4th October 2022
Orbis: Quarterly Commentary Orbis OEIC Global Cautious
The Global Cautious Strategy entered 2022 with its dollar exposure materially below that of its 30/70 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.

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