Brandes Investment Partners, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Brandes Investment Partners, LP reported 190 stock positions worth $8.9 billion. Its top holding was Cae (CAE) at 4.2% of the portfolio, followed by Embraer SA-Spon ADR (EMBJ, 3.6%) and Bank of America (BAC, 2.5%). Compared with Q3 2024, it opened 11 new positions, sold out of 7, added to 108 and reduced 69. The biggest buy was Cae (CAE, shares +2%) and the biggest sale Mohawk Industries (MHK, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- LA JOLLA, CA
- CIK
- 0001015079
- Portfolio Value
- $8.9B (Q4 2024)
- SEC Filing
- 0001041062-25-000004 ↗ filed Feb 10, 2025
Holdings Value
Holdings 190 stocks · $8.9B
| CAE Cae Inc. | 4.23% | 14,911,697 | $378.5M | Add +1.5% |
| EMBJ Embraer SA-Spon ADR | 3.65% | 8,896,146 | $326.3M | Reduce -12.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.46% | 5,015,080 | $220.4M | Reduce -3.9% |
| FISV Fiserv Inc. | 2.45% | 1,068,749 | $219.5M | Reduce -12.8% |
| WFC Wells Fargo & Co. | 2.41% | 3,072,731 | $215.8M | Reduce -23.6% |
| C Citigroup Inc. | 2.33% | 2,966,651 | $208.8M | Reduce -4.4% |
| MCK McKesson Corp. | 2.27% | 356,924 | $203.4M | Reduce -5.2% |
| DOX Amdocs Ltd. | 2.17% | 2,279,645 | $194.1M | Reduce -2.6% |
| CMCSA Comcast Corp. Class A | 2.11% | 5,026,288 | $188.6M | Reduce -3.1% |
| PFE Pfizer Inc. | 1.99% | 6,708,164 | $178.0M | Add +16.8% |
| CI The Cigna Group | 1.92% | 623,494 | $172.2M | Add +20.4% |
| CTSH Cognizant Tech Solutions-A | 1.92% | 2,234,955 | $171.9M | Reduce -1.4% |
| CTVA Corteva Inc. | 1.85% | 2,912,404 | $165.9M | Reduce -1.4% |
| FDX FedEx Corp. | 1.85% | 588,209 | $165.5M | Reduce -2.8% |
| GRFS Grifols SA-ADR | 1.70% | 20,496,093 | $152.5M | Add +3.0% |
| MRK Merck & Co. Inc. | 1.70% | 1,532,715 | $152.5M | Add +11.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 1.70% | 1,977,252 | $151.9M | Reduce -5.6% |
| PNC PNC Financial Services Group | 1.67% | 777,051 | $149.9M | Reduce -14.8% |
| TXT Textron Inc. | 1.59% | 1,859,703 | $142.2M | Add +19.4% |
| CVX Chevron Corp. | 1.56% | 964,633 | $139.7M | Reduce -4.5% |
| CX Cemex Sab-Spons ADR Part Cer | 1.53% | 24,233,835 | $136.7M | Add +33.7% |
| LH Labcorp Holdings Inc. | 1.46% | 568,724 | $130.4M | Add +13.3% |
| OTEX Open Text Corp. | 1.43% | 4,504,139 | $127.6M | Add +29.2% |
| HAL Halliburton Co. | 1.40% | 4,606,673 | $125.3M | Reduce -2.6% |
| EMR Emerson Electric Co. | 1.32% | 953,171 | $118.1M | Reduce -2.0% |
| CAH Cardinal Health Inc. | 1.30% | 987,277 | $116.8M | Reduce -3.0% |
| TIGO Millicom Intl Cellular S.A. | 1.28% | 4,574,255 | $114.4M | Add +1.5% |
| AIG American International Group | 1.26% | 1,546,101 | $112.6M | Reduce -3.9% |
| HCA HCA Healthcare Inc. | 1.22% | 364,106 | $109.3M | Reduce -2.4% |
| MU Micron Technology Inc. | 1.20% | 1,281,232 | $107.8M | Add +4.6% |
| SNY Sanofi-ADR | 1.18% | 2,194,938 | $105.9M | Add +3.6% |
