Orbis Allan Gray Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Orbis Allan Gray Ltd reported 78 stock positions worth $17.5 billion. Its top holding was Qxo (QXO) at 8.5% of the portfolio, followed by Corpay (CPAY, 7.4%) and Elevance Health (ELV, 7.1%). Compared with Q4 2024, it opened 7 new positions, sold out of 13, added to 34 and reduced 33. The biggest buy was Elevance Health (ELV, shares +31%) and the biggest sale Unitedhealth (UNH, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- HamiltoN, D0
- CIK
- 0001663865
- Portfolio Value
- $17.5B (Q1 2025)
- SEC Filing
- 0001085146-25-003200 ↗ filed May 15, 2025
Holdings Value
Holdings 78 stocks · $17.5B
| QXO Qxo Inc. | 8.47% | 109,409,191 | $1.5B | No change |
| CPAY Corpay Inc. | 7.44% | 3,731,221 | $1.3B | Reduce -5.3% |
| ELV Elevance Health Inc. | 7.09% | 2,849,173 | $1.2B | Add +31.4% |
| KMI Kinder Morgan Inc. | 3.58% | 21,964,323 | $626.6M | Reduce -3.1% |
| IBKR Interactive Brokers Gro Class A | 3.31% | 3,493,357 | $578.5M | Reduce -33.9% |
| RXO Rxo Inc. | 3.30% | 30,232,511 | $577.4M | Reduce -0.0% |
| GXO Gxo Logistics Inc. | 3.01% | 13,473,172 | $526.5M | Add +6.5% |
| BTI British American Tob-SP ADR | 2.84% | 12,021,231 | $497.3M | Add +20.4% |
| SHEL Shell PLC-ADR | 2.71% | 6,456,363 | $473.1M | Reduce -3.1% |
| SW Smurfit Westrock PLC | 2.61% | 10,114,213 | $455.7M | Add +74.8% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.52% | 1,634,923 | $441.5M | Add +11.0% |
| RNR Renaissancere Holdings Ltd. | 2.40% | 1,748,169 | $419.6M | Reduce -39.0% |
| NTES Netease Inc.-ADR | 2.16% | 3,664,973 | $377.2M | Reduce -9.1% |
| MCHP Microchip Technology Inc. | 2.11% | 7,635,024 | $369.6M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.03% | 3,588,463 | $354.2M | Add +20.9% |
| STE Steris PLC | 2.00% | 1,544,011 | $350.0M | New |
| UNH Unitedhealth Group Inc. | 1.99% | 665,142 | $348.4M | Reduce -64.8% |
| AES AES Corp. | 1.95% | 27,518,952 | $341.8M | Add +21.8% |
| NBIS Nebius Group NV | 1.90% | 15,702,222 | $331.5M | Reduce -0.1% |
| MSI Motorola Solutions Inc. | 1.84% | 736,093 | $322.3M | Add +1.6% |
| GPN Global Payments Inc. | 1.80% | 3,222,435 | $315.5M | Reduce -43.6% |
| VALE Vale SA-SP ADR | 1.78% | 31,257,989 | $312.0M | Add +165.8% |
| FNV Franco-Nevada Corp. | 1.73% | 1,918,952 | $302.4M | Reduce -1.1% |
| BIDU Baidu Inc. - Spon ADR | 1.70% | 3,236,111 | $297.8M | Reduce -20.3% |
| XPO Xpo Inc. | 1.66% | 2,697,161 | $290.2M | Reduce -9.8% |
| PDD PDD Holdings Inc. | 1.62% | 2,397,312 | $283.7M | Add +2354.9% |
| GLD SPDR Gold Shares | 1.57% | 951,603 | $274.2M | Reduce -2.0% |
| NEM Newmont Corp. | 1.57% | 5,672,683 | $273.9M | Add +1.7% |
| CNK Cinemark Holdings Inc. | 1.44% | 10,142,246 | $252.4M | Reduce -10.2% |
| FSV Firstservice Corp. | 1.35% | 1,417,190 | $235.2M | Add +18.8% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.30% | 41,390,151 | $227.6M | New |
