4th October 2022
Orbis: Quarterly Commentary Orbis Global Balanced
The Global Balanced Strategy entered 2022 with its dollar exposure greatly below that of its 60/40 benchmark on an accounting basis. We much, much prefer to look at currency exposures on a fundamental basis—one that considers the location of a company’s assets, sales, and expenses, not just where its shares are listed. Shell, for instance, shows up as a pound asset, but its assets and revenues are mostly in other currencies, chiefly the dollar. On a fundamental basis, Global Balanced was still substantially underweight the dollar coming into this year.
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