Brandes Investment Partners, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Brandes Investment Partners, LP reported 190 stock positions worth $13.1 billion. Its top holding was Cae (CAE) at 3.5% of the portfolio, followed by Embraer SA-Spon ADR (EMBJ, 2.5%) and Open Text (OTEX, 2.3%). Compared with Q3 2025, it opened 15 new positions, sold out of 5, added to 119 and reduced 54. The biggest buy was a new position in Progressive (PGR) and the biggest sale an exit from Hanesbrands (HBI).
- Most Recent 13F
- Q2 2026
- Location
- LA JOLLA, CA
- CIK
- 0001015079
- Portfolio Value
- $13.1B (Q4 2025)
- SEC Filing
- 0001015079-26-000003 ↗ filed Feb 11, 2026
Holdings Value
Holdings 190 stocks · $13.1B
| CAE Cae Inc. | 3.51% | 15,157,988 | $461.1M | Add +1.1% |
| EMBJ Embraer SA-Spon ADR | 2.53% | 5,155,739 | $331.9M | Reduce -12.4% |
| OTEX Open Text Corp. | 2.26% | 9,106,157 | $296.7M | Add +1.2% |
| KMT Kennametal Inc. | 2.21% | 10,231,052 | $290.7M | Reduce -0.9% |
| GRFS Grifols SA-ADR | 2.20% | 30,954,223 | $289.4M | Add +6.3% |
| C Citigroup Inc. | 2.10% | 2,361,032 | $275.5M | Reduce -9.9% |
| TIGO Millicom Intl Cellular S.A. | 2.04% | 4,836,505 | $268.1M | Reduce -17.1% |
| CI The Cigna Group | 1.98% | 944,262 | $259.9M | Add +14.0% |
| MRK Merck & Co. Inc. | 1.98% | 2,467,525 | $259.7M | Add +1.9% |
| WFC Wells Fargo & Co. | 1.86% | 2,629,147 | $245.0M | Reduce -10.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.84% | 4,386,202 | $241.2M | Reduce -12.1% |
| BDX Becton Dickinson and Co. | 1.82% | 1,229,707 | $238.7M | Add +6.7% |
| TXT Textron Inc. | 1.81% | 2,735,047 | $238.4M | Reduce -4.6% |
| DOX Amdocs Ltd. | 1.66% | 2,714,965 | $218.6M | Add +2.8% |
| PFE Pfizer Inc. | 1.64% | 8,629,182 | $214.9M | Add +2.6% |
| HAL Halliburton Co. | 1.62% | 7,548,930 | $213.3M | Add +1.4% |
| FDX FedEx Corp. | 1.59% | 723,281 | $208.9M | Reduce -0.8% |
| EPAM Epam Systems Inc. | 1.53% | 983,830 | $201.6M | Add +19.6% |
| CTSH Cognizant Tech Solutions-A | 1.47% | 2,322,430 | $192.8M | Add +2.6% |
| SHEL Shell PLC-ADR | 1.46% | 2,617,417 | $192.3M | Add +1.8% |
| HXL Hexcel Corp. | 1.41% | 2,506,068 | $185.2M | Add +0.3% |
| HCA HCA Healthcare Inc. | 1.37% | 386,831 | $180.6M | Reduce -3.5% |
| CMCSA Comcast Corp. Class A | 1.36% | 5,994,421 | $179.2M | Add +3.6% |
| MU Micron Technology Inc. | 1.28% | 591,323 | $168.8M | Reduce -30.5% |
| INVX Innovex International Inc. | 1.27% | 7,656,210 | $167.4M | Reduce -0.0% |
| PNC PNC Financial Services Group | 1.27% | 797,827 | $166.5M | Add +1.7% |
| ACGL Arch Capital Group Ltd. | 1.25% | 1,710,565 | $164.1M | Add +13.6% |
| CAH Cardinal Health Inc. | 1.22% | 781,909 | $160.7M | Reduce -21.1% |
| GLOB Globant SA | 1.19% | 2,400,732 | $156.9M | Add +4.0% |
| CTVA Corteva Inc. | 1.18% | 2,312,515 | $155.0M | Add +1.1% |
