Brandes Investment Partners, LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Brandes Investment Partners, LP reported 185 stock positions worth $7.8 billion. Its top holding was Embraer SA-Spon ADR (EMBJ) at 5.4% of the portfolio, followed by Wells Fargo (WFC, 3.3%) and Bank of America (BAC, 2.5%). Compared with Q4 2023, it opened 7 new positions, sold out of 8, added to 143 and reduced 31. The biggest buy was Cae (CAE, shares +10902%) and the biggest sale an exit from Applied Materials (AMAT).

Most Recent 13F
Q2 2026
Location
LA JOLLA, CA
CIK
0001015079
Portfolio Value
$7.8B (Q1 2024)
SEC Filing
0001041062-24-000092 ↗ filed May 15, 2024

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $7.8B $7.8B Q1 2024 Q2 2024: $8.1B Q2 2024 Q3 2024: $8.9B Q3 2024 Q4 2024: $8.9B Q4 2024 Q1 2025: $9.8B Q1 2025 Q2 2025: $11.1B Q2 2025 Q3 2025: $12.5B Q3 2025 Q4 2025: $13.1B Q4 2025 Q1 2026: $14.1B Q1 2026 Q2 2026: $14.3B Q2 2026

Holdings 185 stocks · $7.8B
EMBJ Embraer SA-Spon ADR 5.37% 15,678,567 $417.7M Reduce -10.7%
WFC Wells Fargo & Co. 3.32% 4,451,212 $258.0M Add +5.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.47% 5,057,549 $191.8M Add +10.1%
CMCSA Comcast Corp. Class A 2.36% 4,231,023 $183.4M Add +22.3%
C Citigroup Inc. 2.31% 2,835,090 $179.3M Add +10.2%
FISV Fiserv Inc. 2.26% 1,100,116 $175.8M Add +9.2%
CI The Cigna Group 2.19% 468,991 $170.3M Add +9.8%
MRK Merck & Co. Inc. 2.09% 1,232,526 $162.6M Add +9.2%
FDX FedEx Corp. 2.03% 544,252 $157.7M Add +13.6%
MCK McKesson Corp. 2.01% 291,538 $156.5M Reduce -3.9%
DOX Amdocs Ltd. 2.01% 1,724,452 $155.8M Add +22.9%
CTVA Corteva Inc. 1.93% 2,603,324 $150.1M Add +34.7%
WTW Willis Towers Watson PLC 1.92% 542,117 $149.1M Reduce -6.3%
HAL Halliburton Co. 1.89% 3,719,153 $146.6M Add +3.2%
PFE Pfizer Inc. 1.81% 5,056,568 $140.3M Add +16.6%
MU Micron Technology Inc. 1.80% 1,188,345 $140.1M Reduce -10.4%
CVX Chevron Corp. 1.76% 867,584 $136.9M Add +7.2%
AIG American International Group 1.75% 1,738,848 $135.9M Add +8.9%
CAH Cardinal Health Inc. 1.72% 1,194,209 $133.6M Reduce -2.2%
PNC PNC Financial Services Group 1.70% 819,574 $132.4M Add +10.4%
CX Cemex Sab-Spons ADR Part Cer 1.60% 13,838,965 $124.7M Reduce -22.7%
TXT Textron Inc. 1.59% 1,290,773 $123.8M Add +4.4%
CVS CVS Health Corp. 1.57% 1,526,115 $121.7M Add +10.3%
MHK Mohawk Industries Inc. 1.55% 919,466 $120.3M Add +12.7%
HCA HCA Healthcare Inc. 1.47% 342,843 $114.3M Add +9.3%
