Orbis Investment Management, an investment management company, released its Q2 2026 investor letter for "Orbis Global Equity Strategy". The letter can be downloaded here. In the first half of 2026, the Global Equity Strategy returned 19.9%, surpassing the MSCI All Country World Index by 7.8%. The market faced narrow breadth in the quarter. The strategy focuses on AI investments categorized into four groups: "Core" (direct exposure), "Enablers" (supporting businesses), "AI Powered" (companies enhanced by AI), and "Overlooked" (misjudged resilient companies). The firm emphasizes maintaining strong but flexible convictions in a fluctuating market, prioritizing disciplined, evidence-based investment over emotional decision-making. Also, check the fund's top five holdings to see its best picks in 2026.
In its Q2 2026 investor letter, Orbis Global Equity Strategy highlighted Ryan Specialty Holdings, Inc. (NYSE:RYAN). Ryan Specialty Holdings, Inc. (NYSE:RYAN) is a specialty insurance services company that provides distribution, underwriting, product development, administration, and risk management services. On August 24, 2026, Ryan Specialty Holdings, Inc. (NYSE:RYAN) closed at $44.34 per share. The one-month return of Ryan Specialty Holdings, Inc. (NYSE:RYAN) was -3.63%, and its shares lost 23.17% over the past 52 weeks. Ryan Specialty Holdings, Inc. (NYSE:RYAN) has a market capitalization of $17.29 billion.
Orbis Global Equity Strategy stated the following regarding Ryan Specialty Holdings, Inc. (NYSE:RYAN) in its Q2 2026 investor letter:
"The biggest winners have been concentrated in AI. But not all AI exposure is equal. We frame ours in four groups. The first is the "Core", the second is "Enablers", the third is AI "Powered" and the fourth is the "Overlooked": resilient businesses the market has mispriced as AI casualties. The first three are widely understood. The fourth is where we believe the market is most wrong, and where we are hunting.
Take insurance brokerage. Brown & Brown and Ryan Specialty Holdings, Inc. (NYSE:RYAN) are brokers: they sit between companies and insurers, matching clients to the right coverage and placing it for a fee, without carrying the risk themselves. Both are priced as AI casualties. Two fears weigh on the stocks: a softening pricing cycle and AI disintermediation. The pricing cycle is already in the price. On AI, we disagree. Ryan Specialty makes the case from the other end of the market: a leading specialist in excess and surplus, the part of insurance built for complex, hard-to-place, and emerging risk. That market is structurally expanding, and we view Ryan as its most capable navigator. The pattern holds across the Overlooked. We are not buying businesses AI leaves alone. We are buying businesses that put AI to work. Scaled brokers with proprietary data are sharpened by it, not replaced."
#market #letter
In its Q2 2026 investor letter, Orbis Global Equity Strategy highlighted Ryan Specialty Holdings, Inc. (NYSE:RYAN). Ryan Specialty Holdings, Inc. (NYSE:RYAN) is a specialty insurance services company that provides distribution, underwriting, product development, administration, and risk management services. On August 24, 2026, Ryan Specialty Holdings, Inc. (NYSE:RYAN) closed at $44.34 per share. The one-month return of Ryan Specialty Holdings, Inc. (NYSE:RYAN) was -3.63%, and its shares lost 23.17% over the past 52 weeks. Ryan Specialty Holdings, Inc. (NYSE:RYAN) has a market capitalization of $17.29 billion.
Orbis Global Equity Strategy stated the following regarding Ryan Specialty Holdings, Inc. (NYSE:RYAN) in its Q2 2026 investor letter:
"The biggest winners have been concentrated in AI. But not all AI exposure is equal. We frame ours in four groups. The first is the "Core", the second is "Enablers", the third is AI "Powered" and the fourth is the "Overlooked": resilient businesses the market has mispriced as AI casualties. The first three are widely understood. The fourth is where we believe the market is most wrong, and where we are hunting.
Take insurance brokerage. Brown & Brown and Ryan Specialty Holdings, Inc. (NYSE:RYAN) are brokers: they sit between companies and insurers, matching clients to the right coverage and placing it for a fee, without carrying the risk themselves. Both are priced as AI casualties. Two fears weigh on the stocks: a softening pricing cycle and AI disintermediation. The pricing cycle is already in the price. On AI, we disagree. Ryan Specialty makes the case from the other end of the market: a leading specialist in excess and surplus, the part of insurance built for complex, hard-to-place, and emerging risk. That market is structurally expanding, and we view Ryan as its most capable navigator. The pattern holds across the Overlooked. We are not buying businesses AI leaves alone. We are buying businesses that put AI to work. Scaled brokers with proprietary data are sharpened by it, not replaced."
#market #letter
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