Firm profile

Orbis Investment Management (U.S.), L.P.

SAN FRANCISCO, CACRD 158511Registration Status: ApprovedEffective since February 19, 2019SEC # 801-114700Latest ADV March 25, 2026

Orbis Investment Management (U.S.), L.P. is an SEC registered investment adviser organized as a limited partnership with a primary office location in San Francisco, CA. Its latest Form ADV filing, dated March 25, 2026, reports $405M in regulatory assets under management, 18 employees, 1 office, and 1 account.

Assets Under Management
$405M
Employees
18
Offices
1 office
Total Clients
<5

Associated firm names

2 names listed
  • ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
  • ORBIS INVESTMENT MANAGEMENT (U.S.), LLC

Leadership

1 roles identified
CCOStephen M. Gaarder-wang

Advisory services offered

2 types reported
Other advisory services
Portfolio management for pooled investment vehicles

Fee models offered

2 types reported
Asset based fees
Performance-based fees

Offices & Contact

Primary office

SAN FRANCISCO, California, United States

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Primary office regionOther reported regions

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

California

SAN FRANCISCOPrimary office

1 office records listed · 1 total offices reported. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$405Mas of March 25, 2026
Discretionary100.0%
$405M
100% of total RAUM100.0%
Non-discretionary0.0%
$0
0% of total RAUM0.0%
All regulatory assets under management are discretionary.

Client Coverage Demographics

Top client segmentPooled Investment Vehicles represent 50.0% of total clients.
Top client categories% of clientsClients
1
Pooled Investment Vehicles
50.0%
1
2
Other Advisers
50.0%
1

Assets under management Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total AUM$405M
Total Accounts1
10Y AUM Change+$296M (+271.9%)

Private Funds

Private funds reported by Orbis Investment Management (U.S.), L.P.

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Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees18
Clients per Employee0:1
10Y Employee Change+6 (+50.0%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.


Ownership

Reported direct and indirect ownership ranges

Each range applies to a separate reported relationship and should not be added together.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%
ALLAN & GILL GRAY PHILANTHROPY TRUSTDirect owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
50% to < 75%
ORBIS HOLDINGS U.S. I, L.P.Direct owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
10% to < 25%
BUCHANAN FRIENDSHIP TRUSTDirect owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
5% to < 10%
ADAM RAY KARRDirect owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
< 5%
MARTIN ANTHONY HALLDirect owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
< 5%
Melissa Sampson McMorrowDirect owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
< 5%
ORBIS U.S. PARTNER, LLCDirect owner · Schedule AInterest in ORBIS INVESTMENT MANAGEMENT (U.S.), L.P.
< 5%
ORBIS HOLDINGS LIMITEDIndirect owner · Schedule BInterest in ORBIS U.S. PARTNER, LLC
75%+
ALLAN & GILL GRAY FOUNDATIONIndirect owner · Schedule BInterest in ORBIS ALLAN GRAY LIMITED
75%+
ORBIS HOLDINGS LIMITEDIndirect owner · Schedule BInterest in ORBIS HOLDINGS U.S. PARTNER, LLC
75%+
ORBIS ALLAN GRAY LIMITEDIndirect owner · Schedule BInterest in ORBIS HOLDINGS LIMITED
50% to < 75%
ORBIS HOLDINGS U.S. II, L.P.Indirect owner · Schedule BInterest in ORBIS HOLDINGS U.S. I, L.P.
25% to < 50%

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Orbis Investment Management (U.S.), L.P..

