Hedge Funds

Orbis closes to new investors

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Orbis Investment Management, the $6.1 billion Bermuda-based global equity shop, has closed its funds to new investors, effective March 17, and plans to use the time it will save in dealing with new investors to focus on operations.

Current investors and those who hold commitments to invest will still be allowed in, the firm said in a March 16 open letter to investors signed by Orbis president and portfolio manager William Gray. The letter further stated that Orbis aims to continue delivering superior long-term wealth creation and that "this goal is best served by temporarily closing the Orbis