Brandes Investment Partners, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Brandes Investment Partners, LP reported 185 stock positions worth $9.8 billion. Its top holding was Cae (CAE) at 3.5% of the portfolio, followed by Embraer SA-Spon ADR (EMBJ, 3.2%) and McKesson (MCK, 2.3%). Compared with Q4 2024, it opened 5 new positions, sold out of 10, added to 123 and reduced 57. The biggest buy was Shell PLC-ADR (SHEL, shares +67%) and the biggest sale Cae (CAE, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- LA JOLLA, CA
- CIK
- 0001015079
- Portfolio Value
- $9.8B (Q1 2025)
- SEC Filing
- 0001041062-25-000115 ↗ filed May 15, 2025
Holdings Value
Holdings 185 stocks · $9.8B
| CAE Cae Inc. | 3.54% | 14,174,258 | $348.5M | Reduce -5.0% |
| EMBJ Embraer SA-Spon ADR | 3.21% | 6,831,487 | $315.6M | Reduce -23.2% |
| MCK McKesson Corp. | 2.25% | 329,048 | $221.4M | Reduce -7.8% |
| CI The Cigna Group | 2.25% | 671,475 | $220.9M | Add +7.7% |
| DOX Amdocs Ltd. | 2.14% | 2,301,223 | $210.6M | Add +0.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.11% | 4,968,415 | $207.3M | Reduce -0.9% |
| WFC Wells Fargo & Co. | 2.10% | 2,882,163 | $206.9M | Reduce -6.2% |
| FISV Fiserv Inc. | 2.08% | 925,209 | $204.3M | Reduce -13.4% |
| CMCSA Comcast Corp. Class A | 2.07% | 5,522,938 | $203.8M | Add +9.9% |
| C Citigroup Inc. | 2.06% | 2,851,476 | $202.4M | Reduce -3.9% |
| TIGO Millicom Intl Cellular S.A. | 1.99% | 6,462,857 | $195.6M | Add +41.3% |
| CTVA Corteva Inc. | 1.89% | 2,945,480 | $185.4M | Add +1.1% |
| GRFS Grifols SA-ADR | 1.86% | 25,741,348 | $183.0M | Add +25.6% |
| SHEL Shell PLC-ADR | 1.86% | 2,496,095 | $182.9M | Add +67.4% |
| PFE Pfizer Inc. | 1.82% | 7,050,072 | $178.6M | Add +5.1% |
| CTSH Cognizant Tech Solutions-A | 1.73% | 2,225,077 | $170.2M | Reduce -0.4% |
| CX Cemex Sab-Spons ADR Part Cer | 1.73% | 30,310,346 | $170.0M | Add +25.1% |
| TXT Textron Inc. | 1.66% | 2,263,449 | $163.5M | Add +21.7% |
| MRK Merck & Co. Inc. | 1.66% | 1,816,250 | $163.0M | Add +18.5% |
| OTEX Open Text Corp. | 1.51% | 5,862,278 | $148.1M | Add +30.1% |
| FDX FedEx Corp. | 1.48% | 597,545 | $145.7M | Add +1.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 1.47% | 1,718,250 | $144.1M | Reduce -13.1% |
| ACGL Arch Capital Group Ltd. | 1.39% | 1,421,049 | $136.7M | Add +31.2% |
| CAH Cardinal Health Inc. | 1.38% | 988,067 | $136.1M | Add +0.1% |
| PNC PNC Financial Services Group | 1.36% | 758,674 | $133.4M | Reduce -2.4% |
| HCA HCA Healthcare Inc. | 1.31% | 373,739 | $129.1M | Add +2.6% |
| AIG American International Group | 1.30% | 1,466,602 | $127.5M | Reduce -5.1% |
| SNY Sanofi-ADR | 1.28% | 2,275,677 | $126.2M | Add +3.7% |
| HAL Halliburton Co. | 1.24% | 4,811,019 | $122.1M | Add +4.4% |