GRFS Grifols SA-ADR 1.47% 17,114,866 $114.3M Add +26.6%
CAE Cae Inc. 1.44% 5,431,216 $112.1M Add +10901.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.42% 1,910,551 $110.1M Add +9.0%
OMF Onemain Holdings Inc. 1.38% 2,098,191 $107.2M Add +9.5%
CTSH Cognizant Tech Solutions-A 1.32% 1,403,580 $102.9M Add +10.3%
EMR Emerson Electric Co. 1.27% 871,884 $98.9M Add +8.7%
SHEL Shell PLC-ADR 1.24% 1,437,840 $96.4M Add +28.1%
SNY Sanofi-ADR 1.22% 1,957,492 $95.1M Add +10.6%
TIGO Millicom Intl Cellular S.A. 1.19% 4,567,057 $92.4M Add +4.0%
LH Laboratory CRP of Amer Hldgs 1.11% 394,156 $86.1M Add +18.0%
FTRE Fortrea Holdings Inc. 0.99% 1,918,815 $77.0M Add +13.4%
STT State Street Corp. 0.97% 976,189 $75.5M Add +13.8%
JPM JPMorgan Chase & Co. 0.92% 357,057 $71.5M Reduce -28.6%
WKC World Kinect Corp. 0.92% 2,688,372 $71.1M Add +6.7%
DRIL-QUIP INC 0.84% 2,880,681 $64.9M Add +12.6%
ARLO Arlo Technologies Inc. 0.83% 5,087,584 $64.4M Add +13.1%
TSM Taiwan Semiconductor-SP ADR 0.79% 450,128 $61.2M Reduce -12.3%
GOOG Alphabet Inc. Class C 0.78% 399,836 $60.9M Add +2.3%
GOOGL Alphabet Inc. Class A 0.78% 401,011 $60.5M Add +15.4%
NTGR Netgear Inc. 0.74% 3,649,330 $57.5M Add +7.2%
UBS UBS Group AG-Reg 0.74% 1,868,877 $57.4M Reduce -4.0%
FLEX Flex Ltd. 0.70% 1,897,654 $54.3M Reduce -2.0%
SAP Sap SE-Sponsored ADR 0.69% 274,366 $53.5M Reduce -8.6%
OMC Omnicom Group 0.67% 540,592 $52.3M Add +2.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.67% 589,523 $52.1M Add +2.1%
ZTO Zto Express Cayman Inc.-ADR 0.66% 2,450,863 $51.3M Add +26.5%
EPC Edgewell Personal Care Co. 0.64% 1,277,412 $49.4M Add +6.9%
BABA Alibaba Group Holding-SP ADR 0.63% 678,821 $49.1M Add +15.3%
CPA Copa Holdings SA Class A 0.61% 457,858 $47.7M Add +3.0%
ELAN Elanco Animal Health Inc. 0.61% 2,909,023 $47.4M Reduce -18.5%
GSK GSK PLC-Spon ADR 0.60% 1,084,413 $46.5M Add +1.8%
AZO AutoZone Inc. 0.59% 14,514 $45.7M Add +2.4%
MOG.A Moog Inc. Class A 0.59% 285,993 $45.7M Add +6.0%
JNJ Johnson & Johnson 0.56% 277,274 $43.9M Add +3.3%
KMT Kennametal Inc. 0.55% 1,726,516 $43.1M Add +94.0%
INGR Ingredion Inc. 0.53% 355,585 $41.6M Add +2.8%
TAK Takeda Pharmaceutic-SP ADR 0.52% 2,902,507 $40.3M Add +9.5%
BRK.B Berkshire Hathaway Inc. Class B 0.51% 94,318 $39.7M Add +1.7%
JCI Johnson Controls Internation 0.50% 590,477 $38.6M Add +52.7%
TTE Totalenergies SE -Spon ADR 0.48% 542,213 $37.3M Reduce -1.3%
