Orbis Allan Gray Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Orbis Allan Gray Ltd reported 89 stock positions worth $23.9 billion. Its top holding was Qxo (QXO) at 6.9% of the portfolio, followed by Corpay (CPAY, 6.3%) and Unitedhealth (UNH, 3.6%). Compared with Q3 2025, it opened 12 new positions, sold out of 9, added to 42 and reduced 32. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale Nebius (NBIS, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- HamiltoN, D0
- CIK
- 0001663865
- Portfolio Value
- $23.9B (Q4 2025)
- SEC Filing
- 0001663865-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 89 stocks · $23.9B
| QXO Qxo Inc. | 6.91% | 85,484,474 | $1.6B | Reduce -1.2% |
| CPAY Corpay Inc. | 6.29% | 4,987,968 | $1.5B | Add +20.8% |
| UNH Unitedhealth Group Inc. | 3.57% | 2,581,182 | $852.1M | Add +30.5% |
| GOOGL Alphabet Inc. Class A | 3.49% | 2,663,789 | $833.8M | New |
| ICLR Icon PLC | 3.22% | 4,214,661 | $768.0M | Add +1.8% |
| INSM Insmed Inc. | 3.05% | 4,179,957 | $727.5M | Add +28.6% |
| GXO Gxo Logistics Inc. | 2.96% | 13,424,844 | $706.7M | Add +0.3% |
| BRKR Bruker Corp. | 2.94% | 14,906,730 | $702.3M | Add +5.4% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.70% | 1,618,219 | $643.5M | Reduce -17.1% |
| NEM Newmont Corp. | 2.65% | 6,322,769 | $631.3M | Add +12.2% |
| IBKR Interactive Brokers Gro Class A | 2.50% | 9,273,735 | $596.4M | Reduce -2.8% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.45% | 81,682,615 | $584.8M | Reduce -2.0% |
| STE Steris PLC | 2.39% | 2,249,511 | $570.3M | Add +5.7% |
| SW Smurfit Westrock PLC | 2.26% | 13,956,868 | $539.7M | Reduce -26.3% |
| BTI British American Tob-SP ADR | 2.21% | 9,300,901 | $526.6M | Reduce -2.3% |
| XPO Xpo Inc. | 2.08% | 3,652,589 | $496.4M | Add +15.8% |
| MSI Motorola Solutions Inc. | 2.06% | 1,283,065 | $491.8M | Add +95.6% |
| NTES Netease Inc.-ADR | 1.95% | 3,389,449 | $466.5M | Reduce -18.5% |
| GMAB Genmab A/S -SP ADR | 1.86% | 14,418,462 | $444.1M | Add +30.1% |
| RXO Rxo Inc. | 1.84% | 34,677,755 | $438.3M | Add +6.5% |
| ELV Elevance Health Inc. | 1.83% | 1,244,946 | $436.4M | Reduce -4.8% |
| IQV Iqvia Holdings Inc. | 1.80% | 1,901,091 | $428.5M | Add +96.5% |
| CX Cemex Sab-Spons ADR Part Cer | 1.74% | 36,132,733 | $415.2M | Add +3.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.70% | 3,563,050 | $405.4M | Reduce -3.0% |
| PRAX Praxis Precision Medicines I | 1.55% | 1,255,162 | $369.9M | New |
| FBIN Fortune Brands Innovations I | 1.52% | 7,272,289 | $363.8M | Add +586.7% |
| CNK Cinemark Holdings Inc. | 1.47% | 15,057,911 | $349.9M | Add +31.0% |
| SE Sea Ltd.-ADR | 1.45% | 2,715,855 | $346.5M | Reduce -12.6% |
| WLK Westlake Corp. | 1.36% | 4,386,635 | $324.3M | Add +12.1% |
| CRSP Crispr Therapeutics AG | 1.31% | 5,950,145 | $312.0M | Add +19.4% |
| FSV Firstservice Corp. | 1.29% | 1,984,677 | $308.7M | Add +36.5% |
| AES AES Corp. | 1.28% | 21,317,334 | $305.7M | Reduce -17.8% |
| FNV Franco-Nevada Corp. | 1.22% | 1,409,189 | $292.1M | Reduce -0.7% |
| B Barrick Mining Corp. | 1.22% | 6,682,200 | $291.0M | Add +1.9% |