| INVX Innovex International Inc. | 1.20% | 6,549,739 | $117.6M | Add +3.9% |
| CVS CVS Health Corp. | 1.17% | 1,700,002 | $115.2M | Add +8.7% |
| LH Labcorp Holdings Inc. | 1.15% | 484,843 | $112.8M | Reduce -14.8% |
| CVX Chevron Corp. | 1.14% | 672,631 | $112.5M | Reduce -30.3% |
| MU Micron Technology Inc. | 1.14% | 1,289,030 | $112.0M | Add +0.6% |
| KMT Kennametal Inc. | 1.06% | 4,916,026 | $104.7M | Add +91.0% |
| EPC Edgewell Personal Care Co. | 1.04% | 3,284,437 | $102.5M | Add +60.9% |
| EMR Emerson Electric Co. | 1.02% | 916,850 | $100.5M | Reduce -3.8% |
| STT State Street Corp. | 0.96% | 1,052,663 | $94.2M | Reduce -0.1% |
| MHK Mohawk Industries Inc. | 0.96% | 824,702 | $94.2M | Add +49.4% |
| WTW Willis Towers Watson PLC | 0.94% | 274,897 | $92.9M | Reduce -3.0% |
| OMF Onemain Holdings Inc. | 0.94% | 1,891,376 | $92.5M | Add +2.5% |
| HXL Hexcel Corp. | 0.91% | 1,637,119 | $89.6M | Add +25.5% |
| SSNC Ss&c Technologies Holdings | 0.83% | 980,705 | $81.9M | Add +2.0% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.79% | 1,094,611 | $77.9M | Reduce -0.8% |
| ELAN Elanco Animal Health Inc. | 0.78% | 7,279,421 | $76.4M | Add +27.0% |
| LKQ LKQ Corp. | 0.77% | 1,784,997 | $75.9M | Add +21.6% |
| WKC World Kinect Corp. | 0.76% | 2,622,223 | $74.4M | Reduce -0.3% |
| EVRG Evergy Inc. | 0.75% | 1,065,555 | $73.5M | Add +17.9% |
| BABA Alibaba Group Holding-SP ADR | 0.74% | 553,653 | $73.2M | Reduce -16.3% |
| NTGR Netgear Inc. | 0.74% | 2,981,267 | $72.9M | Reduce -1.5% |
| KVUE Kenvue Inc. | 0.71% | 2,900,415 | $69.6M | Reduce -1.4% |
| UWMC Uwm Holdings Corp. | 0.68% | 12,228,813 | $66.8M | New |
| JNJ Johnson & Johnson | 0.68% | 402,263 | $66.7M | Add +1.3% |
| GOOG Alphabet Inc. Class C | 0.67% | 424,577 | $66.3M | Add +0.1% |
| GSK GSK PLC-Spon ADR | 0.66% | 1,679,888 | $65.1M | Add +23.4% |
| AZO AutoZone Inc. | 0.64% | 16,425 | $62.6M | Reduce -16.1% |
| ARLO Arlo Technologies Inc. | 0.63% | 6,308,641 | $62.3M | Add +10.1% |
| NTR Nutrien Ltd. | 0.61% | 1,202,677 | $59.7M | Add +1147.3% |
| CPA Copa Holdings SA Class A | 0.61% | 643,873 | $59.5M | Add +14.6% |
| GOOGL Alphabet Inc. Class A | 0.60% | 384,682 | $59.5M | Add +1.2% |
| SYY Sysco Corp. | 0.60% | 786,661 | $59.0M | Add +23.9% |
| OMC Omnicom Group | 0.59% | 703,643 | $58.3M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 0.58% | 232,329 | $57.0M | Reduce -5.6% |
| IMKTA Ingles Markets Inc. Class A | 0.54% | 814,229 | $53.0M | Add +52.5% |
| UNH Unitedhealth Group Inc. | 0.53% | 99,868 | $52.3M | New |
| TAK Takeda Pharmaceutic-SP ADR | 0.53% | 3,504,142 | $52.1M | Add +15.3% |
| FLEX Flex Ltd. | 0.52% | 1,546,164 | $51.1M | Reduce -7.3% |
| ZTO Zto Express Cayman Inc.-ADR | 0.51% | 2,548,302 | $50.6M | Add +6.4% |
| ABEV Ambev SA-ADR | 0.50% | 20,934,088 | $48.8M | Add +42.0% |
