The Fund delivered a 0.68% Dollar return from the underlying Orbis Funds during the month compared to 0.69% for its benchmark. Over the last year the Fund has returned 7.1% in dollars vs its benchmark of 9.9%. The Global Fund of Funds invests in a balanced portfolio of Orbis equity and absolute return funds. The Fund remains overweight Asian and Japanese equities. The Fund has a relatively conservative 60% exposure to equities with the balance in absolute return funds.

The Fund delivered a 0.4% dollar return from the underlying Orbis Funds during the month compared to 0.8% for its benchmark. Over the last year the fund has returned 12.1% in dollars vs its benchmark of 9.3%. The Global Fund of Funds invests in a balanced portfolio of Orbis equity and absolute return funds. The Fund remains overweight Asian and Japanese equities. The Fund has a relatively conservative 59% exposure to equities with the balance in absolute return funds.

The Fund delivered a 2.6% dollar return from the underlying Orbis Funds during the month compared to 2.0% for its benchmark. Over the last year the fund has returned 11.3% in dollars vs its benchmark of 10.2%. The Global Fund of Funds invests in a balanced portfolio of Orbis equity and absolute return funds. The Fund remains overweight Asian and Japanese equities. The Fund has a relatively conservative 60% exposure to equities with the balance in absolute return funds.

Despite a negative dollar performance from the underlying Orbis Funds, the Fund of Funds 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 Global Fund of Funds has underperformed the Global Equity Feeder Fund for the last year. This is mainly attributable to the lower net equity exposure of the Fund of Funds (currently 59%) versus the Feeder Fund, which is fully invested in equities. The Global Fund of Funds invests in a balanced portfolio of Orbis' equity and absolute return funds. It remains overweight Asian and Japanese equities.

The Fund invests in a balanced portfolio of Orbis' equity and absolute return funds. Within equities, the Fund is very overwight Japan and other Asian equities and very underweight the USA. During the last 12 months, Asian equities have substantially outperformed US equities and this together with fundamentally driven share selection drove the Fund's outperformance of its benchmark. While Asian equities are still expected to outperform over the longterm, a near-term correction would not be surprising given the large recent increases in their prices. The Fund continues to hold an overweight position in Asian equities and given their long-term attractiveness, has a direct exposure to non-Japanese Asian equities.

The Fund invests in a balanced portfolio of Orbis' equity and absolute return funds. Currently, the Fund is underweight global equities as certain major stockmarkets (and especially the USA) are considered to be expensive. Within equities, the Fund is very overweight Japan and other Asian equities, and very underweight the USA. During 2005 Asian equities have substantially outperformed US equities and this together with fundamentally driven share selection drove the Fund's outperformance of its benchmark. While Asian equities are still expected to outperform over the long-term, a near-term correction would not be surprising given the large recent increases in their prices. The Fund continues to hold an overweight position in Asian equities (and increasingly non-Japanese Asian equities) given their long-term attractiveness.