Brandes Investment Partners, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Brandes Investment Partners, LP reported 181 stock positions worth $11.1 billion. Its top holding was Cae (CAE) at 3.9% of the portfolio, followed by Embraer SA-Spon ADR (EMBJ, 3.2%) and Grifols SA-ADR (GRFS, 2.3%). Compared with Q1 2025, it opened 7 new positions, sold out of 11, added to 112 and reduced 59. The biggest buy was a new position in Becton Dickinson and (BDX) and the biggest sale McKesson (MCK, shares −46%).
- Most Recent 13F
- Q2 2026
- Location
- LA JOLLA, CA
- CIK
- 0001015079
- Portfolio Value
- $11.1B (Q2 2025)
- SEC Filing
- 0001041062-25-000152 ↗ filed Aug 13, 2025
Holdings Value
Holdings 181 stocks · $11.1B
| CAE Cae Inc. | 3.92% | 14,803,106 | $433.3M | Add +4.4% |
| EMBJ Embraer SA-Spon ADR | 3.23% | 6,275,601 | $357.1M | Reduce -8.1% |
| GRFS Grifols SA-ADR | 2.29% | 28,035,461 | $253.4M | Add +8.9% |
| TIGO Millicom Intl Cellular S.A. | 2.24% | 6,624,718 | $248.2M | Add +2.5% |
| OTEX Open Text Corp. | 2.21% | 8,368,336 | $244.4M | Add +42.8% |
| C Citigroup Inc. | 2.14% | 2,780,651 | $236.7M | Reduce -2.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.08% | 4,863,575 | $230.1M | Reduce -2.1% |
| CX Cemex Sab-Spons ADR Part Cer | 2.04% | 32,648,163 | $226.3M | Add +7.7% |
| WFC Wells Fargo & Co. | 2.02% | 2,788,372 | $223.4M | Reduce -3.3% |
| CI The Cigna Group | 2.02% | 674,759 | $223.1M | Add +0.5% |
| TXT Textron Inc. | 1.97% | 2,714,466 | $217.9M | Add +19.9% |
| DOX Amdocs Ltd. | 1.92% | 2,328,804 | $212.5M | Add +1.2% |
| FISV Fiserv Inc. | 1.82% | 1,166,009 | $201.0M | Add +26.0% |
| CMCSA Comcast Corp. Class A | 1.80% | 5,573,835 | $198.9M | Add +0.9% |
| PFE Pfizer Inc. | 1.76% | 8,042,709 | $195.0M | Add +14.1% |
| KMT Kennametal Inc. | 1.69% | 8,154,119 | $187.2M | Add +65.9% |
| SHEL Shell PLC-ADR | 1.61% | 2,527,597 | $178.0M | Add +1.3% |
| CTVA Corteva Inc. | 1.57% | 2,335,741 | $174.1M | Reduce -20.7% |
| CTSH Cognizant Tech Solutions-A | 1.52% | 2,153,116 | $168.0M | Reduce -3.2% |
| CAH Cardinal Health Inc. | 1.44% | 948,994 | $159.4M | Reduce -4.0% |
| MRK Merck & Co. Inc. | 1.37% | 1,912,228 | $151.4M | Add +5.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.36% | 850,835 | $150.4M | Add +46191.3% |
| BDX Becton Dickinson and Co. | 1.36% | 871,110 | $150.1M | New |
| FDX FedEx Corp. | 1.35% | 658,807 | $149.8M | Add +10.3% |
| MU Micron Technology Inc. | 1.29% | 1,158,894 | $142.8M | Reduce -10.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 1.27% | 1,537,771 | $140.1M | Reduce -10.5% |
| HCA HCA Healthcare Inc. | 1.27% | 365,689 | $140.1M | Reduce -2.1% |
| PNC PNC Financial Services Group | 1.25% | 739,521 | $137.9M | Reduce -2.5% |
| HXL Hexcel Corp. | 1.25% | 2,440,242 | $137.8M | Add +49.1% |
