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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
+9.98%
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
$23.9B
AUM Growth
+$566M
Cap. Flow
+$563M
Cap. Flow %
2.36%
Top 10 Hldgs %
37.77%
Holding
98
New
12
Increased
42
Reduced
32
Closed
9

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$761M
2
FBIN icon
Fortune Brands Innovations
FBIN
+$312M
3
MSI icon
Motorola Solutions
MSI
+$252M
4
CPAY icon
Corpay
CPAY
+$250M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$234M

Top Sells

Rank Stock Value
1
NBIS
Nebius Group N.V.
NBIS
+$981M
2
PDD icon
Pinduoduo
PDD
+$717M
3
NU icon
Nu Holdings
NU
+$376M
4
MU icon
Micron Technology
MU
+$363M
5
SW
Smurfit Westrock
SW
+$190M

Sector Composition

Rank Sector Weight
1 Healthcare 27.23%
2 Industrials 16.77%
3 Communication Services 11%
4 Materials 10.65%
5 Technology 9.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QXO
1
QXO Inc
QXO
$14.6B
$1.65B 6.91%
85,484,474
-1,008,512
-1% -$19.3M
CPAY icon
2
Corpay
CPAY
$26.6B
$1.5B 6.29%
4,987,968
+859,854
+21% +$250M
UNH icon
3
UnitedHealth
UNH
$355B
$852M 3.57%
2,581,182
+603,778
+31% +$205M
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.2T
$834M 3.49%
+2,663,789
New +$761M
ICLR icon
5
Icon
ICLR
$13B
$768M 3.22%
4,214,661
+75,843
+2% +$13.5M
INSM icon
6
Insmed
INSM
$25.8B
$727M 3.05%
4,179,957
+929,089
+29% +$170M
GXO icon
7
GXO Logistics
GXO
$5.54B
$707M 2.96%
13,424,844
+37,035
+0.3% +$1.95M
BRKR icon
8
Bruker
BRKR
$8.84B
$702M 2.94%
14,906,730
+761,258
+5% +$32.2M
ALNY icon
9
Alnylam Pharmaceuticals
ALNY
$31.3B
$643M 2.7%
1,618,219
-332,743
-17% -$147M
NEM icon
10
Newmont
NEM
$139B
$631M 2.65%
6,322,769
+684,897
+12% +$61.9M
IBKR icon
11
Interactive Brokers
IBKR
$43.8B
$596M 2.5%
9,273,735
-270,137
-3% -$18.1M
ITUB icon
12
Itaú Unibanco
ITUB
$82.3B
$585M 2.45%
81,682,615
-4,144,377
-5% -$29.5M
STE icon
13
Steris
STE
$22.7B
$570M 2.39%
2,249,511
+120,200
+6% +$30.2M
SW
14
Smurfit Westrock
SW
$25.5B
$540M 2.26%
13,956,868
-4,991,959
-26% -$190M
BTI icon
15
British American Tobacco
BTI
$121B
$527M 2.21%
9,300,901
-220,229
-2% -$12M
XPO icon
16
XPO
XPO
$22.4B
$496M 2.08%
3,652,589
+499,220
+16% +$68M
MSI icon
17
Motorola Solutions
MSI
$80.3B
$492M 2.06%
1,283,065
+627,066
+96% +$252M
NTES icon
18
NetEase
NTES
$78.5B
$466M 1.95%
3,389,449
-768,031
-18% -$109M
GMAB icon
19
Genmab
GMAB
$20.8B
$444M 1.86%
14,418,462
+3,340,456
+30% +$104M
RXO icon
20
RXO
RXO
$3.67B
$438M 1.84%
34,677,755
+2,104,597
+6% +$31M
ELV icon
21
Elevance Health
ELV
$86.4B
$436M 1.83%
1,244,946
-63,172
-5% -$21.3M
IQV icon
22
IQVIA
IQV
$43B
$429M 1.8%
1,901,091
+933,554
+96% +$203M
CX icon
23
Cemex
CX
$15.7B
$415M 1.74%
36,132,733
+1,225,219
+4% +$12.7M
DIS icon
24
Walt Disney
DIS
$186B
$405M 1.7%
3,563,050
-108,324
-3% -$11.9M
PRAX icon
25
Praxis Precision Medicines
PRAX
$10B
$370M 1.55%
+1,255,162
New +$234M
1
2 3 4

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Orbis Allan Gray's Q4 2025 Portfolio in Review

As of Q4 2025, Orbis Allan Gray held 98 positions worth $23.9B, up 2.4% from $23.3B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Orbis Allan Gray's Q4 2025 filing shows 12 new, 42 increased, 32 reduced and 9 closed positions. Its largest new stake was Alphabet (Google) Class A: 2,663,789 shares worth $834M. The largest sale was Nebius Group N.V., an estimated $981M.

By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 22% a quarter earlier, followed by Industrials and Communication Services.

  • Orbis Allan Gray's largest Q4 2025 buy was Alphabet (Google) Class A: 2,663,789 shares worth $834M.
  • Orbis Allan Gray added most to Fortune Brands Innovations in Q4 2025, an estimated $312M increase.
  • Orbis Allan Gray's biggest Q4 2025 reduction was Nebius Group N.V., cutting an estimated $981M.
  • Orbis Allan Gray fully exited Micron Technology in Q4 2025, selling an estimated $363M.
  • Orbis Allan Gray's ten largest holdings make up 38% of its $23.9B portfolio in Q4 2025.
  • Orbis Allan Gray opened 12 new positions and closed 9 in Q4 2025.
  • Orbis Allan Gray's portfolio value rose 2.4% quarter-over-quarter to $23.9B.

Based on Orbis Allan Gray's 13F filing for Q4 2025, filed 17 Feb 2026.