| UBS UBS Group AG-Reg | 0.49% | 1,573,481 | $48.2M | Reduce -3.7% |
| HBI Hanesbrands Inc. | 0.48% | 8,218,049 | $47.4M | Add +59.7% |
| PREMIER INC-CLASS A | 0.48% | 2,439,285 | $47.0M | Add +189.6% |
| MOG.A Moog Inc. Class A | 0.46% | 263,342 | $45.7M | Add +2.2% |
| AVDL Avadel Pharmaceuticals Ltd. | 0.45% | 5,667,175 | $44.4M | Add +160.8% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.45% | 3,357,293 | $43.8M | Add +25.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.44% | 1,045,796 | $43.7M | Add +1.6% |
| SNN Smith & Nephew PLC -Spon ADR | 0.44% | 1,540,622 | $43.7M | Add +13.0% |
| SEE Sealed Air Corp. | 0.43% | 1,467,642 | $42.4M | Add +165.5% |
| AMX America Movil Sab DE CV | 0.43% | 2,973,652 | $42.3M | Add +26.9% |
| WLK Westlake Corp. | 0.43% | 421,020 | $42.1M | New |
| TTE Totalenergies SE -Spon ADR | 0.43% | 647,281 | $41.9M | Add +18.9% |
| INGR Ingredion Inc. | 0.41% | 300,949 | $40.7M | Reduce -0.2% |
| GHM Graham Corp. | 0.40% | 1,362,102 | $39.3M | Add +23.4% |
| PKE Park Aerospace Corp. | 0.39% | 2,883,348 | $38.8M | Add +14.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 72,014 | $38.4M | Reduce -1.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.37% | 220,685 | $36.6M | Reduce -0.9% |
| ETR Entergy Corp. | 0.33% | 381,864 | $32.6M | Reduce -16.8% |
| KNX Knight-Swift Transportation | 0.33% | 748,625 | $32.6M | Add +5.6% |
| GTES Gates Industrial Corp. UK Ltd. | 0.31% | 1,680,223 | $30.9M | Add +5.9% |
| TFC Truist Financial Corp. | 0.31% | 742,024 | $30.5M | Reduce -0.9% |
| VIV Telefonica Brasil-ADR | 0.30% | 3,361,595 | $29.3M | Add +23.1% |
| STM Stmicroelectronics NV-NY SHS | 0.28% | 1,266,925 | $27.8M | Add +103.2% |
| PHG Koninklijke Philips NVR- NY | 0.26% | 992,203 | $25.2M | Add +8.0% |
| NVS Novartis AG-Sponsored ADR | 0.26% | 225,007 | $25.1M | Add +7.3% |
| CSCO Cisco Systems Inc. | 0.25% | 406,071 | $25.1M | Reduce -33.8% |
| QRVO Qorvo Inc. | 0.24% | 323,720 | $23.4M | Add +5.6% |
| ORN Orion Group Holdings Inc. | 0.23% | 4,273,477 | $22.4M | Add +24.6% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.22% | 808,624 | $21.9M | Add +41.8% |
| WPP WPP PLC-Sponsored ADR | 0.22% | 558,100 | $21.2M | Reduce -6.7% |
| E Eni SPA-Sponsored ADR | 0.21% | 666,998 | $20.6M | Add +9.9% |
Portfolio Sells Q4 2024 → Q1 2025
| CAE Cae Inc. | Reduce -5.0% | 3.54% | −0.68 |
| EMBJ Embraer SA-Spon ADR | Reduce -23.2% | 3.21% | −0.44 |
| CVX Chevron Corp. | Reduce -30.3% | 1.14% | −0.42 |
| FISV Fiserv Inc. | Reduce -13.4% | 2.08% | −0.38 |
| BAC Bank of America Corp. | Reduce -0.9% | 2.11% | −0.35 |
| PNC PNC Financial Services Group | Reduce -2.4% | 1.36% | −0.32 |
| LH Labcorp Holdings Inc. | Reduce -14.8% | 1.15% | −0.31 |
| WFC Wells Fargo & Co. | Reduce -6.2% | 2.10% | −0.31 |
