Orbis Allan Gray Ltd
Reported US equity positions for Q1 2026 — $23.7B across 154 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| CPAY Corpay, Inc. | $1.6B | 6.6% | 5,345,425 |
| QXO QXO, Inc. | $1.4B | 6.1% | 73,951,325 |
| N97284108 Nebius Group N.V. | $862.7M | 3.6% | 8,314,766 |
| MSI Motorola Solutions, Inc. | $811.5M | 3.4% | 1,869,937 |
| PRAX Praxis Precision Medicines, Inc. | $796.6M | 3.4% | 2,472,480 |
| EQT EQT Corporation | $770.9M | 3.3% | 12,112,733 |
| GOOGL Alphabet Inc. | $722.7M | 3.0% | 2,513,283 |
| GXO GXO Logistics, Inc. | $696.1M | 2.9% | 13,424,844 |
| XPO XPO, Inc. | $663.2M | 2.8% | 3,409,092 |
| BRKR Bruker Corporation | $648.0M | 2.7% | 17,940,076 |
| WLK Westlake Corporation | $618.4M | 2.6% | 5,293,519 |
| ITUB Itau Unibanco Banco Holding SA American Preferred | $580.5M | 2.4% | 69,269,672 |
| G8473T100 Steris PLC | $573.4M | 2.4% | 2,592,912 |
| NEM Newmont Corporation | $559.7M | 2.4% | 5,170,675 |
| FSV FirstService Corporation | $551.3M | 2.3% | 3,968,227 |
| G8267P108 Smurfit Westrock PLC | $548.9M | 2.3% | 13,775,054 |
| RXO RXO, Inc. | $532.1M | 2.2% | 36,397,974 |
| BTI British American Tobacco Industries, p.l.c. Common Stock ADR | $450.6M | 1.9% | 7,705,968 |
| ALNY Alnylam Pharmaceuticals, Inc. | $441.7M | 1.9% | 1,334,825 |
| CNK Cinemark Holdings Inc Cinemark Holdings, Inc. | $429.5M | 1.8% | 15,057,911 |
| CX Cemex, S.A.B. de C.V. Sponsored ADR | $424.9M | 1.8% | 37,142,422 |
| IBKR Interactive Brokers Group, Inc. | $410.3M | 1.7% | 6,118,045 |
| NTES NetEase, Inc. | $401.2M | 1.7% | 3,584,478 |
| SHEL Shell PLC American Preferred | $382.6M | 1.6% | 4,113,710 |
| KMI Kinder Morgan, Inc. | $379.2M | 1.6% | 11,308,464 |
| NVDA NVIDIA Corporation | $364.5M | 1.5% | 2,089,904 |
| DIS The Walt Disney Company | $360.0M | 1.5% | 3,734,888 |
| GMAB Genmab A/S | $346.8M | 1.5% | 12,925,578 |
| BKNG Booking Holdings Inc. | $310.6M | 1.3% | 73,772 |
| VALE VALE S.A. American Preferred | $308.2M | 1.3% | 19,372,500 |
| INSM Insmed Incorporated | $306.2M | 1.3% | 1,872,824 |
| H17182108 Crispr Therapeutics Ag | $290.5M | 1.2% | 6,106,011 |
| DEO Diageo plc | $275.5M | 1.2% | 3,700,094 |
| FNV Franco-Nevada Corporation | $266.7M | 1.1% | 1,079,439 |
| B Barrick Mining Corporation | $245.6M | 1.0% | 6,020,532 |
| AR Antero Resources Corporation | $206.8M | 0.9% | 4,872,046 |
| SRRK Scholar Rock Holding Corporation | $205.5M | 0.9% | 4,179,983 |
| GLD SPDR Gold Shares | $203.9M | 0.9% | 473,850 |
| G0896C103 Bbb Foods INC | $199.7M | 0.8% | 5,646,435 |
| IMAX Imax Corporation | $195.8M | 0.8% | 5,151,721 |
| G7496G103 Renaissancere Hldgs LTD | $192.7M | 0.8% | 648,479 |
| RHI Robert Half Inc. | $191.7M | 0.8% | 7,545,564 |
| PDD PDD Holdings Inc. | $178.2M | 0.8% | 1,744,048 |
| AES The AES Corporation | $172.6M | 0.7% | 12,247,581 |
| SE Sea Limited American Preferred | $152.7M | 0.6% | 1,844,162 |
| CRC California Resources Corporation | $150.7M | 0.6% | 2,177,565 |
| R Ryder System, Inc. | $145.7M | 0.6% | 711,714 |
| EAT Brinker International, Inc. | $132.4M | 0.6% | 927,512 |
| DYN Dyne Therapeutics, Inc. | $122.6M | 0.5% | 6,762,231 |
| RRC Range Resources Corporation | $122.3M | 0.5% | 2,706,746 |
| SYNA Synaptics Incorporated | $116.2M | 0.5% | 1,659,015 |
| ENB Enbridge Inc | $90.5M | 0.4% | 1,671,788 |
