Orbis Allan Gray Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Orbis Allan Gray Ltd reported 84 stock positions worth $18.6 billion. Its top holding was Qxo (QXO) at 9.4% of the portfolio, followed by Corpay (CPAY, 7.2%) and Unitedhealth (UNH, 5.1%). Compared with Q3 2024, it opened 13 new positions, sold out of 10, added to 35 and reduced 28. The biggest buy was Nebius (NBIS, shares +415%) and the biggest sale Unitedhealth (UNH, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- HamiltoN, D0
- CIK
- 0001663865
- Portfolio Value
- $18.6B (Q4 2024)
- SEC Filing
- 0001085146-25-001385 ↗ filed Feb 14, 2025
Holdings Value
Holdings 84 stocks · $18.6B
| QXO Qxo Inc. | 9.36% | 109,409,191 | $1.7B | No change |
| CPAY Corpay Inc. | 7.18% | 3,940,836 | $1.3B | Reduce -5.5% |
| UNH Unitedhealth Group Inc. | 5.14% | 1,888,186 | $955.2M | Reduce -16.4% |
| IBKR Interactive Brokers Gro Class A | 5.02% | 5,285,505 | $933.8M | Reduce -18.7% |
| ELV Elevance Health Inc. | 4.31% | 2,168,945 | $800.1M | Add +139.7% |
| RXO Rxo Inc. | 3.88% | 30,244,861 | $721.0M | Add +5.9% |
| RNR Renaissancere Holdings Ltd. | 3.83% | 2,864,105 | $712.6M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 3.62% | 3,554,157 | $672.8M | Add +65.0% |
| GPN Global Payments Inc. | 3.44% | 5,711,047 | $640.0M | Reduce -8.8% |
| KMI Kinder Morgan Inc. | 3.34% | 22,667,066 | $621.1M | Add +24.1% |
| GXO Gxo Logistics Inc. | 2.96% | 12,654,819 | $550.5M | Reduce -10.3% |
| NBIS Nebius Group NV | 2.34% | 15,725,682 | $435.6M | Add +414.6% |
| SHEL Shell PLC-ADR | 2.25% | 6,662,537 | $417.4M | Reduce -32.2% |
| XPO Xpo Inc. | 2.11% | 2,991,391 | $392.3M | Reduce -22.1% |
| BTI British American Tob-SP ADR | 1.95% | 9,981,220 | $362.5M | Add +21.5% |
| NTES Netease Inc.-ADR | 1.94% | 4,031,953 | $359.7M | Add +15.8% |
| CNK Cinemark Holdings Inc. | 1.88% | 11,297,455 | $350.0M | Reduce -14.8% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.86% | 1,472,802 | $346.6M | Add +16.1% |
| BIDU Baidu Inc. - Spon ADR | 1.84% | 4,060,819 | $342.4M | Add +36.5% |
| MSI Motorola Solutions Inc. | 1.80% | 724,562 | $334.9M | Reduce -10.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.78% | 2,968,297 | $330.5M | Add +1.1% |
| TXN Texas Instruments Inc. | 1.70% | 1,687,081 | $316.3M | Reduce -21.5% |
| GOOG Alphabet Inc. Class C | 1.69% | 1,649,047 | $314.0M | No change |
| SW Smurfit Westrock PLC | 1.68% | 5,784,560 | $311.6M | Add +2160.3% |
| AES AES Corp. | 1.56% | 22,588,700 | $290.7M | Reduce -4.2% |
| BKNG Booking Holdings Inc. | 1.29% | 48,147 | $239.2M | Reduce -14.8% |
| GLD SPDR Gold Shares | 1.27% | 971,072 | $235.1M | Reduce -12.9% |
| MU Micron Technology Inc. | 1.26% | 2,786,347 | $234.5M | Reduce -2.1% |
| FNV Franco-Nevada Corp. | 1.23% | 1,940,525 | $228.2M | Add +78.9% |
| FSV Firstservice Corp. | 1.16% | 1,193,065 | $216.0M | Add +147.4% |
| NEM Newmont Corp. | 1.12% | 5,580,296 | $207.7M | Reduce -39.3% |
| SYNA Synaptics Inc. | 0.93% | 2,274,989 | $173.6M | Add +0.5% |
