Orbis Allan Gray Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Orbis Allan Gray Ltd reported 86 stock positions worth $23.3 billion. Its top holding was Qxo (QXO) at 7.1% of the portfolio, followed by Nebius (NBIS, 6.2%) and Corpay (CPAY, 5.1%). Compared with Q2 2025, it opened 17 new positions, sold out of 9, added to 39 and reduced 25. The biggest buy was Icon (ICLR, shares +1133%) and the biggest sale Elevance Health (ELV, shares −54%).
- Most Recent 13F
- Q2 2026
- Location
- HamiltoN, D0
- CIK
- 0001663865
- Portfolio Value
- $23.3B (Q3 2025)
- SEC Filing
- 0001663865-25-000002 ↗ filed Nov 14, 2025
Holdings Value
Holdings 86 stocks · $23.3B
| QXO Qxo Inc. | 7.08% | 86,492,986 | $1.6B | Reduce -10.2% |
| NBIS Nebius Group NV | 6.17% | 12,796,543 | $1.4B | Reduce -27.5% |
| CPAY Corpay Inc. | 5.10% | 4,128,114 | $1.2B | Add +7.1% |
| PDD PDD Holdings Inc. | 3.94% | 6,942,339 | $917.6M | Add +22.9% |
| ALNY Alnylam Pharmaceuticals Inc. | 3.82% | 1,950,962 | $889.6M | Reduce -8.0% |
| SW Smurfit Westrock PLC | 3.46% | 18,948,827 | $806.7M | Add +3.0% |
| ICLR Icon PLC | 3.11% | 4,138,818 | $724.3M | Add +1133.0% |
| GXO Gxo Logistics Inc. | 3.04% | 13,387,809 | $708.1M | Add +1.6% |
| UNH Unitedhealth Group Inc. | 2.93% | 1,977,404 | $682.8M | Add +82.0% |
| IBKR Interactive Brokers Gro Class A | 2.82% | 9,543,872 | $656.7M | Reduce -2.0% |
| NTES Netease Inc.-ADR | 2.71% | 4,157,480 | $631.9M | Add +18.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.63% | 83,327,177 | $611.6M | Reduce -1.4% |
| SE Sea Ltd.-ADR | 2.38% | 3,105,766 | $555.1M | Add +205.2% |
| STE Steris PLC | 2.26% | 2,129,311 | $526.9M | Add +1.4% |
| BTI British American Tob-SP ADR | 2.17% | 9,521,130 | $505.4M | Reduce -34.4% |
| RXO Rxo Inc. | 2.15% | 32,573,158 | $501.0M | Add +3.8% |
| NEM Newmont Corp. | 2.04% | 5,637,872 | $475.3M | Add +12.5% |
| INSM Insmed Inc. | 2.01% | 3,250,868 | $468.2M | Add +113.3% |
| BRKR Bruker Corp. | 1.97% | 14,145,472 | $459.6M | Add +202.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.88% | 27,296,532 | $437.0M | Add +44.6% |
| ELV Elevance Health Inc. | 1.81% | 1,308,118 | $422.7M | Reduce -54.2% |
| KMI Kinder Morgan Inc. | 1.81% | 14,884,536 | $421.4M | Reduce -34.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.80% | 3,671,374 | $420.4M | Add +9.6% |
| XPO Xpo Inc. | 1.75% | 3,153,369 | $407.6M | Add +0.1% |
| MU Micron Technology Inc. | 1.56% | 2,166,539 | $362.5M | Reduce -37.3% |
| AES AES Corp. | 1.46% | 25,933,967 | $341.3M | Reduce -6.1% |
| GMAB Genmab A/S -SP ADR | 1.46% | 11,078,006 | $339.8M | Add +39.9% |
| CRSP Crispr Therapeutics AG | 1.39% | 4,982,085 | $322.9M | Add +80.2% |
| CNK Cinemark Holdings Inc. | 1.38% | 11,494,101 | $322.1M | Add +13.8% |
| FNV Franco-Nevada Corp. | 1.36% | 1,418,367 | $316.2M | Add +0.4% |
| CX Cemex Sab-Spons ADR Part Cer | 1.35% | 34,907,514 | $313.8M | Add +32.7% |