| MCK McKesson Corp. | 1.18% | 188,365 | $154.5M | Add +2.1% |
| CX Cemex Sab-Spons ADR Part Cer | 1.12% | 12,852,316 | $147.7M | Reduce -48.4% |
| CVS CVS Health Corp. | 1.11% | 1,845,342 | $146.4M | Add +2.5% |
| ICLR Icon PLC | 1.08% | 776,732 | $141.5M | Add +2.8% |
| SNY Sanofi-ADR | 1.07% | 2,913,256 | $141.2M | Add +3.2% |
| PGR Progressive Corp. | 1.04% | 602,276 | $137.2M | New |
| UNH Unitedhealth Group Inc. | 1.01% | 400,063 | $132.1M | Add +7.2% |
| WLK Westlake Corp. | 0.94% | 1,670,327 | $123.5M | Add +7.8% |
| FISV Fiserv Inc. | 0.92% | 1,805,562 | $121.3M | Add +12.7% |
| EMR Emerson Electric Co. | 0.92% | 908,082 | $120.5M | Reduce -3.9% |
| MHK Mohawk Industries Inc. | 0.92% | 1,102,574 | $120.5M | Add +20.4% |
| NTR Nutrien Ltd. | 0.87% | 1,859,268 | $114.8M | Add +4.0% |
| ARLO Arlo Technologies Inc. | 0.87% | 8,198,707 | $114.7M | Add +27.6% |
| GOOGL Alphabet Inc. Class A | 0.80% | 335,420 | $105.0M | Reduce -18.3% |
| EPC Edgewell Personal Care Co. | 0.79% | 6,119,499 | $104.3M | Add +16.4% |
| GIL Gildan Activewear Inc. | 0.76% | 1,598,946 | $99.9M | New |
| ELAN Elanco Animal Health Inc. | 0.72% | 4,201,864 | $95.1M | Reduce -29.3% |
| BABA Alibaba Group Holding-SP ADR | 0.71% | 639,228 | $93.7M | Reduce -2.7% |
| SSNC Ss&c Technologies Holdings | 0.70% | 1,052,905 | $92.0M | Add +2.6% |
| WTW Willis Towers Watson PLC | 0.69% | 275,591 | $90.6M | Add +6.2% |
| WKC World Kinect Corp. | 0.69% | 3,845,750 | $90.1M | Add +30.9% |
| CVX Chevron Corp. | 0.68% | 584,604 | $89.1M | Reduce -11.6% |
| GOOG Alphabet Inc. Class C | 0.68% | 283,586 | $89.0M | Reduce -19.0% |
| OMC Omnicom Group | 0.67% | 1,089,323 | $88.0M | Add +42.6% |
| MOG.A Moog Inc. Class A | 0.66% | 356,187 | $86.7M | Add +2.7% |
| JNJ Johnson & Johnson | 0.66% | 419,162 | $86.7M | Reduce -0.5% |
| GSK GSK PLC-Spon ADR | 0.64% | 1,724,576 | $84.6M | Reduce -7.7% |
| IMKTA Ingles Markets Inc. Class A | 0.63% | 1,206,646 | $82.7M | Add +4.0% |
| EVRG Evergy Inc. | 0.63% | 1,138,521 | $82.5M | Add +3.1% |
| GHM Graham Corp. | 0.61% | 1,247,033 | $80.1M | Reduce -9.1% |
| NICE Nice Ltd. - Spon ADR | 0.61% | 707,208 | $79.9M | New |
| CPA Copa Holdings SA Class A | 0.60% | 654,255 | $78.9M | Add +3.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.57% | 1,943,761 | $74.6M | Add +29.3% |
| KNX Knight-Swift Transportation | 0.56% | 1,414,368 | $73.9M | Add +12.3% |
| UNF Unifirst Corp. | 0.54% | 367,786 | $70.9M | Add +164.2% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.54% | 1,043,352 | $70.3M | Add +26.7% |
| PKE Park Aerospace Corp. | 0.52% | 3,191,411 | $68.1M | Add +3.5% |
| UBS UBS Group AG-Reg | 0.48% | 1,372,632 | $63.6M | Reduce -3.7% |
