Orbis Allan Gray Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Orbis Allan Gray Ltd reported 78 stock positions worth $20.6 billion. Its top holding was Qxo (QXO) at 10.1% of the portfolio, followed by Corpay (CPAY, 6.2%) and Elevance Health (ELV, 5.4%). Compared with Q1 2025, it opened 11 new positions, sold out of 11, added to 40 and reduced 25. The biggest buy was Nebius (NBIS, shares +12%) and the biggest sale an exit from Global Payments (GPN).
- Most Recent 13F
- Q2 2026
- Location
- HamiltoN, D0
- CIK
- 0001663865
- Portfolio Value
- $20.6B (Q2 2025)
- SEC Filing
- 0001085146-25-005183 ↗ filed Aug 14, 2025
Holdings Value
Holdings 78 stocks · $20.6B
| QXO Qxo Inc. | 10.09% | 96,289,549 | $2.1B | Reduce -12.0% |
| CPAY Corpay Inc. | 6.22% | 3,855,589 | $1.3B | Add +3.3% |
| ELV Elevance Health Inc. | 5.40% | 2,855,850 | $1.1B | Add +0.2% |
| NBIS Nebius Group NV | 4.75% | 17,651,930 | $976.7M | Add +12.4% |
| SW Smurfit Westrock PLC | 3.86% | 18,400,418 | $794.0M | Add +81.9% |
| ALNY Alnylam Pharmaceuticals Inc. | 3.36% | 2,121,412 | $691.8M | Add +29.8% |
| BTI British American Tob-SP ADR | 3.34% | 14,503,968 | $686.5M | Add +20.6% |
| KMI Kinder Morgan Inc. | 3.24% | 22,635,179 | $665.5M | Add +3.0% |
| GXO Gxo Logistics Inc. | 3.12% | 13,173,596 | $641.6M | Reduce -2.2% |
| PDD PDD Holdings Inc. | 2.87% | 5,647,728 | $591.1M | Add +135.6% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.79% | 84,543,938 | $574.1M | Add +104.3% |
| IBKR Interactive Brokers Gro Class A | 2.62% | 9,740,072 | $539.7M | Reduce -30.3% |
| SHEL Shell PLC-ADR | 2.51% | 7,333,663 | $516.4M | Add +13.6% |
| STE Steris PLC | 2.45% | 2,100,099 | $504.5M | Add +36.0% |
| RXO Rxo Inc. | 2.40% | 31,375,221 | $493.2M | Add +3.8% |
| NTES Netease Inc.-ADR | 2.30% | 3,507,214 | $472.0M | Reduce -4.3% |
| MU Micron Technology Inc. | 2.07% | 3,457,726 | $426.2M | Add +50.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.02% | 3,351,421 | $415.6M | Reduce -6.6% |
| XPO Xpo Inc. | 1.93% | 3,150,052 | $397.8M | Add +16.8% |
| UNH Unitedhealth Group Inc. | 1.65% | 1,086,717 | $339.0M | Add +63.4% |
| MCHP Microchip Technology Inc. | 1.59% | 4,640,869 | $326.6M | Reduce -39.2% |
| CNK Cinemark Holdings Inc. | 1.48% | 10,098,174 | $304.8M | Reduce -0.4% |
| NEM Newmont Corp. | 1.42% | 5,009,521 | $291.9M | Reduce -11.7% |
| AES AES Corp. | 1.41% | 27,618,252 | $290.5M | Add +0.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.26% | 18,870,590 | $258.9M | Add +28.2% |
| BBD Banco Bradesco-ADR | 1.22% | 81,034,974 | $250.4M | New |
| FSV Firstservice Corp. | 1.21% | 1,423,870 | $248.6M | Add +0.5% |
| GLD SPDR Gold Shares | 1.20% | 810,205 | $247.0M | Reduce -14.9% |
| RNR Renaissancere Holdings Ltd. | 1.17% | 991,483 | $240.8M | Reduce -43.3% |