| WLK Westlake Corp. | 1.29% | 3,914,411 | $301.6M | New |
| MSI Motorola Solutions Inc. | 1.29% | 655,999 | $300.0M | Add +273.6% |
| GLD SPDR Gold Shares | 1.20% | 789,217 | $280.5M | Reduce -2.6% |
| FSV Firstservice Corp. | 1.19% | 1,454,188 | $277.0M | Add +2.1% |
| B Barrick Mining Corp. | 0.92% | 6,560,227 | $215.0M | Add +4.1% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.81% | 9,587,623 | $188.3M | Add +96.7% |
| IQV Iqvia Holdings Inc. | 0.79% | 967,537 | $183.8M | Add +1753.7% |
| IMAX Imax Corp. | 0.74% | 5,241,883 | $171.7M | Add +2.5% |
| BKNG Booking Holdings Inc. | 0.65% | 28,249 | $152.5M | Reduce -7.4% |
| DEO Diageo PLC-Sponsored ADR | 0.63% | 1,546,130 | $147.5M | Add +33.5% |
| VALE Vale SA-SP ADR | 0.63% | 13,573,795 | $147.4M | Reduce -31.0% |
| BIDU Baidu Inc. - Spon ADR | 0.59% | 1,044,173 | $137.6M | New |
| BTU Peabody Energy Corp. | 0.56% | 4,960,043 | $131.5M | New |
| WPM Wheaton Precious Metals Corp. | 0.49% | 1,023,924 | $114.5M | No change |
| GFI Gold Fields Ltd.-Spons ADR | 0.48% | 2,669,748 | $112.0M | No change |
| BUR Burford Capital Ltd. | 0.47% | 9,191,822 | $109.9M | Add +18.9% |
| SHEL Shell PLC-ADR | 0.44% | 1,420,211 | $101.6M | Reduce -80.6% |
| SYNA Synaptics Inc. | 0.41% | 1,398,302 | $95.6M | Reduce -23.7% |
| R Ryder System Inc. | 0.38% | 470,216 | $88.7M | Reduce -53.2% |
| MAR Marriott International Class A | 0.35% | 309,641 | $80.6M | No change |
| CRC California Resources Corp. | 0.32% | 1,390,579 | $74.0M | Add +24.0% |
| DAO Youdao Inc. - ADR | 0.31% | 7,281,408 | $72.4M | Reduce -2.9% |
| BWXT BWX Technologies Inc. | 0.26% | 332,248 | $61.3M | Add +12.6% |
| FBIN Fortune Brands Innovations I | 0.24% | 1,059,015 | $56.5M | Add +4.6% |
| CE Celanese Corp. | 0.24% | 1,304,050 | $54.9M | New |
| LYB Lyondellbasell Indu Class A | 0.22% | 1,064,208 | $52.2M | New |
| GNRC Generac Holdings Inc. | 0.22% | 307,858 | $51.5M | Add +0.2% |
| ENB Enbridge Inc. | 0.22% | 1,008,837 | $50.9M | Add +4.7% |
| MTZ Mastec Inc. | 0.21% | 226,799 | $48.3M | Reduce -5.3% |
| PTLO Portillo's Inc. Class A | 0.19% | 6,839,639 | $44.1M | Add +7.6% |
| MNSO Miniso Group Holding Ltd.-ADR | 0.17% | 1,780,405 | $40.1M | New |
| NAVI Navient Corp. | 0.17% | 3,023,206 | $39.8M | Add +6.1% |
| EME Emcor Group Inc. | 0.17% | 59,606 | $38.7M | Add +27.4% |
| HNRG Hallador Energy Co. | 0.16% | 1,911,787 | $37.4M | New |
| EDU New Oriental Educatio-SP ADR | 0.14% | 597,498 | $31.7M | New |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.13% | 364,148 | $30.2M | Reduce -1.7% |
| AU Anglogold Ashanti PLC | 0.13% | 427,891 | $30.1M | No change |
| CARG Cargurus Inc. | 0.12% | 765,791 | $28.5M | New |
| MCS Marcus Corporation | 0.12% | 1,774,701 | $27.5M | Add +29.1% |
| HDB HDFC Bank Ltd.-ADR | 0.11% | 756,964 | $25.9M | Reduce -9.8% |
| MSFT Microsoft Corp. | 0.11% | 47,885 | $24.8M | Reduce -24.4% |