| SYY Sysco Corp. | 0.48% | 857,140 | $63.2M | Add +3.9% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.47% | 5,492,474 | $61.9M | Add +4.5% |
| TAK Takeda Pharmaceutic-SP ADR | 0.46% | 3,881,882 | $60.5M | Reduce -1.3% |
| NGG National Grid PLC-SP ADR | 0.46% | 780,474 | $60.4M | New |
| LKQ LKQ Corp. | 0.44% | 1,900,120 | $57.4M | Add +4.0% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.44% | 817,992 | $57.4M | Reduce -17.3% |
| AMX America Movil Sab DE CV | 0.43% | 2,762,821 | $57.1M | Reduce -11.9% |
| TKR Timken Co. | 0.43% | 667,166 | $56.1M | Add +13.9% |
| LH Labcorp Holdings Inc. | 0.43% | 222,911 | $55.9M | Reduce -0.2% |
| ABEV Ambev SA-ADR | 0.42% | 22,600,124 | $55.8M | Add +4.0% |
| SAP Sap SE-Sponsored ADR | 0.42% | 229,454 | $55.7M | Add +70.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.42% | 181,617 | $55.2M | Reduce -2.1% |
| TTE Totalenergies SE | 0.41% | 828,232 | $54.1M | Add +8.1% |
| TGT Target Corp. | 0.41% | 547,294 | $53.5M | Add +12.0% |
| KVUE Kenvue Inc. | 0.41% | 3,094,648 | $53.4M | Add +25.7% |
| JPM JPMorgan Chase & Co. | 0.39% | 160,966 | $51.9M | Reduce -21.2% |
| MTX Minerals Technologies Inc. | 0.38% | 819,908 | $50.0M | Add +22.9% |
| ORN Orion Group Holdings Inc. | 0.38% | 5,010,193 | $49.8M | Add +1.1% |
| FLEX Flex Ltd. | 0.37% | 801,904 | $48.5M | Reduce -14.7% |
| STT State Street Corp. | 0.36% | 370,477 | $47.8M | Reduce -34.0% |
| PHG Koninklijke Philips NVR- NY | 0.36% | 1,725,997 | $46.7M | Add +6.6% |
| ALSN Allison Transmission Holding | 0.35% | 476,471 | $46.6M | New |
| UWMC Uwm Holdings Corp. | 0.35% | 10,471,859 | $45.9M | New |
| NTGR Netgear Inc. | 0.35% | 1,855,555 | $45.5M | Add +10.8% |
| SEE Sealed Air Corp. | 0.34% | 1,090,676 | $45.2M | Reduce -52.1% |
| ARW Arrow Electronics Inc. | 0.34% | 409,461 | $45.1M | Add +1412.3% |
| INGR Ingredion Inc. | 0.34% | 403,503 | $44.5M | Add +26.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.34% | 382,234 | $44.4M | Reduce -17.2% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.33% | 558,071 | $43.6M | Add +36.9% |
| SMG Scotts Miracle-Gro Co. | 0.33% | 737,546 | $43.0M | Add +362.8% |
| STM Stmicroelectronics NV-NY SHS | 0.31% | 1,566,965 | $40.6M | Add +20.4% |
| TFC Truist Financial Corp. | 0.30% | 802,907 | $39.5M | Add +2.7% |
Portfolio Sells Q3 2025 → Q4 2025
| HBI Hanesbrands Inc. | Sold out | 0.00% | −1.02 |
| AIG American International Group | Reduce -99.7% | 0.00% | −0.95 |
| OMF Onemain Holdings Inc. | Reduce -93.9% | 0.06% | −0.81 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -48.4% | 1.12% | −0.67 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -96.0% | 0.04% | −0.63 |
| EMBJ Embraer SA-Spon ADR | Reduce -12.4% | 2.53% | −0.33 |
| SEE Sealed Air Corp. | Reduce -52.1% | 0.34% | −0.30 |
| ELAN Elanco Animal Health Inc. | Reduce -29.3% | 0.72% | −0.24 |
