SCHEDULE: Orbis Investment Management Discloses Stake in RXO, Inc.

Orbis Investment Management Limited, Allan Gray Australia Pty Ltd, and Orbis Investment Management (U.S.), L.P. have collectively reported beneficial ownership of 22.1% of RXO, Inc.'s common stock as of March 31, 2026.

Summary

• Orbis Investment Management Limited, Allan Gray Australia Pty Ltd, and Orbis Investment Management (U.S.), L.P. have filed a Schedule 13G, indicating their beneficial ownership of RXO, Inc. common stock.
• The total aggregate amount beneficially owned by these entities is 36,397,974 shares, representing 22.1% of the class.
• Orbis Investment Management Limited holds the largest portion with 34,686,304 shares (21.1%).
• Orbis Investment Management (U.S.), L.P. holds 1,678,976 shares (1%).
• Allan Gray Australia Pty Ltd holds 32,694 shares (0%).
• The filing is an amendment (Amendment No. 8) and was made under Rule 13d-1(b).
• The reporting persons are classified as investment advisers or equivalent non-U.S. institutions.
• Each reporting person disclaims beneficial ownership of shares held by the other reporting persons, and they do not represent that they are members of a group for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily reports ownership stakes without providing performance data or strategic insights into RXO, Inc.'s operations.

Positives

• Significant stake disclosed by Orbis Investment Management entities, potentially indicating confidence in RXO, Inc.'s future prospects.
• The reporting entities are established investment managers, suggesting a strategic investment approach.

Negatives

• The filing does not provide specific reasons for the acquisition or the investment strategy, leaving the intent open to interpretation.
• The disclaimer of group membership and beneficial ownership of each other's shares could imply a lack of coordinated action or a complex ownership structure.

Risks

• The substantial ownership by these entities could lead to increased influence or potential activism, which may create uncertainty for other shareholders.
• The filing does not detail any specific risks associated with RXO, Inc. itself, as it is a Schedule 13G focused on ownership.

Future Outlook

This filing is a Schedule 13G, which reports passive ownership stakes. It does not contain forward-looking statements or guidance from RXO, Inc. management regarding future performance.

Management Comments

• Each Reporting Person disclaims beneficial ownership of any shares beneficially owned by any other Reporting Person.
• 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.
• The securities 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.

Industry Context

StockSavvy.ai notes that Schedule 13G filings typically indicate passive investment stakes by institutional investors. The significant percentage held by Orbis Investment Management entities suggests a notable position in the logistics and transportation sector, where RXO, Inc. operates.

Stakeholder Impact

• Shareholders: The significant stake held by Orbis Investment Management entities may influence market perception and potentially lead to increased scrutiny of RXO, Inc.'s performance.
• Management: RXO, Inc. management may need to engage with these significant investors, even if the stake is passive.

Next Steps

• Monitor future filings from Orbis Investment Management entities for any changes in their stake.
• Observe RXO, Inc.'s operational and financial performance to assess the underlying value of the investment.

Key Dates

Keywords

RXO, Inc., Schedule 13G, Orbis Investment Management Limited, Allan Gray Australia Pty Ltd, Orbis Investment Management (U.S.), L.P., Beneficial Ownership, Common Stock, Investment Adviser, SEC Filing, Amendment