| HAL Halliburton Co. | 1.22% | 6,625,668 | $135.0M | Add +37.7% |
| ACGL Arch Capital Group Ltd. | 1.19% | 1,443,320 | $131.4M | Add +1.6% |
| MCK McKesson Corp. | 1.17% | 177,220 | $129.9M | Reduce -46.1% |
| AIG American International Group | 1.10% | 1,424,592 | $121.9M | Reduce -2.9% |
| SNY Sanofi-ADR | 1.08% | 2,483,767 | $120.0M | Add +9.1% |
| CVS CVS Health Corp. | 1.07% | 1,723,998 | $118.9M | Add +1.4% |
| EMR Emerson Electric Co. | 1.07% | 884,967 | $118.0M | Reduce -3.5% |
| ELAN Elanco Animal Health Inc. | 1.05% | 8,100,322 | $115.7M | Add +11.3% |
| WLK Westlake Corp. | 1.00% | 1,456,871 | $110.6M | Add +246.0% |
| INVX Innovex International Inc. | 1.00% | 7,054,674 | $110.2M | Add +7.7% |
| EPC Edgewell Personal Care Co. | 0.97% | 4,597,685 | $107.6M | Add +40.0% |
| OMF Onemain Holdings Inc. | 0.97% | 1,874,863 | $106.9M | Reduce -0.9% |
| ARLO Arlo Technologies Inc. | 0.92% | 6,005,562 | $101.9M | Reduce -4.8% |
| CVX Chevron Corp. | 0.89% | 687,909 | $98.5M | Add +2.3% |
| NTR Nutrien Ltd. | 0.86% | 1,626,395 | $94.7M | Add +35.2% |
| MHK Mohawk Industries Inc. | 0.83% | 870,778 | $91.3M | Add +5.6% |
| SSNC Ss&c Technologies Holdings | 0.70% | 930,748 | $77.1M | Reduce -5.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.68% | 1,025,919 | $75.4M | Reduce -6.3% |
| WKC World Kinect Corp. | 0.68% | 2,635,485 | $74.7M | Add +0.5% |
| EVRG Evergy Inc. | 0.67% | 1,076,140 | $74.2M | Add +1.0% |
| BABA Alibaba Group Holding-SP ADR | 0.65% | 633,732 | $71.9M | Add +14.5% |
| WTW Willis Towers Watson PLC | 0.65% | 233,830 | $71.7M | Reduce -14.9% |
| GOOG Alphabet Inc. Class C | 0.64% | 401,225 | $71.2M | Reduce -5.5% |
| GOOGL Alphabet Inc. Class A | 0.63% | 398,576 | $70.2M | Add +3.6% |
| CPA Copa Holdings SA Class A | 0.63% | 631,943 | $69.5M | Reduce -1.9% |
| GSK GSK PLC-Spon ADR | 0.61% | 1,767,435 | $67.9M | Add +5.2% |
| GHM Graham Corp. | 0.59% | 1,316,535 | $65.2M | Reduce -3.4% |
| LKQ LKQ Corp. | 0.58% | 1,741,269 | $64.4M | Reduce -2.5% |
| JNJ Johnson & Johnson | 0.57% | 410,765 | $62.7M | Add +2.1% |
| JPM JPMorgan Chase & Co. | 0.56% | 213,684 | $62.0M | Reduce -8.0% |
| SYY Sysco Corp. | 0.55% | 806,944 | $61.1M | Add +2.6% |
| IMKTA Ingles Markets Inc. Class A | 0.54% | 948,627 | $60.1M | Add +16.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.54% | 263,751 | $59.7M | Add +19.5% |
| UBS UBS Group AG-Reg | 0.54% | 1,754,446 | $59.3M | Add +11.5% |
| SEE Sealed Air Corp. | 0.54% | 1,908,782 | $59.2M | Add +30.1% |
| FLEX Flex Ltd. | 0.53% | 1,170,482 | $58.4M | Reduce -24.3% |
| AVDL Avadel Pharmaceuticals Ltd. | 0.52% | 6,487,642 | $57.4M | Add +14.5% |
| TAK Takeda Pharmaceutic-SP ADR | 0.52% | 3,712,278 | $57.4M | Add +5.9% |
| HBI Hanesbrands Inc. | 0.51% | 12,423,152 | $56.9M | Add +51.2% |
