult financial lives?
BBC Radio 4
12 October 2016

Dr Elizabeth Kilbey, consultant clinical psychologist, who worked with us on the Kids’ Money Matters report, is on Money Box as a guest speaker discussing the topic of children’s attitudes to money and what influence it will have on their adult financial lives.

Godfrey says IA has kicked principles into ‘long grass’
FT Adviser
7 October 2016

An interview with Daniel Godfrey, former chief executive of the Investment Association, on his campaign for greater transparency in asset management. He also talks about performance fees and mentions our performance fee model – fast forward to 5min 40 sec into the interview to have a listen.

September 2016
Beware ‘the lower, the better’ mindset; investors should focus on other facts
FT Adviser
26 September 2016

Dan Brocklebank, director at Orbis Access, challenges the behaviour of investors who seek out fund managers offering lower fees, presuming that it is going to be better for them in the long run. He points out that if investors consider other fee structures, it may be more rewarding in the long run.

Expert editions vol 19: How to teach your children about the value of money
Motherhood: The Real Deal
22 September 2016

An interview with Dr Elizabeth Kilbey, consultant clinical psychologist and expert who analysed findings in the Orbis Access Kids’ Money Matters report, on the importance of teaching children about money. The interview covers area of how parents can start talking to kids about money, how to go about it in an age appropriate way and provides practical teaching lessons.

TV psychologist reveals how to educate your children about money
19 September 2016

Dr Elizabeth Kilbey, consultant clinical psychologist, provides tips on how parents can broach the subject of money with their children. She calls for more financial education in the UK, and says that financial education should really start at home. Dr Kilbey analysed findings in the Orbis Access Kids’ Money Matters, which found that kids have a keen awareness of money.

The tech stocks about to go super-size
The Telegraph
18 September 2016

Ben Preston provides his thoughts on technology firms and their future returns. He expresses concern over the valuations of stocks such as Facebook, Amazon, Netflix and Google. He says they are already priced to deliver continued rapid growth, so it may be hard for them to beat expectations.

Orbis Access names ex-OMI exec Bradshaw to head its UK retail biz
International Investment
13 September 2016

Announcement that Marcel Bradshaw will be joining Orbis Access in order to head our UK retail business as we are broadening the distribution of our funds to include third parties.

Milk costs £4, while teachers earn £1.1m: the world according to children
12 September 2016

The Orbis Access Kids’ Money Matters report is covered, along with its finding that there is a greater need to educate young children about finance. Practical tips for parents are also included. These are provided by Dr Elizabeth Kilbey, a consultant clinical psychologist, who features in the report.

Funds with performance fees come under fire
Financial Times
9 September 2016

Are performance fees suitable for retail investors? Dan Brocklebank, Director at Orbis Access argues that performance fees can align fund managers interests with investors better than a flat fee structure.

Questions raised over the value of fund performance fees
Financial Times
7 September 2016

Questions raised around performance fees and if they truly motivate fund managers to outperform. Dan Brocklebank, director at Orbis Access, is quoted saying that they can help ensure interests are aligned between clients and the manager, so long as they are structured well.

August 2016
Investor Views: “I Pay No Fees on my Son’s Junior ISA”
31 August 2016

A private investor tells Morningstar why she switched her child’s Child Trust Fund into an Orbis Access Junior ISA, in part because the Junior ISA comes with a fee offer on one year’s investment at zero cost.

Bonuses for fund managers – Good or bad?
The Evidence-Based Investor
26 August 2016

In light of coverage about fund manager pay, question is raised: do bonuses improve investor outcomes? Plus, the Orbis Access fee model is used as an example of one way of linking fund manager remuneration and the fees investors pay.

July 2016
Shares I Love: Rolls-Royce
Investors Chronicle
28 July 2016

Dan Brocklebank, director at Orbis, shares his views on why Rolls-Royce stock is worth holding over the long term due to high demand and barriers to entry for its jet engine business.

Who should pay for underperformance?
BL Global
21 July 2016

Orbis Access’ performance-based fee model is featured as an example of a fund fee that only charges if the fund outperforms. If it does, it goes halves, taking 50 percent of that outperformance. And when it underperforms, it refunds half the underperformance to its investors.

Ahead of the Curve: Fund managers must face fire too
Investment & Pensions Europe
1 July 2016

Orbis’ Matthew Spencer argues that poorly designed fee structures create a mismatch between manager and client interests. Instead, managers should design incentive structures that reward outperformance, penalise them for poor performance and overall be proportionate to the value that the manager has added to the client’s investment horizon.