| STT State Street Corp. | 1.16% | 1,053,714 | $103.4M | Reduce -4.2% |
| ACGL Arch Capital Group Ltd. | 1.12% | 1,083,395 | $100.1M | Add +109.7% |
| OMF Onemain Holdings Inc. | 1.07% | 1,845,064 | $96.2M | Reduce -4.5% |
| SHEL Shell PLC-ADR | 1.04% | 1,491,486 | $93.4M | Add +2.1% |
| WTW Willis Towers Watson PLC | 0.99% | 283,543 | $88.8M | Add +5.6% |
| INVX Innovex International Inc. | 0.98% | 6,304,068 | $88.1M | Add +41.3% |
| NTGR Netgear Inc. | 0.94% | 3,026,179 | $84.3M | Reduce -22.6% |
| HXL Hexcel Corp. | 0.91% | 1,304,669 | $81.8M | Add +99.6% |
| GOOG Alphabet Inc. Class C | 0.90% | 424,096 | $80.8M | Add +1.2% |
| SSNC Ss&c Technologies Holdings | 0.81% | 961,149 | $72.8M | Add +40.9% |
| WKC World Kinect Corp. | 0.81% | 2,629,993 | $72.4M | Reduce -13.1% |
| GOOGL Alphabet Inc. Class A | 0.80% | 380,268 | $72.0M | Reduce -9.0% |
| CVS CVS Health Corp. | 0.78% | 1,563,506 | $70.2M | Reduce -6.5% |
| ELAN Elanco Animal Health Inc. | 0.78% | 5,731,180 | $69.4M | Add +66.9% |
| EPC Edgewell Personal Care Co. | 0.77% | 2,041,665 | $68.6M | Add +21.1% |
| MHK Mohawk Industries Inc. | 0.73% | 552,087 | $65.8M | Reduce -40.2% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.72% | 1,103,658 | $64.6M | Add +3.6% |
| ARLO Arlo Technologies Inc. | 0.72% | 5,732,547 | $64.1M | Add +7.0% |
| FLEX Flex Ltd. | 0.72% | 1,667,330 | $64.0M | Reduce -20.2% |
| KVUE Kenvue Inc. | 0.70% | 2,940,712 | $62.8M | Add +3.2% |
| AZO AutoZone Inc. | 0.70% | 19,578 | $62.7M | Add +12.2% |
| KMT Kennametal Inc. | 0.69% | 2,573,638 | $61.8M | Add +3.1% |
| OMC Omnicom Group | 0.67% | 701,362 | $60.3M | Add +3.5% |
| JPM JPMorgan Chase & Co. | 0.66% | 246,051 | $59.0M | Reduce -16.3% |
| JNJ Johnson & Johnson | 0.64% | 396,932 | $57.4M | Add +16.3% |
| BABA Alibaba Group Holding-SP ADR | 0.63% | 661,261 | $56.1M | Reduce -7.5% |
| EVRG Evergy Inc. | 0.62% | 904,180 | $55.7M | New |
| LKQ LKQ Corp. | 0.60% | 1,467,822 | $53.9M | Add +118.6% |
| MOG.A Moog Inc. Class A | 0.57% | 257,574 | $50.7M | Reduce -3.8% |
| UBS UBS Group AG-Reg | 0.55% | 1,634,014 | $49.5M | Add +0.7% |
| CPA Copa Holdings SA Class A | 0.55% | 561,901 | $49.4M | Add +8.6% |
| GHM Graham Corp. | 0.55% | 1,103,835 | $49.1M | Reduce -2.6% |
| SYY Sysco Corp. | 0.54% | 635,102 | $48.6M | Add +19865.5% |
| ZTO Zto Express Cayman Inc.-ADR | 0.52% | 2,395,333 | $46.8M | Add +1.1% |
| GSK GSK PLC-Spon ADR | 0.51% | 1,361,209 | $46.0M | Add +26.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.49% | 222,608 | $44.0M | Reduce -22.1% |
| HBI Hanesbrands Inc. | 0.47% | 5,147,194 | $41.9M | Add +2.0% |
| INGR Ingredion Inc. | 0.46% | 301,469 | $41.5M | Reduce -31.6% |
| TAK Takeda Pharmaceutic-SP ADR | 0.45% | 3,039,585 | $40.2M | Reduce -5.9% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.44% | 1,029,034 | $39.5M | Add +58.5% |
