Manager Research
all members of our manager research team have over ten years of investment experience.
The mandate on the Orbis SICAV Asia Ex-Japan Equity fund was broadened on the 1st of November 2016 to allow the fund to invest in the broader emerging markets universe, after only having focussed on the emerging Asia ex-Japan region previously.
Due to the change, the fund name has been amended to Orbis SICAV Emerging Markets Equity Fund. The benchmark which the fund will be measured against has now changed from the MSCI AC Asia Ex-Japan Index to the MSCI Emerging Markets index. In addition, where the fund was mandated to invest at least 80% of assets in Asia ex-Japan, the regional allocation is now defined as having emerging market exposure in excess of 90%.
This fund in its prior Asia ex-Japan mandate was given a Tier 1 rating. However, we see these changes as material and have placed the fund under review until we have had the opportunity to meet with the managers to discuss the changes. Specifically, we would like to get a better understanding on the team (individuals and structure) as well as Orbis’ capabilities in regions where they have historically had minimal exposure to such as Latin America and Eastern Europe.
We will advise clients on our opinion of the new fund in due course.
Change in mandate of the Orbis SICAV Asia Ex-Japan Equity fund
5 Jan 2017