Institutional Investors Hold 13.43M Shares (6.1%) of Burford Capital

Rhea-AI Filing Summary

Orbis Investment Management Limited and Allan Gray Australia Pty Ltd filed a Schedule 13G/A reporting combined beneficial ownership of 13,431,684 shares of Burford Capital Ltd common stock, representing 6.1% of the class. The filing breaks down ownership into Orbis: 13,271,987 shares and Allan Gray: 159,697 shares, with each reporting sole voting and dispositive power over their respective holdings.

Both reporting persons classify themselves as non-U.S. institutions equivalent to investment advisers and certify the shares are held in the ordinary course of business and not acquired to change or influence control of the issuer.

Positive

• Combined institutional stake of 13,431,684 shares (6.1%) signals meaningful investor interest above the 5% disclosure threshold
• Clear voting/dispositive power breakdown (Orbis 13,271,987; Allan Gray 159,697) provides transparency on control over the reported shares
• Filing states shares are held in the ordinary course and not to influence control, indicating passive institutional ownership

Negative

• None.

Insights

Financial Analyst

TL;DR: Orbis and Allan Gray hold a material passive 6.1% stake in Burford with sole voting/dispositive power per filer breakdown.

The reported 13.43 million-share combined position exceeds the 5% disclosure threshold and is therefore material from a disclosure perspective. The filing is a Schedule 13G/A classification consistent with institutional, passive ownership and explicitly states the shares are held in the ordinary course and not to influence control. For investors, this signals significant institutional interest without an announced activist intent; the ownership split shows Orbis holds the vast majority of the position, while Allan Gray holds a small complementary stake.

Corporate Governance Expert

TL;DR: A >5% passive institutional stake reported; no declaration of control intent is included.

The filing identifies both reporting persons as non-U.S. institutions equivalent to investment advisers and documents sole voting and dispositive power matching reported share totals. The certification that the securities were not acquired to change or influence control is important: it frames these holdings as passive under the rules. While the stake is large enough to be noteworthy, the explicit passive status reduces immediate governance or control concerns based solely on this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Burford Capital Ltd

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G17977110

(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. G17977110

1

Names of Reporting Persons

ORBIS INVESTMENT MANAGEMENT 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

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,271,987.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,271,987.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,271,987.00

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)

6.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. G17977110

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 159,697.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 159,697.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

159,697.00

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)

0.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Burford Capital Ltd
(b)	Address of issuer's principal executive offices: OAK HOUSE, HIRZEL STREET, ST PETER PORT, GUERNSEY GY1 2NP
Item 2.
(a)	Name of person filing: ORBIS INVESTMENT MANAGEMENT LTD Allan Gray Australia Pty Ltd
(b)	Address or principal business office or, if none, residence: Orbis Investment Management Limited 25 Front Street Hamilton HM11, Bermuda Allan Gray Australia Pty Ltd Level 2, Challis House, 4 Martin Place Sydney NSW2000, Australia
(c)	Citizenship: ORBIS INVESTMENT MANAGEMENT LTD - BERMUDA Allan Gray Australia Pty Ltd - AUSTRALIA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: G17977110
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: 13,431,684
(b)	Percent of class: 6.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: ORBIS INVESTMENT MANAGEMENT LTD - 13,271,987 Allan Gray Australia Pty Ltd - 159,697
	(ii) Shared power to vote or to direct the vote: ORBIS INVESTMENT MANAGEMENT LTD - 0 Allan Gray Australia Pty Ltd - 0
	(iii) Sole power to dispose or to direct the disposition of: ORBIS INVESTMENT MANAGEMENT LTD - 13,271,987 Allan Gray Australia Pty Ltd - 159,697
	(iv) Shared power to dispose or to direct the disposition of: ORBIS INVESTMENT MANAGEMENT LTD - 0 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. Other persons have 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 Orbis Investment Management Limited. 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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Information with respect to each of Orbis Investment Management Limited and Allan Gray Australia Pty Ltd (collectively, the "Reporting Persons") is given solely by each such Reporting Person and no Reporting Person has responsibility for the accuracy or completeness of information supplied by any other Reporting Person. Orbis Investment Management Limited and Allan Gray Australia Pty Ltd are classified as a Non-U.S. Institution (FI) that is equivalent to an Investment Adviser (IA). Notwithstanding that the Reporting Persons are making this filing together, none of the Reporting Persons represents that it is a member of a group for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. Each Reporting Person disclaims beneficial ownership of any shares beneficially owned by any other Reporting Person as specified in Item 4(a).
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 Orbis Investment Management Limited and 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.

ORBIS INVESTMENT MANAGEMENT LTD

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

Allan Gray Australia Pty Ltd

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

FAQ

How many shares of BUR do Orbis and Allan Gray report owning?

They report a combined 13,431,684 shares of Burford Capital common stock.

What percentage of Burford Capital (BUR) do these holdings represent?

The aggregate position represents 6.1% of the class as stated in the filing.

What is the ownership breakdown between the reporting persons?

Orbis Investment Management Ltd: 13,271,987 shares; Allan Gray Australia Pty Ltd: 159,697 shares.

Do the filers assert control or activist intentions in the Schedule 13G/A?

No. The filing certifies the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

How are the reporting persons classified in the filing?

Both are classified as non-U.S. institutions (FI) equivalent to investment advisers (IA) per the filing.