Commentaries: Contrarius

Your browser is out of date, and may not be compatible with our website. Please upgrade to the latest chrome, firefox, safari, opera or internet explorer.

By continuing with your current browser you acknowledge that your experience on this website may be degraded.

Your Country
Your Investor Type
I am a	Contrarius funds are only available to s in United Kingdom.
By clicking 'Accept' below, you confirm that: you are not a U.S. Person; and you have disclosed the country you are from and the investor type that best describes you.

A "Permitted Client" means any of the following:

A Canadian financial institution or a Schedule III bank;
The Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);
A subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of the subsidiary;
A person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer;
A pension fund that is regulated by either the federal Office of the Superintendent of Financial Institutions or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned subsidiary of such a pension fund;
An entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (e);
The Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada;
Any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;
A municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;
A trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation, as the case may be;
A person or company acting on behalf of a managed account managed by the person or company, if the person or company is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;
An investment fund if one or both of the following apply:
1. The fund is managed by a person or company registered as an investment fund manager under the securities legislation of a jurisdiction of Canada;
2. The fund is advised by a person or company authorized to act as an adviser under the securities legislation of a jurisdiction of Canada;
In respect of a dealer, a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility adviser, as defined in section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions, or an adviser registered under the securities legislation of the jurisdiction of the registered charity;
In respect of an adviser, a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser, as defined in section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions, or an adviser registered under the securities legislation of the jurisdiction of the registered charity;
An individual who beneficially owns financial assets, as defined in section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions, having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 million;
A person or company that is entirely owned by an individual or individuals referred to in paragraph (o), who holds the beneficial ownership interest in the person or company directly or through a trust, the trustee of 9 which is a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction;
A person or company, other than an individual or an investment fund, that has net assets of at least $25 million as shown on its most recently prepared financial statements;
A person or company that distributes securities of its own issue in Canada only to persons or companies referred to in paragraphs (a) to (q).

A "Professional Investor" means a person who is considered to be a professional client or may, on request, be treated as a professional client within the meaning of Annex II of the Markets in Financial Instruments Directive (Directive 2004/39/EC). Under Annex II of the Markets in Financial Instruments Directive, a professional client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. In order to be considered a professional client, the client must comply with the following criteria:

Categories of client who are considered to be professionals

Entities which are required to be authorised or regulated to operate in the financial markets. The list below should be understood as including all authorised entities carrying out the characteristic activities of the entities mentioned:
1. credit institutions
2. investment firms
3. other authorised or regulated financial institutions
4. insurance companies
5. collective investment schemes and management companies of such schemes
6. pension funds and management companies of such funds
7. commodity and commodity derivatives dealers
8. locals
9. other institutional investors
Large undertakings meeting two of the following size requirements on a company basis:
1. balance sheet total: EUR 20,000,000;
2. net turnover: EUR 40,000,000;
3. own funds: EUR 2,000,000.
National and regional governments, public bodies that manage public debt, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.
Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.

An "accredited investor" means any of the following:

a Canadian financial institution, or a Schedule III bank;
the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);
a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;
a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);
an individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph;
the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;
a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;
any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;
a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada;
an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1 000 000;
an individual whose net income before taxes exceeded $200 000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300 000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year;
an individual who, either alone or with a spouse, has net assets of at least $5 000 000;
a person, other than an individual or investment fund, that has net assets of at least $5 000 000 as shown on its most recently prepared financial statements;
an investment fund that distributes or has distributed its securities only to:
1. a person that is or was an accredited investor at the time of the distribution;
2. a person that acquires or acquired securities in the circumstances referred to in sections 2.10 of National Instrument 45-106 (NI 45-106) [Minimum amount investment], or 2.19 of NI 45-106 [Additional investment in investment funds], or
3. a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [Investment fund reinvestment].
an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;
a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be;
a person acting on behalf of a fully managed account managed by that person, if that person:
1. is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, and
2. in Ontario, is purchasing a security that is not a security of an investment fund.
a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded;
an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function
a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;
an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, or
a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Quebec, the regulator as an accredited investor.

For the purposes of the Securities and Futures Ordinance (“SFO”), “professional investor” means:

any recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company, or any person authorized to provide automated trading services under section 95(2) of the SFO;
any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;
any authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong
any insurer authorized under the Insurance Companies Ordinance (Cap. 41 of the laws of Hong Kong), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong
any scheme which:
1. is a collective investment scheme authorized under section 104 of the SFO; or
2. is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under the law of such place, is permitted to be operated under the law of such place.
3. or any person by whom any such scheme is operated;
any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (“MPFSO”) (Cap. 485 of the laws of Hong Kong), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485 subsidiary legislation), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of the MPFSO or who is an investment manager of any such registered scheme or constituent fund;
any scheme which:
1. is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (“ORSO”) (Cap. 426); or
2. is an offshore scheme as defined in section 2(1) of the ORSO and, if it is regulated under the law of the place in which it is domiciled, is permitted to be operated under the law of such place, or any person who, in relation to any such scheme, is an administrator as defined in section 2(1) of the ORSO;
any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;
except for the purposes of Schedule 5 to the SFO, any corporation which is:
1. a. a wholly owned subsidiary of:
  1. an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or
  2. an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong; or
2. a holding company which holds all the issued share capital of:
  1. an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or
  2. an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong; or
3. any other wholly owned subsidiary of a holding company referred to in subparagraphs (ii); or
any person of a class which is prescribed by rules made under section 397 of the SFO for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of the SFO, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of the SFO.