| KMI Kinder Morgan Inc. | 1.22% | 10,550,337 | $290.0M | Reduce -29.1% |
| NBIS Nebius Group NV | 1.17% | 3,335,358 | $279.2M | Reduce -73.9% |
| VALE Vale SA-SP ADR | 1.00% | 18,242,181 | $237.7M | Add +34.4% |
| GLD SPDR Gold Shares | 0.87% | 523,786 | $207.6M | Reduce -33.6% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.80% | 10,814,948 | $191.3M | Add +12.8% |
| IMAX Imax Corp. | 0.80% | 5,151,721 | $190.4M | Reduce -1.7% |
| R Ryder System Inc. | 0.78% | 974,620 | $186.5M | Add +107.3% |
| EQT Eqt Corp. | 0.78% | 3,479,105 | $186.5M | New |
| RNR Renaissancere Holdings Ltd. | 0.75% | 634,937 | $178.5M | New |
| BKNG Booking Holdings Inc. | 0.69% | 30,748 | $164.7M | Add +8.8% |
| SRRK Scholar Rock Holding Corp. | 0.63% | 3,428,929 | $151.0M | Add +1034.5% |
| DEO Diageo PLC-Sponsored ADR | 0.63% | 1,737,346 | $149.9M | Add +12.4% |
| PDD PDD Holdings Inc. | 0.56% | 1,168,327 | $132.5M | Reduce -83.2% |
| BTU Peabody Energy Corp. | 0.55% | 4,397,530 | $130.6M | Reduce -11.3% |
| WPM Wheaton Precious Metals Corp. | 0.50% | 1,023,924 | $120.3M | No change |
| SYNA Synaptics Inc. | 0.48% | 1,536,228 | $113.7M | Add +9.9% |
| TBBB BBB Foods Inc. Class A | 0.46% | 3,288,723 | $109.8M | New |
| SHEL Shell PLC-ADR | 0.45% | 1,476,355 | $108.5M | Add +4.0% |
| BUR Burford Capital Ltd. | 0.45% | 12,051,544 | $107.5M | Add +31.1% |
| GFI Gold Fields Ltd.-Spons ADR | 0.45% | 2,461,373 | $107.5M | Reduce -7.8% |
| MAR Marriott International Class A | 0.40% | 309,641 | $96.1M | No change |
| DYN Dyne Therapeutics Inc. | 0.39% | 4,801,928 | $93.9M | New |
| CRC California Resources Corp. | 0.36% | 1,926,769 | $86.1M | Add +38.6% |
| OLN Olin Corp. | 0.33% | 3,804,561 | $79.2M | Add +448.9% |
| MRVL Marvell Technology Inc. | 0.32% | 904,659 | $76.9M | New |
| DAO Youdao Inc. - ADR | 0.29% | 6,943,858 | $70.0M | Reduce -4.6% |
| ENB Enbridge Inc. | 0.29% | 1,439,899 | $68.9M | Add +42.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.28% | 3,923,704 | $65.7M | Reduce -85.6% |
| BWXT BWX Technologies Inc. | 0.22% | 309,516 | $53.5M | Reduce -6.8% |
| BAH Booz Allen Hamilton Holdings | 0.20% | 567,544 | $47.9M | Add +179.8% |
| EDU New Oriental Educatio-SP ADR | 0.19% | 837,551 | $46.1M | Add +40.2% |
| ON On Semiconductor | 0.19% | 845,781 | $45.8M | Add +82.6% |
| NKE Nike Inc. Class B | 0.18% | 672,298 | $42.8M | Add +98.4% |
| NCMI National Cinemedia Inc. | 0.16% | 9,523,889 | $37.0M | Add +79.5% |
| AU Anglogold Ashanti PLC | 0.15% | 427,891 | $36.5M | No change |
| SLGN Silgan Holdings Inc. | 0.15% | 888,720 | $35.9M | New |
| MNSO Miniso Group Holding Ltd.-ADR | 0.14% | 1,792,873 | $33.6M | Add +0.7% |
| BIDU Baidu Inc. - Spon ADR | 0.14% | 254,741 | $33.3M | Reduce -75.6% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.14% | 378,785 | $32.6M | Add +4.0% |
| EME Emcor Group Inc. | 0.14% | 52,683 | $32.2M | Reduce -11.6% |
| PTLO Portillo's Inc. Class A | 0.13% | 6,994,844 | $31.8M | Add +2.3% |
| MCS Marcus Corporation | 0.12% | 1,915,765 | $29.7M | Add +8.0% |
| HNRG Hallador Energy Co. | 0.12% | 1,490,148 | $28.4M | Reduce -22.1% |
