For the year-to-date, the Fund has outperformed the World Index by 10%. Much of this outperformance has come from the overweight position in the Asia ex-Japan region. One of the reasons for the strong performance of this region is the more severe bear market experienced there. The region has thus performed well relative to other regions and compared to expectations. Orbis continues to maintain exposure in this region that is approximately three times that of the benchmark. Furthermore, it continues to find Greater China and Korean shares which offer superior investment opportunity when compared to the valuation and fundamental growth prospects of their global alternatives.

The Fund's return for the past 12 months to September 2009 was 22.8% in US dollars versus the return of 0.4% for the benchmark.

The Fund benefited from an overweight exposure to Asian markets, which is more than twice that of the benchmark. Despite the strong outperformance of Asian shares for the year thus far, Orbis' research continues to identify opportunities that compare favourably to those available in Western markets. Examples of these include companies exposed to domestic consumers such as SBI Holdings, which is an online Japanese broker, and Chinese online lifestyle companies Shanda and NetEase.

The Fund's return for the past 12 months leading up to June 2009 was -12.8% in US dollars versus the return of -28.5% for the benchmark.

The Fund has lowered its overall exposure to Japanese equities, down from 31% at the peak in December 2008 to 22% at the end of the first quarter. This reduction has resulted from a number of investment opportunities that have emerged outside of Japan and not from a change in the outlook for Japanese equities. Despite this lower weighting, Orbis continues to view the yen favourably with the belief that it presents one of the best stores of value among the major global currencies.

The return for the past 12 months leading up to March 2009 for the Fund was -39.8% in U.S. dollars versus the return of -42.3% for the benchmark.

Global stock markets had a positive return in December, but this nonetheless completes the worst year ever for the benchmark FTSE World Index. Global's recent good relative performance has been driven by its significant overweighting in the strenghtening yen and by the overweighting in, and outperformance of, the Japanese stock positions in the Fund. We continue to look for well managed, excellent businesses at attractive valuations, and find many such opportunities in Japan today.