Orbis Investment Management
Orbis team (Allan Gray lineage)HamiltoN, D0files as Orbis Allan Gray Ltd
$29.1bn in 97 US stocks at the end of 30 June 2026. The top 10 are 39.9% of the money. It changed about 18.1% of the portfolio this quarter.
Value
$29.1bn
Stocks
97
Top 10 share
39.9%
Turnover
18.1%
What changed this quarter
New
Bought for the first time this quarter.
- Brown & BrownBRO1.2% of the fund
- Ryan Specialty HoldingsRYAN0.8% of the fund
- NewAmsterdam PharmaNAMS0.2% of the fund
- UnitedHealth GroupUNH0.2% of the fund
- QXO<0.1% of the fund
- Cellebrite DICLBT<0.1% of the fund
- Genius SportsGENI<0.1% of the fund
- EchoStarECHO<0.1% of the fund
- Howmet AerospaceHWM<0.1% of the fund
- Berkshire HathawayBRK-B<0.1% of the fund
- Wise GroupWSE<0.1% of the fund
- Futu HldgsFUTU<0.1% of the fund
Added
Bought more of a stock they already held.
- Booking HoldingsBKNG4.4% of the fund+290%
- Motorola SolutionsMSI3.4% of the fund+28%
- EQTEQT2.9% of the fund+30%
- ShellSHEL2.4% of the fund+115%
- Itau Unibanco Hldg S AITUB2.3% of the fund+17%
- InsmedINSM2.2% of the fund+224%
- Alnylam PharmaceuticalsALNY2.1% of the fund+49%
- SterisSTE1.9% of the fund+3%
- NewmontNEM1.8% of the fund+7%
- NvidiaNVDA1.7% of the fund+17%
- PDD HoldingsPDD1.4% of the fund+207%
- DiageoDEO1.3% of the fund+29%
- Kinder MorganKMI1.3% of the fund+4%
- Scholar Rock HoldingSRRK1.1% of the fund+42%
- Robert HalfRHI1.0% of the fund+31%
- American Airlines GroupAAL1.0% of the fund+635%
- BBB FoodsTBBB1.0% of the fund+19%
- Franco NevadaFNV0.9% of the fund+20%
- Range ResourcesRRC0.9% of the fund+147%
- Barrick MiningB0.8% of the fund+11%
- HDFC BankHDB0.8% of the fund+428%
- EnbridgeENB0.8% of the fund+160%
- Iqvia HoldingsIQV0.7% of the fund+405%
- Spdr Gold TRGLD0.6% of the fund+6%
- Dyne TherapeuticsDYN0.5% of the fund+4%
Cut
Sold some of their stake.
- Nebius GroupNBIS6.2% of the fund-22%
- AlphabetGOOGL2.9% of the fund-7%
- Praxis Precision MedicinesPRAX1.8% of the fund-38%
- British American Tobacco p.l.c.BTI1.6% of the fund-4%
- Netease.comNTES1.5% of the fund-2%
- Cemex SAB de CVCX1.2% of the fund-24%
- Genmab A/SGMAB1.1% of the fund-12%
- CRISPR Therapeutics AGCRSP1.0% of the fund-11%
- Smurfit WestrockSW0.9% of the fund-57%
- Vale S AVALE0.7% of the fund-26%
- SynapticsSYNA0.6% of the fund-14%
- Renaissancere HoldingsRNR0.6% of the fund-16%
- Antero ResourcesAR0.5% of the fund-7%
- WestlakeWLK0.5% of the fund-61%
- Ryder SystemR0.3% of the fund-57%
- YoudaoDAO0.3% of the fund-3%
- ON SemiconductorON0.2% of the fund-22%
- Magnum Ice CreamMICC0.2% of the fund-27%
- Generac HoldingsGNRC0.2% of the fund-13%
- SeaSE0.2% of the fund-72%
- Vipshop HldgsVIPS0.2% of the fund-31%
- Wheaton Precious MetalsWPM0.2% of the fund-22%
- Hallador EnergyHNRG0.1% of the fund-4%
- Marriott InternationalMAR<0.1% of the fund-59%
- Portillo'sPTLO<0.1% of the fund-41%
Sold out
Sold their entire stake.