| TIGO Millicom Intl Cellular S.A. | Reduce -17.1% | 2.04% | −0.23 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.7% | 0.71% | −0.23 |
| BAC Bank of America Corp. | Reduce -12.1% | 1.84% | −0.23 |
| PZZA Papa John's Intl Inc. | Reduce -49.6% | 0.11% | −0.18 |
| WRB WR Berkley Corp. | Reduce -17.3% | 0.44% | −0.17 |
| STT State Street Corp. | Reduce -34.0% | 0.36% | −0.16 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.15 |
| CVX Chevron Corp. | Reduce -11.6% | 0.68% | −0.14 |
| TXT Textron Inc. | Reduce -4.6% | 1.81% | −0.13 |
| JPM JPMorgan Chase & Co. | Reduce -21.2% | 0.39% | −0.12 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Reduce -97.7% | 0.00% | −0.12 |
| WFC Wells Fargo & Co. | Reduce -10.0% | 1.86% | −0.10 |
| AMX America Movil Sab DE CV | Reduce -11.9% | 0.43% | −0.09 |
| LH Labcorp Holdings Inc. | Reduce -0.2% | 0.43% | −0.09 |
| E Eni SPA-Sponsored ADR | Reduce -44.3% | 0.12% | −0.09 |
| EMR Emerson Electric Co. | Reduce -3.9% | 0.92% | −0.08 |
| SNN Smith & Nephew PLC -Spon ADR | Reduce -5.5% | 0.29% | −0.07 |
| FLEX Flex Ltd. | Reduce -14.7% | 0.37% | −0.07 |
| BNY Bank of New York Mellon Corp. | Reduce -17.2% | 0.34% | −0.07 |
| VIV Telefonica Brasil-ADR | Reduce -13.8% | 0.21% | −0.06 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.06 |
| CRH CRH PLC | Sold out | 0.00% | −0.05 |
| C Citigroup Inc. | Reduce -9.9% | 2.10% | −0.04 |
| WPP WPP PLC-Sponsored ADR | Reduce -7.5% | 0.12% | −0.03 |
| CAH Cardinal Health Inc. | Reduce -21.1% | 1.22% | −0.02 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -74.2% | 0.01% | −0.02 |
| MD Pediatrix Medical Group Inc. | Reduce -29.9% | 0.07% | −0.01 |
| PAHC Phibro Animal Health Corp. Class A | Sold out | 0.00% | −0.01 |
| BRC Brady Corporation Class A | Reduce -21.4% | 0.04% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -19.0% | 0.68% | −0.01 |
| TIMB Tim SA-ADR | Reduce -1.9% | 0.02% | −0.01 |
| GSK GSK PLC-Spon ADR | Reduce -7.7% | 0.64% | −0.00 |
| HDB HDFC Bank Ltd.-ADR | Reduce -11.8% | 0.03% | −0.00 |
| BTI British American Tob-SP ADR | Reduce -20.7% | 0.01% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -18.3% | 0.80% | −0.00 |
| RCI Rogers Communications Inc. Class B | Reduce -10.8% | 0.01% | −0.00 |
| TAK Takeda Pharmaceutic-SP ADR | Reduce -1.3% | 0.46% | −0.00 |
| UPS United Parcel Service Class B | Reduce -13.5% | 0.01% | −0.00 |
| SHG Shinhan Financial Group-ADR | Reduce -1.3% | 0.03% | −0.00 |
| TLK Telkom Indonesia Persero-ADR | Reduce -5.2% | 0.03% | +0.00 |
| HCA HCA Healthcare Inc. | Reduce -3.5% | 1.37% | +0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -2.1% | 0.42% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| PGR Progressive Corp. | New | 1.04% | +1.04 |
| GIL Gildan Activewear Inc. | New | 0.76% | +0.76 |
