SCHEDULE: Orbis Funds Disclose 5.5% Stake in Corpay, Inc.

Orbis Investment Management Limited and its affiliates have disclosed a collective 5.5% beneficial ownership stake in Corpay, Inc. common stock.

Summary

• Orbis Investment Management Limited, Allan Gray Australia Pty Ltd, and Orbis Investment Management (U.S.), L.P. (collectively, the "Reporting Persons") have filed an Amendment No. 5 to their Schedule 13G.
• The Reporting Persons collectively beneficially own 3,855,589 shares of Corpay, Inc. Common Stock.
• This aggregate ownership represents 5.5% of Corpay, Inc.'s outstanding common stock.
• Orbis Investment Management Limited holds sole voting and dispositive power over 3,776,148 shares, representing 5.4% of the class.
• Orbis Investment Management (U.S.), L.P. holds sole voting and dispositive power over 78,258 shares, representing 0.1% of the class.
• Allan Gray Australia Pty Ltd holds sole voting and dispositive power over 1,183 shares, representing 0% of the class.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Corpay, Inc.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by institutional investors, providing factual information without indicating positive or negative performance or outlook for the issuer.

Positives

• Significant institutional investor interest in Corpay, Inc. from Orbis Investment Management Limited and its affiliates.
• The investment is stated to be for the ordinary course of business, indicating a passive investment strategy rather than an activist one.

Risks

• The filing explicitly states that the shares were not acquired for the purpose of changing or influencing control of the issuer, mitigating concerns about activist investor intervention.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.
• The foreign regulatory scheme applicable to Orbis Investment Management Limited and Allan Gray Australia Pty Ltd is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s).

Industry Context

This filing indicates continued institutional investor interest in companies within the financial technology and corporate payments sector, represented by Corpay, Inc. It reflects a passive investment by a major global asset manager.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially signaling confidence from large investors.

Key Dates

Keywords

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