| NCMI National Cinemedia Inc. | 0.10% | 5,305,601 | $23.9M | Add +26.4% |
| MCHP Microchip Technology Inc. | 0.10% | 371,911 | $23.9M | Reduce -92.0% |
| NKE Nike Inc. Class B | 0.10% | 338,796 | $23.6M | New |
| CMCL Caledonia Mining Corp. PLC | 0.10% | 644,151 | $23.3M | Reduce -17.7% |
| ON On Semiconductor | 0.10% | 463,107 | $22.8M | New |
| BAH Booz Allen Hamilton Holdings | 0.09% | 202,826 | $20.3M | New |
| OLN Olin Corp. | 0.07% | 693,168 | $17.3M | New |
| INTC Intel Corp. | 0.07% | 495,662 | $16.6M | Reduce -23.0% |
| SRRK Scholar Rock Holding Corp. | 0.05% | 302,252 | $11.3M | New |
| CLBT Cellebrite Di Ltd. | 0.04% | 516,499 | $9.6M | New |
| G Genpact Ltd. | 0.04% | 214,532 | $9.0M | Reduce -40.4% |
| BCC Boise Cascade Co. | 0.04% | 105,673 | $8.2M | New |
| KBR KBR Inc. | 0.03% | 162,873 | $7.7M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.01% | 5,412 | $1.5M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| ELV Elevance Health Inc. | Reduce -54.2% | 1.81% | −3.59 |
| QXO Qxo Inc. | Reduce -10.2% | 7.08% | −3.01 |
| SHEL Shell PLC-ADR | Reduce -80.6% | 0.44% | −2.07 |
| MCHP Microchip Technology Inc. | Reduce -92.0% | 0.10% | −1.49 |
| KMI Kinder Morgan Inc. | Reduce -34.2% | 1.81% | −1.43 |
| BBD Banco Bradesco-ADR | Sold out | 0.00% | −1.22 |
| RNR Renaissancere Holdings Ltd. | Sold out | 0.00% | −1.17 |
| BTI British American Tob-SP ADR | Reduce -34.4% | 2.17% | −1.17 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.82 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.79 |
| MU Micron Technology Inc. | Reduce -37.3% | 1.56% | −0.52 |
| R Ryder System Inc. | Reduce -53.2% | 0.38% | −0.40 |
| VALE Vale SA-SP ADR | Reduce -31.0% | 0.63% | −0.30 |
| BKNG Booking Holdings Inc. | Reduce -7.4% | 0.65% | −0.20 |
| SYNA Synaptics Inc. | Reduce -23.7% | 0.41% | −0.17 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -1.4% | 2.63% | −0.17 |
| ATKR Atkore Inc. | Sold out | 0.00% | −0.12 |
| PAGS Pagseguro Digital Ltd. Class A | Sold out | 0.00% | −0.10 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.10 |
| MS Morgan Stanley | Sold out | 0.00% | −0.08 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.05 |
| MSFT Microsoft Corp. | Reduce -24.4% | 0.11% | −0.05 |
| HDB HDFC Bank Ltd.-ADR | Reduce -9.8% | 0.11% | −0.05 |
| G Genpact Ltd. | Reduce -40.4% | 0.04% | −0.04 |
| KB KB Financial Group Inc.-ADR | Reduce -1.7% | 0.13% | −0.02 |
| DAO Youdao Inc. - ADR | Reduce -2.9% | 0.31% | −0.00 |
| INTC Intel Corp. | Reduce -23.0% | 0.07% | +0.00 |
| GLD SPDR Gold Shares | Reduce -2.6% | 1.20% | +0.00 |
| MTZ Mastec Inc. | Reduce -5.3% | 0.21% | +0.01 |
| CMCL Caledonia Mining Corp. PLC | Reduce -17.7% | 0.10% | +0.03 |
| AES AES Corp. | Reduce -6.1% | 1.46% | +0.05 |
| IBKR Interactive Brokers Gro Class A | Reduce -2.0% | 2.82% | +0.19 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -8.0% | 3.82% | +0.45 |
