Genmab: 5.5% Stake Reported by Orbis & Allan Gray

Genmab A/S ownership disclosure: two institutional investors filed an amended Schedule 13G/A reporting beneficial ownership positions in Genmab common stock.

Rhea-AI Filing Summary

Genmab A/S ownership disclosure: two institutional investors filed an amended Schedule 13G/A reporting beneficial ownership positions in Genmab common stock. The filing shows 3,557,484 shares beneficially owned representing 5.5% of the class and identifies Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd as the reporting persons.

The filing breaks the holdings down by voting and dispositive power: Orbis holds 3,549,674 shares with sole voting and dispositive power, and Allan Gray Australia holds 7,810 shares with sole voting and dispositive power. The filing states the reporting persons are non-U.S. institutions functionally equivalent to an investment adviser and disclaims group beneficial ownership.

Insights

Institutional Ownership Analyst

Large passive stake reported by two non-U.S. institutions (5.5% combined).

The filing documents a combined 5.5% beneficial stake in Genmab common stock held by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, with detailed breakdowns of sole voting and dispositive power. This indicates substantial institutional interest.

Key dependencies include any future amendments or sales filed by these holders; subsequent filings would show changes in position. The filing does not state trading intent or planned disposals.

Securities Compliance Counsel

Filing conforms to Schedule 13G/A disclosure for non-U.S. institutional investors.

The amendment classifies the reporting persons as Non-U.S. Institutions equivalent to investment advisers and includes a certification regarding a comparable foreign regulatory scheme. It disclaims group membership and provides signatures with attorney-in-fact attestations.

Material qualifiers include the functional equivalence statement and an offer to furnish Schedule 13D-level information on request; these preserve regulatory compliance without asserting additional rights or arrangements.

Key Figures

Beneficial ownership (combined): 3,557,484 shares Percent of class: 5.5% Orbis sole voting power: 3,549,674 shares +3 more

6 metrics

Beneficial ownership (combined) 3,557,484 shares Amount beneficially owned (Item 4(a))

Percent of class 5.5% Percent of class (Item 4(b))

Orbis sole voting power 3,549,674 shares Orbis sole power to vote and dispose (Item 4(c)(i)/(iii))

Allan Gray sole voting power 7,810 shares Allan Gray sole power to vote and dispose (Item 4(c)(i)/(iii))

Filer classification Non-U.S. Institution (FI) Declared equivalent to an Investment Adviser (IA)

Certification date (signature) 05/15/2026 Signature date for the amendment

Key Terms

beneficially owned, sole dispositive power, Schedule 13G/A, Non-U.S. Institution (FI)

4 terms

beneficially owned regulatory

"Item 4(a) Amount beneficially owned: 3,557,484"

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

"Orbis Investment Management Ltd - 3,549,674 sole dispositive power"

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.

Schedule 13G/A regulatory

"Amendment No. 2) GENMAB A/S Common Stock"

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.

Non-U.S. Institution (FI) regulatory

"classified as a Non-U.S. Institution (FI) that is equivalent to an Investment Adviser (IA)"

FAQ

What stake in GENMAB does Orbis Investment Management report?

Orbis Investment Management reports beneficial ownership of 3,549,674 shares, which the filing lists as sole voting and dispositive power holdings.

What total percentage of Genmab does the Schedule 13G/A show?

The filing reports a combined beneficial ownership of 3,557,484 shares, representing 5.5% of the class of common stock.

How much does Allan Gray Australia hold in GENMAB according to this filing?

Allan Gray Australia Pty Ltd is reported to beneficially own 7,810 shares with sole voting and sole dispositive power.

Do the reporting persons claim to be a group under Section 13(d)?

No. The filing explicitly states neither reporting person represents it is a group under Section 13(d)(3) and each disclaims beneficial ownership of the other's shares.

What regulatory classification do the filers assert?

Both filers are classified as Non-U.S. Institutions (FI) equivalent to an Investment Adviser (IA), and they certify comparable foreign regulatory schemes.

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

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Accepted by SEC EDGAR 05/15/2026 - 01:05 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. 2)

GENMAB A/S

(Name of Issuer)

Common Stock

(Title of Class of Securities)

K3967W102

(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): K3967W102

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 3,549,674.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,549,674.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,549,674.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP Number(s): K3967W102

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 7,810.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,810.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,810.00

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

Item 1.
(a)	Name of issuer: GENMAB A/S
(b)	Address of issuer's principal executive offices: TOLDBODGADE 33, Copenhagen, DENMARK 1253
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 LTD: Orbis House, 25 Front Street, Hamilton, Bermuda HM11 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.: K3967W102
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 an IA.
Item 4.	Ownership
(a)	Amount beneficially owned: 3,557,484
(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 LTD - 3,549,674 Allan Gray Australia Pty Ltd - 7,810
	(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 - 3,549,674 Allan Gray Australia Pty Ltd - 7,810
	(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