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Orbis/SM Australia Equity Fund

Orbis provides access to an investment approach that has a proven track record of over 35 years.

The Orbis Group (and its sister company in South Africa, Allan Gray) have been helping individuals and institutional investors build their long-term wealth on a consistent basis globally for over 35 years.

Orbis is different

In investments, you cannot do what everyone else does and expect to outperform. Orbis has learnt that owning shares that are out of favour, or simply ignored by the market, can result in outperformance. This approach has resulted in a philosophy that covers three main principles:

Long Term – five to ten year horizon.

Fundamental – focus on the underlying business fundamentals.

Contrarian – shares invested in are often widely disliked. Being contrarian is the most difficult of investment disciplines, but also the most rewarding over the long-term.

Investors can access this expertise for as little as $500 if they set up a regular savings plan.

Minimum Investment:
AUD25,000 or AUD500 per month with regular savings plan

Assets Under Management:
Approximately AUD510 million (as at 30 Apr 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 - April 2011

Contact InvestSMART on 1300 880 160 for more information.

Current Investment Opportunities

Offer	Closing date
Commissioners Gold Limited	25/05/2011
Aspen Parks Property Fund	Open ended
BlackRock Concentrated Australian Share 1	Open ended
BlackRock Concentrated Australian Share 2	Open ended
BlackRock Index - Top 20	Open ended
BlackRock Property Securities Index	Open ended
BlackRock Resources	Open ended
Orbis/SM Australia Equity Fund	Open ended
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The Essential Guide to Picking the Direction of Shares

An educational booklet which covers analytical techniques on offer, common patterns and portfolio construction.

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The Essential Guide to Distance Education

An educational booklet with information on a range of delivery options for students who choose to complete further education over distance.

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Wilson HTM Priority Growth Fund

The Wilson HTM Priority Growth Fund is an actively managed portfolio of Australian growth companies which aims to exceed the return of the S&P/ASX Small Ordinaries Accumulation Index by 8.0%p.a. over rolling 3 to 5 year periods.

Perpetual Global Resources Fund

Participate in the demand for global resources and add further diversity to your portfolio through the Perpetual Global Resources Fund. Managed by Perpetual Investments, Money magazine’s Best Fund Manager 2011, the Fund offers the opportunity for long-term capital growth.

Most Popular Funds

Fund	3 Year Return	Morningstar Rating	S&P Rating
Ironbark Karara Australian Small Comp	14.79%
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Superannuation Funds

Fund	3 Year Return	Morningstar Rating	S&P Rating
Macquarie S/RO - World Equities	12.41%		Not Rated
Colonial FirstChoice W PSup - Colonial W Developing Companies	11.84%
Colonial FirstChoice W PSup - Celeste W Australian Small Companies	8.7%
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On Managed Fund Entry Fees

InvestSMART rebates 100% of entry fees and contribution fees on over 4,000 managed funds, saving you up to 6% of your investment and giving you the benefit of every cent you invest.

Chi-X open for competition

The Age 5/05/2011 | INVESTORS can expect to trade the biggest Australian stocks including banks and miners on a new trading platform operated by Chi-X as soon as October after the federal government yesterday formally ended the Australian Securities Exchange's decades-long monopoly.

State of debt easily managed

The Age 4/05/2011 | IT'S important to get the size of Victoria's debt problem into perspective to appreciate what Victorian Treasurer Kim Wells is doing, and not doing, with his first budget.

Reform at the blackboard

The Age 4/05/2011 | BY NOW, from the example of countries such as Finland, we have learnt that the quality and status of teachers has a lot to do with educational outcomes. So there will be applause for the Prime Minister's announcement yesterday that next week's budget will lay the foundations for a teacher bonus system, even if the first payments will not start flowing for almost three years.

More...

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. 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.

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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.