Do the Orbis funds pay dividends?
It is anticipated that most of the total returns of the Orbis Funds will be earned from capital appreciation on their investments rather than from dividends or other income. As a result, investors should expect that in most years, after deduction of a Fund’s expenses, the Fund might not have any net income available for dividends. However, in years in which Funds earned net income and their gross income was in excess of 1% of the Funds’ net asset value, the Funds would distribute the net income to its investors. Such was the case with the Orbis Africa Equity (Rand) Fund, which distributed almost all its 2008 net income as a dividend on 22 January 2009.
It is anticipated that most of the total returns of the Orbis Funds will be earned from capital appreciation on their investments rather than from dividends or other income. As a result, investors should expect that in most years, after deduction of a Fund’s expenses, the Fund might not have any net income available for dividends. However, in years in which Funds earned net income and their gross income was in excess of 1% of the Funds’ net asset value, the Funds would distribute the net income to its investors.