For the purposes of paragraph 10 above, the following persons are “prescribed”:

any trust corporation having been entrusted under the trust or trusts of which it acts as a trustee with total assets of not less than HKD$40 million or its equivalent in any foreign currency:
1. as stated in the most recent audited financial statement prepared: in respect of the trust corporation; and within 16 months before the relevant date;
2. as ascertained by referring to one or more audited financial statements, each being the most recent audited financial statement, prepared:
  1. in respect of the trust or any of the trusts; and
  2. within 16 months before the relevant date; or
3. as ascertained by referring to one or more custodian statements issued to the trust corporation:
  1. in respect of the trust or any of the trusts; and
  2. within 12 months before the relevant date;
any individual, either alone or with any of his associates on a joint account, having a portfolio of not less than HKD$8 million or its equivalent in any foreign currency:
1. as stated in a certificate issued by an auditor or a professional accountant of the individual within 12 months before the relevant date; or
2. as ascertained by referring to one or more custodian statements issued to the individual (either alone or with the associate) within 12 months before the relevant date;
any corporation or partnership having:
1. a portfolio of not less than HKD$8 million or its equivalent in any foreign currency; or
2. total assets of not less than HKD$40 million or its equivalent in any foreign currency, as ascertained by referring to:
3. the most recent audited financial statement prepared:
  1. in respect of the corporation or partnership (as the case may be); and
  2. within 16 months before the relevant date; or
4. one or more custodian statements issued to the corporation or partnership (as the case may be) within 12 months before the relevant date; and
any corporation the sole business of which is to hold investments and which is wholly owned by an individual who, either alone or with any of his associates on a joint account, falls within the description in paragraph (b).

Funds

Download Latest Commentary

Quarterly Commentaries	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009

Commentaries are issued quarterly and contain performance results, sector and geographic exposures and a detailed commentary.

Reports are issued quarterly and contain performance results, sector and geographic exposures, a detailed commentary as well as statements of net assets.

To view the Quarterly Reports, investors must add their investment account to their user profile by clicking on Add Account. Once the investment account is added to the user profile, select ‘Quarterly Reports’ from the Reports drop down menu.

The Contrarius Group Companies (“Contrarius”, “us” or “we”), understand that your privacy is important to you. Contrarius may process your personal data in their capacity as ‘data controllers’. We are committed to respecting your privacy and protecting your personal data. This Privacy Notice (“Privacy Notice”) describes how Contrarius collects, uses, discloses and protects your personal data, and your rights in relation to the personal data it holds.

The funds for which CIML is the appointed investment manager may have their own privacy notices, which set out how each fund and its delegates and their affiliates collect, use, disclose and protect the personal data of investors and potential investors in the fund. The relevant funds’ privacy notice can be accessed on the Contrarius website.

Contrarius will process your personal data in accordance with this Privacy Notice, unless such processing conflicts with the requirements of applicable law, in which case, applicable law will prevail. We may amend this Privacy Notice from time to time, to reflect any changes in the way that we process your personal data. This Privacy Notice supersedes any previous version of it which you may have had sight of.

By submitting your personal data to us, you acknowledge that:

You have read and understood this Privacy Notice and agree to the use of your personal data as set out herein.
Your personal data may be transferred and processed worldwide, including countries that may not be deemed to provide the same level of data protection as your home country, for the purposes and in the manner specified in this Privacy Notice.
All of your representations made when agreeing to the terms of use of the website to establish a user profile for the website are true and correct to the best of your knowledge and belief.

What information do we collect?

You are not required to provide any personal information on the public areas of the website; however, you may choose to do so in order to register a user profile to obtain access to certain parts of the website or when contacting us.

Contrarius may collect a range of information about you. This could include:

Contact information including first name, last name, telephone and fax numbers, e-mail address;
Personal characteristics such as date of birth and country of birth;
Government-issued Identification such as passports, national identity cards or tax identification numbers;
Where you have been granted access to protected parts of our website, your log in information;
In addition to the information you knowingly provide, we may collect certain technical information, including your Internet Protocol (IP) address used to connect your computer to our website. An IP address is an assigned number similar to a telephone number, which allows your computer to communicate over the internet.
Data from third parties during the investment process. This may include fraud and anti-money laundering (“AML”) checks, know your customer (“KYC”) screening and checks required due to sanctions and anti-terrorism laws.

This list is not exhaustive and Contrarius may collect more personal data where it is required.

Sensitive personal data is a subset of personal data and includes ethnicity, health, trade union membership, philosophical beliefs, sexual orientation, as well as other categories as prescribed by law. We do not seek to obtain such data unless permitted to do so by applicable laws.

Why does Contrarius process personal data?

We collect and use your data in order to provide our services to you, to communicate with you about them, to comply with our legal obligations or when necessary for the purposes of our legitimate interests in effectively managing our business operations.

Who has access to data?

Your personal data may be shared within the Contrarius Group or with certain third parties for the purposes set out above. We maintain processes designed to ensure that any processing of personal data by the Contrarius Group entities or third party service providers is consistent with this Privacy Notice and protects the confidentiality, availability, and integrity of your personal data.

In addition, Contrarius and/or the third parties may be required to disclose your personal data to the extent required by relevant regulatory, tax or foreign exchange authorities or law enforcement officials.

We will not sell your personal information or share it with third parties for use in marketing their products and services.

We may transfer your personal data outside the European Economic Area

Contrarius maintains physical, electronic and procedural safeguards to protect your non-public personal information. Even though we have taken significant steps to ensure that your personal information is not misused, you should know that we cannot fully eliminate security risks associated with personal information. The personal data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by individuals operating outside of the EEA who work for the Contrarius Group. This could include transfers of personal data to Jersey, Bermuda, Australia, South Africa, the UK and the USA. Certain countries may have different data protection standards to those which apply in the EEA. Where we transfer your personal data outside the EEA, we will ensure that it is protected in a manner that is consistent with how your personal data will be protected by us in the EEA in compliance with data protection law.

How does Contrarius protect data?

We take the security of your data seriously. We have internal policies and controls in place to ensure that your data is not lost, accidentally destroyed, misused or disclosed, and is not accessed except by our employees in the proper performance of their duties.

For how long does Contrarius keep data?

The retention period will be determined by the purpose for which we are using your personal data and any laws or regulation that may set a minimum or maximum period for which we have to keep your personal data.

Your rights

As a data subject, you have a number of rights.

You can:

access and obtain a copy of your personal data on request;
require Contrarius to change incorrect or incomplete data;
require Contrarius to delete of stop processing your data, for example where the data is no longer necessary for the purposes of processing; and
object to the processing of your data.

Please note that the above rights are not absolute, and we may be entitled to refuse requests where exceptions apply.