Reported ownership and control details

Form ADV · Filing date 2026-03-25 · Schedules A and B

15 entries
#Owner / person & roleInterest in entityReported interestControl personTitle / status acquiredSource
1ADAM RAY KARRMANAGING PARTNERIndividualORBIS INVESTMENT MANAGEMENT (U.S.), L.P.Less than 5%Code NAYesMANAGING PARTNER01/2019Schedule APDF page 46
2STEPHEN M GAARDER-WANGCHIEF COMPLIANCE OFFICER, SECRETARY, AND LEGAL COUNSELIndividualORBIS INVESTMENT MANAGEMENT (U.S.), L.P.Less than 5%Code NAYesCHIEF COMPLIANCE OFFICER, SECRETARY, AND LEGAL COUNSEL01/2019Schedule APDF page 46
3MARTIN ANTHONY HALLTRUSTEE OF BUCHANAN FRIENDSHIP TRUSTIndividualORBIS INVESTMENT MANAGEMENT (U.S.), L.P.Less than 5%Code NANoTRUSTEE OF BUCHANAN FRIENDSHIP TRUST12/2018Schedule APDF page 46
4BUCHANAN FRIENDSHIP TRUSTLIMITED PARTNERDomestic entityORBIS INVESTMENT MANAGEMENT (U.S.), L.P.5% to less than 10%Code ANoLIMITED PARTNER01/2019Schedule APDF page 46
5Melissa Sampson McMorrowTRUSTEE OF ALLAN & GILL GRAY PHILANTHROPY TRUSTIndividualORBIS INVESTMENT MANAGEMENT (U.S.), L.P.Less than 5%Code NANoTRUSTEE OF ALLAN & GILL GRAY PHILANTHROPY TRUST01/2019Schedule APDF page 46
6ALLAN & GILL GRAY PHILANTHROPY TRUSTLIMITED PARTNERDomestic entityORBIS INVESTMENT MANAGEMENT (U.S.), L.P.50% to less than 75%Code DYesLIMITED PARTNER01/2019Schedule APDF page 46
7ORBIS U.S. PARTNER, LLCGENERAL PARTNERDomestic entityORBIS INVESTMENT MANAGEMENT (U.S.), L.P.Less than 5%Code NAYesGENERAL PARTNER01/2019Schedule APDF page 46
8ORBIS HOLDINGS U.S. I, L.P.LIMITED PARTNERDomestic entityORBIS INVESTMENT MANAGEMENT (U.S.), L.P.10% to less than 25%Code BNoLIMITED PARTNER01/2019Schedule APDF page 46
9ORBIS HOLDINGS LIMITEDMEMBERForeign entityORBIS U.S. PARTNER, LLC75% or moreCode EYesMEMBER11/2018Schedule BPDF page 47
10ORBIS ALLAN GRAY LIMITEDSHAREHOLDERForeign entityORBIS HOLDINGS LIMITED50% to less than 75%Code DYesSHAREHOLDER07/2015Schedule BPDF page 47
11ALLAN & GILL GRAY FOUNDATIONSHAREHOLDERForeign entityORBIS ALLAN GRAY LIMITED75% or moreCode EYesSHAREHOLDER07/2015Schedule BPDF page 47
12ORBIS HOLDINGS U.S. II, L.P.LIMITED PARTNERDomestic entityORBIS HOLDINGS U.S. I, L.P.25% to less than 50%Code CYesLIMITED PARTNER01/2019Schedule BPDF page 47
13ORBIS HOLDINGS U.S. PARTNER, LLCGENERAL PARTNERDomestic entityORBIS HOLDINGS U.S. I, L.P.Percentage not specifiedCode FYesGENERAL PARTNER01/2019Schedule BPDF page 47
14ORBIS HOLDINGS U.S. PARTNER, LLCGENERAL PARTNERDomestic entityORBIS HOLDINGS U.S. II, L.P.Percentage not specifiedCode FYesGENERAL PARTNER01/2019Schedule BPDF page 47
15ORBIS HOLDINGS LIMITEDMEMBERForeign entityORBIS HOLDINGS U.S. PARTNER, LLC75% or moreCode EYesMEMBER01/2019Schedule BPDF page 47

Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.

Compliance & Disclosures

Filing dated 3/25/2026 7:29:18 PM

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No

In the past ten years, have you or any advisory affiliate:

  • A1Been convicted of or pleaded guilty or no contest to a felony?No
  • A2Been charged with a felony?No
BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

  • B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
  • B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

  • C1Found you or an advisory affiliate made a false statement or omission?No
  • C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
  • C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

  • D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
  • D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
  • D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

  • E1Found you or an advisory affiliate made a false statement or omission?No
  • E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
  • E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
  • FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
  • GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

  • H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
  • H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
  • H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

  • H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.