| MOG.A Moog Inc. Class A | 0.51% | 313,641 | $56.8M | Add +19.1% |
| STT State Street Corp. | 0.49% | 514,510 | $54.7M | Reduce -51.1% |
| AMX America Movil Sab DE CV | 0.49% | 3,047,720 | $54.7M | Add +2.5% |
| LH Labcorp Holdings Inc. | 0.49% | 205,647 | $54.0M | Reduce -57.6% |
| PREMIER INC-CLASS A | 0.47% | 2,386,361 | $52.3M | Reduce -2.2% |
| AZO AutoZone Inc. | 0.47% | 14,085 | $52.3M | Reduce -14.3% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.47% | 4,510,519 | $52.1M | Add +34.4% |
| OMC Omnicom Group | 0.47% | 717,946 | $51.6M | Add +2.0% |
| UWMC Uwm Holdings Corp. | 0.46% | 12,228,813 | $50.6M | No change |
| ABEV Ambev SA-ADR | 0.45% | 20,606,928 | $49.7M | Reduce -1.6% |
| SNN Smith & Nephew PLC -Spon ADR | 0.44% | 1,604,400 | $49.1M | Add +4.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.44% | 1,439,089 | $48.6M | Add +37.6% |
| NTGR Netgear Inc. | 0.42% | 1,594,211 | $46.3M | Reduce -46.5% |
| PKE Park Aerospace Corp. | 0.40% | 3,001,732 | $44.3M | Add +4.1% |
| UNH Unitedhealth Group Inc. | 0.39% | 139,416 | $43.5M | Add +39.6% |
| TTE Totalenergies SE -Spon ADR | 0.37% | 662,773 | $40.7M | Add +2.4% |
| KNX Knight-Swift Transportation | 0.36% | 902,669 | $39.9M | Add +20.6% |
| SMG Scotts Miracle-Gro Co. | 0.36% | 603,941 | $39.8M | Add +333.3% |
| TGT Target Corp. | 0.36% | 403,675 | $39.8M | New |
| VIV Telefonica Brasil-ADR | 0.36% | 3,480,597 | $39.7M | Add +3.5% |
| ORN Orion Group Holdings Inc. | 0.35% | 4,324,589 | $39.2M | Add +1.2% |
| INGR Ingredion Inc. | 0.35% | 287,313 | $39.0M | Reduce -4.5% |
| KVUE Kenvue Inc. | 0.34% | 1,798,333 | $37.6M | Reduce -38.0% |
| TKR Timken Co. | 0.34% | 513,641 | $37.3M | Add +358.8% |
| PHG Koninklijke Philips NVR- NY | 0.33% | 1,530,918 | $36.7M | Add +54.3% |
| GTES Gates Industrial Corp. UK Ltd. | 0.33% | 1,583,799 | $36.5M | Reduce -5.7% |
| STM Stmicroelectronics NV-NY SHS | 0.31% | 1,122,295 | $34.1M | Reduce -11.4% |
| PZZA Papa John's Intl Inc. | 0.31% | 690,299 | $33.8M | Add +271.6% |
| TFC Truist Financial Corp. | 0.30% | 760,426 | $32.7M | Add +2.5% |
| ICLR Icon PLC | 0.27% | 207,533 | $30.2M | New |
| MTX Minerals Technologies Inc. | 0.27% | 538,073 | $29.6M | Add +436.3% |
| NVS Novartis AG-Sponsored ADR | 0.26% | 239,282 | $29.0M | Add +6.3% |
Portfolio Sells Q1 2025 → Q2 2025
| MCK McKesson Corp. | Reduce -46.1% | 1.17% | −1.08 |
| LH Labcorp Holdings Inc. | Reduce -57.6% | 0.49% | −0.66 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -95.7% | 0.02% | −0.50 |
| STT State Street Corp. | Reduce -51.1% | 0.49% | −0.46 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.39 |
| KVUE Kenvue Inc. | Reduce -38.0% | 0.34% | −0.37 |
| NTGR Netgear Inc. | Reduce -46.5% | 0.42% | −0.32 |
| CTVA Corteva Inc. | Reduce -20.7% | 1.57% | −0.31 |