You can find out more about your rights under data protection legislation at https://jerseyoic.org/.

If you would like further information on how Contrarius uses your personal data, the exercise of any of the rights listed above or have a complaint, you may contact [email protected].

This updated Privacy Notice is effective 30 June 2025. If we change it, we will post a new version to: https://www.contrarius.com/InvestWithUs/Policies

Cookies Policy

What are cookies?

A cookie is a small piece of data (file of letters and numbers) that a website asks a visiting user to store on their device in order to remember information about them. Cookies contain information that is transferred to your computer’s hard drive when you first visit a site or page. We use the term "cookies" in this policy to refer to all files that collect information in this way.

Why do we use cookies?

We use cookies on our website to:

ensure our website functions correctly;
improve how our website performs;
tailor our website’s functionality based on your device type; and,
understand our audience to deliver content most relevant to each user.

What cookies do we use?

The cookies used on our website are based on the following categories:

Strictly Necessary cookies: These cookies are essential for our website to function and to allow you access to secure areas of our website. They also allow our website to remember choices you make (such as your selected investor country or investor type) to provide enhanced, more personal features.
Performance cookies: These cookies collect aggregated, anonymous data about how visitors interact with our website. This helps us improve functionality—for example, by ensuring users find content easily. These cookies are only set with your consent. If you do not allow these cookies we will not know when you have visited our website, and will not be able to monitor its performance.

Third Party Analytics

From time to time, we may use third-party web analytics tools to help us understand user interactions with our website. Third party cookies, such as those from Google Analytics, are used in these instances, which allows us to recognise, measure, and track users of our website. These tools use cookies to track user behaviors such as: pages visited, navigation patterns, interaction data, and device and browser information. These analytics help us improve the design, content, and functionality of our website.

You can read more about how data is used by our third-party providers here:

Google: https://policies.google.com/technologies/partner-sites

Managing your Cookie Preferences

When you visit our website, you will be presented with a cookie consent banner. You may choose to:

Accept all cookies; or,
Allow necessary cookies only.

You can update your choices at any time by clicking on the ‘Cookie Setting’ link at the bottom of our website pages.

You can also choose to accept or decline the usage of cookies by adjusting your browser settings. Cookie settings typically are found in the ‘Options’ or ‘Preferences’ menu of your browser. If you decline the use or prevent the usage of cookies on your browser, you may encounter problems accessing all or parts of our website.

For more information about cookies, including how to set your internet browser up to reject cookies, please visit: https://www.allaboutcookies.org/

This Cookie Policy applies to our website, mobile applications and emails, and forms part of our Privacy Notice.

We reserve the right to update this Cookie Policy. Any changes will be posted within this page and become effective immediately. Continued use of our website constitutes your agreement to all such updates. If you require any further information about Contrarius’ use of cookies, please contact us at [email protected].

Please read the Legal Statement and Terms of Use carefully. Your use of this website and email services is subject to your acceptance of and compliance with our terms and conditions. There are country specific terms and conditions which may also apply to your use of this website, depending on your country of residence. By using this website, you agree and accept all of the terms and conditions, including the processing of your information in accordance with our Privacy Policies and Notices. If you do not wish to be bound by these terms and conditions, please do not access this website.

LEGAL STATEMENT

The information contained on our website and email services is being made available for the benefit of the present investors in the Contrarius funds disclosed on this website (collectively referred to as “the Funds”) and such other persons expressly authorised by the Funds to receive such information, provided that such investors and other persons are not prohibited under the applicable laws of their citizenship, domicile or residence from receiving such information. No other persons are authorised by the Funds to receive such information.

The Funds are made available by prospectus or other offering or disclosure document(s) specified by applicable law only. Each Fund's prospectus/offering or disclosure document contains important information which you should read carefully before investing.

General Information & Risk Warnings

Investments in the Contrarius Funds involve risk and places your capital at risk. The value of investments may go down as well as up and investors may not get back the amount invested. Contrarius Funds’ share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. There is no guarantee that an investor's capital will be preserved. Where we provide information on past performance of the Funds, such information is not indicative of future performance. The Fund’s fees and expenses may offset any Fund’s gains or income and allocations are subject to change at any time.

Contrarius does not provide investment advice or personal recommendations. You agree to not rely on the information provided by the website as investment advice. You remain solely responsible for any decision to invest in the Funds. Please consider the Funds’ most recent prospectus, Key Investor Information Document, or other offering or disclosure document(s) , and seek your own independent financial advice tailored to your personal circumstances before deciding whether to invest in the Funds. You should not invest in the Funds unless you have fully understood the risks of such investment and independently determined whether the investment is appropriate for you.

Notice of non-solicitation

The information contained on our website is not intended to constitute an offer or solicitation of any securities to any person, and is not intended for distribution to anyone in any jurisdiction where such distribution is not authorised or to any person to whom it is unlawful to make such distribution. By proceeding to access the prospectus/offering or other disclosure document(s) and transaction forms for the Funds, users are representing and warranting that the law of the relevant jurisdiction allows them to access such information. This warning is made in addition to the investment warnings and important notices set out in the prospectus or other offering or disclosure document(s) Notwithstanding the foregoing, the Funds are not obliged to issue Fund Shares to any person and reserve the right, in their absolute discretion, to refuse any application for Fund Shares. Persons in receipt of the information contained herein are therefore required to inform themselves about and observe such restrictions.

The distribution of the information contained on our website and the offering of shares in the Funds is restricted in certain jurisdictions. Except as noted below, no action has been taken to permit either the distribution of this information or the offering of any of the shares of the Funds in any jurisdiction where action would be required for such purpose.

Australia

Fund units are not being offered, directly or indirectly to the public through our website. The offer to invest in a Contrarius Fund is made through the current Product Disclosure Statement and Reference Guide for the Fund. Disclosure documents for the Australian registered Contrarius Global Equity Fund and Contrarius Global Balanced Fund are issued by Equity Trustees Limited (ABN 46 004 031 298, AFSL No. 240975) (‘Equity Trustees’), as the Fund’s responsible entity or trustee. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).

