SCHEDULE: Orbis Investment Management Discloses Stake in Portillo's Inc.

Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd have jointly filed a Schedule 13G, disclosing a combined beneficial ownership of 9.8% of Portillo's Inc. Class A Common Stock as of March 31, 2026.

Summary

• Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd have filed a Schedule 13G, indicating a significant ownership stake in Portillo's Inc.
• The filing, dated March 31, 2026, shows a combined beneficial ownership of 7,068,224 shares of Portillo's Inc. Class A Common Stock.
• This combined ownership represents 9.8% of the class of securities.
• Orbis Investment Management Ltd holds 7,026,720 shares, representing 9.8% of the class, with sole voting and dispositive power.
• Allan Gray Australia Pty Ltd holds 41,504 shares, representing 0.1% of the class, with sole voting and dispositive power.
• Both entities are classified as Non-U.S. Institutions (FI) equivalent to Investment Advisers (IA).
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily reports ownership changes and does not contain operational or financial performance data for Portillo's Inc.

Positives

• Significant combined ownership stake of 9.8% by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd in Portillo's Inc.
• Clear disclosure of beneficial ownership, providing transparency to the market.
• Both reporting entities are established investment managers, suggesting a strategic investment.

Negatives

• The filing does not provide specific financial performance data for Portillo's Inc., only ownership details.
• The nature of the 'other person' mentioned in Item 6, who has the right to receive dividends or proceeds from sales, is not fully detailed.

Risks

• Potential for increased market volatility in Portillo's Inc. stock due to the significant stake held by these investment entities.
• The filing does not detail any specific risks associated with Portillo's Inc. operations or financial health.

Future Outlook

The filing does not contain forward-looking statements or guidance regarding Portillo's Inc.'s future performance. It solely focuses on ownership disclosure.

Management Comments

• "Information with respect to each of Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd (collectively, the "Reporting Persons") is given solely by each such Reporting Person and no Reporting Person has responsibility for the accuracy or completeness of information supplied by any other Reporting Person."
• "Notwithstanding that the Reporting Persons are making this filing together, none of the Reporting Persons represents that it is a member of a group for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended."
• "Each Reporting Person disclaims beneficial ownership of any shares beneficially owned by any other Reporting Person as specified in Item 4(a)."
• "By signing below I certify that, to the best of my knowledge and belief, 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 and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."
• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s)."
• "I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D."

Industry Context

StockSavvy.ai notes that significant stake disclosures by institutional investors like Orbis Investment Management and Allan Gray Australia are common in the restaurant and quick-service industry, often signaling confidence or a strategic interest in a company's growth prospects.

Stakeholder Impact

• Shareholders: Increased transparency regarding significant institutional ownership, potentially influencing market perception and trading activity.
• Management of Portillo's Inc.: May face increased scrutiny or engagement from these significant institutional investors.
• Competitors: The filing itself does not directly impact competitors, but the investment strategy of these entities could indirectly influence market dynamics.

Next Steps

• The reporting persons undertake to furnish additional information to the SEC staff upon request.

Key Dates

Keywords

Portillo's Inc., Schedule 13G, Orbis Investment Management Ltd, Allan Gray Australia Pty Ltd, Class A Common Stock, Beneficial Ownership, Investment Management, SEC Filing, Securities Exchange Act