Cambiar Investors LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 29, 2025), Cambiar Investors LLC reported 154 stock positions worth $2.5 billion. Its top holding was Delta Air Lines (DAL) at 3.0% of the portfolio, followed by Alphabet Class A (GOOGL, 2.6%) and Diageo PLC-Sponsored ADR (DEO, 2.5%). Compared with Q3 2024, it opened 17 new positions, sold out of 10, added to 22 and reduced 111. The biggest buy was iShares Russell 1000 Value E (IWD, shares +812%) and the biggest sale Waters (WAT, shares −81%).

Most Recent 13F
Q2 2026
Location
Denver, CO
CIK
0000823621
Portfolio Value
$2.5B (Q4 2024)
SEC Filing
0001172661-25-000396 ↗ filed Jan 29, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.7B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $2.6B Q3 2024 Q4 2024: $2.5B $2.5B Q4 2024 Q1 2025: $2.4B Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $2.2B Q3 2025 Q4 2025: $2.2B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $2.3B Q2 2026

Holdings 154 stocks · $2.5B
DAL Delta Air Lines Inc. 3.00% 1,249,445 $75.6M Reduce -6.1%
GOOGL Alphabet Inc. Class A 2.57% 342,414 $64.8M Reduce -2.9%
DEO Diageo PLC-Sponsored ADR 2.51% 497,022 $63.2M Add +6.8%
CME Cme Group Inc. 2.48% 269,627 $62.6M Reduce -5.3%
LH Labcorp Holdings Inc. 2.44% 268,450 $61.6M Reduce -2.6%
AMZN Amazon.com Inc. 2.36% 271,259 $59.5M Reduce -3.5%
UNP Union Pacific Corp. 2.33% 257,975 $58.8M Add +32.7%
BMY Bristol-Myers Squibb Co. 2.33% 1,039,399 $58.8M Add +5.9%
TXN Texas Instruments Inc. 2.32% 311,644 $58.4M Add +9.2%
UBER Uber Technologies Inc. 2.26% 944,909 $57.0M Add +47.0%
CMCSA Comcast Corp. Class A 2.21% 1,485,207 $55.7M Add +2.2%
CVX Chevron Corp. 2.18% 379,782 $55.0M Reduce -2.1%
JPM JPMorgan Chase & Co. 2.15% 226,329 $54.3M Reduce -4.1%
SYY Sysco Corp. 2.15% 709,431 $54.2M Add +15.2%
IWD iShares Russell 1000 Value E 2.15% 292,754 $54.2M Add +811.8%
MDT Medtronic PLC 2.07% 654,799 $52.3M Reduce -4.2%
EFA iShares MSCI Eafe ETF 2.05% 685,158 $51.8M Add +339.9%
CB Chubb Ltd. 1.97% 179,500 $49.6M Reduce -3.5%
TEL Te Connectivity PLC 1.92% 339,434 $48.5M Reduce -8.0%
PPG PPG Industries Inc. 1.92% 404,608 $48.3M Reduce -7.1%
SRE Sempra 1.85% 533,075 $46.8M Reduce -24.7%
ELV Elevance Health Inc. 1.81% 123,650 $45.6M New
USB US Bancorp 1.79% 942,436 $45.1M Reduce -1.2%
PNC PNC Financial Services Group 1.78% 232,905 $44.9M Reduce -1.9%
CTVA Corteva Inc. 1.66% 735,180 $41.9M Add +4.7%
GS Goldman Sachs Group Inc. 1.65% 72,447 $41.5M Reduce -24.8%
CNC Centene Corp. 1.62% 675,362 $40.9M Reduce -8.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.55% 323,414 $39.1M Reduce -2.6%
MA Mastercard Inc. Class A 1.53% 73,281 $38.6M Reduce -2.9%
JNJ Johnson & Johnson 1.51% 263,816 $38.2M Reduce -12.6%
CVE Cenovus Energy Inc. 1.47% 2,453,792 $37.2M Reduce -20.1%
ABNB Airbnb Inc. Class A 1.46% 280,941 $36.9M New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 1.35% 452,699 $33.9M New
STZ Constellation Brands Inc. Class A 1.33% 151,712 $33.5M Reduce -28.1%
AEP American Electric Power 1.31% 358,017 $33.0M New
AXP American Express Co. 1.31% 111,177 $33.0M Reduce -30.0%
RTX RTX Corp. 1.05% 229,188 $26.5M Reduce -1.8%
AMAT Applied Materials Inc. 0.95% 147,661 $24.0M Add +6.8%
SONY Sony Group Corp. - SP ADR 0.89% 1,059,241 $22.4M Add +29.8%
ING ING Groep N.V.-Sponsored ADR 0.85% 1,361,394 $21.3M Reduce -4.4%
BCS Barclays PLC-Spons ADR 0.81% 1,527,545 $20.3M Reduce -10.6%
CNH CNH Industrial NV 0.67% 1,485,871 $16.8M Reduce -1.1%
