AI is Sharpening Ryan Specialty Holdings (RYAN), Not Replacing Them

Orbis Investment Management released its Q2 2026 investor letter, highlighting Ryan Specialty Holdings (RYAN) as a standout investment opportunity in the AI sector. The letter, available for download, demonstrates that Orbis Global Equity Strategy returned 19.9% in the first half of 2026, outpacing the MSCI All Country World Index by 7.8%.

The strategy focuses on AI investments, categorized into four groups: Core, Enablers, AI Powered, and Overlooked. Ryan Specialty Holdings is an insurance services company that provides distribution, underwriting, product development, and risk management services. The company's shares closed at $44.34 per share on August 24, 2026, with a one-month return of -3.63% and a 52-week loss of 23.17%.

Ryan Specialty Holdings has a market capitalization of $17.29 billion. The letter explains that the market has mispriced AI-powered businesses as casualties, particularly in the insurance brokerage sector. Ryan Specialty Holdings is a leader in excess and surplus insurance, which is expanding structurally and where the firm sees significant potential.

The firm believes that scaled brokers with proprietary data are enhanced by AI, not replaced. Despite Ryan Specialty Holdings not being on the list of the 40 most popular stocks among hedge funds heading into 2026, the letter suggests that certain AI stocks offer greater upside potential and carry less downside risk.