- AESAES-100%
- KB Financial GroupKB-100%
- Silgan HoldingsSLGN-100%
- Fortune Brands InnovationsFBIN-100%
- BaiduBIDU-100%
- MicrosoftMSFT-100%
Holdings
- ShellSHEL
- Share
- 2.4%
- Value
- $686m
- Shares
- 8,847,436
+115%
- Itau Unibanco Hldg S AITUB
- Share
- 2.3%
- Value
- $664m
- Shares
- 81,301,690
+17%
- FirstServiceFSV
- Share
- 2.0%
- Value
- $575m
- Shares
- 4,044,289
Held
- Netease.comNTES
- Share
- 1.5%
- Value
- $449m
- Shares
- 3,503,491
-2%
- PDD HoldingsPDD
- Share
- 1.4%
- Value
- $408m
- Shares
- 5,353,562
+207%
- Genmab A/SGMAB
- Share
- 1.1%
- Value
- $312m
- Shares
- 11,368,161
-12%
- Franco NevadaFNV
- Share
- 0.9%
- Value
- $269m
- Shares
- 1,290,361
+20%
- Barrick MiningB
- Share
- 0.8%
- Value
- $246m
- Shares
- 6,687,005
+11%
- Vale S AVALE
- Share
- 0.7%
- Value
- $215m
- Shares
- 14,267,945
-26%
- Spdr Gold TRGLD
- Share
- 0.6%
- Value
- $184m
- Shares
- 499,941
+6%
- YoudaoDAO
- Share
- 0.3%
- Value
- $81m
- Shares
- 6,563,497
-3%
- Gold FieldsGFI
- Share
- 0.2%
- Value
- $49m
- Shares
- 1,473,023
+2%
- SeaSE
- Share
- 0.2%
- Value
- $49m
- Shares
- 513,300
-72%
- Vipshop HldgsVIPS
- Share
- 0.2%
- Value
- $48m
- Shares
- 3,594,710
-31%
- Wheaton Precious MetalsWPM
- Share
- 0.2%
- Value
- $46m
- Shares
- 405,444
-22%
- QXO
- Share
- <0.1%
- Value
- $28m
- Shares
- 569,445
New
- Irsa Inversiones Y REP S AIRS
- Share
- <0.1%
- Value
- $14m
- Shares
- 901,355
+80%
- Futu HldgsFUTU
- Share
- <0.1%
- Value
- $8m
- Shares
- 88,375
New
- Miniso Group HldgMNSO
- Share
- <0.1%
- Value
- $3m
- Shares
- 254,418
-56%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| CorpayCPAY | 6.2% | $1.8bn | 5,408,507 | Held |
| Nebius GroupNBIS | 6.2% | $1.8bn | 6,494,719 | -22% |
| Booking HoldingsBKNG | 4.4% | $1.3bn | 7,191,572 | +290% |
| QXOQXO | 4.4% | $1.3bn | 73,951,325 | Held |
| BrukerBRKR | 3.7% | $1.1bn | 17,940,076 | Held |
| RXORXO | 3.5% | $1.0bn | 36,397,974 | Held |
| Motorola SolutionsMSI | 3.4% | $992m | 2,389,623 | +28% |
| AlphabetGOOGL | 2.9% | $836m | 2,340,624 | -7% |
| EQTEQT | 2.9% | $835m | 15,706,047 | +30% |
| XPOXPO | 2.4% | $699m | 3,402,819 | Held |
| ShellSHEL | 2.4% | $686m | 8,847,436 | +115% |
| GXO LogisticsGXO | 2.3% | $681m | 13,424,844 | Held |
| Itau Unibanco Hldg S AITUB | 2.3% | $664m | 81,301,690 | +17% |
| InsmedINSM | 2.2% | $648m | 6,076,487 | +224% |
| Alnylam PharmaceuticalsALNY | 2.1% | $598m | 1,987,407 | +49% |
| FirstServiceFSV | 2.0% | $575m | 4,044,289 | Held |
