The Fund delivered a 2.3% dollar return for the month compared to 1.3% for its benchmark. Over the last year the Fund has returned 12.7% in dollars versus the 15.2% return of its benchmark. The Rand weakness during the month resulted in a positive return of 11.0% in Rands for the month. The Fund remains overweight Asia and Japan, where it continues to find opportunities to invest in overcapitalised companies that are attractively priced in relation to their book values, although earnings remain depressed. In America, the markets are uncharacteristically too pessimistic on the growth prospects for some high quality companies. This is providing the Fund with additional opportunities.

The Fund delivered a 1.8% dollar return for the month compared to 0.8% for its benchmark. Over the last year the Fund has returned 15.6% in dollars versus the 14.8% return of its benchmark. The Rand strength during the month resulted in a negative return of -1.1% for the month. The Fund remains overweight Asia and Japan, where it continues to find opportunities to invest in over-capitalised companies that are attractively priced in relation to their book values, although earnings remain depressed. In America, the markets are uncharacteristically too pessimistic on the growth prospects for some high quality companies. This is providing the Fund with additional opportunities.

The Fund delivered a 3.5% dollar return for the month compared to 2.6% for its benchmark. Over the last year the Fund has returned 17.0% in dollars versus the 17.0% return of its benchmark. The Rand weakness during the month resulted in a negative return of -3.6% for the month. The Fund remains overweight Asia and Japan, where it continues to find opportunities to invest in over-capitalised companies that are attractively priced in relation to their book values, although earnings remain depressed. In America, the markets are uncharacteristically too pessimistic on the growth prospects for some high quality companies. This is providing the Fund with additional opportunities.

Despite the Orbis Global Equity Fund reporting a small negative Dollar return for the month, the Feeder Fund earned a positive Rand return due to the recent weakness in the value of the Rand. This illustrates the Rand hedge benefit of the Fund. The Fund remains overweight Asia and Japan, where it continues to find opportunities to invest in over-capitalised companies that are attractively priced in relation to their book values, although earnings remain depressed. In America, the markets are uncharacteristically too pessimistic on the growth prospects for some high quality companies. This is providing the Fund with additional opportunities.

The Fund returned 1.97% in Rand terms for the month, bringing the Rand return for the first quarter to 2.3%. The FTSE World Index benchmark returned 2.2% in Rands for the month, and 3.9% in Rands for the quarter. Measured in US Dollars, the Fund returned 5.4% for the first quarter versus the 7.0% of the benchmark. Overweight exposure to Japan and the rest of Asia resulted in the underperformance for the quarter. Shares within Asia remain attractive relative to world markets, given the improvement in corporate fundamentals and increased participation by retail investors in the stockmarket. Globally, after six years of price adjustment between value and growth stocks, there is now a good deal of valuation parity within markets. This provides an opportunity to purchase shares of companies with superior expected growth rates and earnings quality at undemanding valuation levels.

Since inception the Fund (in Rands) has returned 24.2% vs 14.6% for its benchmark the FTSE World Index. The Fund invests solely into the Orbis Global Equity Fund. While the Fund's historic strength in equity selection contributed materially to the outperformance achieved, its willingness to allow stock level fundamental research to drive its geographic deployment also contributed significantly in 2005. An emphasis on Japanese and other Asian equities, at the expense of those in the US contributed significantly to the outperformance. While Asian equities are expected to continue to outperform in the long-term, Orbis would not be surprised to see a near-term correction given the large recent increases in their prices.