| KNX Knight-Swift Transportation | 0.42% | 708,679 | $37.6M | Add +7.3% |
| PKE Park Aerospace Corp. | 0.41% | 2,524,503 | $37.0M | Add +4.5% |
| CSCO Cisco Systems Inc. | 0.41% | 613,072 | $36.3M | Add +1.3% |
| ETR Entergy Corp. | 0.39% | 458,764 | $34.8M | Reduce -26.5% |
| IMKTA Ingles Markets Inc. Class A | 0.38% | 533,982 | $34.4M | Add +42.4% |
| AMX America Movil Sab DE CV | 0.37% | 2,343,360 | $33.5M | Reduce -4.6% |
| SNN Smith & Nephew PLC -Spon ADR | 0.37% | 1,363,039 | $33.5M | Add +11.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 72,746 | $33.0M | Add +3.3% |
| GTES Gates Industrial Corp. UK Ltd. | 0.36% | 1,586,125 | $32.6M | Reduce -24.4% |
| TFC Truist Financial Corp. | 0.36% | 748,641 | $32.5M | Add +0.9% |
| SAP Sap SE-Sponsored ADR | 0.35% | 128,470 | $31.6M | Reduce -45.8% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.35% | 2,671,379 | $31.6M | Add +0.9% |
| WPP WPP PLC-Sponsored ADR | 0.34% | 598,396 | $30.8M | Reduce -1.8% |
| TTE Totalenergies SE -Spon ADR | 0.33% | 544,505 | $29.7M | Add +8.3% |
| ABEV Ambev SA-ADR | 0.30% | 14,746,639 | $27.3M | Reduce -14.0% |
| ORN Orion Group Holdings Inc. | 0.28% | 3,430,089 | $25.1M | Add +3.8% |
| JCI Johnson Controls Internation | 0.27% | 301,971 | $23.8M | Reduce -49.6% |
| PHG Koninklijke Philips NVR- NY | 0.26% | 918,635 | $23.3M | Add +4.9% |
| FSTR Foster (lb) Co. Class A | 0.26% | 864,043 | $23.2M | Add +3.0% |
| AVDL Avadel Pharmaceuticals Ltd. | 0.26% | 2,173,139 | $22.8M | Add +58.1% |
| QRVO Qorvo Inc. | 0.24% | 306,618 | $21.4M | Add +13.0% |
| VIV Telefonica Brasil-ADR | 0.23% | 2,730,834 | $20.6M | Reduce -7.7% |
| NVS Novartis AG-Sponsored ADR | 0.23% | 209,770 | $20.4M | Reduce -1.9% |
| SEE Sealed Air Corp. | 0.21% | 552,706 | $18.7M | Add +28.0% |
| IXUS iShares Core Intl Stock ETF | 0.20% | 273,838 | $18.1M | Add +67.0% |
| PREMIER INC-CLASS A | 0.20% | 842,326 | $17.9M | Add +123.1% |
| HCSG Healthcare Services Group | 0.19% | 1,459,125 | $16.9M | Reduce -0.5% |
| BCS Barclays PLC-Spons ADR | 0.19% | 1,264,409 | $16.8M | Reduce -7.9% |
| E Eni SPA-Sponsored ADR | 0.19% | 606,769 | $16.6M | Add +13.2% |
Portfolio Sells Q3 2024 → Q4 2024
| MHK Mohawk Industries Inc. | Reduce -40.2% | 0.73% | −0.93 |
| HCA HCA Healthcare Inc. | Reduce -2.4% | 1.22% | −0.48 |
| EMBJ Embraer SA-Spon ADR | Reduce -12.9% | 3.65% | −0.42 |
| CVS CVS Health Corp. | Reduce -6.5% | 0.78% | −0.40 |
| CMCSA Comcast Corp. Class A | Reduce -3.1% | 2.11% | −0.33 |
| SAP Sap SE-Sponsored ADR | Reduce -45.8% | 0.35% | −0.26 |
| JCI Johnson Controls Internation | Reduce -49.6% | 0.27% | −0.26 |
| WKC World Kinect Corp. | Reduce -13.1% | 0.81% | −0.24 |
| ORANY Orange-Spon ADR | Sold out | 0.00% | −0.24 |
| BABA Alibaba Group Holding-SP ADR | Reduce -7.5% | 0.63% | −0.23 |
| PNC PNC Financial Services Group | Reduce -14.8% | 1.67% | −0.22 |
| PAHC Phibro Animal Health Corp. Class A | Reduce -55.4% | 0.16% | −0.22 |