SAP Sap SE-Sponsored ADR 0.66% 67,083 $16.5M Reduce -9.2%
RGA Reinsurance Group of America 0.60% 70,947 $15.2M Reduce -9.6%
TSM Taiwan Semiconductor-SP ADR 0.56% 71,752 $14.2M Reduce -8.8%
ICLR Icon PLC 0.55% 66,673 $14.0M New
HLN Haleon PLC-ADR 0.54% 1,432,508 $13.7M Reduce -5.4%
VSH Vishay Intertechnology Inc. 0.52% 777,627 $13.2M New
MGY Magnolia Oil & Gas Corp. Class A 0.52% 558,688 $13.1M Reduce -10.3%
PKG Packaging Corp. of America 0.50% 56,065 $12.6M Reduce -11.5%
BOKF Bok Financial Corporation 0.49% 115,094 $12.3M Reduce -11.4%
FNF Fidelity National Financial 0.48% 217,438 $12.2M Reduce -10.9%
ATO Atmos Energy Corp. 0.48% 87,304 $12.2M Reduce -14.2%
PNW Pinnacle West Capital 0.48% 141,581 $12.0M Reduce -10.8%
DGX Quest Diagnostics Inc. 0.47% 79,383 $12.0M Reduce -10.4%
NVS Novartis AG-Sponsored ADR 0.47% 121,975 $11.9M Reduce -2.9%
AFG American Financial Group Inc. 0.46% 84,546 $11.6M Reduce -10.3%
WAT Waters Corp. 0.46% 31,168 $11.6M Reduce -81.3%
EEFT Euronet Worldwide Inc. 0.43% 106,437 $10.9M Reduce -10.0%
JBHT Hunt (jb) Transprt SVCS Inc. 0.43% 63,859 $10.9M Reduce -10.9%
SRAD Sportradar Group AG-A 0.43% 624,983 $10.8M New
EPAM Epam Systems Inc. 0.43% 46,039 $10.8M Reduce -10.5%
MAS Masco Corp. 0.43% 148,066 $10.7M Reduce -12.8%
CBOE Cboe Global Markets Inc. 0.42% 54,179 $10.6M Reduce -10.2%
EXPD Expeditors Intl Wash Inc. 0.41% 92,391 $10.2M Reduce -11.0%
IJH iShares Core S&P Midcap ETF 0.40% 161,143 $10.0M Add +345.4%
LFUS Littelfuse Inc. 0.40% 42,594 $10.0M Reduce -13.5%
WEX Wex Inc. 0.40% 57,206 $10.0M Reduce -12.0%
TTE Totalenergies SE -Spon ADR 0.40% 183,854 $10.0M Reduce -29.5%
EQNR Equinor ASA-Spon ADR 0.40% 420,512 $10.0M Reduce -25.6%
LECO Lincoln Electric Holdings 0.39% 52,536 $9.8M Reduce -14.8%
NNN NNN REIT Inc. 0.39% 240,212 $9.8M Reduce -11.6%
DOX Amdocs Ltd. 0.39% 114,642 $9.8M Reduce -10.0%
WTRG Essential Utilities Inc. 0.39% 268,353 $9.7M Reduce -12.2%
DLB Dolby Laboratories Inc. Class A 0.38% 124,067 $9.7M Reduce -9.4%
INCY Incyte Corp. 0.38% 139,652 $9.6M Reduce -11.2%
MOH Molina Healthcare Inc. 0.38% 33,136 $9.6M Reduce -11.2%
GNTX Gentex Corp. 0.37% 326,088 $9.4M Reduce -24.5%
LW Lamb Weston Holdings Inc. 0.35% 132,600 $8.9M Reduce -7.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.34% 224,019 $8.6M New
USFR Wisdomtree Floating Rate Tre 0.34% 170,000 $8.6M Reduce -10.5%
MMS Maximus Inc. 0.34% 114,120 $8.5M Reduce -13.5%
TTC Toro Co. 0.33% 102,435 $8.2M Reduce -11.4%
WSC Willscot Holdings Corp. 0.32% 241,605 $8.1M Reduce -19.0%
COLD Americold Realty Trust Inc. 0.32% 376,991 $8.1M Reduce -18.2%
DINO HF Sinclair Corp. 0.31% 221,148 $7.8M New
CRL Charles River Laboratories 0.29% 40,050 $7.4M Reduce -12.8%
IIPR Innovative Industrial Proper 0.29% 108,284 $7.2M Add +370.0%
IPGP Ipg Photonics Corp. 0.28% 97,383 $7.1M Reduce -10.0%
ET Energy Transfer LP 0.25% 317,599 $6.2M Add +0.0%
XRAY Dentsply Sirona Inc. 0.23% 309,210 $5.9M Reduce -9.1%
SHY iShares 1-3 Year Treasury Bo 0.23% 70,262 $5.8M Reduce -4.3%
CAMX Cambiar Aggressive Value ETF 0.16% 135,000 $4.0M Add +7.1%
GMED Globus Medical Inc. Class A 0.13% 39,325 $3.3M Reduce -7.9%
AXS Axis Capital Holdings Ltd. 0.13% 35,621 $3.2M Reduce -7.9%
FTDR Frontdoor Inc. 0.12% 55,735 $3.0M Reduce -7.9%
EXEL Exelixis Inc. 0.11% 86,292 $2.9M Reduce -7.9%
TCBI Texas Capital Bancshares Inc. 0.11% 35,533 $2.8M Reduce -7.9%
MCRI Monarch Casino & Resort Inc. 0.10% 33,555 $2.6M Reduce -7.9%
HSTM Healthstream Inc. 0.10% 80,530 $2.6M Reduce -7.9%

