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    Amendment: SEC Form SCHEDULE 13G/A filed by Portillo's Inc.

    5/15/25 12:49:17 PM ET
    $PTLO
    Restaurants
    Consumer Discretionary
    Get the next $PTLO alert in real time by email



    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549


    SCHEDULE 13G


    UNDER THE SECURITIES EXCHANGE ACT OF 1934
    (Amendment No. 4)


    Portillo's Inc.

    (Name of Issuer)


    Class A Common Stock, $0.01 par value

    (Title of Class of Securities)


    73642K106

    (CUSIP Number)


    03/31/2025

    (Date of Event Which Requires Filing of this Statement)


    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
    Checkbox checked   Rule 13d-1(b)
    Checkbox not checked   Rule 13d-1(c)
    Checkbox not checked   Rule 13d-1(d)






    SCHEDULE 13G

    CUSIP No.
    73642K106


    1Names of Reporting Persons

    ORBIS INVESTMENT MANAGEMENT LTD
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    BERMUDA
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    5,948,819.00
    6Shared Voting Power

    0.00
    7Sole Dispositive Power

    5,948,819.00
    8Shared Dispositive Power

    0.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    5,948,819.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    9.3 %
    12Type of Reporting Person (See Instructions)

    FI


    SCHEDULE 13G

    CUSIP No.
    73642K106


    1Names of Reporting Persons

    Allan Gray Australia Pty Ltd
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    AUSTRALIA
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    24,819.00
    6Shared Voting Power

    0.00
    7Sole Dispositive Power

    24,819.00
    8Shared Dispositive Power

    0.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    24,819.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    0 %
    12Type of Reporting Person (See Instructions)

    FI


    SCHEDULE 13G

    Item 1. 
    (a)Name of issuer:

    Portillo's Inc.
    (b)Address of issuer's principal executive offices:

    C/O THE PORTILLO RESTAURANT GROUP 2001 SPRING ROAD, SUITE 400 OAK BROOK, ILLINOIS 60523-1903
    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 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 LTD - BERMUDA Allan Gray Australia Pty Ltd - AUSTRALIA
    (d)Title of class of securities:

    Class A Common Stock, $0.01 par value
    (e)CUSIP No.:

    73642K106
    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)Checkbox not checked   Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
    (b)Checkbox not checked   Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
    (c)Checkbox not checked   Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
    (d)Checkbox not checked   Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
    (e)Checkbox not checked   An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
    (f)Checkbox not checked   An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
    (g)Checkbox not checked   A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
    (h)Checkbox not checked   A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
    (i)Checkbox not checked   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)Checkbox checked   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)Checkbox checked   Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
     
    Equivalent to IA.
    Item 4.Ownership
    (a)Amount beneficially owned:

    5,973,638
    (b)Percent of class:

    9.4  %
    (c)Number of shares as to which the person has:
     (i) Sole power to vote or to direct the vote:

    ORBIS INVESTMENT MANAGEMENT LTD - 5,948,819 Allan Gray Australia Pty Ltd - 24,819

     (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 - 5,948,819 Allan Gray Australia Pty Ltd - 24,819

     (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.
     
    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 INVESTMENT MANAGEMENT LTD
     
    Signature:Matt Gaarder
    Name/Title:Attorney-in-Fact
    Date:05/15/2025
     
    Allan Gray Australia Pty Ltd
     
    Signature:Matt Gaarder
    Name/Title:Attorney-in-Fact
    Date:05/15/2025
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