Firstly we don't know that Orbis are not still buying. Secondly they are a value manager, so even on the way down, this should not change their behaviour or their opinion on a particular stock i.e. CER.
They will rationalise to their investors that their holding period has not even been one year and that they are investing long-term for value, and that they are fully conversant with the risks of the investment.
In other words, nothing has changed for Orbis.
additional comments: From their perspective CER is an undervalued investment.
CER Price at posting:
6.0¢ Sentiment: None Disclosure: Held