| WTW Willis Towers Watson PLC | Reduce -14.9% | 0.65% | −0.30 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.25 |
| CTSH Cognizant Tech Solutions-A | Reduce -3.2% | 1.52% | −0.21 |
| BNY Bank of New York Mellon Corp. | Reduce -10.5% | 1.27% | −0.20 |
| AIG American International Group | Reduce -2.9% | 1.10% | −0.19 |
| LKQ LKQ Corp. | Reduce -2.5% | 0.58% | −0.19 |
| AZO AutoZone Inc. | Reduce -14.3% | 0.47% | −0.16 |
| GD General Dynamics Corp. | Sold out | 0.00% | −0.15 |
| SSNC Ss&c Technologies Holdings | Reduce -5.1% | 0.70% | −0.14 |
| WRB WR Berkley Corp. | Reduce -6.3% | 0.68% | −0.11 |
| PNC PNC Financial Services Group | Reduce -2.5% | 1.25% | −0.11 |
| HCSG Healthcare Services Group | Reduce -63.9% | 0.08% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -3.3% | 2.02% | −0.09 |
| ETR Entergy Corp. | Reduce -10.7% | 0.26% | −0.08 |
| INGR Ingredion Inc. | Reduce -4.5% | 0.35% | −0.06 |
| HCA HCA Healthcare Inc. | Reduce -2.1% | 1.27% | −0.05 |
| ABEV Ambev SA-ADR | Reduce -1.6% | 0.45% | −0.05 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -69.2% | 0.02% | −0.04 |
| ENIC Enel Chile SA-ADR | Reduce -18.3% | 0.16% | −0.04 |
| CRH CRH PLC | Reduce -32.3% | 0.06% | −0.04 |
| GOOG Alphabet Inc. Class C | Reduce -5.5% | 0.64% | −0.03 |
| BAC Bank of America Corp. | Reduce -2.1% | 2.08% | −0.03 |
| MD Pediatrix Medical Group Inc. | Reduce -18.1% | 0.07% | −0.03 |
| CNH CNH Industrial NV | Reduce -11.7% | 0.13% | −0.03 |
| NWN Northwest Natural Holding Co. | Sold out | 0.00% | −0.02 |
| CRD.A Crawford & Company Class A | Sold out | 0.00% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -8.0% | 0.56% | −0.02 |
| NPK National Presto Inds Inc. | Reduce -26.9% | 0.05% | −0.02 |
| PAHC Phibro Animal Health Corp. Class A | Reduce -22.6% | 0.09% | −0.02 |
| NKSH National Bankshares Inc. | Reduce -21.9% | 0.04% | −0.02 |
| IXUS iShares Core Intl Stock ETF | Sold out | 0.00% | −0.01 |
| BCS Barclays PLC-Spons ADR | Sold out | 0.00% | −0.01 |
| BAP Credicorp Ltd. | Reduce -31.9% | 0.03% | −0.01 |
| FMX Fomento Economico Mex-SP ADR | Reduce -47.4% | 0.01% | −0.01 |
| WMK Weis Markets Inc. | Sold out | 0.00% | −0.01 |
| SXT Sensient Technologies Corp. | Sold out | 0.00% | −0.01 |
| FFIV F5 Inc. | Reduce -22.9% | 0.03% | −0.01 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.01 |
| EXE Expand Energy Corp. | Reduce -18.8% | 0.02% | −0.01 |
| PREMIER INC-CLASS A | Reduce -2.2% | 0.47% | −0.01 |
| NTES Netease Inc.-ADR | Reduce -30.0% | 0.02% | −0.00 |
| ORI Old Republic Intl Corp. | Reduce -26.6% | 0.01% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| BDX Becton Dickinson and Co. | New | 1.36% | +1.36 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +46191.3% | 1.36% | +1.36 |
