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Orbis

Dec 2024 → Dec 2025 · Publishes quarterly · 6 funds

Our archive holds 22 letters from Orbis, behind 18 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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22
Letters
18
Companies
3
Moves
18
Theses

5 strategies

Orbis publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Also filed under Orbis.

What they bought and sold · 3 moves

  • AddedAlphabet
    December 2025
    “Sharp-eyed followers will have noticed the reintroduction of Alphabet to the portfolio.”
    Read the letter
  • TrimmedSiemens Energy
    December 2025
    “That makes us cautious, and we have trimmed these winners accordingly.”
    Read the letter
  • AddedGenmab
    December 2025
    “Having bought up these businesses over the last six months, healthcare now represents 10% of the portfolio.”
    Read the letter

Companies held · 18

Every company Orbis has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 18

  • Genmab A/S
    December 2025

    Genmab A/S is a Danish biotech with a robust pipeline and founder-led R&D, trading below the value of existing cash flows and offering significant upside optionality.

    Read the full thesis
  • Alphabet Inc.
    December 2025

    Alphabet Inc. is a dominant search and AI platform with synergistic data assets, vertical integration, and attractive long-term upside that justified its reintroduction to the portfolio.

    Read the full thesis
  • ICON plc
    December 2025

    ICON plc is a leading CRO trading at a depressed multiple due to temporary headwinds but supported by strong secular demand for healthcare innovation.

    Read the full thesis
  • IMAX Corporation
    December 2025

    IMAX Corporation is a global premium theatrical technology platform with scarce, high-demand assets and a powerful brand benefiting from the value of the theatrical window and local content growth.

    Read the full thesis
  • Alnylam Pharmaceuticals
    September 2025

    Alnylam Pharmaceuticals is a leading innovator in RNA-interference therapeutics, recently achieving regulatory approval for its best-in-class ATTR-CM treatment, Amvuttra, which is exceeding market expectations and positioning the company for profitability.

    Read the full thesis
  • Alsok
    September 2025

    Alsok is a promising investment opportunity due to its stable growth, strong cash flows, and undervalued stock, with potential for balance sheet optimization.

    Read the full thesis
  • CRISPR Therapeutics
    September 2025

    CRISPR Therapeutics is currently trading at a discount to its cash and the value of its approved therapy, Casgev, which targets sickle-cell disease and ß-thalassemia, despite its strong competitive position and growth potential.

    Read the full thesis
  • Genmab
    September 2025

    Genmab is undervalued due to market overreaction to impending patent expirations, offering a unique opportunity to invest in a company with a strong drug discovery platform and late-stage assets while trading below the value of its approved medicines.

    Read the full thesis
  • Jardine Matheson
    September 2025

    Jardine Matheson is a storied Asian conglomerate focused on capital allocation across leading businesses in consumer services, real estate, and automotive sectors, currently undervalued with strong long-term growth potential.

    Read the full thesis
  • Insmed
    September 2025

    Insmed is poised for sustained profitability following the FDA approval of its bronchiectasis treatment, brensocatib, while also advancing its promising pipeline in respiratory diseases.

    Read the full thesis
  • Kiwoom Securities
    September 2025

    Kiwoom Securities is a leading online broker in Korea that has achieved over 30% of retail inflows despite a competitive market, offering compelling long-term returns potential even at a low valuation.

    Read the full thesis
  • Sumitomo Electric Industries
    June 2025

    Sumitomo Electric Industries is currently facing short-term tariff uncertainty in the auto sector but is well-positioned for long-term growth due to rising electrical content in vehicles and expanded earnings in its Environment & Energy and Info-communications businesses.

    Read the full thesis

Letter archive · 22

2025

2024

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