| R Ryder System Inc. | 0.73% | 863,530 | $135.5M | Add +234.5% |
| WDAY Workday Inc. Class A | 0.67% | 481,784 | $124.3M | New |
| SE Sea Ltd.-ADR | 0.57% | 1,006,544 | $106.8M | Add +63.8% |
| VALE Vale SA-SP ADR | 0.56% | 11,757,552 | $104.3M | New |
| RUN Sunrun Inc. | 0.55% | 11,024,666 | $102.0M | Reduce -2.0% |
| ACGL Arch Capital Group Ltd. | 0.53% | 1,063,826 | $98.2M | Add +127.0% |
| HDB HDFC Bank Ltd.-ADR | 0.52% | 1,517,859 | $96.9M | Add +172.6% |
| IMAX Imax Corp. | 0.48% | 3,457,685 | $88.5M | Add +13.6% |
| B Barrick Gold Corp. | 0.47% | 5,583,174 | $86.5M | Add +3.4% |
| BUR Burford Capital Ltd. | 0.45% | 6,558,233 | $83.6M | Add +2.5% |
| MAR Marriott International Class A | 0.44% | 295,891 | $82.5M | No change |
| VIPS Vipshop Holdings Ltd. - ADR | 0.43% | 5,924,835 | $79.8M | Add +5.0% |
| G Genpact Ltd. | 0.42% | 1,808,542 | $77.7M | Add +4.0% |
| WPM Wheaton Precious Metals Corp. | 0.40% | 1,326,424 | $74.6M | Add +5.1% |
| DAO Youdao Inc. - ADR | 0.36% | 8,976,659 | $66.4M | Reduce -4.4% |
| GFI Gold Fields Ltd.-Spons ADR | 0.36% | 5,024,223 | $66.3M | Reduce -7.8% |
| CRC California Resources Corp. | 0.33% | 1,164,248 | $60.4M | Add +1.6% |
| GMAB Genmab A/S -SP ADR | 0.32% | 2,815,562 | $58.8M | Add +67.9% |
| CRSP Crispr Therapeutics AG | 0.31% | 1,476,119 | $58.1M | New |
| PTLO Portillo's Inc. Class A | 0.29% | 5,739,163 | $53.9M | Add +0.1% |
| ICLR Icon PLC | 0.28% | 244,857 | $51.3M | Add +3383.5% |
| BORR Borr Drilling Ltd. | 0.26% | 12,238,331 | $47.7M | Add +47.1% |
| TRU Transunion | 0.24% | 478,042 | $44.3M | New |
| GLBE Global-E Online Ltd. | 0.22% | 735,210 | $40.1M | New |
| TS Tenaris SA-ADR | 0.21% | 1,026,760 | $38.8M | Reduce -42.3% |
| CX Cemex Sab-Spons ADR Part Cer | 0.19% | 6,414,359 | $36.2M | New |
| IQ Iqiyi Inc.-ADR | 0.19% | 17,663,971 | $35.5M | No change |
| WLK Westlake Corp. | 0.18% | 299,802 | $34.4M | Reduce -83.1% |
| MSFT Microsoft Corp. | 0.18% | 78,712 | $33.2M | Add +101.4% |
| ASAIY Sendas Distribuidora SA | 0.17% | 6,887,254 | $30.8M | No change |
| GNRC Generac Holdings Inc. | 0.16% | 191,815 | $29.7M | Reduce -12.7% |
| MTZ Mastec Inc. | 0.15% | 207,153 | $28.2M | Reduce -42.3% |
| MCS Marcus Corporation | 0.14% | 1,196,083 | $25.7M | Add +9.6% |
| ENB Enbridge Inc. | 0.13% | 589,974 | $25.0M | New |
| NAVI Navient Corp. | 0.13% | 1,783,069 | $23.7M | Add +19.8% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.13% | 412,132 | $23.5M | Reduce -41.2% |
| VEEV Veeva Systems Inc. Class A | 0.12% | 102,702 | $21.6M | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.10% | 239,168 | $19.1M | New |
| HWM Howmet Aerospace Inc. | 0.10% | 173,222 | $18.9M | Reduce -3.9% |
| PFSI Pennymac Financial Services | 0.09% | 169,286 | $17.3M | New |
| ATKR Atkore Inc. | 0.09% | 196,930 | $16.4M | Add +7.7% |
| INTC Intel Corp. | 0.09% | 813,925 | $16.3M | Add +1.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.08% | 63,244 | $15.6M | Reduce -13.1% |
| V Visa Inc. Class A | 0.08% | 45,558 | $14.4M | Reduce -51.9% |
| AU Anglogold Ashanti PLC | 0.07% | 593,705 | $13.7M | New |
