Allan Gray Australia discloses 15.63M CHESS DIs in Alcoa (6% ownership)

Rhea-AI Filing Summary

Allan Gray Australia Pty Ltd reports beneficial ownership of 15,630,823 CHESS Depositary Interests in Alcoa Corp, representing 6% of the class. The filing specifies the class as CHESS Depositary Interests, each representing one unit of common stock, and records that Allan Gray Australia has sole voting and sole dispositive power over the reported position.

The statement affirms the securities are held in the ordinary course of business and not to influence control, and notes that another person has the right to receive dividends or proceeds related to these securities. The filing classifies the reporting person as FI and references equivalence to IA.

Positive

• Holding of 15,630,823 CHESS Depositary Interests represents a 6% beneficial stake in Alcoa, which is material and must be disclosed to investors
• Filing under Schedule 13G includes a certification that the position is held in the ordinary course of business, indicating passive intent rather than an attempt to change control
• The reporting person asserts sole voting and sole dispositive power, making its voting decisions clear and centralized

Negative

• Item 6 states another person has the right to receive dividends or proceeds for the securities beneficially owned by Allan Gray Australia, indicating the holdings may be on behalf of others
• Despite the Schedule 13G passive classification, the combination of a material stake and sole voting power could still create significant governance influence depending on how shares are voted

Insights

Financial Analyst

TL;DR: Schedule 13G shows a material passive stake of 15.63M shares (6%) by Allan Gray Australia with sole voting/dispositive authority.

The disclosed 6% position is large enough to be material to shareholders and market observers. Filing under Schedule 13G and the certification that the shares are held in the ordinary course indicate a passive investment intent rather than an effort to change control. Nevertheless, the combination of sole voting and sole dispositive power means the filer can exercise full voting influence over this block at shareholder meetings, so actual voting behavior could be consequential despite the passive designation.

Corporate Governance Expert

TL;DR: A sizeable passive stake with sole voting rights can affect governance depending on vote turnout and the filer’s voting choices.

From a governance perspective, the filing signals a significant vested interest: 15,630,823 CHESS DIs with sole voting power. The filer’s certification that the holdings are not for changing control reduces immediate regulatory concerns, yet the note that another party may receive dividends or proceeds suggests some holdings may be client-directed. Investors and the board should note this position when assessing shareholder voting dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Alcoa Corp

(Name of Issuer)

CHESS Depositary Interests, each representing 1 unit of Common Stock

(Title of Class of Securities)

013872106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 013872106

1

Names of Reporting Persons

Allan Gray Australia Pty Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 15,630,823.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,630,823.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,630,823.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Alcoa Corp
(b)	Address of issuer's principal executive offices: 201 ISABELLA STREET, SUITE 500, PITTSBURGH, PENNSYLVANIA 15212
Item 2.
(a)	Name of person filing: Allan Gray Australia Pty Ltd
(b)	Address or principal business office or, if none, residence: LEVEL 2, CHALLIS HOUSE 4-10 MARTIN PLACE SYDNEY, Australia NSW 2000
(c)	Citizenship: Allan Gray Australia Pty Ltd - AUSTRALIA
(d)	Title of class of securities: CHESS Depositary Interests, each representing 1 unit of Common Stock
(e)	CUSIP No.: 013872106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Equivalent to IA.
Item 4.	Ownership
(a)	Amount beneficially owned: 15,630,823
(b)	Percent of class: 6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Allan Gray Australia Pty Ltd - 15,630,823
	(ii) Shared power to vote or to direct the vote: Allan Gray Australia Pty Ltd - 0
	(iii) Sole power to dispose or to direct the disposition of: Allan Gray Australia Pty Ltd - 15,630,823
	(iv) Shared power to dispose or to direct the disposition of: Allan Gray Australia Pty Ltd - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Another person has the right to receive dividends from, the power to direct the receipt of dividends from, or the right to receive the proceeds from the sale of, the securities of the issuer identified in Item 4(a) that are beneficially owned by Allan Gray Australia Pty Ltd.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Allan Gray Australia Pty Ltd is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Allan Gray Australia Pty Ltd

Signature:	Matt Gaarder
Name/Title:	Attorney-in-fact
Date:	08/14/2025

FAQ

How many Alcoa (AA) shares does Allan Gray Australia hold?

Allan Gray Australia reports beneficial ownership of 15,630,823 CHESS Depositary Interests, representing 6% of the class.

Does Allan Gray Australia have voting and dispositive power over the Alcoa position?

Yes. The filing states Allan Gray Australia has sole voting power and sole dispositive power over the 15,630,823 interests.

What type of SEC filing is this for Alcoa (AA)?

This disclosure is filed as a Schedule 13G amendment, indicating a passive beneficial ownership disclosure.

Is the stake held to influence control of Alcoa (AA)?

The filer certifies the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.

Are the reported shares held on behalf of others?

The filing notes that another person has the right to receive dividends or proceeds related to the securities beneficially owned by Allan Gray Australia; no further identity is provided.

How is the reporting person classified in the filing?

The filing lists the Type of Reporting Person as FI and references equivalence to IA in Item 3.