Overview
- Orbis disclosed in its Q2 2026 investor letter that the Orbis Global Equity Strategy returned 19.9% in the first half of 2026, outperforming the MSCI All Country World Index by 7.8%.
- The firm formalized a four‑category AI taxonomy—Core, Enablers, AI Powered, and Overlooked—to separate direct AI plays, infrastructure providers, companies enhanced by AI, and resilient firms the market may have misread.
- Orbis challenged the view that insurance brokers are automatic AI casualties and said Brown & Brown and Ryan Specialty are overstated as at risk because commodity personal‑auto makes up under 5% of Brown & Brown’s book and most work requires human judgment.
- The letter praised QXO for rebuilding its operating model—revamping pricing, procurement, inventory and branch data—to capture efficiency gains rather than simply bolting AI onto old processes.
- Orbis framed its note against a narrow, AI‑led market rally and manager rebalancing, and published market snapshots showing Brown & Brown closed at $74.62 and QXO at $13.41 on August 24 with sizable 52‑week losses, a backdrop that could push investors to seek overlooked, resilient companies.