SCHEDULE: Orbis, Allan Gray Disclose 6.8% Stake in Burford Capital

Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd have jointly disclosed a 6.8% beneficial ownership stake in Burford Capital Ltd.

Summary

• Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, both investment advisers, have filed an Amendment No. 4 to Schedule 13G regarding their beneficial ownership in Burford Capital Ltd.
• As of September 30, 2025, the reporting persons collectively beneficially own 14,936,723 shares of Burford Capital Ltd's Common Stock, representing 6.8% of the class.
• Orbis Investment Management Ltd holds 14,767,427 shares, accounting for 6.7% of the class, with sole voting and dispositive power over these shares.
• Allan Gray Australia Pty Ltd holds 169,296 shares, accounting for 0.1% of the class, with sole voting and dispositive power over these shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
• Both entities are classified as Non-U.S. Institutions (FI) equivalent to Investment Advisers (IA).

Sentiment

Score: 6

Explanation: The disclosure of a significant beneficial ownership stake by reputable investment managers is generally a neutral to slightly positive signal, indicating institutional interest and confidence in the company's long-term prospects, without providing new operational or financial performance data.

Positives

• Significant beneficial ownership by two institutional investment managers, Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, indicates institutional confidence in Burford Capital Ltd.
• The filing explicitly states that the securities are held in the ordinary course of business and not for the purpose of influencing control, suggesting a passive investment strategy.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of significant institutional ownership by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd may be viewed positively, potentially signaling confidence in the company's value and stability.
• Management: Awareness of a large institutional shareholder may influence management's strategic decisions, though the filing states the investment is passive.

Key Dates

Recommendation

This filing primarily discloses a significant beneficial ownership stake by two institutional investors. While the presence of large, reputable investors can be a positive signal, the filing itself does not contain new financial performance data, strategic updates, or operational news that would fundamentally alter the investment thesis. Therefore, a "hold" recommendation is appropriate for existing investors, as it confirms institutional interest without providing new catalysts for a "buy" or "sell" decision based solely on this document.

Keywords

Burford Capital, ORBIS Investment Management, Allan Gray Australia, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Investment Adviser, Legal Finance