| SterisSTE | 1.9% | $564m | 2,677,710 | +3% |
| Interactive Brokers GroupIBKR | 1.8% | $528m | 6,069,270 | Held |
| NewmontNEM | 1.8% | $518m | 5,544,346 | +7% |
| Praxis Precision MedicinesPRAX | 1.8% | $512m | 1,529,788 | -38% |
| NvidiaNVDA | 1.7% | $490m | 2,450,522 | +17% |
| Cinemark HoldingsCNK | 1.6% | $478m | 15,057,911 | Held |
| British American Tobacco p.l.c.BTI | 1.6% | $456m | 7,385,374 | -4% |
| Netease.comNTES | 1.5% | $449m | 3,503,491 | -2% |
| PDD HoldingsPDD | 1.4% | $408m | 5,353,562 | +207% |
| DiageoDEO | 1.3% | $384m | 4,777,636 | +29% |
| Kinder MorganKMI | 1.3% | $377m | 11,797,985 | +4% |
| Walt DisneyDIS | 1.2% | $359m | 3,734,888 | Held |
| Brown & BrownBRO | 1.2% | $345m | 5,371,080 | New |
| Cemex SAB de CVCX | 1.2% | $340m | 28,304,697 | -24% |
| Scholar Rock HoldingSRRK | 1.1% | $326m | 5,933,533 | +42% |
| Genmab A/SGMAB | 1.1% | $312m | 11,368,161 | -12% |
| Robert HalfRHI | 1.0% | $303m | 9,877,840 | +31% |
| CRISPR Therapeutics AGCRSP | 1.0% | $297m | 5,449,161 | -11% |
| American Airlines GroupAAL | 1.0% | $292m | 16,139,385 | +635% |
| BBB FoodsTBBB | 1.0% | $281m | 6,735,036 | +19% |
| Smurfit WestrockSW | 0.9% | $272m | 5,881,487 | -57% |
| Franco NevadaFNV | 0.9% | $269m | 1,290,361 | +20% |
| Range ResourcesRRC | 0.9% | $249m | 6,694,822 | +147% |
| Barrick MiningB | 0.8% | $246m | 6,687,005 | +11% |
| HDFC BankHDB | 0.8% | $244m | 9,446,886 | +428% |
| Ryan Specialty HoldingsRYAN | 0.8% | $238m | 6,307,845 | New |
| EnbridgeENB | 0.8% | $235m | 4,342,664 | +160% |
| Vale S AVALE | 0.7% | $215m | 14,267,945 | -26% |
| Iqvia HoldingsIQV | 0.7% | $213m | 1,101,165 | +405% |
| ImaxIMAX | 0.7% | $205m | 5,149,555 | Held |
| Spdr Gold TRGLD | 0.6% | $184m | 499,941 | +6% |
| SynapticsSYNA | 0.6% | $177m | 1,422,657 | -14% |
| Renaissancere HoldingsRNR | 0.6% | $172m | 542,301 | -16% |
| Antero ResourcesAR | 0.5% | $160m | 4,547,301 | -7% |
| Brinker InternationalEAT | 0.5% | $157m | 935,796 | Held |
| Dyne TherapeuticsDYN | 0.5% | $156m | 7,006,542 | +4% |
| WestlakeWLK | 0.5% | $152m | 2,084,364 | -61% |
| TransUnionTRU | 0.5% | $146m | 2,021,682 | +246% |
| Nu HoldingsNU | 0.5% | $133m | 9,988,142 | +82% |
| California ResourcesCRC | 0.4% | $128m | 2,422,242 | +11% |
| New Oriental Education & Technology GroupEDU | 0.3% | $99m | 2,162,403 | +85% |
| CarGurusCARG | 0.3% | $82m | 2,407,398 | +3% |
| Ryder SystemR | 0.3% | $81m | 307,335 | -57% |