| WING Wingstop Inc. | 0.07% | 46,682 | $13.3M | New |
| PDD PDD Holdings Inc. | 0.05% | 97,653 | $9.5M | New |
| AMZN Amazon.com Inc. | 0.05% | 42,734 | $9.4M | Reduce -37.0% |
| MS Morgan Stanley | 0.05% | 71,672 | $9.0M | No change |
| CMCL Caledonia Mining Corp. PLC | 0.04% | 782,501 | $7.4M | No change |
| PGR Progressive Corp. | 0.03% | 24,796 | $5.9M | No change |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.03% | 541,578 | $5.0M | Reduce -69.9% |
Portfolio Sells Q3 2024 → Q4 2024
| UNH Unitedhealth Group Inc. | Reduce -16.4% | 5.14% | −1.85 |
| VAL Valaris Ltd. | Sold out | 0.00% | −1.53 |
| NEM Newmont Corp. | Reduce -39.3% | 1.12% | −1.49 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −1.47 |
| NE Noble Corp. PLC | Sold out | 0.00% | −1.33 |
| WLK Westlake Corp. | Reduce -83.1% | 0.18% | −1.22 |
| SHEL Shell PLC-ADR | Reduce -32.2% | 2.25% | −1.18 |
| AES AES Corp. | Reduce -4.2% | 1.56% | −0.94 |
| GXO Gxo Logistics Inc. | Reduce -10.3% | 2.96% | −0.93 |
| ITUB Itau Unibanco H-Spon PRF ADR | Sold out | 0.00% | −0.68 |
| TXN Texas Instruments Inc. | Reduce -21.5% | 1.70% | −0.65 |
| CEG Constellation Energy | Sold out | 0.00% | −0.61 |
| RUN Sunrun Inc. | Reduce -2.0% | 0.55% | −0.53 |
| MU Micron Technology Inc. | Reduce -2.1% | 1.26% | −0.30 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.19 |
| GLD SPDR Gold Shares | Reduce -12.9% | 1.27% | −0.17 |
| MSI Motorola Solutions Inc. | Reduce -10.6% | 1.80% | −0.13 |
| KB KB Financial Group Inc.-ADR | Reduce -41.2% | 0.13% | −0.10 |
| TS Tenaris SA-ADR | Reduce -42.3% | 0.21% | −0.09 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −0.09 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -7.8% | 0.36% | −0.09 |
| MTZ Mastec Inc. | Reduce -42.3% | 0.15% | −0.08 |
| HOS Hornbeck Offshore Services I | Reduce -69.9% | 0.03% | −0.08 |
| XPO Xpo Inc. | Reduce -22.1% | 2.11% | −0.08 |
| CNK Cinemark Holdings Inc. | Reduce -14.8% | 1.88% | −0.07 |
| SHG Shinhan Financial Group-ADR | Sold out | 0.00% | −0.06 |
| V Visa Inc. Class A | Reduce -51.9% | 0.08% | −0.06 |
| PAYC Paycom Software Inc. | Sold out | 0.00% | −0.04 |
| GNRC Generac Holdings Inc. | Reduce -12.7% | 0.16% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -37.0% | 0.05% | −0.02 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.02 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -13.1% | 0.08% | −0.00 |
| HWM Howmet Aerospace Inc. | Reduce -3.9% | 0.10% | +0.01 |
| BKNG Booking Holdings Inc. | Reduce -14.8% | 1.29% | +0.03 |
| GPN Global Payments Inc. | Reduce -8.8% | 3.44% | +0.05 |
| DAO Youdao Inc. - ADR | Reduce -4.4% | 0.36% | +0.15 |
| IBKR Interactive Brokers Gro Class A | Reduce -18.7% | 5.02% | +0.23 |
| CPAY Corpay Inc. | Reduce -5.5% | 7.18% | +0.27 |
Portfolio Buys Q3 2024 → Q4 2024
| NBIS Nebius Group NV | Add +414.6% | 2.34% | +2.34 |
| ELV Elevance Health Inc. | Add +139.7% | 4.31% | +1.81 |
| GOOGL Alphabet Inc. Class A | Add +65.0% | 3.62% | +1.73 |
| SW Smurfit Westrock PLC | Add +2160.3% | 1.68% | +1.61 |