| GOOGL Alphabet Inc. Class A | 1.15% | 1,301,632 | $201.3M | Reduce -63.4% |
| MU Micron Technology Inc. | 1.14% | 2,301,640 | $200.0M | Reduce -17.4% |
| BKNG Booking Holdings Inc. | 1.11% | 42,172 | $194.3M | Reduce -12.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.86% | 14,722,930 | $150.8M | New |
| SYNA Synaptics Inc. | 0.80% | 2,207,130 | $140.6M | Reduce -3.0% |
| R Ryder System Inc. | 0.72% | 870,959 | $125.3M | Add +0.9% |
| GMAB Genmab A/S -SP ADR | 0.64% | 5,710,741 | $111.8M | Add +102.8% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.63% | 7,009,180 | $109.9M | Add +18.3% |
| SE Sea Ltd.-ADR | 0.62% | 828,958 | $108.2M | Reduce -17.6% |
| B Barrick Gold Corp. | 0.61% | 5,481,945 | $106.6M | Reduce -1.8% |
| WPM Wheaton Precious Metals Corp. | 0.59% | 1,326,424 | $103.0M | No change |
| IMAX Imax Corp. | 0.59% | 3,882,766 | $102.3M | Add +12.3% |
| ACGL Arch Capital Group Ltd. | 0.57% | 1,029,505 | $99.0M | Reduce -3.2% |
| BUR Burford Capital Ltd. | 0.55% | 7,235,504 | $95.6M | Add +10.3% |
| PFSI Pennymac Financial Services | 0.53% | 926,775 | $92.8M | Add +447.5% |
| CX Cemex Sab-Spons ADR Part Cer | 0.44% | 13,831,102 | $77.6M | Add +115.6% |
| GFI Gold Fields Ltd.-Spons ADR | 0.44% | 3,494,861 | $77.2M | Reduce -30.4% |
| G Genpact Ltd. | 0.43% | 1,506,477 | $75.9M | Reduce -16.7% |
| MAR Marriott International Class A | 0.42% | 309,641 | $73.8M | Add +4.7% |
| PTLO Portillo's Inc. Class A | 0.41% | 5,973,638 | $71.0M | Add +4.1% |
| DAO Youdao Inc. - ADR | 0.36% | 8,339,388 | $63.6M | Reduce -7.1% |
| CRSP Crispr Therapeutics AG | 0.30% | 1,562,932 | $53.2M | Add +5.9% |
| CRC California Resources Corp. | 0.30% | 1,198,841 | $52.7M | Add +3.0% |
| FBIN Fortune Brands Innovations I | 0.27% | 763,211 | $46.5M | New |
| DEO Diageo PLC-Sponsored ADR | 0.21% | 344,018 | $36.0M | New |
| MSFT Microsoft Corp. | 0.20% | 94,908 | $35.6M | Add +20.6% |
| ENB Enbridge Inc. | 0.20% | 772,764 | $34.2M | Add +31.0% |
| HDB HDFC Bank Ltd.-ADR | 0.17% | 451,048 | $30.0M | Reduce -70.3% |
| NAVI Navient Corp. | 0.17% | 2,311,785 | $29.2M | Add +29.6% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.16% | 275,026 | $28.1M | Add +15.0% |
| TXN Texas Instruments Inc. | 0.16% | 154,241 | $27.7M | Reduce -90.9% |
| MTZ Mastec Inc. | 0.15% | 227,759 | $26.6M | Add +9.9% |
| GNRC Generac Holdings Inc. | 0.15% | 204,691 | $25.9M | Add +6.7% |
| AU Anglogold Ashanti PLC | 0.13% | 593,705 | $22.0M | No change |
| MCS Marcus Corporation | 0.12% | 1,260,565 | $21.0M | Add +5.4% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.11% | 366,962 | $19.9M | Reduce -11.0% |
| BORR Borr Drilling Ltd. | 0.10% | 7,617,577 | $16.7M | Reduce -37.8% |
| GLBE Global-E Online Ltd. | 0.09% | 443,782 | $15.8M | Reduce -39.6% |
| ATKR Atkore Inc. | 0.09% | 251,030 | $15.1M | Add +27.5% |