| EMR Emerson Electric Co. | Reduce -3.8% | 1.02% | −0.30 |
| C Citigroup Inc. | Reduce -3.9% | 2.06% | −0.27 |
| JCI Johnson Controls Internation | Sold out | 0.00% | −0.27 |
| BNY Bank of New York Mellon Corp. | Reduce -13.1% | 1.47% | −0.23 |
| SAP Sap SE-Sponsored ADR | Reduce -57.8% | 0.15% | −0.21 |
| NTGR Netgear Inc. | Reduce -1.5% | 0.74% | −0.20 |
| STT State Street Corp. | Reduce -0.1% | 0.96% | −0.20 |
| FLEX Flex Ltd. | Reduce -7.3% | 0.52% | −0.20 |
| IXUS iShares Core Intl Stock ETF | Reduce -93.5% | 0.01% | −0.19 |
| CTSH Cognizant Tech Solutions-A | Reduce -0.4% | 1.73% | −0.19 |
| BCS Barclays PLC-Spons ADR | Reduce -94.1% | 0.01% | −0.18 |
| CSCO Cisco Systems Inc. | Reduce -33.8% | 0.25% | −0.15 |
| WPP WPP PLC-Sponsored ADR | Reduce -6.7% | 0.22% | −0.13 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.9% | 0.37% | −0.12 |
| PBH Prestige Consumer Healthcare | Reduce -88.7% | 0.01% | −0.12 |
| NPK National Presto Inds Inc. | Reduce -48.8% | 0.07% | −0.10 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.10 |
| JPM JPMorgan Chase & Co. | Reduce -5.6% | 0.58% | −0.08 |
| SWI Solarwinds Corp. | Sold out | 0.00% | −0.08 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -51.0% | 0.05% | −0.08 |
| NWG Natwest Group PLC -Spon ADR | Reduce -55.6% | 0.06% | −0.07 |
| FLS Flowserve Corp. | Sold out | 0.00% | −0.07 |
| SR Spire Inc. | Sold out | 0.00% | −0.06 |
| AZO AutoZone Inc. | Reduce -16.1% | 0.64% | −0.06 |
| UBS UBS Group AG-Reg | Reduce -3.7% | 0.49% | −0.06 |
| ETR Entergy Corp. | Reduce -16.8% | 0.33% | −0.06 |
| TFC Truist Financial Corp. | Reduce -0.9% | 0.31% | −0.05 |
| WKC World Kinect Corp. | Reduce -0.3% | 0.76% | −0.05 |
| VT Vanguard Tot World STK ETF | Sold out | 0.00% | −0.05 |
| PAHC Phibro Animal Health Corp. Class A | Reduce -26.8% | 0.11% | −0.05 |
| INGR Ingredion Inc. | Reduce -0.2% | 0.41% | −0.05 |
| WTW Willis Towers Watson PLC | Reduce -3.0% | 0.94% | −0.05 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Reduce -30.2% | 0.12% | −0.04 |
| MCK McKesson Corp. | Reduce -7.8% | 2.25% | −0.02 |
| CRH CRH PLC | Reduce -1.8% | 0.10% | −0.02 |
| CRD.A Crawford & Company Class A | Reduce -33.2% | 0.02% | −0.02 |
| NWN Northwest Natural Holding Co. | Reduce -37.6% | 0.02% | −0.02 |
| CNH CNH Industrial NV | Reduce -7.1% | 0.16% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.01 |
| MD Pediatrix Medical Group Inc. | Reduce -12.1% | 0.10% | −0.01 |
| DGX Quest Diagnostics Inc. | Reduce -45.4% | 0.01% | −0.01 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| SHEL Shell PLC-ADR | Add +67.4% | 1.86% | +0.82 |
| TIGO Millicom Intl Cellular S.A. | Add +41.3% | 1.99% | +0.71 |
| UWMC Uwm Holdings Corp. | New | 0.68% | +0.68 |