| FNV Franco-Nevada Corp. | 1.13% | 1,412,097 | $231.5M | Reduce -26.4% |
| BRKR Bruker Corp. | 0.94% | 4,678,045 | $192.7M | New |
| VALE Vale SA-SP ADR | 0.93% | 19,665,389 | $191.0M | Reduce -37.1% |
| CX Cemex Sab-Spons ADR Part Cer | 0.89% | 26,300,519 | $182.3M | Add +90.2% |
| BKNG Booking Holdings Inc. | 0.86% | 30,520 | $176.7M | Reduce -27.6% |
| TXN Texas Instruments Inc. | 0.82% | 809,986 | $168.2M | Add +425.1% |
| GMAB Genmab A/S -SP ADR | 0.80% | 7,920,400 | $163.6M | Add +38.7% |
| SE Sea Ltd.-ADR | 0.79% | 1,017,534 | $162.7M | Add +22.8% |
| XP XP Inc. Class A | 0.79% | 8,001,932 | $161.6M | New |
| R Ryder System Inc. | 0.78% | 1,005,382 | $159.9M | Add +15.4% |
| INSM Insmed Inc. | 0.75% | 1,524,134 | $153.4M | New |
| IMAX Imax Corp. | 0.70% | 5,113,033 | $143.0M | Add +31.7% |
| CRSP Crispr Therapeutics AG | 0.65% | 2,764,532 | $134.5M | Add +76.9% |
| B Barrick Mining Corp. | 0.64% | 6,302,634 | $131.2M | Add +15.0% |
| SYNA Synaptics Inc. | 0.58% | 1,833,523 | $118.8M | Reduce -16.9% |
| DEO Diageo PLC-Sponsored ADR | 0.57% | 1,157,991 | $116.8M | Add +236.6% |
| BUR Burford Capital Ltd. | 0.54% | 7,732,120 | $110.3M | Add +6.9% |
| WPM Wheaton Precious Metals Corp. | 0.45% | 1,023,924 | $91.9M | Reduce -22.8% |
| MAR Marriott International Class A | 0.41% | 309,641 | $84.6M | No change |
| PTLO Portillo's Inc. Class A | 0.36% | 6,358,093 | $74.2M | Add +6.4% |
| MSI Motorola Solutions Inc. | 0.36% | 175,563 | $73.8M | Reduce -76.2% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.36% | 4,874,637 | $73.4M | Reduce -30.4% |
| DAO Youdao Inc. - ADR | 0.31% | 7,497,430 | $64.5M | Reduce -10.1% |
| GFI Gold Fields Ltd.-Spons ADR | 0.31% | 2,669,748 | $63.2M | Reduce -23.6% |
| FBIN Fortune Brands Innovations I | 0.25% | 1,012,411 | $52.1M | Add +32.6% |
| CRC California Resources Corp. | 0.25% | 1,121,467 | $51.2M | Reduce -6.5% |
| ICLR Icon PLC | 0.24% | 335,677 | $48.8M | New |
| GNRC Generac Holdings Inc. | 0.21% | 307,374 | $44.0M | Add +50.2% |
| ENB Enbridge Inc. | 0.21% | 963,762 | $43.7M | Add +24.7% |
| BWXT BWX Technologies Inc. | 0.21% | 295,045 | $42.5M | New |
| MTZ Mastec Inc. | 0.20% | 239,407 | $40.8M | Add +5.1% |
| NAVI Navient Corp. | 0.20% | 2,848,718 | $40.2M | Add +23.2% |
| HDB HDFC Bank Ltd.-ADR | 0.16% | 419,431 | $32.2M | Reduce -7.0% |
| MSFT Microsoft Corp. | 0.15% | 63,322 | $31.5M | Reduce -33.3% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.15% | 370,306 | $30.6M | Add +0.9% |
| ATKR Atkore Inc. | 0.12% | 364,011 | $25.7M | Add +45.0% |
| EME Emcor Group Inc. | 0.12% | 46,770 | $25.0M | Add +61.6% |
| MCS Marcus Corporation | 0.11% | 1,375,121 | $23.2M | Add +9.1% |
| NCMI National Cinemedia Inc. | 0.10% | 4,197,683 | $20.3M | New |
| PAGS Pagseguro Digital Ltd. Class A | 0.10% | 2,085,730 | $20.1M | New |
| NE Noble Corp. PLC | 0.10% | 741,409 | $19.7M | New |
