Orbis Investment Management Limited and Allan Gray Australia Pty Ltd report beneficial ownership of Marcus Corp common stock totaling 1,962,585 shares (8.2%) in an amended Schedule 13G/A. The filing shows Orbis holds 1,938,092 shares (sole voting and dispositive) and Allan Gray holds 24,493 shares. Both reporting persons classify themselves as a Non-U.S. Institution (FI) equivalent to an Investment Adviser (IA) and state they do not treat their joint filing as a Section 13(d)(3) group. The filing is signed by an attorney-in-fact on 05/15/2026.
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Insights
Two institutional holders report an 8.2% combined stake in Marcus Corp.
The Schedule 13G/A discloses aggregate beneficial ownership of 1,962,585 shares (8.2%), with Orbis holding 1,938,092 shares and Allan Gray holding 24,493 shares. The filing classifies both as a Non-U.S. Institution (FI) equivalent to an Investment Adviser (IA).
They explicitly disclaim group membership under Section 13(d)(3) and note other persons may receive dividends or sale proceeds for the shares they report. Subsequent filings would be required if their status or holdings change.
Orbis is the primary holder shown, controlling most of the disclosed position.
The reported position breaks down to Orbis 1,938,092 shares (sole voting and dispositive power) and Allan Gray 24,493 shares. The aggregate figure of 1,962,585 shares (8.2%) is the key ownership metric investors track for potential blockholder influence.
Filing behavior—amending a Schedule 13G—signals passive institutional reporting; the filing disclaims group voting coordination. Watch for any future Section 13D filings or amendments if their intent or ownership changes.
Key Figures
Aggregate beneficial ownership:1,962,585 sharesAggregate percent of class:8.2%Orbis sole voting/dispositive power:1,938,092 shares+3 more
6 metrics
Aggregate beneficial ownership1,962,585 sharesItem 4(a) of Schedule 13G/A
Aggregate percent of class8.2%Item 4(b)
Orbis sole voting/dispositive power1,938,092 sharesItem 4(c)(i)/(iii)
Allan Gray sole voting/dispositive power24,493 sharesItem 4(c)(i)/(iii)
CUSIP566330106Cover data
Filing signature date05/15/2026Signature block
Key Terms
Schedule 13G/A, beneficial ownership, sole dispositive power, Non-U.S. Institution (FI), +1 more
5 terms
Schedule 13G/Aregulatory
"Item 1: Name of issuer: Marcus Corp; header shows Amendment No. 4"
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.
beneficial ownershipfinancial
"Item 4: Amount beneficially owned: 1,962,585"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
sole dispositive powerregulatory
"Item 4(c)(iii): Orbis - 1,938,092"
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.
Non-U.S. Institution (FI)regulatory
"Item 8: classified as a Non-U.S. Institution (FI) equivalent to an IA"
Investment Adviser (IA)regulatory
"Item 8: equivalent to an Investment Adviser (IA)"
An investment adviser (IA) is a person or firm that provides personalized guidance on buying, selling, or holding investments and often manages client portfolios for a fee. Investors should care because an IA has a legal duty to act in the client's best interest—think of them as a navigator who plans and steers your financial journey—so their advice, fee structure and potential conflicts can directly affect returns and financial risk.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Marcus Corp
(Name of Issuer)
Common Stock
(Title of Class of Securities)
566330106
(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):
566330106
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
1,938,092.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,938,092.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,938,092.00
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)
8.1 %
12
Type of Reporting Person (See Instructions)
FI
SCHEDULE 13G
CUSIP Number(s):
566330106
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
24,493.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,493.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,493.00
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:
Marcus Corp
(b)
Address of issuer's principal executive offices:
111 EAST KILBOURN AVENUE, SUITE 1200, MILWAUKEE, WISCONSIN
53202
Item 2.
(a)
Name of person filing:
Orbis Investment Management Limited
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 Limited - BERMUDA
Allan Gray Australia Pty Ltd - AUSTRALIA
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
566330106
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:
1,962,585
(b)
Percent of class:
8.2 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Orbis Investment Management Limited - 1,938,092
Allan Gray Australia Pty Ltd - 24,493
(ii) Shared power to vote or to direct the vote:
Orbis Investment Management Limited - 0
Allan Gray Australia Pty Ltd - 0
(iii) Sole power to dispose or to direct the disposition of:
Orbis Investment Management Limited - 1,938,092
Allan Gray Australia Pty Ltd - 24,493
(iv) Shared power to dispose or to direct the disposition of:
Orbis Investment Management Limited - 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 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 reports beneficial ownership of 1,938,092 shares, representing 8.1% of Marcus Corp common stock. The filing lists Orbis as having sole voting and sole dispositive power over those shares.
How many Marcus Corp shares does Allan Gray Australia hold?
Allan Gray Australia reports beneficial ownership of 24,493 shares, representing 0.1% of the class. The filing shows Allan Gray has sole voting and dispositive power over those shares.
What is the combined ownership percentage reported?
The combined beneficial ownership reported by the two filers is 1,962,585 shares (8.2%) of Marcus Corp common stock, shown in Item 4(a) of the amended Schedule 13G/A.
Do the filers claim to act as a group for Marcus Corp shares?
No. Although the two entities filed together, they explicitly state they do not represent being a group under Section 13(d)(3) and each disclaims beneficial ownership of shares reported by the other.