SSNC Ss&c Technologies Holdings 0.45% 546,198 $35.2M Add +15.8%
PBR.A Petroleo Brasil-SP Pref ADR 0.43% 2,251,467 $33.5M Add +2.4%
GHM Graham Corp. 0.42% 1,206,659 $32.9M Add +2.6%
PKE Park Aerospace Corp. 0.41% 1,920,853 $31.9M Add +14.2%
ABEV Ambev SA-ADR 0.40% 12,473,645 $30.9M Add +35.3%
PAHC Phibro Animal Health Corp. Class A 0.40% 2,376,558 $30.7M Add +11.6%
GTES Gates Industrial Corp. UK Ltd. 0.39% 1,720,960 $30.5M Add +8.5%
ORI Old Republic Intl Corp. 0.39% 988,740 $30.4M Add +3.3%
FOX Fox Corp. Class B 0.39% 1,047,724 $30.0M Add +3.2%
SNN Smith & Nephew PLC -Spon ADR 0.37% 1,139,758 $28.9M Add +4.0%
WPP WPP PLC-Sponsored ADR 0.37% 609,579 $28.9M Add +7.4%
PHG Koninklijke Philips NVR- NY 0.36% 1,380,345 $27.6M Add +7.3%
HBI Hanesbrands Inc. 0.35% 4,651,133 $27.0M Add +8.2%
QRVO Qorvo Inc. 0.33% 226,668 $26.0M Add +4.1%
AVDL Avadel Pharmaceuticals plc 0.32% 1,462,225 $24.7M Reduce -4.7%
ORN Orion Group Holdings Inc. 0.32% 3,009,608 $24.7M Reduce -9.8%
TFC Truist Financial Corp. 0.30% 606,673 $23.6M Add +3.1%
CSCO Cisco Systems Inc. 0.29% 456,824 $22.8M Add +2.1%
AMX America Movil Sab DE CV 0.28% 1,180,418 $22.0M New
OTEX Open Text Corp. 0.27% 544,824 $21.2M Add +2.4%
NVS Novartis AG-Sponsored ADR 0.27% 213,927 $20.7M Add +23.1%
UL Unilever PLC 0.26% 407,519 $20.5M Add +6.9%
ORANY Orange-Spon ADR 0.26% 1,708,915 $20.1M Add +4.0%
HMC Honda Motor Co. Ltd.-Spons ADR 0.26% 538,715 $20.1M Add +3.2%
VIV Telefonica Brasil-ADR 0.25% 1,930,765 $19.4M Add +0.7%
FSTR Foster (lb) Co. Class A 0.25% 700,596 $19.1M Add +4.9%
E Eni SPA-Sponsored ADR 0.24% 596,992 $18.9M Add +1.9%
MUFG Mitsubishi Ufj Finl-Spon ADR 0.24% 1,840,728 $18.8M Reduce -23.6%
SHG Shinhan Financial Group-ADR 0.24% 523,904 $18.6M Add +8.3%
BCS Barclays PLC-Spons ADR 0.23% 1,885,793 $17.8M Add +7.7%
BUD Anheuser-Busch Inbev-SPN ADR 0.22% 276,847 $16.8M Reduce -8.3%
EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP 0.21% 187,994 $16.7M Add +18.3%
GD General Dynamics Corp. 0.20% 54,689 $15.4M Add +2.9%
HCSG Healthcare Services Group 0.19% 1,175,048 $14.7M Add +29.4%
SPR Spirit Aerosystems Hold Class A 0.17% 376,218 $13.6M Add +15.1%

Show all 185 holdings

Portfolio Sells Q4 2023 → Q1 2024
AMAT Applied Materials Inc. Sold out 0.00% −0.98
CX Cemex Sab-Spons ADR Part Cer Reduce -22.7% 1.60% −0.51
JPM JPMorgan Chase & Co. Reduce -28.6% 0.92% −0.37
WTW Willis Towers Watson PLC Reduce -6.3% 1.92% −0.20