| AU Anglogold Ashanti PLC | 0.09% | 427,891 | $19.5M | Reduce -27.9% |
| MS Morgan Stanley | 0.08% | 115,346 | $16.2M | Add +1.0% |
| G Genpact Ltd. | 0.08% | 359,700 | $15.8M | Reduce -76.1% |
| CMCL Caledonia Mining Corp. PLC | 0.07% | 782,501 | $15.1M | No change |
| INTC Intel Corp. | 0.07% | 643,359 | $14.4M | Add +1.0% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.05% | 88,899 | $11.0M | Reduce -67.7% |
| IQV Iqvia Holdings Inc. | 0.04% | 52,195 | $8.2M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.01% | 5,412 | $1.2M | New |
Portfolio Sells Q1 2025 → Q2 2025
| GPN Global Payments Inc. | Sold out | 0.00% | −1.80 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −1.70 |
| MSI Motorola Solutions Inc. | Reduce -76.2% | 0.36% | −1.48 |
| RNR Renaissancere Holdings Ltd. | Reduce -43.3% | 1.17% | −1.23 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −1.15 |
| VALE Vale SA-SP ADR | Reduce -37.1% | 0.93% | −0.86 |
| IBKR Interactive Brokers Gro Class A | Reduce -30.3% | 2.62% | −0.68 |
| FNV Franco-Nevada Corp. | Reduce -26.4% | 1.13% | −0.60 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.57 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.53 |
| MCHP Microchip Technology Inc. | Reduce -39.2% | 1.59% | −0.53 |
| GLD SPDR Gold Shares | Reduce -14.9% | 1.20% | −0.37 |
| G Genpact Ltd. | Reduce -76.1% | 0.08% | −0.36 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -30.4% | 0.36% | −0.27 |
| BKNG Booking Holdings Inc. | Reduce -27.6% | 0.86% | −0.25 |
| SYNA Synaptics Inc. | Reduce -16.9% | 0.58% | −0.23 |
| NEM Newmont Corp. | Reduce -11.7% | 1.42% | −0.15 |
| WPM Wheaton Precious Metals Corp. | Reduce -22.8% | 0.45% | −0.14 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -23.6% | 0.31% | −0.13 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -67.7% | 0.05% | −0.11 |
| BORR Borr Drilling Ltd. | Sold out | 0.00% | −0.10 |
| GLBE Global-E Online Ltd. | Sold out | 0.00% | −0.09 |
| TS Tenaris SA-ADR | Sold out | 0.00% | −0.08 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.08 |
| CRC California Resources Corp. | Reduce -6.5% | 0.25% | −0.05 |
| MSFT Microsoft Corp. | Reduce -33.3% | 0.15% | −0.05 |
| DAO Youdao Inc. - ADR | Reduce -10.1% | 0.31% | −0.05 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.05 |
| AU Anglogold Ashanti PLC | Reduce -27.9% | 0.09% | −0.03 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −0.02 |
| HDB HDFC Bank Ltd.-ADR | Reduce -7.0% | 0.16% | −0.01 |
| DIS The Walt Disney Co. | Reduce -6.6% | 2.02% | −0.01 |
| CNK Cinemark Holdings Inc. | Reduce -0.4% | 1.48% | +0.04 |
| GXO Gxo Logistics Inc. | Reduce -2.2% | 3.12% | +0.11 |
| NTES Netease Inc.-ADR | Reduce -4.3% | 2.30% | +0.14 |
| QXO Qxo Inc. | Reduce -12.0% | 10.09% | +1.61 |
Portfolio Buys Q1 2025 → Q2 2025