| TS Tenaris SA-ADR | 0.08% | 377,357 | $14.8M | Reduce -63.3% |
| HLT Hilton Worldwide Holdings Inc. | 0.08% | 63,773 | $14.5M | Add +0.8% |
| INTC Intel Corp. | 0.08% | 636,922 | $14.5M | Reduce -21.8% |
| MS Morgan Stanley | 0.08% | 114,172 | $13.3M | Add +59.3% |
| EME Emcor Group Inc. | 0.06% | 28,937 | $10.7M | New |
| CMCL Caledonia Mining Corp. PLC | 0.06% | 782,501 | $9.8M | No change |
| AMZN Amazon.com Inc. | 0.05% | 42,855 | $8.2M | Add +0.3% |
| HWM Howmet Aerospace Inc. | 0.02% | 24,108 | $3.1M | Reduce -86.1% |
Portfolio Sells Q4 2024 → Q1 2025
| UNH Unitedhealth Group Inc. | Reduce -64.8% | 1.99% | −3.15 |
| GOOGL Alphabet Inc. Class A | Reduce -63.4% | 1.15% | −2.47 |
| IBKR Interactive Brokers Gro Class A | Reduce -33.9% | 3.31% | −1.72 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.69 |
| GPN Global Payments Inc. | Reduce -43.6% | 1.80% | −1.64 |
| TXN Texas Instruments Inc. | Reduce -90.9% | 0.16% | −1.54 |
| RNR Renaissancere Holdings Ltd. | Reduce -39.0% | 2.40% | −1.43 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.67 |
| RXO Rxo Inc. | Reduce -0.0% | 3.30% | −0.58 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.55 |
| XPO Xpo Inc. | Reduce -9.8% | 1.66% | −0.45 |
| NBIS Nebius Group NV | Reduce -0.1% | 1.90% | −0.45 |
| CNK Cinemark Holdings Inc. | Reduce -10.2% | 1.44% | −0.44 |
| HDB HDFC Bank Ltd.-ADR | Reduce -70.3% | 0.17% | −0.35 |
| ICLR Icon PLC | Sold out | 0.00% | −0.28 |
| TRU Transunion | Sold out | 0.00% | −0.24 |
| IQ Iqiyi Inc.-ADR | Sold out | 0.00% | −0.19 |
| WLK Westlake Corp. | Sold out | 0.00% | −0.18 |
| BKNG Booking Holdings Inc. | Reduce -12.4% | 1.11% | −0.18 |
| ASAIY Sendas Distribuidora SA | Sold out | 0.00% | −0.17 |
| BORR Borr Drilling Ltd. | Reduce -37.8% | 0.10% | −0.16 |
| BIDU Baidu Inc. - Spon ADR | Reduce -20.3% | 1.70% | −0.14 |
| SYNA Synaptics Inc. | Reduce -3.0% | 0.80% | −0.13 |
| GLBE Global-E Online Ltd. | Reduce -39.6% | 0.09% | −0.13 |
| TS Tenaris SA-ADR | Reduce -63.3% | 0.08% | −0.12 |
| MU Micron Technology Inc. | Reduce -17.4% | 1.14% | −0.12 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.12 |
| HWM Howmet Aerospace Inc. | Reduce -86.1% | 0.02% | −0.08 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.08 |
| WING Wingstop Inc. | Sold out | 0.00% | −0.07 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.03 |
| HOS Hornbeck Offshore Services I | Sold out | 0.00% | −0.03 |
| KB KB Financial Group Inc.-ADR | Reduce -11.0% | 0.11% | −0.01 |
| INTC Intel Corp. | Reduce -21.8% | 0.08% | −0.01 |
| DAO Youdao Inc. - ADR | Reduce -7.1% | 0.36% | +0.01 |
| G Genpact Ltd. | Reduce -16.7% | 0.43% | +0.02 |
| ACGL Arch Capital Group Ltd. | Reduce -3.2% | 0.57% | +0.04 |
| SE Sea Ltd.-ADR | Reduce -17.6% | 0.62% | +0.04 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -30.4% | 0.44% | +0.08 |