| NICE Nice Ltd. - Spon ADR | New | 0.61% | +0.61 |
| EPAM Epam Systems Inc. | Add +19.6% | 1.53% | +0.54 |
| NGG National Grid PLC-SP ADR | New | 0.46% | +0.46 |
| ALSN Allison Transmission Holding | New | 0.35% | +0.35 |
| UNF Unifirst Corp. | Add +164.2% | 0.54% | +0.35 |
| UWMC Uwm Holdings Corp. | New | 0.35% | +0.35 |
| MRK Merck & Co. Inc. | Add +1.9% | 1.98% | +0.35 |
| ARW Arrow Electronics Inc. | Add +1412.3% | 0.34% | +0.32 |
| SMG Scotts Miracle-Gro Co. | Add +362.8% | 0.33% | +0.25 |
| CTSH Cognizant Tech Solutions-A | Add +2.6% | 1.47% | +0.25 |
| DEO Diageo PLC-Sponsored ADR | Add +4475.2% | 0.20% | +0.19 |
| JBS JBS NV-A | New | 0.18% | +0.18 |
| OMC Omnicom Group | Add +42.6% | 0.67% | +0.17 |
| KNX Knight-Swift Transportation | Add +12.3% | 0.56% | +0.16 |
| HAL Halliburton Co. | Add +1.4% | 1.62% | +0.15 |
| SLB SLB Ltd. | Add +29.3% | 0.57% | +0.15 |
| HXL Hexcel Corp. | Add +0.3% | 1.41% | +0.15 |
| ACGL Arch Capital Group Ltd. | Add +13.6% | 1.25% | +0.15 |
| SAP Sap SE-Sponsored ADR | Add +70.3% | 0.42% | +0.14 |
| GLOB Globant SA | Add +4.0% | 1.19% | +0.13 |
| IFF Intl Flavors & Fragrances | Add +26.7% | 0.54% | +0.13 |
| PBH Prestige Consumer Healthcare | Add +93.2% | 0.28% | +0.13 |
| IXUS iShares Core Intl Stock ETF | Add +3661.4% | 0.09% | +0.09 |
| BDX Becton Dickinson and Co. | Add +6.7% | 1.82% | +0.09 |
| KVUE Kenvue Inc. | Add +25.7% | 0.41% | +0.09 |
| MOG.A Moog Inc. Class A | Add +2.7% | 0.66% | +0.08 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +3661.3% | 0.08% | +0.08 |
| WKC World Kinect Corp. | Add +30.9% | 0.69% | +0.07 |
| TKR Timken Co. | Add +13.9% | 0.43% | +0.07 |
| KSPI JSC Kaspi.kz ADR | Add +36.9% | 0.33% | +0.06 |
| CI The Cigna Group | Add +14.0% | 1.98% | +0.06 |
| SON Sonoco Products Co. | Add +110.8% | 0.12% | +0.06 |
| TGT Target Corp. | Add +12.0% | 0.41% | +0.06 |
| CNH CNH Industrial NV | Add +67.6% | 0.19% | +0.05 |
| ORN Orion Group Holdings Inc. | Add +1.1% | 0.38% | +0.05 |
| MTX Minerals Technologies Inc. | Add +22.9% | 0.38% | +0.05 |
| TTE Totalenergies SE | Add +8.1% | 0.41% | +0.04 |
| ABEV Ambev SA-ADR | Add +4.0% | 0.42% | +0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +703.6% | 0.04% | +0.03 |
| MCK McKesson Corp. | Add +2.1% | 1.18% | +0.03 |
| QRVO Qorvo Inc. | Add +28.2% | 0.28% | +0.03 |
| NTR Nutrien Ltd. | Add +4.0% | 0.87% | +0.03 |
| XRAY Dentsply Sirona Inc. | Add +83.2% | 0.07% | +0.03 |
| CVS CVS Health Corp. | Add +2.5% | 1.11% | +0.03 |
| INGR Ingredion Inc. | Add +26.2% | 0.34% | +0.03 |
| ZBH Zimmer Biomet Holdings Inc. | Add +215.3% | 0.03% | +0.02 |
| NVS Novartis AG-Sponsored ADR | Add +6.0% | 0.28% | +0.02 |
| FTRE Fortrea Holdings Inc. | Add +14.5% | 0.04% | +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 |