This website has been prepared by Contrarius Investment Management Limited (‘Contrarius’) to provide you with general information only. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither Contrarius, Equity Trustees nor any of its related parties, their employees or directors, provide a warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product.

Australian resident investors should contact Contrarius’ distributor in Australia, Contrarius Investment Advisory Pty Limited, ABN 48 618 145 449, AFSL No. 506315 (‘Contrarius Australia’), at [email protected] for further information regarding the Fund.

Contrarius Australia’s privacy policy is available from www.contrarius.com.

European Economic Area

Only those sub-funds of Contrarius ICAV (an Irish UCITS fund) that have been notified to the competent authority of a relevant European Economic Area ("EEA") member state will be marketed in the EEA.

South Africa

Contrarius ICAV, comprising its Sub-Funds Contrarius Global Equity Fund and Contrarius Global Balanced Fund, have been approved for marketing in South Africa in terms of section 65 of the Collective Investment Schemes Control Act, 2002 by the South African Registrar of Collective Investment Schemes. South African residents interested in receiving a prospectus or other information on these funds should contact the authorised representative for those funds, Contrarius Investment Services (South Africa) (Pty) Ltd at [email protected]. Contrarius Investment Services (South Africa) (Pty) Ltd is a member of the Association for Savings & Investment South Africa. Contrarius Investment Services (South Africa) (Pty) Ltd (FSP48937), Contrarius Investment Management Limited (FSP42707) and Contrarius Investment Advisory Limited (FSP53817) are authorised financial services providers with the Financial Sector Conduct Authority of South Africa in terms of the Financial Advisory and Intermediary Services Act (“FAIS”).

United Kingdom

Relevant sections of the website are approved for issue in the United Kingdom by Contrarius Investment Advisory Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 22 Chancery Lane, London, WC2A 1LS. Contrarius ICAV is a recognised collective investment scheme under Section 264 of the Financial Services and Markets Act, 2000 of the United Kingdom, and the ICAV is therefore permitted by the Financial Conduct Authority to be distributed in the United Kingdom. The ICAV is available in the United Kingdom. Recognition or other approval does not mean that the regulator has determined that the ICAV is suitable for all investors. You should not invest in the Funds unless you have fully understood the risks of such investment and independently determined whether the investment is appropriate for you. In connection with the ICAV’s recognition under section 264 of the Financial Services and Markets Act, 2000, the ICAV maintains in the United Kingdom the facilities required of a recognised scheme pursuant to the rules contained in the Collective Investment Schemes Sourcebook published by the Financial Conduct Authority. The office of the UK Facilities Agent is at: 42 Brook Street, London, W1K 5DB. At these facilities a person may:

Inspect (free of charge) a copy (in English) of:
1. The registration order and IOI;
2. The latest version of the Prospectus;
3. The latest versions of the Key Investor Information Documents for the relevant Fund;
4. The latest annual and half-yearly reports most recently prepared and published by the ICAV;
Obtain a copy of the any of the above documents (free of charge);
Obtain information (in English) about the prices of Shares in the ICAV;
Submit redemption requests which the UK Facilities Agent will transmit to the Administrator of the ICAV; and
Make a complaint about the operation of the ICAV, which the UK Facilities Agent will transmit to the ICAV.

Further details on these facilities are set out under “UK Facilities Agent” on page 12 of Contrarius ICAV’s Prospectus. Most or all of the protection provided by the United Kingdom regulatory structure will not apply. The rights of Shareholders may not be protected by the Financial Services Compensation Scheme established in the United Kingdom.

United States of America

The information posted on our website is not intended and in no circumstances should it be regarded as an offer of sale of the Funds in the United States or to U.S. persons. Any offer and sale of Fund shares made in the United States will be made only in full compliance with US securities laws. Neither the Fund Shares nor the Funds themselves have been registered under any United States securities legislation and, except in a transaction which does not violate such legislation or require the registration of the Funds, the Fund Shares are not being offered, directly or indirectly, in the United States of America or in any of its territories or possessions or areas subject to its jurisdiction or to citizens or persons thereof. Any offer and sale of Fund shares made in the United States will be made only in full compliance with US securities laws.

TERMS OF USE

This website provides general information for the benefit of the present Investors in the Funds and such other persons expressly authorised by the Funds to receive such information, provided that such investors and other persons are not prohibited under the applicable laws of their citizenship, domicile or residence from receiving such information. No other persons are authorised by the Funds to receive such information. It may not be complete and up to date for your purposes. It is not intended as financial advice or as an offer, solicitation or recommendation of securities or other financial products. Only investors with appropriate knowledge and experience to evaluate the applicable merits and risks should consider an investment in the instruments discussed herein. If in doubt, you should obtain independent financial advice that addresses your particular investment objectives, financial situation and needs before making investment decisions. The information and materials contained on this website, including all terms, conditions, and descriptions are subject to change.

Our website is made available to you for your personal use only. The Funds and their agents (collectively "Contrarius") will provide you and your authorised users who agree to abide by our terms of use, as amended from time to time, with access to our website. Our terms of use in effect from time to time constitute the agreement between Contrarius, you and any users you have authorised relating to the access to our website. If you and your authorised users are provided with usernames and passwords, then you and your authorised users are solely responsible for protecting those usernames and passwords from disclosure to third parties and are not permitted to avoid the use of required encryption technologies. You must provide current, accurate identification, contact, and other information that may be required as part of the classification and/or registration process and/or continued use of our website. You will be liable for all losses that occur if your usernames or passwords are used to access services whether or not you authorized such use. You agree to discontinue use of our website if requested, for any security reasons cited by Contrarius.

The information provided in any e-mail sent by Contrarius is provided to the recipient only and for the information purposes of the recipient only. Such information is not intended for, may not, without the express consent of Contrarius, be distributed to, and may not be relied upon by, any other party, including without limitation, any advisory or other client of the recipient. Any such information will not constitute and may not be construed as (i) an offer to sell, or an invitation to purchase securities issued by any Fund or (ii) the provision of investment advice. Contrarius reserves the right to refuse service to anyone at any time without notice for any reason.