| NBIS Nebius Group NV | Reduce -27.5% | 6.17% | +1.42 |
Portfolio Buys Q2 2025 → Q3 2025
| ICLR Icon PLC | Add +1133.0% | 3.11% | +2.87 |
| SE Sea Ltd.-ADR | Add +205.2% | 2.38% | +1.59 |
| WLK Westlake Corp. | New | 1.29% | +1.29 |
| UNH Unitedhealth Group Inc. | Add +82.0% | 2.93% | +1.28 |
| INSM Insmed Inc. | Add +113.3% | 2.01% | +1.26 |
| PDD PDD Holdings Inc. | Add +22.9% | 3.94% | +1.06 |
| BRKR Bruker Corp. | Add +202.4% | 1.97% | +1.04 |
| MSI Motorola Solutions Inc. | Add +273.6% | 1.29% | +0.93 |
| IQV Iqvia Holdings Inc. | Add +1753.7% | 0.79% | +0.75 |
| CRSP Crispr Therapeutics AG | Add +80.2% | 1.39% | +0.73 |
| GMAB Genmab A/S -SP ADR | Add +39.9% | 1.46% | +0.66 |
| NEM Newmont Corp. | Add +12.5% | 2.04% | +0.62 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +44.6% | 1.88% | +0.62 |
| BIDU Baidu Inc. - Spon ADR | New | 0.59% | +0.59 |
| BTU Peabody Energy Corp. | New | 0.56% | +0.56 |
| CX Cemex Sab-Spons ADR Part Cer | Add +32.7% | 1.35% | +0.46 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +96.7% | 0.81% | +0.45 |
| NTES Netease Inc.-ADR | Add +18.5% | 2.71% | +0.42 |
| B Barrick Mining Corp. | Add +4.1% | 0.92% | +0.28 |
| CE Celanese Corp. | New | 0.24% | +0.24 |
| FNV Franco-Nevada Corp. | Add +0.4% | 1.36% | +0.23 |
| LYB Lyondellbasell Indu Class A | New | 0.22% | +0.22 |
| MNSO Miniso Group Holding Ltd.-ADR | New | 0.17% | +0.17 |
| HNRG Hallador Energy Co. | New | 0.16% | +0.16 |
| EDU New Oriental Educatio-SP ADR | New | 0.14% | +0.14 |
| CARG Cargurus Inc. | New | 0.12% | +0.12 |
| NKE Nike Inc. Class B | New | 0.10% | +0.10 |
| ON On Semiconductor | New | 0.10% | +0.10 |
| BAH Booz Allen Hamilton Holdings | New | 0.09% | +0.09 |
| OLN Olin Corp. | New | 0.07% | +0.07 |
| CRC California Resources Corp. | Add +24.0% | 0.32% | +0.07 |
| DEO Diageo PLC-Sponsored ADR | Add +33.5% | 0.63% | +0.07 |
| BWXT BWX Technologies Inc. | Add +12.6% | 0.26% | +0.06 |
| SRRK Scholar Rock Holding Corp. | New | 0.05% | +0.05 |
| EME Emcor Group Inc. | Add +27.4% | 0.17% | +0.04 |
| IMAX Imax Corp. | Add +2.5% | 0.74% | +0.04 |
| CLBT Cellebrite Di Ltd. | New | 0.04% | +0.04 |
| BCC Boise Cascade Co. | New | 0.04% | +0.04 |
| KBR KBR Inc. | New | 0.03% | +0.03 |
| GNRC Generac Holdings Inc. | Add +0.2% | 0.22% | +0.01 |
| ENB Enbridge Inc. | Add +4.7% | 0.22% | +0.01 |
| MCS Marcus Corporation | Add +29.1% | 0.12% | +0.01 |
| NCMI National Cinemedia Inc. | Add +26.4% | 0.10% | +0.00 |
| FBIN Fortune Brands Innovations I | Add +4.6% | 0.24% | −0.01 |
| FSV Firstservice Corp. | Add +2.1% | 1.19% | −0.02 |
| NAVI Navient Corp. | Add +6.1% | 0.17% | −0.02 |
| BUR Burford Capital Ltd. | Add +18.9% | 0.47% | −0.06 |
| GXO Gxo Logistics Inc. | Add +1.6% | 3.04% | −0.08 |
| CNK Cinemark Holdings Inc. | Add +13.8% | 1.38% | −0.10 |
| PTLO Portillo's Inc. Class A | Add +7.6% | 0.19% | −0.17 |
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 |