ELAN Elanco Animal Health Inc. Reduce -18.5% 0.61% −0.20
FLEX Flex Ltd. Reduce -2.0% 0.70% −0.20
UBS UBS Group AG-Reg Reduce -4.0% 0.74% −0.18
AEG Aegon Ltd.-NY Reg SHR Sold out 0.00% −0.17
CAH Cardinal Health Inc. Reduce -2.2% 1.72% −0.15
TARO Taro Pharmaceutical Indus Reduce -40.3% 0.15% −0.15
MCK McKesson Corp. Reduce -3.9% 2.01% −0.12
IXUS iShares Core Intl Stock ETF Sold out 0.00% −0.12
TTE Totalenergies SE -Spon ADR Reduce -1.3% 0.48% −0.08
BUD Anheuser-Busch Inbev-SPN ADR Reduce -8.3% 0.22% −0.08
MUFG Mitsubishi Ufj Finl-Spon ADR Reduce -23.6% 0.24% −0.07
EGRX Eagle Pharmaceuticals Inc. Sold out 0.00% −0.06
VWO Vanguard Ftse Emerging Marke Sold out 0.00% −0.04
VT Vanguard Tot World STK ETF Sold out 0.00% −0.04
NPK National Presto Inds Inc. Reduce -18.6% 0.10% −0.04
BP BP PLC-Spons ADR Reduce -5.9% 0.17% −0.03
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -69.4% 0.01% −0.03
TSM Taiwan Semiconductor-SP ADR Reduce -12.3% 0.79% −0.02
NKSH National Bankshares Inc. Reduce -15.8% 0.05% −0.02
SAP Sap SE-Sponsored ADR Reduce -8.6% 0.69% −0.02
BLCO Bausch + Lomb Corp. Reduce -45.2% 0.01% −0.02
TIMB Tim SA-ADR Reduce -14.3% 0.04% −0.02
VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.01
VSS Vanguard Ftse All Wo X-US SC Sold out 0.00% −0.01
AVA Avista Corp. Reduce -12.1% 0.03% −0.01
AVDL Avadel Pharmaceuticals plc Reduce -4.7% 0.32% −0.01
ASAIY Sendas Distribuidora SA Reduce -9.1% 0.03% −0.01
KOF Coca-Cola Femsa Sab-SP ADR Reduce -35.3% 0.00% −0.00
BAP Credicorp Ltd. Reduce -1.0% 0.04% −0.00
BTI British American Tob-SP ADR Reduce -3.6% 0.01% −0.00
SUZ Suzano SA - Spon ADR Reduce -1.8% 0.02% −0.00
MFC Manulife Financial Corp. Reduce -13.7% 0.00% −0.00
ORN Orion Group Holdings Inc. Reduce -9.8% 0.32% +0.07
MU Micron Technology Inc. Reduce -10.4% 1.80% +0.08
EMBJ Embraer SA-Spon ADR Reduce -10.7% 5.37% +0.45

Portfolio Buys Q4 2023 → Q1 2024
CAE Cae Inc. Add +10901.9% 1.44% +1.43
CTVA Corteva Inc. Add +34.7% 1.93% +0.52
C Citigroup Inc. Add +10.2% 2.31% +0.30
AMX America Movil Sab DE CV New 0.28% +0.28
MHK Mohawk Industries Inc. Add +12.7% 1.55% +0.26
CI The Cigna Group Add +9.8% 2.19% +0.25
FISV Fiserv Inc. Add +9.2% 2.26% +0.23
MRK Merck & Co. Inc. Add +9.2% 2.09% +0.22
KMT Kennametal Inc. Add +94.0% 0.55% +0.21
FDX FedEx Corp. Add +13.6% 2.03% +0.19
HCA HCA Healthcare Inc. Add +9.3% 1.47% +0.18
ARLO Arlo Technologies Inc. Add +13.1% 0.83% +0.18
WFC Wells Fargo & Co. Add +5.8% 3.32% +0.17
