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Orbis Funds – certain changes

HAMILTON, BERMUDA: 4 February 2020 – In a filing with the Bermuda Stock Exchange, Orbis announced that the Board of Directors of each of Orbis Global Equity Fund Limited, Orbis Optimal SA Fund Limited, Orbis Institutional Funds Limited and Orbis SICAV has approved the following relevant changes:

 

1.    Orbis Global Equity Fund Limited

The Bye-Laws of Orbis Global Equity Fund Limited have been amended.  These amendments include making provision for refundable reserve fee share classes in the capital structure of this Orbis Fund.  Orbis Global Equity Fund Limited will now offer three new share classes available to eligible South African investors, namely a Shared Investor Refundable Reserve Fee Share Class, a Shared Investor Refundable Reserve Fee Share Class (A) and an AG Base Fee Share Class.  Details of the share classes are set out in the prospectus of this Orbis Fund available at www.orbis.com and a copy of the amended Bye-Laws may be obtained from the Investment Manager, Orbis Investment Management Limited. 

 

2.    Orbis Optimal SA Fund Limited

The Orbis Optimal SA Fund Limited will now offer two new share classes, namely a US$ Standard Share Class and a Euro Standard Share Class (A).  Additionally, the fixed fee charged in the Fixed Fee Share Classes will be reduced from 1.7% to 1.5% per annum.  Details of these share classes are set out in the prospectus of this Orbis Fund available at www.orbis.com.

 

3.    Orbis SICAV Emerging Markets Equity Fund and Orbis SICAV Japan Equity Fund

The Orbis SICAV Emerging Markets Equity Fund and Orbis SICAV Japan Equity Fund will now offer three new share classes available to eligible South African investors, namely a Shared Investor Refundable Reserve Fee Share Class, a Shared Investor Refundable Reserve Fee Share Class (A) and an AG Base Fee Share Class.  Details of the share classes are set out in the prospectus of the Orbis SICAV available at www.orbis.com. 

 

4.    Clarification on the ability to hold cash and amendments to the investment restrictions in the prospectuses of the following Orbis Funds: Orbis Global Equity Fund, Orbis Institutional Global Equity Fund and certain sub-funds of the Orbis SICAV, namely the Global Equity Fund, Japan Equity Fund and Emerging Markets Equity Fund (the “Relevant Orbis Funds”)

Amendments have been made to the investment restrictions applied by each of the Relevant Orbis Funds with two objectives, both of which relate to the investment approach of each of these Funds.  The first is to clarify the ability of the Relevant Orbis Funds to hold cash.  The second concerns the ability of the Relevant Orbis Funds to use exchange-traded derivatives.  The summary of each of these Relevant Orbis Fund’s investment and borrowing powers is set out in each Fund’s prospectus available at www.orbis.comand a complete copy of these restrictions may be obtained from the Investment Manager, Orbis Investment Management Limited.

 

Bermuda contact:

Orbis Investment Management Limited

Attn: Ms Katharine Summerley

Tel: (441) 296-3000

TRADING HOURS

08:30-09:00 Price Discovery
09:00-16:30 Continuous Trading

CONTACT DETAILS

TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619
Email: info@bsx.com

LOCATION

30 Victoria Street
3rd Floor
Hamilton, Bermuda

MAILING ADDRESS

P.O. Box HM 1369
Hamilton HMFX

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