June 2016
Asset managers move to Brexit-proof funds
5 June 2016

In the lead up to the British vote on EU membership, fund managers weigh in on whether they have made any contingency plans in case of a British exit. Dan Brocklebank, director at Orbis Access, says that any fund portfolio changes must come after the referendum, and not before.

May 2016
The global funds bucking the trend to make a good risk-adjusted return
31 May 2016

The average IA Global fund has performed poorly over the last eight years dodging the worst of the market's falls, according to FE Trustnet. Gary Jackson looks into which Global Funds have bucked the trend and have made good risk-adjusted returns. The Orbis Global Equity Fund finds itself on that list.

Funds’ lucrative entry fees under attack
25 May 2016

Entry fees that fund managers have been charging investors are under scrutiny by the FCA. Dan Brocklebank director at Orbis Access is quoted saying that entry fees are something that we are not comfortable charging our investors with.

April 2016
Opinion: "Fund managers are having far too much fun"
27 April 2016

When we do go active we need to support firms that really get the way the market is changing. I’ve written before about a few funds that are testing out performance fee-only models. But the one that has taken it to its most extreme is Orbis Access. They charge you nothing on their funds (they have two — Global Equity and Global Balanced) if they aren’t outperforming. No custody fees, management fees, admin, entrance or exit fees. Nothing. Instead they charge you 50 per cent of any performance over their benchmark when they beat it and pay you that money back when they don’t.

Why you should find a fund manager who doesn’t play golf
25 April 2016

The debate over hidden costs in the fund management industry continues, with the Orbis Access performance fee highlighted as a counterpoint.

Skipping a generation could be more tax-efficient
21 April 2016

Looking at Orbis Access research which highlights concerns grandparents have about how their grandchildren will get on the property ladder or fund their retirement.

What’s the prognosis for investing in China?
15 April 2016

As investors try to figure out what’s next for China, Craig Bodenstab, investment counsellor at Orbis, provides his opinion.

Monday Morning Memo: Softly spoken active funds
11 April 2016

Jake Moeller argues that the benefits of the active funds industry need to be articulated more strongly. Orbis' paper - Active Management: A Practitioner's Perspective is mentioned as a supporter of active funds.

Stampede into gold catches BlackRock out
10 April 2016

The volatile market conditions since the start of 2016 have helped prop up the gold price as investors look for a ‘safe bet’. Orbis Access director Dan Brocklebank provides his opinion.

March 2016
Active managers defend their performance record
24 March 2016

Looking at the debate as to whether fund managers can justify their fees when the majority of funds over the last five years have failed to beat their benchmarks. The Orbis Access offering is highlighted and supported with a statement from the Cass Business School talking about our fee model.

The UK’s ‘Super G’ grandparents give £6.4bn to their grandchildren
23 March 2016

Orbis Access' research into the generosity of UK grandparents, including the general belief amongst them that financial struggles and debt are the biggest threat to their grandchildren's future happiness.

Investor Views: “Comparing financial advice costs is tricky”
23 March 2016

A private investor tells Morningstar about the challenges of managing his own investments and pensions, while also putting something away for his grandchildren.

Global Equities: The end of a worldview
16 March 2016

Looking at the merits and logic behind geographical vs. sector-specific fund mandates. Orbis director Dan Brocklebank talks about the dangers of following investment fads, citing the dotcom crash.

Grandparents give cash rather than invest for their grandkids’ future
15 March 2016

An article based on Orbis Access research looking into “super generous” grandparents. It focuses on the underlying theme of gifting money to grandchildren for instant gratification, versus long-term investing for their future. Orbis Access director Dan Brocklebank is quoted, talking about using this generosity to sow the seeds of a savings habit.

Asset Management Fees: What’s the going rate?
1 March 2016

A look at the cost of running a successful asset management business and the fees charged. It also highlights Orbis’ alternative fee structure.

February 2016
The fund management fees you have to pay even if you lose money
27 February 2016

The poor performance of Chinese markets opens this piece about fees charged by funds during periods when investors are losing money. A study by the Cass Business School, commissioned by Orbis Access, is quoted. The study notes that only three funds available in the UK feature fees where the fund manager “bears some pain” during bad spells: Neil Woodford’s Patient Capital Trust and two from Orbis Access.

Family money questions answered
22 February 2016

Looking at some of the important money questions that families come across. Orbis director Dan Brocklebank is quoted talking about Junior ISAs and how much can be paid into them annually.

Investor Views: “If my Fund Manager doesn’t deliver, I don’t pay”
10 February 2016

Case study of private investor Bella Briant-Evans, who explains why she’s considering switching her two Child Trust Funds into Junior ISAs. She wants to build up a decent nest-egg for each of her three children. The youngest has a Stocks & Shares Junior ISA with Orbis Access. Bella is now considering switching the older two Child Trust Funds into Junior ISAs too.