| INGR Ingredion Inc. | Reduce -31.6% | 0.46% | −0.22 |
| ABEV Ambev SA-ADR | Reduce -14.0% | 0.30% | −0.17 |
| WFC Wells Fargo & Co. | Reduce -23.6% | 2.41% | −0.14 |
| HAL Halliburton Co. | Reduce -2.6% | 1.40% | −0.14 |
| DOX Amdocs Ltd. | Reduce -2.6% | 2.17% | −0.13 |
| EQC Equity Commonwealth | Reduce -17.2% | 0.01% | −0.12 |
| CVX Chevron Corp. | Reduce -4.5% | 1.56% | −0.11 |
| VIV Telefonica Brasil-ADR | Reduce -7.7% | 0.23% | −0.11 |
| CTVA Corteva Inc. | Reduce -1.4% | 1.85% | −0.10 |
| AMX America Movil Sab DE CV | Reduce -4.6% | 0.37% | −0.08 |
| ETR Entergy Corp. | Reduce -26.5% | 0.39% | −0.07 |
| FLEX Flex Ltd. | Reduce -20.2% | 0.72% | −0.07 |
| AIG American International Group | Reduce -3.9% | 1.26% | −0.07 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -22.1% | 0.49% | −0.07 |
| TAK Takeda Pharmaceutic-SP ADR | Reduce -5.9% | 0.45% | −0.07 |
| SHG Shinhan Financial Group-ADR | Reduce -1.9% | 0.17% | −0.06 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -24.4% | 0.36% | −0.05 |
| NVS Novartis AG-Sponsored ADR | Reduce -1.9% | 0.23% | −0.05 |
| CTSH Cognizant Tech Solutions-A | Reduce -1.4% | 1.92% | −0.05 |
| MOG.A Moog Inc. Class A | Reduce -3.8% | 0.57% | −0.04 |
| UTHR United Therapeutics Corp. | Reduce -87.3% | 0.01% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -16.3% | 0.66% | −0.04 |
| EXE Expand Energy Corp. | Reduce -61.1% | 0.03% | −0.03 |
| RBBN Ribbon Communications Inc. | Sold out | 0.00% | −0.03 |
| SMG Scotts Miracle-Gro Co. | Reduce -4.1% | 0.07% | −0.03 |
| FISV Fiserv Inc. | Reduce -12.8% | 2.45% | −0.02 |
| PBH Prestige Consumer Healthcare | Reduce -19.6% | 0.13% | −0.02 |
| HURC Hurco Companies Inc. | Reduce -11.8% | 0.07% | −0.02 |
| AVA Avista Corp. | Sold out | 0.00% | −0.02 |
| CRD.A Crawford & Company Class A | Reduce -32.6% | 0.04% | −0.02 |
| FDX FedEx Corp. | Reduce -2.8% | 1.85% | −0.01 |
| MCY Mercury General Corp. | Sold out | 0.00% | −0.01 |
| IFF Intl Flavors & Fragrances | Reduce -0.3% | 0.05% | −0.01 |
| BP BP PLC-Spons ADR | Reduce -4.0% | 0.10% | −0.01 |
| OGN Organon & Co. | Reduce -0.6% | 0.04% | −0.01 |
| IPG Interpublic Group of Cos Inc. | Reduce -1.0% | 0.06% | −0.01 |
| VRNT Verint Systems Inc. | Sold out | 0.00% | −0.01 |
| WPP WPP PLC-Sponsored ADR | Reduce -1.8% | 0.34% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| CAE Cae Inc. | Add +1.5% | 4.23% | +1.13 |
| EVRG Evergy Inc. | New | 0.62% | +0.62 |
| SYY Sysco Corp. | Add +19865.5% | 0.54% | +0.54 |
| ACGL Arch Capital Group Ltd. | Add +109.7% | 1.12% | +0.47 |
| HXL Hexcel Corp. | Add +99.6% | 0.91% | +0.46 |
| LKQ LKQ Corp. | Add +118.6% | 0.60% | +0.30 |
| CX Cemex Sab-Spons ADR Part Cer | Add +33.7% | 1.53% | +0.28 |
| INVX Innovex International Inc. | Add +41.3% | 0.98% | +0.25 |
| SSNC Ss&c Technologies Holdings | Add +40.9% | 0.81% | +0.24 |
| ELAN Elanco Animal Health Inc. | Add +66.9% | 0.78% | +0.21 |
