In a new filing with the U.S. Securities and Exchange Commission, William B. Gray’s Orbis Investment Management Ltd disclosed ownership of 3.46 million shares of NOW Inc (NYSE:DNOW), a 3.23% stake in the company. In this article, we’ll dig into this filing, as well as the latest filings from Red Alder GP LLC and Woodford Investment Management.
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Orbis is a relatively large fund with offices in many big cities such as London, Hong Kong, and Sydney. Orbis Investment’s umbrella of funds utilizes a variety of strategies, but for the most part, they are long-term investors. The fund’s public equity portfolio was worth over $13 billion at the end of June, and mainly consisted of Technology, Services, and Basic Materials stocks.
Let’s get back to Orbis Investment’s filing on NOW Inc (NYSE:DNOW). The fund’s disclosed stake represents a massive decrease from the 9.84 million shares that it held at the end of June. Orbis initiated a position in NOW Inc during the second quarter of 2014, when the company went public after being spun-off from National-Oilwell Varco, Inc. (NYSE:NOV). At the end of last year, the fund disclosed increasing its position in the company to 10.72 million shares.
Texas-based NOW Inc (NYSE:DNOW) is engaged in the distribution of oil and gas products in the U.S, Canada, and other countries. It has a market cap of nearly $2.0 billion. The company’s shares are showing some improvement, increasing by nearly 9% during the last 30 days. However, the stock has still lost 32.88% year-to-date. Another investor that sees value in NOW Inc is First Eagle Investment Management, which holds 8.53 million shares of the company.
On the next page, you’ll learn about the stock in which Red Alder GP reported an ownership stake of over 5%.