You agree that you are responsible for your own communications and for any consequences thereof. You agree that you will use our website in compliance with all applicable local, state, national, and international laws, rules and regulations, including any laws regarding the transmission of technical data exported from your country of residence. You shall not, shall not agree to, and shall not authorize or encourage any third party to: (i) use our website to upload, transmit or otherwise distribute any content that is unlawful, defamatory, harassing, abusive, fraudulent, obscene, contains viruses, or is otherwise objectionable as reasonably determined by Contrarius; (ii) upload, transmit or otherwise distribute content that infringes upon another party's intellectual property rights or other proprietary, contractual or fiduciary rights or obligations; (iii) prevent others from using our website; or (iv) use our website for any fraudulent or inappropriate purpose. Violation of any of the foregoing may result in immediate termination of access to our website and/or e-mail services, and may subject you to other legal consequences. Contrarius reserves the right to investigate your use of our website in order to determine whether a violation of our terms of use has occurred or to comply with any applicable law, regulation, legal process or governmental request.

Content

The website's purpose is only to provide general information or factual information regarding your investment with Contrarius (if applicable). The website does not take into account your particular circumstances, investment objectives or the investment needs of any user. The information in our website or the content provided through e-mail services, including, without limitation, all research, opinions or other content, is not intended to, nor does it, constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Before making any decision or taking any action which might affect your personal finances or business you should consult your own professional advisors.

The information and content contained on our website or received through e-mail services is relevant as of the dates expressly stated therein and no implication is being made that there has been no change in such information subsequent to such dates. The information is subject to change without notice.

Changes are periodically made to the information on our website or the content provided through e-mail services and these changes will be incorporated in new editions of our website. Contrarius expressly reserves the right, in its sole and absolute discretion, to alter or amend any criteria or information set out in our website without notice.

Our website may now, or hereafter from time to time contain certain statements or information with respect to the projection of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items; or the plans, objectives and/or projections of Contrarius for future operations; or future economic performance. Contrarius wishes to caution you that such projections are only predictions and that actual events or results may differ materially. Contrarius is an active manager and any statement that relates to a specific issuer should not be treated as a representation that Contrarius is pursuing any particular trading strategy. In particular, where the website or the content received through e-mail services provides commentary on securities, financial instruments, indices, financial products or indicators, or economic conditions, it is done in the context of investment decisions for the Funds. It is not intended to be, and it should not be construed as, a recommendation to (or not to) deal in the particular security, index or financial instrument. Contrarius may be buying or selling any securities or other financial instrument discussed.

Disclaimer

Our website, content provided through e-mail services and the information contained therein are provided "as is" and your use of our website and the information contained therein is entirely at your own risk. You assume full responsibility and risk of loss for the investment decisions, results obtained, regulatory reports and statements produced using our website and the information contained therein, including your account information. Neither Contrarius, its affiliated companies, holding companies, subsidiaries or subsidiaries of its holding companies, or their shareholders, agents, consultants, officers, directors or employees will be liable for any damages whatsoever relating to the use of our website or the information contained therein, including, without limitation any direct, indirect, special, incidental, consequential or punitive damages, whether in an action arising out of contract, statute, wrongful conduct or otherwise.

Contrarius expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security and accuracy. Any warranty implied by law is hereby excluded except to the extent such exclusion would be unlawful. Contrarius disclaims all liability from the availability, timeliness, security or reliability of our website, e-mail services and the information contained therein. Contrarius will not be responsible or liable for the exercise or non-exercise of its rights under these terms.

Without limiting the generality of the foregoing: (i) Contrarius does not warrant that our website, the content provided through e-mail services or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality; and (ii) while Contrarius has taken reasonable measures to ensure the integrity of our website, the content provided through e-mail services and the information contained therein, no warranty, whether express or implied is given that any files, downloads or applications available via our website are free of viruses, trojans, time-locks or any other data or code that has the ability to corrupt or affect the operation of your system.

Modification of Terms of Use

Contrarius reserves the right to suspend, terminate or modify our website, e-mail services or these terms of use at any time without notice. Any changes to the Terms of Use will appear in this document, which you can access at any time by selecting the "Legal Statement" hyperlink displayed on our website. Your usage of our website after the changed terms of use have been posted, will constitute your acceptance of the changed terms of use.

Ownership & Copyright

Contrarius maintains all copyrights in the text, graphic images and logos contained in this website. You may download or print hard copy of individual pages and/or sections of the Contrarius website provided you do not remove any copyright or other proprietary notices. Any download or copy from the Contrarius website will not transfer title to any software or material from Contrarius. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the Contrarius website without Contrarius’ prior written consent.

Without derogating from the foregoing, Contrarius hereby authorises you to view, copy, download to a local drive, print and distribute the content of our website, or any part thereof, provided that: (i) such content is used for your information purposes only; (ii) such content is used for non-commercial purposes and you and your authorised users are expressly prohibited from incorporating any material of Contrarius proprietary material from our website or provided through e-mail services in any other work, publication or website either of your own or belonging to any third party; and (iii) any reproduction of Contrarius proprietary material from our website or portion thereof must include this notice in its entirety.

The trademarks and logos displayed on our website are registered and unregistered trademarks of their owners. Nothing contained on our website or in content provided through email services should be construed as granting any licence right to use any trademark without written consent of the owner thereof. No right, title or interest in any proprietary material contained in our website is granted to you hereunder.

Third party sites

The Contrarius website may contain external links to third party websites for your convenience. Contrarius makes no representation or endorsement as to their content. Your use of or reliance on any external links provided is at your own risk.

Permission for hyperlinks

No person shall be entitled to link to a website or any web pages of this website without prior written consent of Contrarius.

Privacy, Confidentiality & Information Security

Contrarius subscribes to internationally recognised standards of personal privacy protection, complying with the requirement of the Data Protection (Jersey) Law 2018. Please refer to www.oicjersey.org for further details and guidance. We are committed to protecting the security of your personal information. Even though we have taken significant steps to ensure that your personal information is not misused, you should know that we cannot fully eliminate security risks associated with personal information.