| VIPS Vipshop Holdings Limited American Preferred | $82.0M | 0.3% | 5,217,165 |
| CARG CarGurus, Inc. | $79.4M | 0.3% | 2,333,259 |
| G6683N103 Nu Hldgs LTD | $78.8M | 0.3% | 5,482,567 |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $68.5M | 0.3% | 522,797 |
| EDU New Oriental Education & Technology Group, Inc. Sponsored ADR… | $66.3M | 0.3% | 1,170,951 |
| DAO Youdao INC | $66.2M | 0.3% | 6,738,724 |
| GFI Gold Fields Limited American Depositary Shares | $65.6M | 0.3% | 1,443,998 |
| N5505D105 Magnum Ice Cream Co Nv | $63.6M | 0.3% | 4,254,860 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| CPAY Corpay, Inc. | Add | $1.6B | $1.5B | +7% |
| QXO QXO, Inc. | Trim | $1.4B | $1.6B | -13% |
| N97284108 Nebius Group N.V. | Add | $862.7M | $279.2M | +149% |
| MSI Motorola Solutions, Inc. | Add | $811.5M | $491.8M | +46% |
| PRAX Praxis Precision Medicines, Inc. | Add | $796.6M | $369.9M | +97% |
| EQT EQT Corporation | Add | $770.9M | $186.5M | +248% |
| GOOGL Alphabet Inc. | Trim | $722.7M | $833.8M | -6% |
| XPO XPO, Inc. | Trim | $663.2M | $496.4M | -7% |
| BRKR Bruker Corporation | Add | $648.0M | $702.3M | +20% |
| WLK Westlake Corporation | Add | $618.4M | $324.3M | +21% |
| ITUB Itau Unibanco Banco Holding SA American Preferred | Trim | $580.5M | $584.8M | -15% |
| G8473T100 Steris PLC | Add | $573.4M | $570.3M | +15% |
| NEM Newmont Corporation | Trim | $559.7M | $631.3M | -18% |
| FSV FirstService Corporation | Add | $551.3M | $308.7M | +100% |
| G8267P108 Smurfit Westrock PLC | Trim | $548.9M | $539.7M | -1% |
| RXO RXO, Inc. | Add | $532.1M | $438.3M | +5% |
| BTI British American Tobacco Industries, p.l.c. Common Stock ADR | Trim | $450.6M | $526.6M | -17% |
| ALNY Alnylam Pharmaceuticals, Inc. | Trim | $441.7M | $643.5M | -18% |
| CX Cemex, S.A.B. de C.V. Sponsored ADR | Add | $424.9M | $415.2M | +3% |
| IBKR Interactive Brokers Group, Inc. | Trim | $410.3M | $596.4M | -34% |
| NTES NetEase, Inc. | Add | $401.2M | $466.5M | +6% |
| SHEL Shell PLC American Preferred | Add | $382.6M | $108.5M | +179% |
| KMI Kinder Morgan, Inc. | Add | $379.2M | $290.0M | +7% |
| DIS The Walt Disney Company | Add | $360.0M | $405.4M | +5% |
| GMAB Genmab A/S | Trim | $346.8M | $444.1M | -10% |
| BKNG Booking Holdings Inc. | Add | $310.6M | $164.7M | +140% |
| VALE VALE S.A. American Preferred | Add | $308.2M | $237.7M | +6% |
| INSM Insmed Incorporated | Trim | $306.2M | $727.5M | -55% |
| H17182108 Crispr Therapeutics Ag | Add | $290.5M | $312.0M | +3% |
| DEO Diageo plc | Add | $275.5M | $149.9M | +113% |
| FNV Franco-Nevada Corporation | Trim | $266.7M | $292.1M | -23% |
| B Barrick Mining Corporation | Trim | $245.6M | $291.0M | -10% |
| AR Antero Resources Corporation | Add | $206.8M | $25.6M | +555% |
| SRRK Scholar Rock Holding Corporation | Add | $205.5M | $151.0M | +22% |
| GLD SPDR Gold Shares | Trim | $203.9M | $207.6M | -10% |
| G0896C103 Bbb Foods INC | Add | $199.7M | $109.8M | +72% |
| G7496G103 Renaissancere Hldgs LTD | Add | $192.7M | $178.5M | +2% |
| PDD PDD Holdings Inc. | Add | $178.2M | $132.5M | +49% |
| AES The AES Corporation | Trim | $172.6M | $305.7M | -43% |
| SE Sea Limited American Preferred | Trim | $152.7M | $346.5M | -32% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.