NEW YORK: Based on a November 10 filing with the U.S. Securities & Exchange Commission, Bermuda-registered Orbis Investment Management is now a major shareholder in XPO Logistics.

As of November 11, the company owned 12 percent or nearly 13 million shares in XPO with a market value of around $420 million.

According to its web site, Orbis was founded in 1989 by former Fidelity fund manager Allan Gray to provide clients with investment advice based on "fundamental, long-term and contrarian thinking".

With more than $40 billion under management his firm Allan Gray Proprietary, based in South Africa, shares "a close business relationship with Orbis".

On November 06, XPO Logistics reported Q3 2015 revenue of US$2.4 billion and net revenue of US$1.1 billion – year-on-year increases of 256.5 percent and 542.4 percent respectively due largely to earlier acquisitions.

The net loss was US$93.1 million compared with a net loss of US$12.3 million for the same period in 2014. Adjusted EBITDA rose from US$24.2 million to US$166.1 million year-on-year.

Current liabilities in Q3 totaled US$3.948 billion – up from US$725 million in Q3 2014. Despite increased losses over the past year, brokers continue to assign a "buy" recommendation for the company's 107 million unassigned shares.