| GNRC Generac Holdings Inc. | 0.12% | 202,218 | $27.6M | Reduce -34.3% |
| AR Antero Resources Corp. | 0.11% | 744,108 | $25.6M | New |
| HDB HDFC Bank Ltd.-ADR | 0.11% | 700,833 | $25.6M | Reduce -7.4% |
| AM Antero Midstream Corp. | 0.11% | 1,410,004 | $25.1M | New |
| MSFT Microsoft Corp. | 0.09% | 45,105 | $21.8M | Reduce -5.8% |
| LULU Lululemon Athletica Inc. | 0.08% | 93,221 | $19.4M | New |
| INTC Intel Corp. | 0.08% | 495,099 | $18.3M | Reduce -0.1% |
| CLBT Cellebrite Di Ltd. | 0.05% | 670,613 | $12.1M | Add +29.8% |
| G Genpact Ltd. | 0.04% | 200,245 | $9.4M | Reduce -6.7% |
| MICC The Magnum Ice Cream Co. NV | 0.03% | 447,614 | $7.1M | New |
| CMCL Caledonia Mining Corp. PLC | 0.02% | 211,822 | $5.5M | Reduce -67.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.01% | 5,044 | $1.5M | Reduce -6.8% |
Portfolio Sells Q3 2025 → Q4 2025
| NBIS Nebius Group NV | Reduce -73.9% | 1.17% | −5.00 |
| PDD PDD Holdings Inc. | Reduce -83.2% | 0.56% | −3.38 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -85.6% | 0.28% | −1.60 |
| MU Micron Technology Inc. | Sold out | 0.00% | −1.56 |
| SW Smurfit Westrock PLC | Reduce -26.3% | 2.26% | −1.20 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -17.1% | 2.70% | −1.12 |
| SE Sea Ltd.-ADR | Reduce -12.6% | 1.45% | −0.93 |
| NTES Netease Inc.-ADR | Reduce -18.5% | 1.95% | −0.76 |
| KMI Kinder Morgan Inc. | Reduce -29.1% | 1.22% | −0.59 |
| BIDU Baidu Inc. - Spon ADR | Reduce -75.6% | 0.14% | −0.45 |
| GLD SPDR Gold Shares | Reduce -33.6% | 0.87% | −0.33 |
| IBKR Interactive Brokers Gro Class A | Reduce -2.8% | 2.50% | −0.32 |
| CE Celanese Corp. | Sold out | 0.00% | −0.24 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.22 |
| MTZ Mastec Inc. | Sold out | 0.00% | −0.21 |
| AES AES Corp. | Reduce -17.8% | 1.28% | −0.18 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -2.0% | 2.45% | −0.17 |
| NAVI Navient Corp. | Sold out | 0.00% | −0.17 |
| QXO Qxo Inc. | Reduce -1.2% | 6.91% | −0.17 |
| FNV Franco-Nevada Corp. | Reduce -0.7% | 1.22% | −0.13 |
| CARG Cargurus Inc. | Sold out | 0.00% | −0.12 |
| DIS The Walt Disney Co. | Reduce -3.0% | 1.70% | −0.11 |
| GNRC Generac Holdings Inc. | Reduce -34.3% | 0.12% | −0.11 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.10 |
| CMCL Caledonia Mining Corp. PLC | Reduce -67.1% | 0.02% | −0.08 |
| HNRG Hallador Energy Co. | Reduce -22.1% | 0.12% | −0.04 |
| BWXT BWX Technologies Inc. | Reduce -6.8% | 0.22% | −0.04 |
| BCC Boise Cascade Co. | Sold out | 0.00% | −0.04 |
| KBR KBR Inc. | Sold out | 0.00% | −0.03 |
| EME Emcor Group Inc. | Reduce -11.6% | 0.14% | −0.03 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -7.8% | 0.45% | −0.03 |
| DAO Youdao Inc. - ADR | Reduce -4.6% | 0.29% | −0.02 |
| BTU Peabody Energy Corp. | Reduce -11.3% | 0.55% | −0.02 |
| MSFT Microsoft Corp. | Reduce -5.8% | 0.09% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -7.4% | 0.11% | −0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.8% | 0.01% | −0.00 |
| G Genpact Ltd. | Reduce -6.7% | 0.04% | +0.00 |
| INTC Intel Corp. | Reduce -0.1% | 0.08% | +0.01 |
