SCHEDULE: Orbis, Allan Gray Disclose 10.2% Stake in National CineMedia

Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd collectively reported a 10.2% beneficial ownership in National CineMedia, Inc. as of December 31, 2025.

Summary

• Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, acting as non-U.S. institutions equivalent to investment advisers, jointly filed an Amendment No. 2 to Schedule 13G.
• The reporting persons collectively beneficially own 9,523,889 shares of National CineMedia, Inc. Common Stock, representing 10.2% of the class.
• Orbis Investment Management Ltd holds sole voting and dispositive power over 9,438,230 shares, equating to 10.1% of the class.
• Allan Gray Australia Pty Ltd holds sole voting and dispositive power over 85,659 shares, equating to 0.1% of the class.
• The securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of the issuer.
• The reporting persons disclaim beneficial ownership of shares held by the other, despite filing together.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive disclosure, primarily due to the confirmation of substantial institutional ownership, which can be a sign of underlying value perceived by sophisticated investors, despite the passive nature of the filing.

Positives

• Significant institutional ownership by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, totaling 10.2%, indicates a notable level of investor confidence in National CineMedia, Inc.

Negatives

• The filing is a routine disclosure of passive ownership and does not provide new operational or financial insights into National CineMedia, Inc.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that significant institutional ownership, such as the 10.2% stake disclosed by Orbis and Allan Gray, can signal long-term investor interest in a company within the media and entertainment sector. While this filing is a passive disclosure, it highlights the continued allocation of capital by major investment firms into National CineMedia, Inc., a key player in cinema advertising.

Stakeholder Impact

• Shareholders: The disclosure of significant institutional ownership may provide a degree of confidence, suggesting that large, professional investors see value in the company's stock.

Key Dates

Recommendation

The filing confirms a substantial 10.2% institutional stake in National CineMedia, Inc. by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd. While this indicates a vote of confidence from these sophisticated investors, the Schedule 13G itself is a passive ownership disclosure and does not provide new fundamental information or strategic updates to warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current position while awaiting further operational or financial news.

Keywords

National CineMedia, NCM, Orbis Investment Management, Allan Gray Australia, Schedule 13G, Institutional Ownership, Common Stock, Investment Adviser, Beneficial Ownership