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.
Chief Executive Pedro Pablo Cuevas has introduced performance-based pay to motivate employees, as well as new technology for the chain's data management systems.
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.