U.S. securities law and regulations restricts registered investment advisors (an agent) as to whom they may charge a performance-based fee.

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It is common for these funds to charge a performance fee, based on the success they have pursuing their investment strategy, in addition to an asset-based management fee, based on the amount of money provided by investors.

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Instead, Orbis' management fee is based on three-year rolling performance and ranges from 2.5% if the fund beats the index by a wide margin to just 0.5% if the fund similarly underperforms its benchmark over three years.

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