CIK: 0001663865
Total reported value
$23.7B
Reporting period: 2026-03-31 · Number of holdings: 154
Orbis Allan Gray Ltd disclosed 154 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $23.7B and a quarterly turnover rate of 45.0%.
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Orbis Allan Gray Ltd's disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 154 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.14), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add EQT
+248.2% $584.4M
Add NBIS
+149.3% $583.6M
Add PRAX
+97.0% $426.7M
Trim INSM
-55.2% -$421.2M
Trim IQV
-88.5% -$391.3M
Trim ELV
-85.3% -$382.8M
Orbis Allan Gray has executed a sharp rotation out of large-cap healthcare (UNH, ICLR out; IQV, ELV, INSM trimmed) and into energy (EQT) and a speculative biotech (PRAX), signaling a contrarian bid that energy is mispriced and healthcare valuations have peaked. This is not capital preservation—it's an active hunt for Alpha by positioning for a cyclical reflation and commodity comeback.
The flows price in a regime shift where natural gas, not defensive earnings, leads the next leg of the cycle, and where healthcare's premium pricing erodes under demand normalization and policy overhang. The opposing thesis bets that energy's structural headwinds (overcapacity, renewables displacement) are stronger than its cyclical appeal, and that healthcare's earnings stability re-earns a premium if recession fears resurface.
The portfolio's combined 23%+ overweight in cyclical energy and materials leaves it exposed to a hard-landing scenario where commodity demand falts, turning what was a smart contrarian call into a consensus crowding exercise if other value funds pile into the same trade. The selloff of iconic healthcare names, sold out completely in UNH and ICLR, introduces reflexivity risk—if those positions become consensus shorts, a short squeeze could hammer performance even if the macro thesis holds.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 91 holdings (of 154 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CPAY | Corpay INC | Stock-Tech | 6.56% | +0.27% | +7.17% | |
| 2 | QXO | Qxo INC | Stock-Industrials | 6.06% | -0.85% | -13.49% | |
| 3 | NBIS | Nebius Group NV | Stock-Other | 3.64% | +2.47% | +149.29% | |
| 4 | MSI | Motorola Solutions INC | Stock-Tech | 3.42% | +1.36% | +45.74% | |
| 5 | PRAX | Praxis Precision Medicines I | Stock-Other | 3.36% | +1.81% | +96.98% | |
| 6 | EQT | Eqt CORP | Stock-Energy | 3.25% | +2.47% | +248.16% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.05% | -0.44% | -5.65% | |
| 8 | GXO | Gxo Logistics INC | Stock-Industrials | 2.94% | — | — | |
| 9 | XPO | Xpo INC | Stock-Industrials | 2.80% | +0.72% | -6.67% | |
| 10 | BRKR | Bruker CORP | Stock-Healthcare | 2.73% | -0.21% | +20.35% | |
| 11 | WLK | Westlake CORP | Stock-Materials | 2.61% | +1.25% | +20.67% | |
| 12 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 2.45% | — | -15.20% | |
| 13 | STE | STERIS plc | Stock-Healthcare | 2.42% | — | +15.27% | |
| 14 | NEM | Newmont CORP | Stock-Materials | 2.36% | -0.29% | -18.22% | |
| 15 | FSV | Firstservice CORP | Stock-Other | 2.33% | +1.04% | +99.94% | |
| 16 | SW | Smurfit Westrock Plc | Stock-Consumer Disc | 2.32% | — | -1.30% | |
| 17 | RXO | Rxo INC | Stock-Other | 2.24% | +0.40% | +4.96% | |
| 18 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 1.90% | -0.31% | -17.15% | |
| 19 | ALNY | Alnylam Pharmaceuticals INC | Stock-Healthcare | 1.86% | -0.84% | -17.51% | |
| 20 | CNK | Cinemark Holdings INC | Stock-Other | 1.81% | +0.34% | — | |
| 21 | CX | Cemex Sab-spons Adr Part Cer | Stock-Other | 1.79% | — | +2.79% | |
