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OAG

Orbis Allan Gray Portfolio holdings

AUM $29.1B
1-Year Est. Return 60.8%
This Fund
S&P 500
This Quarter Est. Return
+17.75%
1 Year Est. Return
+60.8%
3 Year Est. Return
+154.65%
5 Year Est. Return
+203.47%
10 Year Est. Return
+909.03%
AUM
$23.3B
AUM Growth
+$2.73B
Cap. Flow
+$554M
Cap. Flow %
2.38%
Top 10 Hldgs %
41.46%
Holding
95
New
17
Increased
39
Reduced
25
Closed
9
Avg Time Held
9.3 quarters
Top 10 Avg Time Held
2.7 quarters
Top 20 Avg Time Held
5.1 quarters

Top Buys

Rank Stock Value
1
ICLR icon
Icon
ICLR
+$636M
2
SE icon
Sea Limited
SE
+$358M
3
BRKR icon
Bruker
BRKR
+$337M
4
WLK icon
Westlake Corp
WLK
+$326M
5
UNH icon
UnitedHealth
UNH
+$269M

Top Sells

Rank Stock Value
1
ELV icon
Elevance Health
ELV
+$481M
2
SHEL icon
Shell
SHEL
+$426M
3
NBIS icon
Nebius Group N.V.
NBIS
+$337M
4
MCHP icon
Microchip Technology
MCHP
+$289M
5
BTI icon
British American Tobacco
BTI
+$270M

Sector Composition

Rank Sector Weight
1 Healthcare 21.6%
2 Industrials 15.61%
3 Communication Services 13.74%
4 Consumer Discretionary 12.05%
5 Materials 9.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
QXO icon
1
QXO Inc
QXO
$11B
$1.65B 7.08%
86,492,986
-9,796,563
-10% -$203M
2024 Q3
4 quarters
NBIS icon
2
Nebius Group N.V.
NBIS
$57.1B
$1.44B 6.17%
12,796,543
-4,855,387
-28% -$337M
2020 Q4
19 quarters
CPAY icon
3
Corpay
CPAY
$26.1B
$1.19B 5.1%
4,128,114
+272,525
+7% +$86.9M
2021 Q2
17 quarters
PDD icon
4
Pinduoduo
PDD
$115B
$918M 3.94%
6,942,339
+1,294,611
+23% +$153M
2024 Q4
3 quarters
ALNY icon
5
Alnylam Pharmaceuticals
ALNY
$30.4B
$890M 3.82%
1,950,962
-170,450
-8% -$69.4M
2024 Q2
5 quarters
SW icon
6
Smurfit Westrock
SW
$21.5B
$807M 3.46%
18,948,827
+548,409
+3% +$24.8M
2024 Q3
4 quarters
ICLR icon
7
Icon
ICLR
$12.7B
$724M 3.11%
4,138,818
+3,803,141
+1,133% +$636M
2025 Q2
1 quarter
GXO icon
8
GXO Logistics
GXO
$5.34B
$708M 3.04%
13,387,809
+214,213
+2% +$11M
2021 Q3
16 quarters
UNH icon
9
UnitedHealth
UNH
$340B
$683M 2.93%
1,977,404
+890,687
+82% +$269M
2017 Q3
32 quarters
IBKR icon
10
Interactive Brokers
IBKR
$39.8B
$657M 2.82%
9,543,872
-196,200
-2% -$12.3M
2021 Q4
15 quarters
NTES icon
11
NetEase
NTES
$80.3B
$632M 2.71%
4,157,480
+650,266
+19% +$89.5M
2016 Q1
38 quarters
ITUB icon
12
Itaú Unibanco
ITUB
$111B
$612M 2.63%
85,826,992
-1,253,264
-1% -$8.28M
2025 Q1
2 quarters
SE icon
13
Sea Limited
SE
$58.7B
$555M 2.38%
3,105,766
+2,088,232
+205% +$358M
2024 Q3
4 quarters
STE icon
14
Steris
STE
$21.4B
$527M 2.26%
2,129,311
+29,212
+1% +$6.99M
2025 Q1
2 quarters
BTI icon
15
British American Tobacco
BTI
$120B
$505M 2.17%
9,521,130
-4,982,838
-34% -$270M
2019 Q1
26 quarters
RXO icon
16
RXO
RXO
$4.73B
$501M 2.15%
32,573,158
+1,197,937
+4% +$19.3M
2022 Q4
11 quarters
NEM icon
17
Newmont
NEM
$123B
$475M 2.04%
5,637,872
+628,351
+13% +$43.8M
2023 Q4
7 quarters
INSM icon
18
Insmed
INSM
$21.5B
$468M 2.01%
3,250,868
+1,726,734
+113% +$212M
2025 Q2
1 quarter
BRKR icon
19
Bruker
BRKR
$8.57B
$460M 1.97%
14,145,472
+9,467,427
+202% +$337M
2025 Q2
1 quarter
NU icon
20
Nu Holdings
NU
$77.3B
$437M 1.88%
27,296,532
+8,425,942
+45% +$118M
2025 Q1
2 quarters
ELV icon
21
Elevance Health
ELV
$91.5B
$423M 1.81%
1,308,118
-1,547,732
-54% -$481M
2016 Q1
38 quarters
KMI icon
22
Kinder Morgan
KMI
$73.7B
$421M 1.81%
14,884,536
-7,750,643
-34% -$212M
2021 Q3
16 quarters
DIS icon
23
Walt Disney
DIS
$187B
$420M 1.8%
3,671,374
+319,953
+10% +$37.7M
2023 Q3
8 quarters
XPO icon
24
XPO
XPO
$21.1B
$408M 1.75%
3,153,369
+3,317
+0.1% +$431K
2016 Q1
38 quarters
MU icon
25
Micron Technology
MU
$1.12T
$363M 1.56%
2,166,539
-1,291,187
-37% -$165M
2022 Q2
13 quarters
1
2 3 4

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Orbis Allan Gray's Q3 2025 Portfolio in Review

As of Q3 2025, Orbis Allan Gray held 95 positions worth $23.3B, up 13% from $20.6B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Orbis Allan Gray's Q3 2025 filing shows 17 new, 39 increased, 25 reduced and 9 closed positions. Its largest new stake was Westlake Corp: 3,914,411 shares worth $302M. The largest sale was Elevance Health, an estimated $481M.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 16% a quarter earlier, followed by Industrials and Communication Services.

  • Orbis Allan Gray's largest Q3 2025 buy was Westlake Corp: 3,914,411 shares worth $302M.
  • Orbis Allan Gray added most to Icon in Q3 2025, an estimated $636M increase.
  • Orbis Allan Gray's biggest Q3 2025 reduction was Elevance Health, cutting an estimated $481M.
  • Orbis Allan Gray fully exited Banco Bradesco in Q3 2025, selling an estimated $250M.
  • Orbis Allan Gray's ten largest holdings make up 41% of its $23.3B portfolio in Q3 2025.
  • Orbis Allan Gray opened 17 new positions and closed 9 in Q3 2025.
  • Orbis Allan Gray's portfolio value rose 13% quarter-over-quarter to $23.3B.

Based on Orbis Allan Gray's 13F filing for Q3 2025, filed 14 Nov 2025.