Overview
Firm Description
Orbis Investment Management (U.S.), L.P. (“Orbis”) is a fundamental, long-term, contrarian investment
adviser that limits its focus to U.S. equities. Orbis is a member of the global Orbis group of companies, which
was founded in 1989 (the “Orbis Group”). Orbis is based in San Francisco and was established in the United
States in 2007.
A majority of the beneficiary interests in Orbis are owned by Allan & Gill Gray Philanthropy Trust, a charitable
trust. Orbis and the Orbis Group are ultimately controlled by Allan & Gill Gray Foundation. Allan Gray was the
founder of the Orbis Group.
Advisory Services
Orbis has two clients:
Orbis is the portfolio manager of a limited partnership that invests primarily in U.S. equities (the
“Orbis U.S. Equity Fund”). The Orbis U.S. Equity Fund is a “3(c)(7) fund” restricted to investors who
are qualified purchasers or otherwise eligible under Section 3(c)(7) of the Investment Company Act
of 1940, as amended.
Orbis provides written investment recommendations regarding U.S. equity securities
to Orbis
Investment Management Limited, a member of the Orbis Group.
Orbis does not manage any separately managed accounts. The Orbis U.S. Equity Fund is not subject to an
individual investor’s investment restrictions, but the Fund is managed in accordance with the private
placement memorandum of the Fund.
Orbis tailors its advisory services to the specific investment objective and investment restrictions set forth in
the investment advisory agreement between Orbis and Orbis Investment Management Limited.
Orbis does not provide financial planning services and does not provide tax, accounting, or legal services or
advice, other than services provided to other members of the Orbis Group.
As of January 1, 2024, Orbis managed on a discretionary basis $196 million in assets, representing all the
assets of the Orbis U.S. Equity Fund. Orbis does not manage any assets on a non-discretionary basis over
which it provides continuous and regular supervisory or management services.
As of January 1, 2024, the Orbis Group managed approximately $36 billion in assets.