In order to provide its services to users, Contrarius shall process any personal data it holds in accordance with its Privacy Policies and Notices and applicable data protection legislation and may use agents and other third-parties in Jersey and elsewhere to hold or process personal data or other confidential information. As a user and party to these terms it is an express term that you agree to the transfer, holding and processing of such personal data and other confidential information in this way and agree that your use of this website is subject to the Contrarius Privacy Policies and Notices. Contrarius does not sell, rent, loan, trade or lease any personal information collected, including application forms, financial data or email addresses.

Contrarius will disclose otherwise confidential personal data and confidential information if it is compelled to do so by laws and regulations applicable to it and/or its agents, and whether in Jersey or elsewhere.

The use of cookies

This website uses cookies to ensure site functionality, enhance your experience, tailor content and analyse site usage. Some cookies are necessary for the website to function; others are optional and help us improve our services. You can learn more about cookies in the Contrarius Privacy Notice.

The cookies used on our website are based on the following categories:

Strictly Necessary cookies: These cookies are essential for our website to function and to allow you access to secure areas of our website. They also allow our website to remember choices you make (such as your selected investor country or investor type) to provide enhanced, more personal features.
Performance cookies: These cookies collect aggregated, anonymous data about how visitors interact with our website. This helps us improve functionality—for example, by ensuring users find content easily. These cookies are only set with your consent. If you do not allow these cookies we will not know when you have visited our website, and will not be able to monitor its performance.

From time to time, we may use third party web analytics tools to help us understand user interactions with our website. Third party cookies, such as those from Google Analytics, are used in these instances, which allows us to recognise, measure, and track users of our website. These tools

These tools use cookies to track user behaviors such as: pages visited, navigation patterns, interaction data, and device and browser information. These analytics help us improve the design, content, and functionality of our website.

You can read more about how data is used by our third-party providers here:

Google: https://policies.google.com/technologies/partner-sites

Managing your Cookie Preferences

When you visit our website, you will be presented with a cookie consent banner. You may choose to:

Accept all cookies; or,
Allow necessary cookies only.

You can update your choices at any time by clicking on the ‘Cookie Setting’ link at the bottom of our website pages.

You can choose to allow all cookies or to use necessary cookies only. You can update your choices at any time by clicking on the Cookies link at the bottom of our website pages.

For more information about cookies, including how to set your internet browser up to reject cookies, please visit: https://www.allaboutcookies.org/

Sources

"MSCI" is a trademark of MSCI Inc. and is used by Contrarius Group under licence. The MSCI information (1) may not be redistributed or used as a component of a financial product or index; (2) does not constitute investment advice; and (3) is provided on an "as is" basis with each of its users assuming the risk of his/her use. MSCI and related parties expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. None of those parties shall have any liability for any damages (whether direct or otherwise).

J.P. Morgan Global Government Bond Index (the “GBI Global Index”): Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The GBI Global Index is used with permission. Copyright 2024, J.P. Morgan Chase & Co. All rights reserved. The 60/40 Index may not be copied, used, or distributed without prior written approval.

Average Fund data source is Morningstar Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The FTSE/JSE Capped All Share Index and FTSE/JSE All Bond Index are calculated by FTSE International Limited (“FTSE”) in conjunction with the JSE Limited (“JSE”) in accordance with standard criteria. The FTSE/JSE Capped All Share Index and FTSE/JSE All Bond Index are the proprietary information of FTSE and the JSE. All copyright subsisting in the values and constituent lists of the FTSE/JSE Capped All Share Index and FTSE/JSE All Bond Index vests in FTSE and the JSE jointly. All their rights are reserved.

Benchmarks and indexes are shown for illustrative purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the Funds.

Transmission of Information

Your attention is drawn to the fact that information transmitted via the Internet, including without limitation e-mail, is susceptible to monitoring and interception. Contrarius disclaims any liability for the interception or monitoring of, or access to, such information by any person. Contrarius requests that no unsolicited confidential or proprietary information be sent to Contrarius. Any such unsolicited information or material sent to Contrarius will be deemed not to be confidential, unless otherwise agreed in writing by Contrarius.

Your Account

Adding your investment account to your user profile or requesting account information constitutes and shall be deemed to be an acceptance of the following terms:

You and your authorised users agree to observe the remote access operating standards and procedures and username or other password control requirements and other security procedures as may be issued from time to time by Contrarius for you to access your account.

You and your authorised users are exclusively responsible for maintaining the confidentiality of your Contrarius user profile, password, account numbers and any other personal or security information required to access your account.

The linking of your account information to your user profile on our website will involve the transmission and storage of personal or security data including account numbers and personal identification numbers. You agree to notify Contrarius without delay if you have reason to believe that others may have gained unauthorised access to your personal user profile or other personal data. For more information please see the Privacy Policy.

We will presume any person that possess the required information to pass through all security measures to be you or your authorised representative. You agree that all information that you may provide to us and the Fund Administrators is complete and true and the telephone number and e-mail address at which you may be reached to discuss any correspondence submitted to us via our website or by email is valid and current. You also agree to advise us promptly of any changes in your personal information.

Apex Fund Services (Ireland) Limited in Ireland is the administrator of Contrarius ICAV. BNP Securities Services in Australia is the administrator of the Australia registered Contrarius Global Equity Fund and Contrarius Global Balanced Fund. Boutique Collective Investments is the administrator of the Contrarius BCI South Africa Funds and BCI Contrarius Feeder Funds. The administrators are the initial source of most of your account information provided on our website. This information is input into a Contrarius database and accessed from that database for use by our website. Other information is developed by Contrarius. There may be periods when your account information is inaccessible, or when delays, omissions or inaccuracies occur in your account information provided on our website. You agree to advise us promptly if you are aware of any discrepancies in the information we hold for you.

You agree to use your user profile information only in connection with the proper purposes of our Terms of Use. You will not, and will cause your authorised users not to: (i) permit any third party to use our website to access your account; (ii) sell, rent, license or otherwise use your account information on our website in the operation of a service bureau or for any purpose other than as expressly authorised; (iii) use your account information on our website for any other fund, trust or other investment vehicle without the prior written consent of Contrarius; or (iv) allow or cause any information transmitted from Contrarius’ databases, including data from third party sources, available through use of our website, to be published, redistributed or retransmitted for other than use for or on behalf of yourself, as a member of Contrarius.

