SCHEDULE 13G/A: Investment Firms Orbis and Allan Gray Disclose 5.3% Stake in Corpay, Inc.

Orbis Investment Management Limited and Allan Gray Australia Pty Ltd have jointly disclosed a beneficial ownership of 5.3% of Corpay, Inc.'s Common Stock as of March 31, 2025.

Summary

• Orbis Investment Management Limited and Allan Gray Australia Pty Ltd, both classified as Non-U.S. Institutions equivalent to Investment Advisers, have filed an Amendment No. 4 to Schedule 13G regarding their beneficial ownership in Corpay, Inc.
• As of March 31, 2025, the aggregate beneficial ownership by both reporting persons is 3,731,221 shares of Corpay, Inc. Common Stock.
• This aggregate amount represents 5.3% of the class of securities.
• Orbis Investment Management Limited holds 3,730,661 shares, representing 5.3% of the class, with sole voting and sole dispositive power over these shares.
• Allan Gray Australia Pty Ltd holds 560 shares, representing 0% of the class, with sole voting and sole dispositive power over these shares.
• Both reporting persons certify that 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.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as it indicates significant institutional investment in Corpay, Inc., which can be viewed as a vote of confidence. However, it is a factual ownership report, not a performance report, so the overall impact on sentiment is neutral to slightly positive.

Positives

• The disclosure of a 5.3% stake by two established investment management firms, Orbis Investment Management Limited and Allan Gray Australia Pty Ltd, indicates significant institutional interest and a vote of confidence in Corpay, Inc.

Risks

• The reporting persons explicitly state that their acquisition and holding of shares are not for the purpose of or with the effect of changing or influencing the control of Corpay, Inc., mitigating potential risks associated with activist investor involvement.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Corpay, Inc. or the reporting entities regarding the issuer's future performance.

Industry Context

This filing reflects standard institutional investment activity where large asset managers acquire significant, but passive, stakes in publicly traded companies. Corpay, Inc. operates in the business payments and fleet management solutions industry, which often attracts long-term institutional investors.

Comparison to Industry Standards

• The beneficial ownership disclosure by Orbis Investment Management Limited and Allan Gray Australia Pty Ltd is a standard regulatory filing for institutional investors crossing the 5% ownership threshold in a public company.
• The classification of the reporting persons as Non-U.S. Institutions equivalent to Investment Advisers is typical for global asset management firms operating across different jurisdictions.

Stakeholder Impact

• Shareholders: The disclosure provides transparency regarding significant institutional ownership, which can influence investor perception and potentially share liquidity.
• Company Management: Awareness of significant institutional holders can influence strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Keywords

Corpay Inc., Orbis Investment Management Limited, Allan Gray Australia Pty Ltd, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Financial Services, Payment Processing