| OTEX Open Text Corp. | Add +42.8% | 2.21% | +0.70 |
| KMT Kennametal Inc. | Add +65.9% | 1.69% | +0.63 |
| WLK Westlake Corp. | Add +246.0% | 1.00% | +0.57 |
| GRFS Grifols SA-ADR | Add +8.9% | 2.29% | +0.43 |
| CAE Cae Inc. | Add +4.4% | 3.92% | +0.37 |
| TGT Target Corp. | New | 0.36% | +0.36 |
| HXL Hexcel Corp. | Add +49.1% | 1.25% | +0.33 |
| CX Cemex Sab-Spons ADR Part Cer | Add +7.7% | 2.04% | +0.32 |
| TXT Textron Inc. | Add +19.9% | 1.97% | +0.31 |
| SMG Scotts Miracle-Gro Co. | Add +333.3% | 0.36% | +0.28 |
| ICLR Icon PLC | New | 0.27% | +0.27 |
| ELAN Elanco Animal Health Inc. | Add +11.3% | 1.05% | +0.27 |
| TKR Timken Co. | Add +358.8% | 0.34% | +0.26 |
| TIGO Millicom Intl Cellular S.A. | Add +2.5% | 2.24% | +0.25 |
| NTR Nutrien Ltd. | Add +35.2% | 0.86% | +0.25 |
| PZZA Papa John's Intl Inc. | Add +271.6% | 0.31% | +0.23 |
| MTX Minerals Technologies Inc. | Add +436.3% | 0.27% | +0.20 |
| TSM Taiwan Semiconductor-SP ADR | Add +19.5% | 0.54% | +0.17 |
| ORN Orion Group Holdings Inc. | Add +1.2% | 0.35% | +0.13 |
| SEE Sealed Air Corp. | Add +30.1% | 0.54% | +0.10 |
| PHG Koninklijke Philips NVR- NY | Add +54.3% | 0.33% | +0.08 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +14.5% | 0.52% | +0.07 |
| AMX America Movil Sab DE CV | Add +2.5% | 0.49% | +0.06 |
| VIV Telefonica Brasil-ADR | Add +3.5% | 0.36% | +0.06 |
| SAP Sap SE-Sponsored ADR | Add +36.4% | 0.20% | +0.06 |
| SHG Shinhan Financial Group-ADR | Add +6.6% | 0.22% | +0.05 |
| MOV Movado Group Inc. | New | 0.05% | +0.05 |
| MOG.A Moog Inc. Class A | Add +19.1% | 0.51% | +0.05 |
| UBS UBS Group AG-Reg | Add +11.5% | 0.54% | +0.05 |
| XRAY Dentsply Sirona Inc. | Add +257.2% | 0.05% | +0.04 |
| IPGP Ipg Photonics Corp. | Add +87.8% | 0.08% | +0.04 |
| HBI Hanesbrands Inc. | Add +51.2% | 0.51% | +0.03 |
| FSTR Foster (lb) Co. Class A | Add +17.1% | 0.23% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +3.6% | 0.63% | +0.03 |
| KNX Knight-Swift Transportation | Add +20.6% | 0.36% | +0.03 |
| IQV Iqvia Holdings Inc. | New | 0.03% | +0.03 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +34.4% | 0.47% | +0.03 |
| MSM MSC Industrial Direct Co. Class A | Add +14.3% | 0.22% | +0.02 |
| UNF Unifirst Corp. | Add +27.7% | 0.11% | +0.02 |
| QRVO Qorvo Inc. | Add +3.5% | 0.26% | +0.02 |
| BRC Brady Corporation Class A | New | 0.01% | +0.01 |
| HURC Hurco Companies Inc. | Add +12.2% | 0.07% | +0.01 |
| EPAM Epam Systems Inc. | New | 0.01% | +0.01 |
| SCHL Scholastic Corp. | Add +124.0% | 0.02% | +0.01 |
| HOLX Hologic Inc. | Add +104.5% | 0.02% | +0.01 |
| WHR Whirlpool Corp. | Add +77.4% | 0.02% | +0.01 |
| NVS Novartis AG-Sponsored ADR | Add +6.3% | 0.26% | +0.01 |
| PKE Park Aerospace Corp. | Add +4.1% | 0.40% | +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 |