It would be the second Australian fund for the Bermuda-headquartered fund manager, in addition to the Orbis/SM Australian Equity Fund.
"This fund will only invest when it sees an opportunity, so it will be completely out of the stock market for probably long periods of time," Orbis managing director Simon Marais said.
"It would be much lower risk than the Australian equity fund.
"Sometimes the stock market is
going to do 30 per cent and the fund will do five, but it is never going to do minus 30.
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"Its benchmark would really be cash, because a lot of years it is just going to do cash."
