Orbis Group Discloses 5.5% Stake in Corpay (CPAY) — 3.86M Shares

Corpay, Inc. is reported to have a group of investment managers led by Orbis Investment Management Limited beneficially owning 3,855,589 shares of common stock, equal to 5.5% of the class.

Rhea-AI Filing Summary

Corpay, Inc. is reported to have a group of investment managers led by Orbis Investment Management Limited beneficially owning 3,855,589 shares of common stock, equal to 5.5% of the class. The largest holder listed is Orbis Investment Management Limited with 3,776,148 shares, while Orbis Investment Management (U.S.), L.P. holds 78,258 shares and Allan Gray Australia Pty Ltd holds 1,183 shares. Each reporting person discloses sole voting and dispositive power over their respective shares. The filing classifies the reporters as investment adviser/non-U.S. institutional filers and states these holdings were acquired and are held in the ordinary course of business, not to change or influence control of the issuer.

Positive

• Reported beneficial ownership of 3,855,589 shares representing 5.5% of Corpay common stock, exceeding the 5% disclosure threshold
• Orbis Investment Management Limited disclosed sole voting and sole dispositive power over 3,776,148 shares, clarifying control of those votes
• The filing includes a certification that the securities are held in the ordinary course of business and not to influence control, consistent with passive 13G reporting

Negative

• None.

Insights

Financial Analyst

TL;DR: Orbis group holds a material passive stake of 5.5% (3.86M shares); filing signals disclosure, not an activist intent.

The combined reported position of 3,855,589 shares (5.5%) is above the 5% materiality threshold and therefore requires public disclosure, which this Schedule 13G provides. The largest position is held by Orbis Investment Management Limited with 3,776,148 shares. The filing includes certifications that the securities are held in the ordinary course of business and are not intended to influence control, which is consistent with a passive investment reporting standard. For investors, the key factual takeaways are the position size, the allocation across reporting entities, and the assertion of sole voting and dispositive power for each holder over their disclosed shares.

Corporate Governance Expert

TL;DR: Schedule 13G indicates passive ownership; reporters assert sole voting/dispositive power, and disclaim group control intentions.

The filing identifies three reporting persons and specifies sole voting and dispositive control over the shares each reports. It also states the reporters do not claim to be a group under Section 13(d)(3) and disclaims beneficial ownership of each other's shares. Item 6 notes other persons may have rights to dividends or proceeds relating to these holdings. The filing therefore delivers transparent ownership and governance-related disclosures without indicating coordination to affect issuer control.

FAQ

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

Who filed the Schedule 13G/A for Corpay (CPAY)?

The filing was made by Orbis Investment Management Limited, Allan Gray Australia Pty Ltd, and Orbis Investment Management (U.S.), L.P. as the reporting persons.

How many Corpay (CPAY) shares does the Orbis group report owning?

The reporting persons together beneficially own 3,855,589 shares, equal to 5.5% of the outstanding common stock.

Which entity holds the largest stake in Corpay among the filers?

Orbis Investment Management Limited holds the largest position with 3,776,148 shares and reports sole voting and dispositive power for those shares.

Does the filing indicate an intent to influence control of Corpay (CPAY)?

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

Are any of the reported shares held on behalf of other persons?

Yes. The filing states that other persons have the right to receive dividends from, or the power to direct receipt of proceeds from, the securities beneficially owned by the reporting persons.

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

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Accepted by SEC EDGAR 08/14/2025 - 12:45 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. 5)

Corpay, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

339041105

(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. 339041105

1

Names of Reporting Persons

Orbis Investment Management Limited

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 3,776,148.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,776,148.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,776,148.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 339041105

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 1,183.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,183.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,183.00

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 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 339041105

1

Names of Reporting Persons

Orbis Investment Management (U.S.), L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 78,258.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 78,258.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

78,258.00

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)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Corpay, Inc.
(b)	Address of issuer's principal executive offices: 3280 PEACHTREE ROAD, SUITE 2400, ATLANTA, GEORGIA 30305
Item 2.
(a)	Name of person filing: Orbis Investment Management Limited Allan Gray Australia Pty Ltd Orbis Investment Management (U.S.), L.P.
(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 Orbis Investment Management (U.S.), L.P. One Letterman Drive, Building C, Suite CM-100, The Presidio of San Francisco San Francisco, CA, 94129-1492, USA
(c)	Citizenship: Orbis Investment Management Limited - BERMUDA Allan Gray Australia Pty Ltd - AUSTRALIA Orbis Investment Management (U.S.), L.P. - DELAWARE
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 339041105
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 (Orbis Investment Management Limited and Allan Gray Australia Pty Ltd)
Item 4.	Ownership
(a)	Amount beneficially owned: 3,855,589
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Orbis Investment Management Limited - 3,776,148 Allan Gray Australia Pty Ltd - 1,183 Orbis Investment Management (U.S.), L.P. - 78,258
	(ii) Shared power to vote or to direct the vote: Orbis Investment Management Limited - 0 Allan Gray Australia Pty Ltd - 0 Orbis Investment Management (U.S.), L.P. - 0
	(iii) Sole power to dispose or to direct the disposition of: Orbis Investment Management Limited - 3,776,148 Allan Gray Australia Pty Ltd - 1,183 Orbis Investment Management (U.S.), L.P. - 78,258
	(iv) Shared power to dispose or to direct the disposition of: Orbis Investment Management Limited - 0 Allan Gray Australia Pty Ltd - 0 Orbis Investment Management (U.S.), L.P. - 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. 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 Orbis Investment Management (U.S.), L.P..
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, Allan Gray Australia Pty Ltd, and Orbis Investment Management (U.S.), L.P. (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). Orbis Investment Management (U.S.), L.P. is classified as 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 Limited

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

Orbis Investment Management (U.S.), L.P.

Signature:	Matt Gaarder
Name/Title:	Secretary
Date:	08/14/2025