| YoudaoDAO | 0.3% | $81m | 6,563,497 | -3% |
| Elevance HealthELV | 0.2% | $71m | 183,191 | Held |
| ON SemiconductorON | 0.2% | $70m | 741,034 | -22% |
| Marvell TechnologyMRVL | 0.2% | $68m | 229,717 | Held |
| Burford CapitalBUR | 0.2% | $60m | 14,673,240 | +13% |
| NewAmsterdam PharmaNAMS | 0.2% | $59m | 1,747,627 | New |
| BWX TechnologiesBWXT | 0.2% | $58m | 297,329 | Held |
| UnitedHealth GroupUNH | 0.2% | $56m | 134,216 | New |
| Antero MidstreamAM | 0.2% | $55m | 2,420,433 | +7% |
| Magnum Ice CreamMICC | 0.2% | $54m | 3,112,401 | -27% |
| Generac HoldingsGNRC | 0.2% | $53m | 182,189 | -13% |
| EMCOR GroupEME | 0.2% | $52m | 62,764 | +3% |
| MarcusMCS | 0.2% | $51m | 2,189,129 | +12% |
| Gold FieldsGFI | 0.2% | $49m | 1,473,023 | +2% |
| SeaSE | 0.2% | $49m | 513,300 | -72% |
| Vipshop HldgsVIPS | 0.2% | $48m | 3,594,710 | -31% |
| Wheaton Precious MetalsWPM | 0.2% | $46m | 405,444 | -22% |
| NikeNKE | 0.1% | $42m | 1,015,893 | +7% |
| National CineMediaNCMI | 0.1% | $35m | 9,313,977 | Held |
| Booz Allen Hamilton HoldingBAH | 0.1% | $35m | 569,678 | Held |
| CNX ResourcesCNX | 0.1% | $30m | 886,386 | +158% |
| AngloGold AshantiAU | 0.1% | $30m | 365,003 | Held |
| Hallador EnergyHNRG | 0.1% | $29m | 1,695,845 | -4% |
| QXO | <0.1% | $28m | 569,445 | New |
| Cellebrite DICLBT | <0.1% | $25m | 1,707,749 | New |
| Genius SportsGENI | <0.1% | $23m | 3,767,572 | New |
| Marriott InternationalMAR | <0.1% | $23m | 61,340 | -59% |
| EchoStarECHO | <0.1% | $22m | 214,394 | New |
| Portillo'sPTLO | <0.1% | $20m | 4,171,276 | -41% |
| Loma Negra Compania Industrial Argentina Sociedad AnonimaLOMA | <0.1% | $18m | 1,540,398 | +47% |
| Howmet AerospaceHWM | <0.1% | $16m | 60,402 | New |
| Berkshire HathawayBRK-B | <0.1% | $16m | 31,869 | New |
| Irsa Inversiones Y REP S AIRS | <0.1% | $14m | 901,355 | +80% |
| Wise GroupWSE | <0.1% | $9m | 730,105 | New |
| Futu HldgsFUTU | <0.1% | $8m | 88,375 | New |
| GenpactG | <0.1% | $5m | 174,752 | Held |
| Miniso Group HldgMNSO | <0.1% | $3m | 254,418 | -56% |
| Taiwan Semiconductor ManufacturingTSM | <0.1% | $1m | 2,916 | -42% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 41.5% since 30 June 2025.
Where the money is
Industrials15.8%
Health care15.7%
Technology13.8%
Financial services12.2%
Energy7.1%
Materials6.5%
Media & telecom6.1%
Retail & consumer5.7%
Everyday goods4.0%
Real estate2.0%
Utilities0.1%
Other11.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.