| LH Labcorp Holdings Inc. | Add +13.3% | 1.46% | +0.20 |
| STM Stmicroelectronics NV-NY SHS | New | 0.17% | +0.17 |
| SLB SLB Ltd. | Add +58.5% | 0.44% | +0.13 |
| OTEX Open Text Corp. | Add +29.2% | 1.43% | +0.12 |
| PFE Pfizer Inc. | Add +16.8% | 1.99% | +0.12 |
| GOOG Alphabet Inc. Class C | Add +1.2% | 0.90% | +0.11 |
| PREMIER INC-CLASS A | Add +123.1% | 0.20% | +0.11 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +573.5% | 0.13% | +0.11 |
| WTW Willis Towers Watson PLC | Add +5.6% | 0.99% | +0.10 |
| AZO AutoZone Inc. | Add +12.2% | 0.70% | +0.08 |
| EPC Edgewell Personal Care Co. | Add +21.1% | 0.77% | +0.08 |
| AOUT American Outdoor Brands Inc. | Add +12.8% | 0.16% | +0.07 |
| IMKTA Ingles Markets Inc. Class A | Add +42.4% | 0.38% | +0.07 |
| IXUS iShares Core Intl Stock ETF | Add +67.0% | 0.20% | +0.07 |
| FSTR Foster (lb) Co. Class A | Add +3.0% | 0.26% | +0.07 |
| ORN Orion Group Holdings Inc. | Add +3.8% | 0.28% | +0.07 |
| NPK National Presto Inds Inc. | Add +23.4% | 0.17% | +0.06 |
| PKE Park Aerospace Corp. | Add +4.5% | 0.41% | +0.06 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +58.1% | 0.26% | +0.05 |
| TKR Timken Co. | New | 0.05% | +0.05 |
| HBI Hanesbrands Inc. | Add +2.0% | 0.47% | +0.05 |
| VT Vanguard Tot World STK ETF | New | 0.05% | +0.05 |
| CSCO Cisco Systems Inc. | Add +1.3% | 0.41% | +0.04 |
| WRB WR Berkley Corp. | Add +3.6% | 0.72% | +0.04 |
| MTX Minerals Technologies Inc. | New | 0.04% | +0.04 |
| TXT Textron Inc. | Add +19.4% | 1.59% | +0.04 |
| NTR Nutrien Ltd. | Add +380.9% | 0.05% | +0.04 |
| SEE Sealed Air Corp. | Add +28.0% | 0.21% | +0.03 |
| LNSR Lensar Inc. | Add +10.4% | 0.05% | +0.03 |
| JNJ Johnson & Johnson | Add +16.3% | 0.64% | +0.02 |
| KNX Knight-Swift Transportation | Add +7.3% | 0.42% | +0.02 |
| GSK GSK PLC-Spon ADR | Add +26.3% | 0.51% | +0.02 |
| CNH CNH Industrial NV | Add +10.2% | 0.17% | +0.02 |
| BAP Credicorp Ltd. | Add +58.4% | 0.05% | +0.02 |
| SWI Solarwinds Corp. | Add +11.7% | 0.08% | +0.01 |
| FMX Fomento Economico Mex-SP ADR | Add +163.5% | 0.02% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +469.3% | 0.01% | +0.01 |
| FLS Flowserve Corp. | Add +7.1% | 0.07% | +0.01 |
| VTMX Corp. Inmobiliaria Vesta-ADR | New | 0.01% | +0.01 |
| AGCO Agco Corp. | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 193 | $14.3B | CAE, EMBJ, MHK, OTEX, GRFS |
| Q1 2026 | 186 | $14.1B | CAE, EMBJ, DOX, GRFS, C |
| Q4 2025 | 190 | $13.1B | CAE, EMBJ, OTEX, KMT, GRFS |
| Q3 2025 | 180 | $12.5B | CAE, EMBJ, OTEX, GRFS, TIGO |
| Q2 2025 | 181 | $11.1B | CAE, EMBJ, GRFS, TIGO, OTEX |
| Q1 2025 | 185 | $9.8B | CAE, EMBJ, MCK, CI, DOX |
| Q4 2024 | 190 | $8.9B | CAE, EMBJ, BAC, FISV, WFC |
| Q3 2024 | 186 | $8.9B | EMBJ, CAE, WFC, FISV, CMCSA |
| Q2 2024 | 187 | $8.1B | EMBJ, WFC, BAC, CAE, C |
| Q1 2024 | 185 | $7.8B | EMBJ, WFC, BAC, CMCSA, C |