| ELV Elevance Health Inc. | Reduce -4.8% | 1.83% | +0.01 |
| BTI British American Tob-SP ADR | Reduce -2.3% | 2.21% | +0.04 |
| IMAX Imax Corp. | Reduce -1.7% | 0.80% | +0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | New | 3.49% | +3.49 |
| PRAX Praxis Precision Medicines I | New | 1.55% | +1.55 |
| FBIN Fortune Brands Innovations I | Add +586.7% | 1.52% | +1.28 |
| CPAY Corpay Inc. | Add +20.8% | 6.29% | +1.19 |
| INSM Insmed Inc. | Add +28.6% | 3.05% | +1.04 |
| IQV Iqvia Holdings Inc. | Add +96.5% | 1.80% | +1.01 |
| BRKR Bruker Corp. | Add +5.4% | 2.94% | +0.97 |
| EQT Eqt Corp. | New | 0.78% | +0.78 |
| MSI Motorola Solutions Inc. | Add +95.6% | 2.06% | +0.77 |
| RNR Renaissancere Holdings Ltd. | New | 0.75% | +0.75 |
| UNH Unitedhealth Group Inc. | Add +30.5% | 3.57% | +0.64 |
| NEM Newmont Corp. | Add +12.2% | 2.65% | +0.61 |
| SRRK Scholar Rock Holding Corp. | Add +1034.5% | 0.63% | +0.58 |
| TBBB BBB Foods Inc. Class A | New | 0.46% | +0.46 |
| GMAB Genmab A/S -SP ADR | Add +30.1% | 1.86% | +0.40 |
| R Ryder System Inc. | Add +107.3% | 0.78% | +0.40 |
| DYN Dyne Therapeutics Inc. | New | 0.39% | +0.39 |
| CX Cemex Sab-Spons ADR Part Cer | Add +3.5% | 1.74% | +0.39 |
| VALE Vale SA-SP ADR | Add +34.4% | 1.00% | +0.36 |
| XPO Xpo Inc. | Add +15.8% | 2.08% | +0.33 |
| MRVL Marvell Technology Inc. | New | 0.32% | +0.32 |
| B Barrick Mining Corp. | Add +1.9% | 1.22% | +0.30 |
| OLN Olin Corp. | Add +448.9% | 0.33% | +0.26 |
| SLGN Silgan Holdings Inc. | New | 0.15% | +0.15 |
| STE Steris PLC | Add +5.7% | 2.39% | +0.13 |
| BAH Booz Allen Hamilton Holdings | Add +179.8% | 0.20% | +0.11 |
| ICLR Icon PLC | Add +1.8% | 3.22% | +0.11 |
| AR Antero Resources Corp. | New | 0.11% | +0.11 |
| AM Antero Midstream Corp. | New | 0.11% | +0.11 |
| FSV Firstservice Corp. | Add +36.5% | 1.29% | +0.10 |
| ON On Semiconductor | Add +82.6% | 0.19% | +0.09 |
| CNK Cinemark Holdings Inc. | Add +31.0% | 1.47% | +0.08 |
| LULU Lululemon Athletica Inc. | New | 0.08% | +0.08 |
| NKE Nike Inc. Class B | Add +98.4% | 0.18% | +0.08 |
| ENB Enbridge Inc. | Add +42.7% | 0.29% | +0.07 |
| SYNA Synaptics Inc. | Add +9.9% | 0.48% | +0.07 |
| WLK Westlake Corp. | Add +12.1% | 1.36% | +0.06 |
| EDU New Oriental Educatio-SP ADR | Add +40.2% | 0.19% | +0.06 |
| NCMI National Cinemedia Inc. | Add +79.5% | 0.16% | +0.05 |
| CRC California Resources Corp. | Add +38.6% | 0.36% | +0.04 |
| BKNG Booking Holdings Inc. | Add +8.8% | 0.69% | +0.04 |
| MICC The Magnum Ice Cream Co. NV | New | 0.03% | +0.03 |
| SHEL Shell PLC-ADR | Add +4.0% | 0.45% | +0.02 |
| CLBT Cellebrite Di Ltd. | Add +29.8% | 0.05% | +0.01 |
| KB KB Financial Group Inc.-ADR | Add +4.0% | 0.14% | +0.01 |
| MCS Marcus Corporation | Add +8.0% | 0.12% | +0.01 |
| DEO Diageo PLC-Sponsored ADR | Add +12.4% | 0.63% | −0.01 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +12.8% | 0.80% | −0.01 |
| BUR Burford Capital Ltd. | Add +31.1% | 0.45% | −0.02 |
| MNSO Miniso Group Holding Ltd.-ADR | Add +0.7% | 0.14% | −0.03 |
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 |