Bermuda-based investment fund becomes XPO’s second biggest shareholder

Orbis Investment Management has increased its stake in the acquisition-heavy third-party logistics provider from less than 4 percent to over 12 percent, according to a filing with the U.S. Securities and Exchange Commission.    Orbis Investment Management has increased its stake in the acquisition-heavy third-party logistics provider XPO Logistics Inc. from 3.7 percent to 12.35 percent, according to a filing with the U.S. Securities and Exchange Commission.
   Reports from the Wall Street Journal indicate the investment, valued at approximately $400 million, makes the Bermuda-based fund manager the second biggest shareholder in XPO.
   According to the firm’s website, Orbis was founded in 1989 by South African investor Allan Gray and currently controls more than $40 billion in assets under management.
   Greenwich, Conn.-based XPO, which has closed a number of major acquisitions this year across the contract logistics, less-than-truckload, and drayage industries, recently reported it exceeded its expectations for revenues and earnings before interest, tax, depreciation, and amortization in the third quarter of 2015.
   The company posted EBITDA of $166 million for the quarter, up from $24.2 million in the same 2014 period, on revenues of $2.4 billion, but year-over-year comparisons are of dubious value due to the volume of acquisitions XPO has undertaken. A third quarter net loss of $35.4 million, represented a 16th consecutive quarterly loss for the company.