| 22 | IBKR | Interactive Brokers Gro-cl A | Stock-Financials | 1.73% | -0.77% | -34.03% | |
| 23 | NTES | Netease Inc-adr | Stock-Comm Services | 1.69% | -0.26% | +5.75% | |
| 24 | SHEL | Shell Plc-adr | Stock-Energy | 1.61% | +1.16% | +178.64% | |
| 25 | KMI | Kinder Morgan INC | Stock-Energy | 1.60% | +0.38% | +7.19% | |
| 26 | NVDA | Nvidia CORP | Stock-Tech | 1.54% | +1.54% | NEW | |
| 27 | DIS | Walt Disney Co/the | Stock-Comm Services | 1.52% | — | +4.82% | |
| 28 | GMAB | Genmab A/s -sp Adr | Stock-Other | 1.46% | -0.40% | -10.35% | |
| 29 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 1.31% | +0.62% | +139.92% | |
| 30 | VALE | Vale Sa-sp Adr | Stock-Materials | 1.30% | +0.30% | +6.20% | |
| 31 | INSM | Insmed INC | Stock-Healthcare | 1.29% | -1.76% | -55.20% | |
| 32 | CRSP | CRISPR Therapeutics AG | Stock-Healthcare | 1.23% | — | +2.62% | |
| 33 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 1.16% | +0.53% | +112.97% | |
| 34 | FNV | Franco-nevada CORP | Stock-Materials | 1.12% | — | -23.40% | |
| 35 | B | Barrick Mining CORP | Stock-Materials | 1.04% | — | -9.90% | |
| 36 | AR | Antero Resources CORP | Stock-Energy | 0.87% | +0.76% | +554.75% | |
| 37 | SRRK | Scholar Rock Holding CORP | Stock-Other | 0.87% | +0.24% | +21.90% | |
| 38 | GLD | Spdr Gold Shares | ETF-Commodities | 0.86% | — | -9.53% | |
| 39 | TBBB | BBB Foods Inc. | Stock-Other | 0.84% | +0.38% | +71.69% | |
| 40 | IMAX | Imax CORP | Stock-Other | 0.83% | — | — | |
| 41 | RNR | RenaissanceRe Holdings Ltd. | Stock-Financials | 0.81% | — | +2.13% | |
| 42 | RHI | Robert Half INC | Stock-Industrials | 0.81% | +0.81% | NEW | |
| 43 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 0.75% | +0.19% | +49.28% | |
| 44 | AES | Aes CORP | Stock-Utilities | 0.73% | -0.55% | -42.55% | |
| 45 | SE | Sea Ltd-adr | Stock-Comm Services | 0.64% | -0.81% | -32.10% | |
| 46 | CRC | California Resources CORP | Stock-Energy | 0.64% | +0.28% | +13.02% | |
| 47 | R | Ryder System INC | Stock-Industrials | 0.61% | — | -26.98% | |
| 48 | EAT | Brinker International INC | Stock-Consumer Disc | 0.56% | +0.56% | NEW | |
| 49 | DYN | Dyne Therapeutics INC | Stock-Other | 0.52% | — | +40.82% | |
| 50 | RRC | Range Resources CORP | Stock-Energy | 0.52% | +0.52% | NEW |
Performance for Q3 2026
0%
Performance Last 4 Quarters
+17.4%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 154 | $23.7B | 45 | |
| 2025-12-31 | 152 | $23.9B | 40 | |
| 2025-09-30 | 139 | $23.3B | 62 | |
| 2025-06-30 | 127 | $20.6B | 0 | |
| 2025-03-31 | 112 | $17.5B | 100 | |
| 2024-12-31 | 136 | $18.6B | 0 | |
| 2024-09-30 | 132 | $18.9B | 0 | |
| 2024-06-30 | 125 | $16.1B | 0 | |
| 2024-03-31 | 122 | $16.7B | 0 | |
| 2023-12-31 | 123 | $15.9B | 0 | |
| 2023-09-30 | 127 | $13.9B | 0 | |
| 2023-06-30 | 127 | $14.0B | 0 | |
| 2023-03-31 | 130 | $12.7B | 0 | |
| 2022-12-31 | 133 | $12.6B | 0 | |
| 2022-09-30 | 131 | $12.2B | 0 | |
| 2022-06-30 | 131 | $12.4B | 0 | |
| 2022-03-31 | 130 | $13.7B | 0 | |
| 2021-12-31 | 117 | $13.5B | 0 | |
| 2021-09-30 | 120 | $14.6B | 0 | |
| 2021-06-30 | 118 | $15.8B | 94 | |
| 2021-03-31 | 117 | $14.0B | 17 | |
| 2020-12-31 | 114 | $13.8B | 25 | |
| 2020-09-30 | 113 | $12.7B | 23 | |
| 2020-06-30 | 114 | $13.3B | 31 | |
| 2020-03-31 | 115 | $10.5B | 54 | |
| 2019-12-31 | 113 | $14.3B | 22 | |
| 2019-09-30 | 102 | $13.5B | 18 | |
| 2019-06-30 | 95 | $13.9B | 22 | |
| 2019-03-31 | 100 | $14.7B | 25 | |
| 2018-12-31 | 76 | $13.9B | 33 | |
| 2018-09-30 | 74 | $17.4B | 27 | |
| 2018-06-30 | 85 | $18.0B | 38 | |
| 2018-03-31 | 86 | $17.5B | 39 | |
| 2017-12-31 | 83 | $17.0B | 35 | |
| 2017-09-30 | 94 | $16.2B | 29 | |
| 2017-06-30 | 89 | $15.9B | 31 | |