| KMI Kinder Morgan Inc. | Add +24.1% | 3.34% | +1.20 |
| FSV Firstservice Corp. | Add +147.4% | 1.16% | +0.70 |
| WDAY Workday Inc. Class A | New | 0.67% | +0.67 |
| VALE Vale SA-SP ADR | New | 0.56% | +0.56 |
| R Ryder System Inc. | Add +234.5% | 0.73% | +0.53 |
| FNV Franco-Nevada Corp. | Add +78.9% | 1.23% | +0.51 |
| BTI British American Tob-SP ADR | Add +21.5% | 1.95% | +0.36 |
| HDB HDFC Bank Ltd.-ADR | Add +172.6% | 0.52% | +0.34 |
| CRSP Crispr Therapeutics AG | New | 0.31% | +0.31 |
| DIS The Walt Disney Co. | Add +1.1% | 1.78% | +0.28 |
| SE Sea Ltd.-ADR | Add +63.8% | 0.57% | +0.27 |
| ICLR Icon PLC | Add +3383.5% | 0.28% | +0.27 |
| ACGL Arch Capital Group Ltd. | Add +127.0% | 0.53% | +0.25 |
| TRU Transunion | New | 0.24% | +0.24 |
| GLBE Global-E Online Ltd. | New | 0.22% | +0.22 |
| NTES Netease Inc.-ADR | Add +15.8% | 1.94% | +0.21 |
| CX Cemex Sab-Spons ADR Part Cer | New | 0.19% | +0.19 |
| BIDU Baidu Inc. - Spon ADR | Add +36.5% | 1.84% | +0.18 |
| IMAX Imax Corp. | Add +13.6% | 0.48% | +0.15 |
| ENB Enbridge Inc. | New | 0.13% | +0.13 |
| VEEV Veeva Systems Inc. Class A | New | 0.12% | +0.12 |
| FUTU Futu Holdings Ltd.-ADR | New | 0.10% | +0.10 |
| GMAB Genmab A/S -SP ADR | Add +67.9% | 0.32% | +0.10 |
| PFSI Pennymac Financial Services | New | 0.09% | +0.09 |
| MSFT Microsoft Corp. | Add +101.4% | 0.18% | +0.09 |
| AU Anglogold Ashanti PLC | New | 0.07% | +0.07 |
| WING Wingstop Inc. | New | 0.07% | +0.07 |
| G Genpact Ltd. | Add +4.0% | 0.42% | +0.06 |
| MCS Marcus Corporation | Add +9.6% | 0.14% | +0.05 |
| PDD PDD Holdings Inc. | New | 0.05% | +0.05 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +16.1% | 1.86% | +0.02 |
| BORR Borr Drilling Ltd. | Add +47.1% | 0.26% | +0.01 |
| CRC California Resources Corp. | Add +1.6% | 0.33% | +0.01 |
| ATKR Atkore Inc. | Add +7.7% | 0.09% | +0.01 |
| NAVI Navient Corp. | Add +19.8% | 0.13% | +0.00 |
| SYNA Synaptics Inc. | Add +0.5% | 0.93% | +0.00 |
| BUR Burford Capital Ltd. | Add +2.5% | 0.45% | +0.00 |
| WPM Wheaton Precious Metals Corp. | Add +5.1% | 0.40% | −0.01 |
| INTC Intel Corp. | Add +1.9% | 0.09% | −0.01 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +5.0% | 0.43% | −0.04 |
| B Barrick Gold Corp. | Add +3.4% | 0.47% | −0.10 |
| PTLO Portillo's Inc. Class A | Add +0.1% | 0.29% | −0.12 |
| RNR Renaissancere Holdings Ltd. | Add +0.9% | 3.83% | −0.26 |
| RXO Rxo Inc. | Add +5.9% | 3.88% | −0.35 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 96 | $29.1B | CPAY, NBIS, BKNG, QXO, BRKR |
| Q1 2026 | 91 | $23.7B | CPAY, QXO, NBIS, MSI, PRAX |
| Q4 2025 | 89 | $23.9B | QXO, CPAY, UNH, GOOGL, ICLR |
| Q3 2025 | 86 | $23.3B | QXO, NBIS, CPAY, PDD, ALNY |
| Q2 2025 | 78 | $20.6B | QXO, CPAY, ELV, NBIS, SW |
| Q1 2025 | 78 | $17.5B | QXO, CPAY, ELV, KMI, IBKR |
| Q4 2024 | 84 | $18.6B | QXO, CPAY, UNH, IBKR, ELV |
| Q3 2024 | 81 | $18.9B | QXO, UNH, CPAY, IBKR, RXO |
| Q2 2024 | 77 | $16.1B | UNH, CPAY, IBKR, SHEL, GXO |
| Q1 2024 | 72 | $16.7B | CPAY, UNH, IBKR, GXO, GPN |