Orbis Allan Gray Ltd

Orbis Allan Gray Ltd declares $3.6B in 10 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 12.4% of its $29.1B 13F portfolio. Largest positions: Nebius (2.6% of the company) and Alphabet (0.02% of the company). Over time: $3.6B in 10 of these companies for Q2 2026, against $1.7B in 3 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $73.5M and sold $639.8M of these stocks, at the quarter's prices: a net sale of $566.3M; 1 sold out.

Performance of its AI picks

The AI-stock portfolio Orbis Allan Gray Ltd declared for Q2 2026 (Form 13F), held unchanged, returned -8.7% in Q3 2026 (SMH -7.1%), ranked 1622 of 1,783 active managers. Over the last 12 months, quarter after quarter: +60.1% (SMH +87.2%). Over three years, quarter after quarter: +407.4% (SMH +325.8%). Over five years, quarter after quarter: +263.7% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Nebius (NBIS) — $1.8B: 6.5M shares, 2.6% of the company, 6.2% of its portfolio (trimmed this quarter); held since Q3 2024
2. Alphabet (GOOGL) — $836.5M: 2.3M shares, 0.02% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q4 2025
3. NVIDIA (NVDA) — $490.3M: 2.5M shares, 0.01% of the company, 1.7% of its portfolio (added this quarter); held since Q1 2026
4. Synaptics (SYNA) — $176.7M: 1.4M shares, 3.6% of the company, 0.61% of its portfolio (trimmed this quarter); held since Q3 2023
5. onsemi (ON) — $70.1M: 741,034 shares, 0.19% of the company, 0.24% of its portfolio (trimmed this quarter); held since Q3 2025
6. Marvell (MRVL) — $68.4M: 229,717 shares, 0.03% of the company, 0.24% of its portfolio (trimmed this quarter); held since Q4 2025
7. BWX Technologies (BWXT) — $57.9M: 297,329 shares, 0.32% of the company, 0.20% of its portfolio (trimmed this quarter); held since Q2 2025
8. Generac (GNRC) — $53.3M: 182,189 shares, 0.31% of the company, 0.18% of its portfolio (trimmed this quarter); held since Q1 2023
9. EMCOR (EME) — $52.1M: 62,764 shares, 0.14% of the company, 0.18% of its portfolio (added this quarter); held since Q1 2025
10. TSMC (TSM) — $1.4M: 2,916 shares, 0.00% of the company, 0.00% of its portfolio (trimmed this quarter); held since Q2 2025

By sector

• Neoclouds & data centers — $1.8B, 50% of its AI holdings, 1 company
• Cloud & AI giants — $836.5M, 23% of its AI holdings, 1 company
• Chips & compute — $806.9M, 22% of its AI holdings, 5 companies
• Power, electrical & cooling — $163.3M, 5% of its AI holdings, 3 companies

Biggest changes this quarter

• trimmed Nebius (NBIS): -$502.6M at the quarter's price
• added to NVIDIA (NVDA): +$72.2M at the quarter's price
• trimmed Alphabet (GOOGL): -$61.7M at the quarter's price
• trimmed Synaptics (SYNA): -$29.4M at the quarter's price
• trimmed onsemi (ON): -$19.9M at the quarter's price
• sold out of Microsoft (MSFT): -$16.8M at the quarter's price
• trimmed Generac (GNRC): -$8.0M at the quarter's price
• added to EMCOR (EME): +$1.4M at the quarter's price
• trimmed TSMC (TSM): -$1.0M at the quarter's price
• trimmed BWX Technologies (BWXT): -$203,215.00 at the quarter's price

Schedule 13D/G declarations

• Nebius (NBIS) — 13G filed Feb 17, 2026: 3.3M shares as of Dec 31, 2025, 1.5% as declared
• Nebius (NBIS) — 13G filed Nov 14, 2025: 12.8M shares as of Sep 30, 2025, 5.9% as declared
• Synaptics (SYNA) — 13G filed Aug 14, 2025: 1.8M shares as of Jun 30, 2025, 4.8% as declared
• Nebius (NBIS) — 13G filed Aug 14, 2025: 17.6M shares as of Jun 30, 2025, 8.7% as declared
• Synaptics (SYNA) — 13G filed May 15, 2025: 2.2M shares as of Mar 31, 2025, 5.6% as declared
• Nebius (NBIS) — 13G filed May 15, 2025: 15.7M shares as of Mar 31, 2025, 6.7% as declared
• Synaptics (SYNA) — 13G filed Feb 14, 2025: 2.2M shares as of Dec 31, 2024, 5.6% as declared
• Nebius (NBIS) — 13G filed Feb 14, 2025: 15.7M shares as of Dec 31, 2024, 7.9% as declared

Other holders of this size

• Walleye Trading LLC — $3.6B in 108 of these companies
• Castle Hook Partners LP — $3.6B in 16 of these companies
• SRS Investment Management, LLC — $3.6B in 12 of these companies
• Walleye Capital LLC — $3.6B in 194 of these companies
• Investment Management Corp of Ontario — $3.6B in 104 of these companies
• YOUSIF CAPITAL MANAGEMENT, LLC — $3.6B in 163 of these companies
• SILVERCREST ASSET MANAGEMENT GROUP LLC — $3.6B in 112 of these companies
• CANTOR FITZGERALD, L. P. — $3.7B in 45 of these companies

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