| NTR Nutrien Ltd. | Add +1147.3% | 0.61% | +0.56 |
| UNH Unitedhealth Group Inc. | New | 0.53% | +0.53 |
| WLK Westlake Corp. | New | 0.43% | +0.43 |
| CVS CVS Health Corp. | Add +8.7% | 1.17% | +0.39 |
| KMT Kennametal Inc. | Add +91.0% | 1.06% | +0.37 |
| CI The Cigna Group | Add +7.7% | 2.25% | +0.32 |
| PREMIER INC-CLASS A | Add +189.6% | 0.48% | +0.28 |
| EPC Edgewell Personal Care Co. | Add +60.9% | 1.04% | +0.28 |
| ACGL Arch Capital Group Ltd. | Add +31.2% | 1.39% | +0.27 |
| MHK Mohawk Industries Inc. | Add +49.4% | 0.96% | +0.22 |
| SEE Sealed Air Corp. | Add +165.5% | 0.43% | +0.22 |
| INVX Innovex International Inc. | Add +3.9% | 1.20% | +0.21 |
| CX Cemex Sab-Spons ADR Part Cer | Add +25.1% | 1.73% | +0.20 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +160.8% | 0.45% | +0.20 |
| ABEV Ambev SA-ADR | Add +42.0% | 0.50% | +0.19 |
| LKQ LKQ Corp. | Add +21.6% | 0.77% | +0.17 |
| GRFS Grifols SA-ADR | Add +25.6% | 1.86% | +0.16 |
| MSM MSC Industrial Direct Co. Class A | Add +419.0% | 0.20% | +0.16 |
| IMKTA Ingles Markets Inc. Class A | Add +52.5% | 0.54% | +0.15 |
| GSK GSK PLC-Spon ADR | Add +23.4% | 0.66% | +0.15 |
| EVRG Evergy Inc. | Add +17.9% | 0.75% | +0.13 |
| STM Stmicroelectronics NV-NY SHS | Add +103.2% | 0.28% | +0.11 |
| SNY Sanofi-ADR | Add +3.7% | 1.28% | +0.10 |
| TTE Totalenergies SE -Spon ADR | Add +18.9% | 0.43% | +0.09 |
| HCA HCA Healthcare Inc. | Add +2.6% | 1.31% | +0.09 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +25.7% | 0.45% | +0.09 |
| OTEX Open Text Corp. | Add +30.1% | 1.51% | +0.08 |
| TAK Takeda Pharmaceutic-SP ADR | Add +15.3% | 0.53% | +0.08 |
| CAH Cardinal Health Inc. | Add +0.1% | 1.38% | +0.08 |
| PZZA Papa John's Intl Inc. | New | 0.08% | +0.08 |
| TXT Textron Inc. | Add +21.7% | 1.66% | +0.07 |
| SNN Smith & Nephew PLC -Spon ADR | Add +13.0% | 0.44% | +0.07 |
| VIV Telefonica Brasil-ADR | Add +23.1% | 0.30% | +0.07 |
| SYY Sysco Corp. | Add +23.9% | 0.60% | +0.06 |
| AMX America Movil Sab DE CV | Add +26.9% | 0.43% | +0.06 |
| CPA Copa Holdings SA Class A | Add +14.6% | 0.61% | +0.05 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Add +41.8% | 0.22% | +0.04 |
| JNJ Johnson & Johnson | Add +1.3% | 0.68% | +0.04 |
| UNF Unifirst Corp. | Add +68.7% | 0.09% | +0.03 |
| CTVA Corteva Inc. | Add +1.1% | 1.89% | +0.03 |
| TKR Timken Co. | Add +72.0% | 0.08% | +0.03 |
| LNSR Lensar Inc. | Add +11.3% | 0.08% | +0.03 |
| NVS Novartis AG-Sponsored ADR | Add +7.3% | 0.26% | +0.03 |
| UTMD Utah Medical Products Inc. | Add +48.6% | 0.14% | +0.03 |
| E Eni SPA-Sponsored ADR | Add +9.9% | 0.21% | +0.02 |
| MTX Minerals Technologies Inc. | Add +109.6% | 0.06% | +0.02 |
| SSNC Ss&c Technologies Holdings | Add +2.0% | 0.83% | +0.02 |
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 |