orbis may reduce holdings, page-23

Guys

There has not been one ann from orbis advising that their holdings have reduced.

Below is an extract from their website. After reading it, you cant help but think of CER straight away.

I highly doubt Orbis has been selling.

Cheers


http://www.orbisfunds.com.au/

While Orbis has a distinct and enduring investment philosophy, it does not fit squarely into any of the popular categories of investment style. Our philosophy is not about investing in high or low growth, big or small, or strong or weak companies. Instead, we aim to invest in companies whose share prices do not reflect the intrinsic value of the underlying business.

While this investment philosophy remains constant, the type of companies whose shares we consider undervalued does change over time. At times, we find opportunities in high growth companies and at other times in low growth companies; depending on the prevailing investment consensus and whether we believe true value is being overestimated or underestimated. Portfolio holdings are concentrated in the shares of companies whose prospects are currently most underestimated by investors. So, while we are not contrarian for the sake of it, Orbis' portfolios are consistently exposed to stocks that other investors consider are deteriorating or are worse than average.

In summary, we are best described as contrarian, value-oriented managers investing for the long term.

Contrarian -We often find that the shares we are attracted to are disliked by others and that we are unlikely to find great investments in areas that other investors are excited about.

Value-oriented - We are not "value" managers in the sense of buying only stocks with low price/earnings ratios or avoiding companies with high growth. Rather, we focus on intrinsic value and buy shares which are selling at low prices, relative to their intrinsic value.

Long term - Because we believe it can take time for a company's intrinsic value to be fully reflected in its share price, we typically adopt a three to five year time horizon in our research and our funds tend to buy and hold.