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Funds (13F)

Orbis Allan Gray Ltd

Backtest from 3 Jun 2016 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+15.7%
S&P 500 +14.9%
Last 12 months
+7.7%
S&P 500 +12.1%
Sharpe ratio
0.71
S&P 500 0.76
Biggest drop
−33.5%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 201620182020202220242026 $45.6k$42.6k
Orbis Allan Gray LtdS&P 500 $10,000 in Orbis Allan Gray Ltd from 3 Jun 2016 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Orbis Allan Gray Ltd's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Orbis Allan Gray Ltd's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+15.7%+14.9%
Total return+356%+326%
Last 12 months+7.7%+12.1%
Last 3 months−0.4%—
Last month−1.0%—
This year so far+6.3%—
Volatility a year19.9%16.8%
Sharpe ratio0.710.76
Biggest drop−33.5%−31.8%
Beta to the S&P 5001.011.00
Alpha a year (t-statistic)+1.1% (0.33)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
CPAY6.7%——
NBIS6.6%——
BKNG4.7%——
QXO4.7%——
BRKR4.0%——
RXO3.7%——
MSI3.7%——
GOOGL3.1%——
EQT3.1%——
XPO2.6%——
SHEL2.5%——
GXO2.5%——
INSM2.4%——
ALNY2.2%——
FSV2.1%——
STE2.1%——
IBKR1.9%——
NEM1.9%——
PRAX1.9%——
NVDA1.8%——
CNK1.8%——
BTI1.7%——
NTES1.7%——
PDD1.5%——
KMI1.4%——
DIS1.3%——
BRO1.3%——
SRRK1.2%——
RHI1.1%——
CRSP1.1%——
AAL1.1%——
TBBB1.0%——
SW1.0%——
FNV1.0%——
RRC0.9%——
B0.9%——
HDB0.9%——
RYAN0.9%——
ENB0.9%——
VALE0.8%——
IQV0.8%——
IMAX0.8%——
SYNA0.7%——
RNR0.6%——
AR0.6%——
EAT0.6%——
DYN0.6%——
WLK0.6%——
TRU0.5%——
NU0.5%——
CRC0.5%——
EDU0.4%——
CARG0.3%——
R0.3%——
DAO0.3%——
ELV0.3%——
ON0.3%——
MRVL0.3%——
BUR0.2%——
NAMS0.2%——
BWXT0.2%——
UNH0.2%——
MICC0.2%——
GNRC0.2%——
EME0.2%——
MCS0.2%——
GFI0.2%——
SE0.2%——
VIPS0.2%——
WPM0.2%——
NKE0.1%——
NCMI0.1%——
BAH0.1%——
CNX0.1%——
AU0.1%——
HNRG0.1%——
CLBT0.1%——
GENI0.1%——
MAR0.1%——
ECHO0.1%——
PTLO0.1%——
HWM0.1%——
WSE0.0%——
FUTU0.0%——
G0.0%——
MNSO0.0%——
TSM0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest3 Jun 2016 to 2 Nov 2026+15.7%+14.9%0.710.76−33.5%1.01+1.1% (0.33)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.2%+13.9%0.480.66−33.5%1.01−1.9% (−0.52)
Last three years3 Nov 2023 to 2 Nov 2026+15.9%+21.8%0.671.16−19.1%0.96−3.7% (−0.56)
Last year7 Nov 2025 to 2 Nov 2026+10.0%+14.2%0.390.84−11.6%1.06−3.3% (−0.24)
DateCompanyAction
21 Aug 2026WSEBought
21 Aug 2026UNHBought
21 Aug 2026RYANBought
21 Aug 2026NAMSBought
21 Aug 2026HWMBought
21 Aug 2026GENIBought
21 Aug 2026FUTUBought
21 Aug 2026ECHOBought
21 Aug 2026CLBTBought
21 Aug 2026BROBought
22 May 2026TRUBought
22 May 2026RRCBought
22 May 2026RHIBought
22 May 2026NVDABought
22 May 2026EATBought
22 May 2026CNXBought
22 May 2026CARGBought
22 May 2026AALBought
20 Feb 2026TBBBBought
20 Feb 2026SLGNBought
20 Feb 2026RNRBought
20 Feb 2026PRAXBought
20 Feb 2026MRVLBought
20 Feb 2026MICCBought
20 Feb 2026LULUBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026SLGNSold
21 Aug 2026MSFTSold
21 Aug 2026FBINSold
21 Aug 2026BIDUSold
21 Aug 2026AESSold
22 May 2026UNHSold
22 May 2026OLNSold
22 May 2026LULUSold
22 May 2026INTCSold
22 May 2026ICLRSold
22 May 2026CMCLSold
22 May 2026CLBTSold
22 May 2026BTUSold
20 Feb 2026NAVISold
20 Feb 2026MUSold
20 Feb 2026MTZSold
20 Feb 2026MCHPSold
20 Feb 2026LYBSold
20 Feb 2026KBRSold
20 Feb 2026CESold
20 Feb 2026CARGSold
20 Feb 2026BCCSold
21 Nov 2025XPSold
21 Nov 2025TXNSold
21 Nov 2025RNRSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest