Orbis Q1 2026: Contrarian Bets on Gas and Biotech

Orbis Allan Gray, the U.S. arm of a global contrarian value investor, reported a $23.71B equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001663865-26-000003, filed 2026-05-15). The reported value was essentially flat on the quarter, but the activity underneath was anything but: Orbis made a series of bold, off-index bets that mark it as one of the more contrarian large filers. The standout was natural-gas producer EQT Corp (EQT), where the firm raised its share count by 248%.

That was not an isolated move. Orbis lifted biotech Praxis Precision Medicines (PRAX) by 97%, added 46% to Motorola Solutions (MSI), and increased a large Netherlands-listed international position by 149%. These are the kinds of concentrated, against-the-grain positions a contrarian value manager builds when it sees mispricing the broader market is ignoring.

The book's top names — payments processor Corpay (CPAY) and building-products rollup QXO — reinforce the off-the-beaten-path character.

A contrarian, off-index book

Corpay leads at 6.56%, followed by QXO at 6.06%, the international holding at 3.64%, Motorola Solutions at 3.42%, and Praxis at 3.36%. Energy (EQT), logistics names GXO Logistics (GXO) and XPO, and scientific-instruments maker Bruker (BRKR) round out the top ten.

This is not a megacap-tech book. With the exception of a modest Alphabet (GOOGL) position, Orbis owns special-situation and value names — including a notable cluster tied to serial acquirer Brad Jacobs (QXO, GXO, XPO). The ten largest positions are roughly 38% of the book, and the names reflect deep, idiosyncratic research rather than index-hugging.

Aggressive contrarian adds

The quarter's increases were unusually large. The 248% jump in EQT is a concentrated bet on natural gas; the 97% increase in Praxis is a high-conviction biotech position; and the 46% add to Motorola Solutions deepens exposure to public-safety communications. Against those, Orbis trimmed QXO by 13%, XPO by 7%, and Alphabet by 6%.

The reported value has grown from around $16B in mid-2024 to $23.71B, but the steadiness of the latest quarter's total masks the heavy repositioning beneath it. For a contrarian manager, those position-level moves — not the headline value — are the real story.

What it means for 13F readers

Orbis Allan Gray offers a window into global contrarian value investing, where the biggest signals are concentrated bets on out-of-favor names. The EQT, Praxis, and Motorola adds are the moves to watch, and the Brad Jacobs rollup cluster shows the firm's willingness to back specific operators. Track the firm's quarter-over-quarter holdings on the Orbis Allan Gray filer page.

FAQ

What is Orbis Allan Gray?

Orbis Allan Gray is the U.S. reporting arm of a global contrarian value investment group. It reported a $23.71B equity 13F book for the quarter ended March 31, 2026, across about 91 positions.

What were Orbis's biggest moves in Q1 2026?

Orbis raised EQT Corp by 248%, Praxis Precision Medicines by 97%, a Netherlands-listed position by 149%, and Motorola Solutions by 46% — concentrated, contrarian additions.

What are Orbis's largest holdings?

Its largest U.S.-listed positions are Corpay (6.56%) and QXO (6.06%), followed by Motorola Solutions, Praxis, and EQT — a book of special-situation and value names rather than megacap tech.

Is Orbis a contrarian investor?

Yes. Orbis builds concentrated positions in out-of-favor and special-situation names, and its Q1 2026 filing shows large adds to energy, biotech, and other off-index holdings characteristic of a contrarian value approach.