Orbis Funds Market Announcement
In a filing with the Bermuda Stock Exchange , Orbis announced certain changes to Orbis Leveraged [US$] Fund Limited and the Orbis Leveraged Overlay Funds Limited.
The filing stated, “In a filing with the Bermuda Stock Exchange [“BSX”], Orbis announced that on 30 June 2014, the Board of Directors of Orbis Leveraged [US$] Fund Limited approved the removal of an investment restriction which required that the Fund should invest no less than 145% of the value of its net assets in other Orbis Funds.
“Accordingly, on 8 July, 2014, Orbis Leveraged [US$] Fund Limited was deleveraged and in consequence, both Orbis Leveraged [US$] Fund Limited and Orbis Leveraged Overlay Funds Limited [which is invested in Orbis Leveraged [US$] Fund Limited] have effectively become feeder funds, directly or indirectly [as the case may be] holding shares in Orbis Optimal [US$] Fund Limited, along with the associated currency hedging.”
