As the well-worn investment advice goes: only when no-one else wants it, is it the right time to buy. And if you are looking for investments that have lost their popular appeal, look no further than integrated oil companies, which participate in every aspect of the sector.

Or at least, that is according to Ashley Lynn, head of fixed income at Orbis, an asset management firm which prides itself on generating returns for its clients by investing in undervalued companies.

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