| NBIS Nebius Group NV | Add +12.4% | 4.75% | +2.85 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +104.3% | 2.79% | +1.49 |
| SW Smurfit Westrock PLC | Add +81.9% | 3.86% | +1.25 |
| PDD PDD Holdings Inc. | Add +135.6% | 2.87% | +1.25 |
| BBD Banco Bradesco-ADR | New | 1.22% | +1.22 |
| BRKR Bruker Corp. | New | 0.94% | +0.94 |
| MU Micron Technology Inc. | Add +50.2% | 2.07% | +0.93 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +29.8% | 3.36% | +0.84 |
| XP XP Inc. Class A | New | 0.79% | +0.79 |
| INSM Insmed Inc. | New | 0.75% | +0.75 |
| TXN Texas Instruments Inc. | Add +425.1% | 0.82% | +0.66 |
| BTI British American Tob-SP ADR | Add +20.6% | 3.34% | +0.49 |
| STE Steris PLC | Add +36.0% | 2.45% | +0.45 |
| CX Cemex Sab-Spons ADR Part Cer | Add +90.2% | 0.89% | +0.44 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +28.2% | 1.26% | +0.40 |
| DEO Diageo PLC-Sponsored ADR | Add +236.6% | 0.57% | +0.36 |
| CRSP Crispr Therapeutics AG | Add +76.9% | 0.65% | +0.35 |
| XPO Xpo Inc. | Add +16.8% | 1.93% | +0.27 |
| ICLR Icon PLC | New | 0.24% | +0.24 |
| BWXT BWX Technologies Inc. | New | 0.21% | +0.21 |
| SE Sea Ltd.-ADR | Add +22.8% | 0.79% | +0.17 |
| GMAB Genmab A/S -SP ADR | Add +38.7% | 0.80% | +0.16 |
| IMAX Imax Corp. | Add +31.7% | 0.70% | +0.11 |
| NCMI National Cinemedia Inc. | New | 0.10% | +0.10 |
| PAGS Pagseguro Digital Ltd. Class A | New | 0.10% | +0.10 |
| NE Noble Corp. PLC | New | 0.10% | +0.10 |
| GNRC Generac Holdings Inc. | Add +50.2% | 0.21% | +0.07 |
| R Ryder System Inc. | Add +15.4% | 0.78% | +0.06 |
| EME Emcor Group Inc. | Add +61.6% | 0.12% | +0.06 |
| MTZ Mastec Inc. | Add +5.1% | 0.20% | +0.05 |
| IQV Iqvia Holdings Inc. | New | 0.04% | +0.04 |
| ATKR Atkore Inc. | Add +45.0% | 0.12% | +0.04 |
| KB KB Financial Group Inc.-ADR | Add +0.9% | 0.15% | +0.04 |
| B Barrick Mining Corp. | Add +15.0% | 0.64% | +0.03 |
| NAVI Navient Corp. | Add +23.2% | 0.20% | +0.03 |
| ENB Enbridge Inc. | Add +24.7% | 0.21% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.01% | +0.01 |
| MS Morgan Stanley | Add +1.0% | 0.08% | +0.00 |
| MCS Marcus Corporation | Add +9.1% | 0.11% | −0.01 |
| BUR Burford Capital Ltd. | Add +6.9% | 0.54% | −0.01 |
| FBIN Fortune Brands Innovations I | Add +32.6% | 0.25% | −0.01 |
| INTC Intel Corp. | Add +1.0% | 0.07% | −0.01 |
| PTLO Portillo's Inc. Class A | Add +6.4% | 0.36% | −0.05 |
| FSV Firstservice Corp. | Add +0.5% | 1.21% | −0.14 |
| SHEL Shell PLC-ADR | Add +13.6% | 2.51% | −0.20 |
| UNH Unitedhealth Group Inc. | Add +63.4% | 1.65% | −0.34 |
| KMI Kinder Morgan Inc. | Add +3.0% | 3.24% | −0.35 |
| AES AES Corp. | Add +0.4% | 1.41% | −0.54 |
| RXO Rxo Inc. | Add +3.8% | 2.40% | −0.90 |
| CPAY Corpay Inc. | Add +3.3% | 6.22% | −1.22 |
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 |