Blog: Will the Super Bowl predict the US stockmarket?
5 February 2016

The Super Bowl Stock Predictor has correctly called the future direction of US stock markets 82% of the time over the pasts 49 years. That’s a pretty impressive hit rate, so how does it work? In fact, it’s just a bit of fun created to make the point that just because some things appear to be connected that does not always mean they actually are.

January 2016
Saving for your children's future
28 January 2016

Money may not be able to buy happiness, but research by Orbis Access shows that parents place a huge importance on their children’s future financial well-being. They clearly feel that being over-burdened with debt could overshadow all other aspects of their life. Indeed, debt is regarded as a bigger threat to their children’s future than making the wrong career choice or having an unhappy marriage.

October 2015
Check charges before you transfer a CTF
30 October 2015

According to the Investors Chronicle, “…there tends to be a much wider range of investment choices with stocks-and-shares JISAs than their CTF equivalents. Costs on JISAs also tend to be lower than on CTFs”.

Kames: Why we are buying back into emerging markets
13 October 2015

Orbis’ Ben Preston says, “…emerging markets are currently providing fertile ground for long-term investors: not just ‘despite’ being deeply out of favour, but perhaps even ‘because’ of it.”

Investment Trust Watch: mining & emerging markets turn corner
9 October 2015

Have we reached a turning point for emerging markets and mining investment trusts? Shares in these battered funds bounced back this week.

September 2015
Share buybacks are unlikely to move markets
30 September 2015

Orbis’ Dan Brocklebank says “…we find it much more interesting to look back and see who was repurchasing shares back in 2008-09 when stockmarkets were considerably lower than they are today.”

Fund managers split over whether mining is at rock bottom
20 September 2015

Although the sell-off has been especially tough on sector-focused funds, Orbis Investment Management is a more contrarian investor.

Shares I Love: PayPal
16 September 2015

Ben Preston, director of Orbis Investment and analyst on Orbis Global Equity Fund is backing the recently re-listed PayPal to deliver high growth over the long term.

August 2015
The FTSE recovers its losses – What can investors learn from this week?
28 August 2015

What has happened over the past five days or so further solidifies the argument that investors shouldn’t panic sell within their portfolios on the back of short-term market movements.

Japan: bouncing back or has Abenomics failed?
27 August 2015

News that Japan’s economy shrunk 0.4 per cent in the second quarter of the year has thrust the controversial topic of ‘Abenomics’ back in the spotlight.

Sellside reports are not the market
19 August 2015

In our view, the most reliable indicator of the “market view” is the company’s market value, or share price.

Trusts with performance fees smash rivals over long-term
12 August 2015

Data from FE Analytics shows UK trusts that charge a performance fee have delivered much better returns on average.

July 2015
A performance-linked model for fund fees
8 July 2015

How should we pay fund managers? At present, we pay them too much, to do the wrong things.

Greece says no to austerity package. Eurozone politicians consider the options but split between hardliners and compromisers
5 July 2015

Looking at the implications for investing, Orbis’ Dan Brocklebank says: “Situations like these are never pleasant for investors to stomach in the short term but they rarely have a long-term effect.’’

Greek referendum presents 'buying opportunity'
3 July 2015

Orbis’ Dan Brocklebank believes that times of panic like these can create opportunities for investors with a long-term perspective.

June 2015
Blog: Stop worrying about GDP
23 June 2015

Orbis’ Dan Brocklebank suggests taking a "bottom-up" view rather than investing based on the latest GDP reports.

The folly of forecasting
5 June 2015

As tempting as it may be to predict the future, history shows that many investors have an abysmal track record in doing so.

May 2015
Do investment fund charges need to be reviewed?
15 May 2015

What considerations determine fair pay for a piece of work? Perhaps the difficulty or importance of the job, or the worker's level of expertise, or maybe the amount of time and resources a job requires? If you visit a financial adviser, they might well charge a fee based on a percentage of your investment.

How to pick the perfect fund for you
10 May 2015

Orbis fund manager Dan Brocklebank enlists what he calls the "three Ps" checklist before investing – philosophy, process and people.

Orbis: The funds industry is still letting you down on fees
7 May 2015

Orbis’ Dan Brocklebank argues that better fee structures are needed to align managers’ interests with investors.

Fund manager interview: Orbis Access
6 May 2015

Orbis Access has launched retail funds with fees based purely on performance.

April 2015
Parents should beware risks of CTF-to-JISA transfers
10 April 2015

Moving assets from a child trust fund into a Junior ISA is a welcome move, but parents and guardians need to understand the risks and choices available, Dan Brocklebank has said.