Orbis Investment Management released its Q4 2025 investor letter for “Orbis SICAV International Equity Fund”. The Strategy reported a positive year in 2025, with returns driven more by stock-specific research rather than post-pandemic valuation rebounds. A copy of the letter can be downloaded here. The letter attributes performance to disciplined bottom-up investing and improved execution across several portfolio holdings. It also notes that rising global government debt supports the case for equities as core real assets, with non-US markets offering especially attractive valuations. Orbis suggests the long period of US market dominance may be starting to shift and remains focused on buying fundamentally undervalued businesses where mispricing can correct over time.
In its fourth-quarter 2025 investor letter, Orbis International Equity highlighted stocks such as IMAX Corporation (NYSE:IMAX). IMAX Corporation (NYSE:IMAX) is a premium entertainment technology company that partners with filmmakers and exhibitors to deliver immersive large-format cinema experiences worldwide. In Orbis Global Equity’s Q4 2025 investor letter, IMAX Corporation (NYSE:IMAX) is highlighted as a key entertainment holding benefiting from renewed strength in theatrical releases. The one-month return of IMAX Corporation (NYSE: IMAX) was approximately −5.61%, and its shares gained about 50.98% of their value over the last 52 weeks. On January 22, 2026, IMAX Corporation (NYSE: IMAX) stock closed at approximately $35.39 per share, with a market capitalization of about $1.9 billion.
Orbis International Equity stated the following regarding IMAX Corporation (NYSE:IMAX) in its Q4 2025 investor letter:
“We also remain enthused by the opportunity in the entertainment space, with Canada’s IMAX Corporation (NYSE:IMAX) being a key holding. The recent bidding war for Warner Bros Discovery between Paramount and Netflix highlights the immense value placed on scarce content and platforms for developing future high-value Intellectual Property (IP). It has been clear to us for some time that the theatrical window is key to maximising the value of this IP, as content gains a powerful halo effect and associated marketing from a theatre run, while also being highly cash-flow generative in and of itself. The fact that two of the largest bidders for a storied asset are falling over themselves to argue who will be better for theatrical production underscores the continued trend we’ve seen since the dark days of COVID when cinemas were prematurely declared dead.”
Furthermore, IMAX itself has emerged as a keystone asset. Its scarce supply of exceptional technology, both in production and high-quality screens, is now booking into 2029, with some of the best filmmakers struggling to secure a slot. The brand is truly global and ubiquitous, perhaps worth the $2 billion market cap alone, and is now tapping into the burgeoning demand for local language content. It is worth noting that the largest box office of 2025 was not a Hollywood production but a Chinese movie called Ne Zha 2, achieving $2.1 billion in worldwide revenue, eclipsing Hollywood’s best effort, Disney’s Zootopia 2, which brought in a still highly respectable $1.4 billion.”
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IMAX Corporation (NYSE:IMAX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held IMAX Corporation (NYSE:IMAX) at the end of the third quarter, which was 30 in the previous quarter. While we acknowledge the risk and potential of IMAX Corporation (NYSE:IMAX) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IMAX Corporation (NYSE:IMAX) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered IMAX Corporation (NYSE:IMAX) and shared the list of most favored communication services stocks according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
