Orbis Allan Gray Ltd

CIK 0001663865 · Q1 2026

13F Equity AUM

$23.7B

-0.7% QoQ

Positions

+2 QoQ

AUM Rank

#368

Top 3%

Skill Alpha (FF)

+2.9%/yr^ns

No Clear Edge

Rank #925 · Top 11%

vs S&P -0.6%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 23.0%Top 10: 37.8%Top 20: 60.1%

CPAY6.6%

QXO6.1%

YNDX3.6%

MSI3.4%

PRAX3.4%

EQT3.3%

GOOGL3.0%

GXO2.9%

XPO2.8%

BRKR2.7%

Others (81)62.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials16.7%

Healthcare16.1%

Technology14.2%

Communication Services11.2%

Basic Materials11.0%

Energy9.3%

Consumer Cyclical7.0%

Consumer Defensive4.7%

Other9.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 91Median: 0.64%Avg: 1.10%

0–0.5%

41(7.6%)

0.5–1%

15(10.9%)

1–3%

28(52.2%)

3–5%

5(16.7%)

5%+

2(12.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 91Unique: 0vs 20 funds

1.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.7%

BlackRock, Inc.

2.2%

BANK OF AMERICA CORP /DE/

1.8%

JPMORGAN CHASE & CO

1.7%

FMR LLC

2.8%

STATE STREET CORP

2.3%

GEODE CAPITAL MANAGEMENT, LLC

2.1%

VANGUARD CAPITAL MANAGEMENT LLC

2.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New10Increased43Decreased34Exited8

New Positions

NVDA1.5%

+2.1M

RHI0.8%

+7.5M

EAT0.6%

+928K

RRC0.5%

+2.7M

CARG0.3%

+2.3M

TRU0.2%

+585K

AAL0.1%

+2.2M

CNX0.1%

+343K

LOMA0.1%

+1.1M

IRS0.0%

+501K

Increased

EQT3.3%

+8.6M(+248%)

YNDX3.6%

+5.0M(+149%)

AR0.9%

+4.1M(+555%)

MICC0.3%

+3.8M(+851%)

BRKR2.7%

+3.0M(+20%)

SHEL1.6%

+2.6M(+179%)

TBBB0.8%

+2.4M(+72%)

FSV2.3%

+2.0M(+100%)

DGED1.2%

+2.0M(+113%)

DYN0.5%

+2.0M(+41%)

Decreased

BVXB2.5%

-12,412,943(-15%)

QXO6.1%

-11,533,149(-13%)

AES0.7%

-9,069,753(-43%)

FBIN0.1%

-6,497,760(-89%)

VIPS0.3%

-5,597,783(-52%)

IBKR1.7%

-3,155,690(-34%)

IM8N1.3%

-2,307,133(-55%)

IQV0.2%

-1,682,843(-89%)

BMTA1.9%

-1,594,933(-17%)

GMAB1.5%

-1,492,884(-10%)

Exited

-2,581,182

-4,214,661

-4,397,530

-3,804,561

-93,221

-495,099

-670,613

-211,822

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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