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Brett Moshal

Fund Manager: Brett Moshal

Classification: Equity

Company: Orbis Investment Management Limited

Company Profile

Orbis was founded in 1989 to provide clients with performance-oriented global investment management based on a fundamental, long-term, and contrarian philosophy. Our purpose is to make a difference for our clients through a focused range of Strategies. To support this purpose, we have structured our firm to align our interests with those of our clients. We recognise that if we do not add value for clients, our firm cannot.and should not.survive.

Headquartered in Bermuda, Orbis managers approximately $25 billion of assets and comprises over 400 professionals in London, Bermuda, Vancouver, Sydney, San Francisco, Hong Kong, Tokyo, Lausanne and Luxembourg.


We have invested in Japanese equities in our GlobalEquity Strategy since the early 1990s and in our Japan Equity Strategy since its inception in 1998. Our Equity Strategies aim to deliver higher returns than their benchmarks, without greater risk of loss. To do this, they are managed to remain fully invested in equities that trade at a discount to our assessment of their intrinsic value.

Our core skill is bottom-up stock selection based on rigorous fundamental analysis. Even if our analysis is correct, it may take years for a stock’s price to reflect its intrinsic value, so we focus on the long term and invest with a three- to five-year horizon. We recognise that even the best stockpickers are often wrong, so it is important to assess both risk and return. In our view, the key risk investors face is that of a permanent loss, and we believe the best way to mitigate this risk is to avoid overpaying for assets. By applying our fundamental, long-term, and contrarian philosophy in a disciplined way, we believe we can deliver superior returns with less risk of loss, ultimately making a positive difference for our clients.

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