Burford Capital: Orbis reports 18.8M shares (8.6%)

Burford Capital Ltd reporting persons Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd filed an amendment to disclose 18,796,436 shares beneficially owned, representing 8.6% of common stock.

Rhea-AI Filing Summary

Burford Capital Ltd reporting persons Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd filed an amendment to disclose 18,796,436 shares beneficially owned, representing 8.6% of common stock. The filing lists sole voting and sole dispositive power totals: Orbis 18,609,387 and Allan Gray 187,049.

The filing clarifies that the Reporting Persons are non-U.S. institutions equivalent to U.S. investment advisers and that each disclaims beneficial ownership of the other's shares. The signature block shows certification by an attorney-in-fact dated 05/15/2026.

Insights

Institutional Ownership Specialist

Orbis and Allan Gray report a combined 8.6% stake in Burford Capital.

The filing provides a precise beneficial ownership figure of 18,796,436 shares and breaks down voting and dispositive powers by reporting person, useful for tracking major holders. The classification as Non-U.S. Institutions equivalent to an Investment Adviser is explicitly stated.

Investor implications depend on holder behavior; subsequent Schedule 13D/A or Form 4 filings would be required to show activist intentions or trading. The certification date is 05/15/2026, which anchors the ownership snapshot.

Securities Compliance Analyst

The amendment documents regulatory comparability and disclaims group ownership between the filers.

The filing includes a formal statement that the foreign regulatory scheme is substantially comparable to U.S. rules and offers to furnish additional Schedule 13D information upon request. Each Reporting Person disclaims beneficial ownership of shares reported by the other.

For compliance, note the clear allocation of sole voting/dispositive power (Orbis 18,609,387; Allan Gray 187,049) and the attorney-in-fact signature dated 05/15/2026.

Key Figures

Beneficially owned: 18,796,436 shares Percent of class: 8.6% Orbis sole voting/dispositive: 18,609,387 shares +2 more

5 metrics

Beneficially owned 18,796,436 shares ownership reported in Item 4(a)

Percent of class 8.6% percent of common stock reported in Item 4(b)

Orbis sole voting/dispositive 18,609,387 shares sole voting and dispositive power allocated to Orbis

Allan Gray sole voting/dispositive 187,049 shares sole voting and dispositive power allocated to Allan Gray

Certification date 05/15/2026 signature block certification date

Key Terms

Schedule 13G/A, Beneficially owned, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 6; reporting beneficial ownership of more than 5 percent"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned financial

"Item 4(a) Amount beneficially owned: 18,796,436"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Item 4(c)(iii) Sole power to dispose: Orbis 18,609,387"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake do Orbis and Allan Gray report in Burford Capital (BUR)?

They report beneficial ownership of 18,796,436 shares, representing 8.6% of common stock. The filing breaks ownership into Orbis 18,609,387 shares and Allan Gray 187,049 shares, with sole voting and dispositive powers reported for each.

Does this Schedule 13G/A indicate a coordinated group between the filers?

No, the filing states the Reporting Persons do not represent they are a group under Section 13(d)(3). Each disclaims beneficial ownership of the other’s holdings and provides information separately as non-U.S. institutions.

What voting and dispositive powers are disclosed for the reported holdings?

Orbis is shown with sole voting and sole dispositive power over 18,609,387 shares; Allan Gray has both over 187,049 shares. Shared voting and dispositive powers are reported as 0 for each.

When was the ownership information certified in this amendment?

The signature block shows certification by an attorney-in-fact dated 05/15/2026. That date anchors the ownership snapshot disclosed in the amendment.

How are the Reporting Persons classified in the filing?

They are classified as Non-U.S. Institutions (FI) equivalent to an Investment Adviser (IA). The filing states the foreign regulatory scheme is substantially comparable to the U.S. scheme and offers to furnish additional information if requested.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 12:57 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Burford Capital Ltd

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G17977110

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 18,609,387.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 18,609,387.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,609,387.00

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)

8.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP Number(s): 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 187,049.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 187,049.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

187,049.00

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: 18,796,436
(b)	Percent of class: 8.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: ORBIS INVESTMENT MANAGEMENT LTD - 18,609,387 Allan Gray Australia Pty Ltd - 187,049
	(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 - 18,609,387 Allan Gray Australia Pty Ltd - 187,049
	(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.
	Not Applicable
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 Ltd. 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 Ltd 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 Ltd 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 Ltd 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:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	05/15/2026

Allan Gray Australia Pty Ltd

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	05/15/2026