| 2017-03-31 | 64 | $14.6B | 48 | |
| 2016-12-31 | 109 | $13.9B | 100 | |
| 2016-09-30 | 135 | $14.3B | 0 | |
| 2016-06-30 | 139 | $13.1B | 45 | |
| 2016-03-31 | 147 | $12.3B | 0 |
Orbis Allan Gray Ltd's most significant position changes for 2026-03-31: Sold out: Unitedhealth Group INC (UNH); Sold out: ICON Public Limited Company (ICLR); New buy: Nvidia CORP (NVDA); New buy: Robert Half INC (RHI); New buy: Brinker International INC (EAT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EQT | Eqt CORP | +2.5% | +248.16% | Add |
| 2 | NBIS | Nebius Group NV | +2.5% | +149.29% | Add |
| 3 | PRAX | Praxis Precision Medicines I | +1.8% | +96.98% | Add |
| 4 | MSI | Motorola Solutions INC | +1.4% | +45.74% | Add |
| 5 | WLK | Westlake CORP | +1.3% | +20.67% | Add |
| 6 | SHEL | Shell Plc-adr | +1.2% | +178.64% | Add |
| 7 | FSV | Firstservice CORP | +1% | +99.94% | Add |
| 8 | AR | Antero Resources CORP | +0.8% | +554.75% | Add |
| 9 | XPO | Xpo INC | +0.7% | -6.67% | Trim |
| 10 | BKNG | Booking Holdings INC | +0.6% | +139.92% | Add |
| 11 | DEO | Diageo Plc-sponsored Adr | +0.5% | +112.97% | Add |
| 12 | RXO | Rxo INC | +0.4% | +4.96% | Add |
| 13 | TBBB | BBB Foods Inc. | +0.4% | +71.69% | Add |
| 14 | KMI | Kinder Morgan INC | +0.4% | +7.19% | Add |
| 15 | CNK | Cinemark Holdings INC | +0.3% | — | Unchanged |
| 16 | VALE | Vale Sa-sp Adr | +0.3% | +6.20% | Add |
| 17 | CRC | California Resources CORP | +0.3% | +13.02% | Add |
| 18 | CPAY | Corpay INC | +0.3% | +7.17% | Add |
| 19 | MICC | The Magnum Ice Cream Company N. | +0.2% | +850.56% | Add |
| 20 | SRRK | Scholar Rock Holding CORP | +0.2% | +21.90% | Add |
| 21 | PDD | Pdd Holdings INC | +0.2% | +49.28% | Add |
| 22 | MAR | Marriott International -cl A | -0.2% | -51.97% | Trim |
| 23 | BUR | Burford Capital Limited | -0.2% | +8.04% | Add |
| 24 | BRKR | Bruker CORP | -0.2% | +20.35% | Add |
| 25 | WPM | Wheaton Precious Metals CORP | -0.2% | -48.94% | Trim |
| 26 | MRVL | Marvell Technology INC | -0.2% | -74.56% | Trim |
| 27 | NTES | Netease Inc-adr | -0.3% | +5.75% | Add |
| 28 | NEM | Newmont CORP | -0.3% | -18.22% | Trim |
| 29 | BTI | British American Tob-sp Adr | -0.3% | -17.15% | Trim |
| 30 | GMAB | Genmab A/s -sp Adr | -0.4% | -10.35% | Trim |
| 31 | GOOGL | Alphabet Inc-cl A | -0.4% | -5.65% | Trim |
| 32 | VIPS | Vipshop Holdings LTD - Adr | -0.5% | -51.76% | Trim |
| 33 | AES | Aes CORP | -0.6% | -42.55% | Trim |
| 34 | IBKR | Interactive Brokers Gro-cl A | -0.8% | -34.03% | Trim |
| 35 | SE | Sea Ltd-adr | -0.8% | -32.10% | Trim |
| 36 | ALNY | Alnylam Pharmaceuticals INC | -0.8% | -17.51% | Trim |
| 37 | QXO | Qxo INC | -0.9% | -13.49% | Trim |
| 38 | FBIN | Fortune Brands Innovations I | -1.4% | -89.35% | Trim |
| 39 | ELV | Elevance Health INC | -1.6% | -85.29% | Trim |
| 40 | IQV | Iqvia Holdings INC | -1.6% | -88.52% | Trim |
| 41 | INSM | Insmed INC | -1.8% | -55.20% | Trim |
| 42 | UNH | Unitedhealth Group INC | — | EXIT | Sold out |
| 43 | ICLR | ICON Public Limited Company | — | EXIT | Sold out |
| 44 | NVDA | Nvidia CORP | — | NEW | New buy |
| 45 | RHI | Robert Half INC | — | NEW | New buy |
| 46 | EAT | Brinker International INC | — | NEW | New buy |
| 47 | BTU | Peabody Energy CORP | — | EXIT | Sold out |
| 48 | RRC | Range Resources CORP | — | NEW | New buy |
| 49 | CARG | Cargurus INC | — | NEW | New buy |
| 50 | OLN | Olin CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-03-13 | Amendment | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-12-13 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-27 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
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