| B Barrick Gold Corp. | Reduce -1.8% | 0.61% | +0.14 |
| NTES Netease Inc.-ADR | Reduce -9.1% | 2.16% | +0.22 |
| KMI Kinder Morgan Inc. | Reduce -3.1% | 3.58% | +0.24 |
| CPAY Corpay Inc. | Reduce -5.3% | 7.44% | +0.27 |
| GLD SPDR Gold Shares | Reduce -2.0% | 1.57% | +0.30 |
| SHEL Shell PLC-ADR | Reduce -3.1% | 2.71% | +0.46 |
| FNV Franco-Nevada Corp. | Reduce -1.1% | 1.73% | +0.50 |
Portfolio Buys Q4 2024 → Q1 2025
| ELV Elevance Health Inc. | Add +31.4% | 7.09% | +2.78 |
| MCHP Microchip Technology Inc. | New | 2.11% | +2.11 |
| STE Steris PLC | New | 2.00% | +2.00 |
| PDD PDD Holdings Inc. | Add +2354.9% | 1.62% | +1.57 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 1.30% | +1.30 |
| VALE Vale SA-SP ADR | Add +165.8% | 1.78% | +1.22 |
| SW Smurfit Westrock PLC | Add +74.8% | 2.61% | +0.93 |
| BTI British American Tob-SP ADR | Add +20.4% | 2.84% | +0.89 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.86% | +0.86 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +11.0% | 2.52% | +0.66 |
| NEM Newmont Corp. | Add +1.7% | 1.57% | +0.45 |
| PFSI Pennymac Financial Services | Add +447.5% | 0.53% | +0.44 |
| AES AES Corp. | Add +21.8% | 1.95% | +0.39 |
| GMAB Genmab A/S -SP ADR | Add +102.8% | 0.64% | +0.32 |
| FBIN Fortune Brands Innovations I | New | 0.27% | +0.27 |
| CX Cemex Sab-Spons ADR Part Cer | Add +115.6% | 0.44% | +0.25 |
| DIS The Walt Disney Co. | Add +20.9% | 2.03% | +0.25 |
| DEO Diageo PLC-Sponsored ADR | New | 0.21% | +0.21 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +18.3% | 0.63% | +0.20 |
| FSV Firstservice Corp. | Add +18.8% | 1.35% | +0.18 |
| PTLO Portillo's Inc. Class A | Add +4.1% | 0.41% | +0.12 |
| IMAX Imax Corp. | Add +12.3% | 0.59% | +0.11 |
| BUR Burford Capital Ltd. | Add +10.3% | 0.55% | +0.10 |
| EME Emcor Group Inc. | New | 0.06% | +0.06 |
| ENB Enbridge Inc. | Add +31.0% | 0.20% | +0.06 |
| FUTU Futu Holdings Ltd.-ADR | Add +15.0% | 0.16% | +0.06 |
| GXO Gxo Logistics Inc. | Add +6.5% | 3.01% | +0.05 |
| MSI Motorola Solutions Inc. | Add +1.6% | 1.84% | +0.04 |
| NAVI Navient Corp. | Add +29.6% | 0.17% | +0.04 |
| MS Morgan Stanley | Add +59.3% | 0.08% | +0.03 |
| MSFT Microsoft Corp. | Add +20.6% | 0.20% | +0.03 |
| MTZ Mastec Inc. | Add +9.9% | 0.15% | +0.00 |
| HLT Hilton Worldwide Holdings Inc. | Add +0.8% | 0.08% | −0.00 |
| ATKR Atkore Inc. | Add +27.5% | 0.09% | −0.00 |
| AMZN Amazon.com Inc. | Add +0.3% | 0.05% | −0.00 |
| CRSP Crispr Therapeutics AG | Add +5.9% | 0.30% | −0.01 |
| GNRC Generac Holdings Inc. | Add +6.7% | 0.15% | −0.01 |
| R Ryder System Inc. | Add +0.9% | 0.72% | −0.01 |
| MCS Marcus Corporation | Add +5.4% | 0.12% | −0.02 |
| MAR Marriott International Class A | Add +4.7% | 0.42% | −0.02 |
| CRC California Resources Corp. | Add +3.0% | 0.30% | −0.02 |
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 |