JCI Johnson Controls Internation Add +52.7% 0.50% +0.16
DOX Amdocs Ltd. Add +22.9% 2.01% +0.13
SHEL Shell PLC-ADR Add +28.1% 1.24% +0.12
BAC Bank of America Corp. Add +10.1% 2.47% +0.12
AIG American International Group Add +8.9% 1.75% +0.10
FTRE Fortrea Holdings Inc. Add +13.4% 0.99% +0.09
EMR Emerson Electric Co. Add +8.7% 1.27% +0.09
GHM Graham Corp. Add +2.6% 0.42% +0.08
TXT Textron Inc. Add +4.4% 1.59% +0.08
GTES Gates Industrial Corp. UK Ltd. Add +8.5% 0.39% +0.07
CRH CRH PLC Add +65.6% 0.14% +0.06
HBI Hanesbrands Inc. Add +8.2% 0.35% +0.06
CMCSA Comcast Corp. Class A Add +22.3% 2.36% +0.05
WRB WR Berkley Corp. Add +2.1% 0.67% +0.05
HCSG Healthcare Services Group Add +29.4% 0.19% +0.05
WKC World Kinect Corp. Add +6.7% 0.92% +0.04
GOOGL Alphabet Inc. Class A Add +15.4% 0.78% +0.04
PKE Park Aerospace Corp. Add +14.2% 0.41% +0.04
ZTO Zto Express Cayman Inc.-ADR Add +26.5% 0.66% +0.03
MCY Mercury General Corp. Add +45.4% 0.08% +0.03
AZO AutoZone Inc. Add +2.4% 0.59% +0.03
SR Spire Inc. New 0.03% +0.03
PBH Prestige Consumer Healthcare Add +27.3% 0.14% +0.03
BNY Bank of New York Mellon Corp. Add +9.0% 1.42% +0.03
EXE Expand Energy Corp. Add +18.3% 0.21% +0.03
FSTR Foster (lb) Co. Class A Add +4.9% 0.25% +0.02
UTMD Utah Medical Products Inc. Add +113.5% 0.06% +0.02
PAHC Phibro Animal Health Corp. Class A Add +11.6% 0.40% +0.02
SMG Scotts Miracle-Gro Co. Add +32.7% 0.08% +0.02
BCS Barclays PLC-Spons ADR Add +7.7% 0.23% +0.02
MD Pediatrix Medical Group Inc. Add +41.2% 0.08% +0.02
SPR Spirit Aerosystems Hold Class A Add +15.1% 0.17% +0.02
SSNC Ss&c Technologies Holdings Add +15.8% 0.45% +0.01
SHG Shinhan Financial Group-ADR Add +8.3% 0.24% +0.01
HMC Honda Motor Co. Ltd.-Spons ADR Add +3.2% 0.26% +0.01
IMKTA Ingles Markets Inc. Class A Add +53.8% 0.09% +0.01
KVUE Kenvue Inc. New 0.01% +0.01

Notes & Other Activity Q4 2023 → Q1 2024
MICROSTRATEGY INC (MSTR 0 02/15/27) NOTE 2/1 · principal Sold out 10,761,000 $9.3Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 193$14.3BCAE, EMBJ, MHK, OTEX, GRFS
Q1 2026 186$14.1BCAE, EMBJ, DOX, GRFS, C
Q4 2025 190$13.1BCAE, EMBJ, OTEX, KMT, GRFS
Q3 2025 180$12.5BCAE, EMBJ, OTEX, GRFS, TIGO
Q2 2025 181$11.1BCAE, EMBJ, GRFS, TIGO, OTEX
Q1 2025 185$9.8BCAE, EMBJ, MCK, CI, DOX
Q4 2024 190$8.9BCAE, EMBJ, BAC, FISV, WFC
Q3 2024 186$8.9BEMBJ, CAE, WFC, FISV, CMCSA
Q2 2024 187$8.1BEMBJ, WFC, BAC, CAE, C
Q1 2024 185$7.8BEMBJ, WFC, BAC, CMCSA, C