General Provisions

Any views expressed reflect the current views of Contrarius and do not necessarily represent the view of any other members of the Contrarius Group. The views expressed may change without notice or liability.

Contrarius maintains the highest possible professional standards in its dealings with clients and complies with, and expects its clients to comply with, all relevant laws including those relating to money laundering.

Contrarius and/or its appointed agents reserve the right to record telephone conversations. Access to records is highly restrictive.

You and your authorised users may not assign or delegate any of your rights or obligations under our terms of use without the prior written consent of Contrarius, which consent may be withheld in its absolute and sole discretion. Any purported assignment or delegation without such consent shall be null and void. Nothing in this Agreement shall be deemed to confer any third party rights or benefits.

These terms of use, your rights and obligations, and all actions contemplated by these terms of use (and any non-contractual obligations arising out of or in connection with them), shall be governed by the laws of Jersey, as if these terms of use were a contract wholly entered into and wholly performed within Jersey.

If any provision in these terms of use is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect.

Website operator

With the exception of fund specific pages and fund specific information which are operated and maintained by the relevant Contrarius Group entity as set out below, this website is operated and issued by Contrarius Investment Management Limited, a private company incorporated in Jersey (Company No. 100697) and is authorised and regulated by the Jersey Financial Services Commission (Reference No. FSB1906) for the purpose of carrying on funds services business. Correspondence in relation to Contrarius Investment Management Limited's business can be addressed to 2 Bond Street, St Helier, Jersey, JE2 3NP, Channel Islands or [email protected].

With the exception of fund specific pages and fund specific information which are operated and maintained by the relevant Contrarius Group entity as set out below, this website constitutes a financial services advertisement within the meaning of the Financial Services (Advertising) (Jersey) Order 2008 (the 'Order') and Contrarius Investment Management Limited is the issuer of such advertisement for the purposes of the Order.

SOUTH AFRICA

If you are resident in South Africa, the following terms and conditions should be read in conjunction with the above terms and conditions, which shall be equally applicable.

Terms of use: Contrarius Investment Services (South Africa) (Pty) Limited and its subsidiaries, affiliates, principals and employees (“Contrarius South Africa” or “us” or “we”) do not, subject to applicable law, guarantee the accuracy, validity, timeliness, completeness or suitability of any information or data made available to you through this website. The information contained on this website is compiled for the convenience of website visitors and is accepted by the website visitor on the condition, where permitted by applicable law, that errors or omissions (apart from errors and omissions caused by willful intent or gross negligence) shall not be made the basis for any claim, demand or cause of action. The views expressed herein do not necessarily reflect the views of Contrarius South Africa nor do they constitute investment, tax, legal or any other advice. You must speak to a financial advisor or other appropriate professional advisor if you wish to obtain investment advice. The views reflected herein are subject to change without notice. We will use reasonable endeavours to update the information contained on this website but we are under no obligation to update the content of this website except where required by regulation or applicable law. Contrarius South Africa reserves the right to modify or amend these Terms of use at any time, for example to comply with new or updated laws or regulations. You agree to monitor these Terms of use and to cease all access or use of this website if you no longer agree to abide by the Terms of use. Your continued use of the website shall constitute acceptance of any modifications. Information on this website may be provided in more than one language. By continuing to use this website you are consenting to us communicating to you in this way.

We may modify, withdraw or deny access to this website at any time.

Information contained on this website is published in good faith and while Contrarius South Africa takes reasonable steps to ensure its accuracy, subject to applicable law, we disclaim all warranties, express or implied, including, but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose, for the information provided on this website. The use of this website is at your own risk. Where permitted by applicable law, Contrarius South Africa will not be liable (except for damages or injuries arising out of Contrarius South Africa’s willful intent or gross negligence) for any damages or injuries arising out of your use of any such information or data, including without limitation, damages relating to any (i) error, omission, interruption, information being out of date, delay in operation or transmission, (ii) computer virus, worm, “trojan horse” or other malicious software, (iii) failure or defect in any communication facilities, hardware or software, (iv) theft and destruction or unauthorised access to, alteration of, or use of information, or (v) damages or injuries arising from links to other websites.

Decisions based on information contained on this website are the sole responsibility of the user, and in exchange for using this website, the user agrees to hold Contrarius South Africa harmless against any claims for damages arising from any decisions the user makes based on such information.

The services, investments or products referred to on this website are not available to persons resident in any jurisdiction where such availability or distribution would be contrary to local law or regulation. This website is designed for information purposes only and, subject to applicable law, does not constitute a solicitation, a recommendation or offer by Contrarius South Africa to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or service. Visitors should not use this website as their sole source of information on investments.

You should not rely on the information contained in this website to make any investment. Whilst we try and ensure the information contained on the website is accurate and up to date, we cannot be responsible for any inaccuracies in the information. Any application for our products should be made only after consultation with your legal, tax and financial advisors and review of the applicable prospectus, Key Investor Information Document, Key Information Document, Minimum Disclosure Document & General Investor Reports or other offering or disclosure document(s) and terms and conditions applicable to such products. You should not invest in the Contrarius Funds (the “Funds”) unless you have fully understood the risks of such investment and independently determined whether the investment is appropriate for you. Any information, including the prospectus, Key Investor Information Documents, Key Information Document, Minimum Disclosure Document & General Investor Report or other offering or disclosure document(s), in respect of applications can be obtained from the local office or local representative of Contrarius.

Investments in the Funds involve risk and places your capital at risk. The value of investments may go down as well as up and investors may not get back the amount invested. Fund share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. There is no guarantee that an investor's capital will be preserved. Where we provide information on past performance of the Funds, such information is not indicative of future performance. The Fund’s fees and expenses may offset any Fund’s gains or income and allocations are subject to change at any time.

Tax treatment depends on individual circumstances and may be subject to change in the future. Potential investors should seek their own financial and tax advice.

