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Orbis were ranked best performing manager in Mercer’s Australian Shares survey over the year to December 2010.

Orbis in Australia have been helping individual and institutional investors build their long-term wealth since 2003 via a range of Australian and global products.

Orbis is different

In investments, you cannot do what everyone else does and expect to outperform. Orbis has learnt that owning stocks that are out of favour, or simply ignored by the market, can result in outperformance.

Orbis (and its sister company in South Africa, Allan Gray) have been doing this for their clients on a consistent basis globally for nearly 40 years.

The Orbis Philosophy

Orbis’ investment philosophy does not squarely fit into any of the popular categories of investment style. The philosophy covers three main principles:

Offer Overview

Offer	Orbis/SM Australia Equity Fund
Minimum Investment	AUD25,000 or AUD500 per month with regular savings plan
Assets Under Management	Approximately AUD500 million (as at 28 Feb 11)
Issue Price	At the application price calculated daily
Disclosure... There are no commissions payable on this product
Documents & Links... Product Disclosure Statement Request a Product Disclosure Statement by Post Fund Factsheet - February 2011 Download Tips
Contact InvestSMART on 1300 880 160 for more information

Long Term
Orbis typically adopts a five to ten year horizon when it decides to invest in a share. Orbis focuses all its efforts on understanding the intrinsic value of a company, rather than to try and forecast the next share price move.

Fundamental
Orbis focuses their energies on the underlying business fundamentals such as competitive position, return on capital and sensible management rather than macro-economic variables like country specific growth rates or currency moves.

Contrarian
As an investor you are only likely to buy a share cheaply if there is a compelling reason for existing investors to sell the share to you. Therefore, the broking community often dislike the shares that Orbis invest in and the press widely vilify these shares. Being contrarian is the most difficult of investment disciplines, but is also the most rewarding over the long-term.

The Orbis/SM Australia Equity Fund aims to provide long-term investors with exposure to selected Australian shares:

Objective		The Fund aims to generate higher long-term returns for investors than the S&P/ASX 300 Accumulation Index.
Who should consider investing?		Any investor who: is looking for an actively managed unit trust portfolio of Australian equities. can afford to set aside AUD 500 a month for a savings plan or invest an initial lump sum of AUD 25,000. is able to remain invested for more than 5 years.
Investment manager		Orbis Investment Management (Australia) Pty Ltd is the fund's manager.
Ratings

This email address is not monitored. Please reply to admin@investsmart.com.au or call 1300 880 160.

Investors should read the Orbis/SM Australia Equity Fund’s Product Disclosure Statement dated 14 March 2011 (PDS) before acquiring, or continuing to hold, units in the fund. A PDS is available from www.orbisfunds.com.au or by contacting Orbis Client Services on 1300 604 604. Equity Trustees Limited, AFSL No. 240975, is the fund’s responsible entity, and Orbis Investment Management (Australia) Pty Ltd, AFSL No. 29848, is and the fund’s investment manager. This information has been prepared without taking into account anyone’s objectives, financial situation or needs and is not an offer to sell, or a solicitation to buy, units in the fund. If in doubt, you should seek professional advice.

S&P rating: To the extent that any ratings, opinions or other information of Standard & Poor’s Information Services (Australia) Pty Ltd (ABN: 17 096 167 556, Australian Financial Services Licence Number: 258896) (“Standard & Poor’s) constitutes general advice, this advice has been prepared by Standard & Poor’s without taking into account any particular person’s financial or investment objectives, financial situation or needs. Ratings can change or cease at any time and should not be relied upon without referring to the meaning of the rating. Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. For more information regarding ratings please call S&P Customer Service on 1300 792 553 and also refer to Standard & Poor’s Financial Services Guide at www.fundsinsights.com. Each analytic product or service of Standard & Poor’s is based on information received by the analytic group responsible for such product or service. “S&P” and “Standard & Poor’s” are trademarks of The McGraw-Hill Companies, Inc. © 2011 Standard & Poor’s Information Services (Australia) Pty Limited.

In relation to the displayed of the Zenith rating, Zenith Investment Partners (“Zenith”) ABN 60 322 047 314 rating (Recommended March 2011) referred to in this document is limited to “General Advice” (as defined by section 766B of Corporations Act 2001) and based solely on the assessment of the investment merits of the financial product on this basis. It is not a specific recommendation to purchase, sell or hold the relevant product(s), and Zenith advises that individual investors should seek their own independent financial advice before investing in this product. The rating is subject to change without notice and Zenith has no obligation to update this document following publication. Zenith usually receives a fee for rating the fund manager and product against accepted criteria considered comprehensive and objective.

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IMPORTANT : InvestSMART Financial Services Pty Ltd makes no recommendations as to the merits of any investment opportunity referred to in this email or its related websites. Before making any investment decision on the basis of any reports or information provided you must read the disclosure document and make your own investigations regarding the accuracy, reliability and completeness of this information. This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. All indications of performance returns are historical and can not be relied upon as an indicator for future performance.