Contrarius Investment Management Limited (“Contrarius”) (FSP42707) is an authorized financial services provider with the Financial Sector Conduct Authority of South Africa in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”). Contrarius Investment Services (South Africa) (Pty) Ltd (“Contrarius South Africa”) (FSP48937) is an authorized financial services provider with the Financial Sector Conduct Authority of South Africa in terms of FAIS, and is a member of ASISA. Contrarius and Contrarius South Africa are not authorized to and do not provide financial advice. In providing investment management services to the Contrarius South Africa Funds, Contrarius South Africa utilises advice from Contrarius Investment Advisory Limited. Contrarius Investment Advisory Limited (FSP53817) is an authorized financial services provider with the Financial Sector Conduct Authority of South Africa in terms of FAIS. No information contained on this website should be construed or relied upon, as advice. If you require financial and/or investment advice, please engage the services of an independent financial adviser.

Fund Information

Contrarius BCI South Africa Funds

Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) is approved by the Financial Sector Conduct Authority (“FSCA”) . BCI is registered Manager of the Boutique Collective Investments Scheme, approved in terms of the Collective Investments Schemes Control Act, No 45 of 2002 (“CISCA”) and is a full member of the Association for Savings and Investment South Africa (“ASISA”). Contrarius BCI SA Equity Fund, Contrarius BCI Equity Fund and Contrarius BCI Balanced (together, “Contrarius BCI South Africa Funds”) are co-named portfolios of the Boutique Collective Investment Scheme. BCI has appointed Contrarius South Africa as Investment Manager of the Contrarius BCI South Africa Funds. While the Manager appointed Contrarius South Africa as its authorised agent to solicit investment and to manage the co-named funds, the Manager retains full legal responsibility for the co-named funds. The relationship between the Manager and Investment Manager is governed by CISCA, the scheme deed, and formal written agreements. South African residents interested in receiving information on the Contrarius BCI South Africa Funds should contact the Investment Manager, Contrarius South Africa at [email protected].

BCI Contrarius Feeder Funds

BCI Contrarius Global Equity Feeder Fund and BCI Contrarius Global Balanced Feeder Funds (together, “BCI Contrarius Feeder Funds”) are co-named portfolios of the Boutique Collective Investment Scheme. BCI is the Manager and Investment Manager of the BCI Contrarius Feeder Funds. A feeder fund is an investment vehicle that invests in a single portfolio of a CIS scheme and levies its own charges, which could result in a higher fee structure for investors in the feeder fund. South African residents interested in information on the BCI Contrarius Feeder Funds the Manager at [email protected], or the authorised representative of the BCI Contrarius Feeder Funds, Contrarius South Africa at [email protected].

Contrarius ICAV

Collective Investment Schemes (“CIS”) are generally medium- to long-term investments. The value of units may go down as well as up and past performance is not necessarily a reliable indicator of future performance. Movements in exchange rates may also cause the value of underlying international investments to go up or down. It is therefore important to understand the risks involved before investing. Contrarius provides no guarantee with respect to capital or the Funds returns. It is therefore important to understand the risks involved before investing. The Funds are priced daily. Funds may be closed to new investments at any time in order for them to be managed according to their mandates. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Commissions and incentives may be paid by investors to third parties and, if so, would be included in the overall cost. A schedule of fees, charges and maximum commissions is available on request, at no charge, from Contrarius. The Funds may invest in foreign securities. Depending on their markets, trading in those securities may carry risks relating to, among others, macroeconomic and political circumstances, constraints on liquidity or the repatriation of funds, foreign exchange rate fluctuations, taxation and trade settlement.

Data Protection and Privacy

Contrarius South Africa may require your personal details, such as your name and contact details, to be captured on this site for communication purposes. Any personal data input from users on this website will be processed for a specified purpose. You agree to give your consent to process your personal data for the purpose so specified on this website. Please note that where required by applicable law, we may be required to disclose your personal data to any person so authorised by law. Any comments posted on our website will be treated as non-confidential information, and we will be within our rights, to use the information as we deem appropriate.

While Contrarius South Africa takes all reasonable, appropriate, and technical safety measures to protect your personal data, we offer no guarantee that your personal data will be protected from unauthorized access, in the realm of cyberspace. You agree that you input your personal data on this website voluntarily, consensually and at your own risk. You agree that Contrarius South Africa will not be held liable for any unauthorised access to your personal data captured on this website. In terms of applicable data protection laws in the Republic of South Africa, you have the right to access your personal data stored on this website or have incorrect personal data contained on this website corrected. Please contact Contrarius South Africa should you wish to access or correct your personal data captured by you and displayed on this website.

Complaints

Should you have any complaints pertaining to any information, images or audio material contained on this website, you may lodge a formal complaint to contact Contrarius South Africa. Please refer to our Complaints Policy on this website for more information, in respect of lodging a formal complaint with us. Please note that Contrarius South Africa is an authorised financial services provider, registered with the Financial Sector Conduct Authority, in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002. Please be advised that should you be unsatisfied that your complaint was resolved satisfactorily, you may lodge a formal complaint with the Office of the Ombud for Financial Services Providers in accordance with the relevant provisions of the Financial Advisory and Intermediary Services Act, 37 of 2002 read with the proceedings outlined in Board Notice 81 of 2003.

Commentaries

Privacy Notice - Contrarius

What information do we collect?

Why does Contrarius process personal data?

Who has access to data?

We may transfer your personal data outside the European Economic Area

How does Contrarius protect data?

For how long does Contrarius keep data?

Your rights

Cookies Policy

What are cookies?

Why do we use cookies?

What cookies do we use?

Third Party Analytics

Managing your Cookie Preferences

Legal Statement

LEGAL STATEMENT

General Information & Risk Warnings

Notice of non-solicitation

Australia

European Economic Area

South Africa

United Kingdom

United States of America

TERMS OF USE

Content

Disclaimer

Modification of Terms of Use

Ownership & Copyright

Third party sites

Permission for hyperlinks

Privacy, Confidentiality & Information Security

The use of cookies

Managing your Cookie Preferences

Sources

Transmission of Information

Your Account

General Provisions

Website operator

SOUTH AFRICA

Fund Information

Contrarius BCI South Africa Funds

BCI Contrarius Feeder Funds

Contrarius ICAV

Data Protection and Privacy

Complaints

Please register to access this information