Show all 154 holdings

Portfolio Sells Q3 2024 → Q4 2024
WAT Waters Corp. Reduce -81.3% 0.46% −1.85
ICE Intercontinental Exchange Inc. Reduce -96.2% 0.05% −1.38
WMB Williams Cos Inc. Reduce -97.3% 0.05% −1.36
MRVL Marvell Technology Inc. Reduce -95.4% 0.10% −1.26
STZ Constellation Brands Inc. Class A Reduce -28.1% 1.33% −0.76
AEM Agnico Eagle Mines Ltd. Reduce -96.8% 0.02% −0.55
CNC Centene Corp. Reduce -8.7% 1.62% −0.52
HQY Healthequity Inc. Reduce -87.4% 0.09% −0.50
CVE Cenovus Energy Inc. Reduce -20.1% 1.47% −0.50
TRGP Targa Resources Corp. Sold out 0.00% −0.47
ACGL Arch Capital Group Ltd. Sold out 0.00% −0.45
BRKR Bruker Corp. Sold out 0.00% −0.43
SRE Sempra Reduce -24.7% 1.85% −0.42
JNJ Johnson & Johnson Reduce -12.6% 1.51% −0.37
AXP American Express Co. Reduce -30.0% 1.31% −0.35
PPG PPG Industries Inc. Reduce -7.1% 1.92% −0.30
MDT Medtronic PLC Reduce -4.2% 2.07% −0.29
AL Sumisho Air Lease Corp. Sold out 0.00% −0.25
TTE Totalenergies SE -Spon ADR Reduce -29.5% 0.40% −0.25
TEL Te Connectivity PLC Reduce -8.0% 1.92% −0.22
GS Goldman Sachs Group Inc. Reduce -24.8% 1.65% −0.19
COLD Americold Realty Trust Inc. Reduce -18.2% 0.32% −0.18
EQNR Equinor ASA-Spon ADR Reduce -25.6% 0.40% −0.16
ING ING Groep N.V.-Sponsored ADR Reduce -4.4% 0.85% −0.15
MMS Maximus Inc. Reduce -13.5% 0.34% −0.14
WEX Wex Inc. Reduce -12.0% 0.40% −0.13
MAS Masco Corp. Reduce -12.8% 0.43% −0.12
GNTX Gentex Corp. Reduce -24.5% 0.37% −0.12
XRAY Dentsply Sirona Inc. Reduce -9.1% 0.23% −0.12
EXPD Expeditors Intl Wash Inc. Reduce -11.0% 0.41% −0.12
NNN NNN REIT Inc. Reduce -11.6% 0.39% −0.12
MOH Molina Healthcare Inc. Reduce -11.2% 0.38% −0.11
WSC Willscot Holdings Corp. Reduce -19.0% 0.32% −0.11
LFUS Littelfuse Inc. Reduce -13.5% 0.40% −0.10
AVA Avista Corp. Sold out 0.00% −0.10
FNF Fidelity National Financial Reduce -10.9% 0.48% −0.10
CB Chubb Ltd. Reduce -3.5% 1.97% −0.10
NVS Novartis AG-Sponsored ADR Reduce -2.9% 0.47% −0.09
HLN Haleon PLC-ADR Reduce -5.4% 0.54% −0.07
MGY Magnolia Oil & Gas Corp. Class A Reduce -10.3% 0.52% −0.07
WTRG Essential Utilities Inc. Reduce -12.2% 0.39% −0.07
PNW Pinnacle West Capital Reduce -10.8% 0.48% −0.07
LECO Lincoln Electric Holdings Reduce -14.8% 0.39% −0.07
ATO Atmos Energy Corp. Reduce -14.2% 0.48% −0.06
TTC Toro Co. Reduce -11.4% 0.33% −0.06
RGA Reinsurance Group of America Reduce -9.6% 0.60% −0.06
CBOE Cboe Global Markets Inc. Reduce -10.2% 0.42% −0.06
CRL Charles River Laboratories Reduce -12.8% 0.29% −0.05
DGX Quest Diagnostics Inc. Reduce -10.4% 0.47% −0.05
NAPA The Duckhorn Portfolio Inc. Sold out 0.00% −0.04

Portfolio Buys Q3 2024 → Q4 2024
IWD iShares Russell 1000 Value E Add +811.8% 2.15% +1.91
ELV Elevance Health Inc. New 1.81% +1.81
EFA iShares MSCI Eafe ETF Add +339.9% 2.05% +1.55
ABNB Airbnb Inc. Class A New 1.46% +1.46
EL Estee Lauder Companies Class A New 1.35% +1.35
AEP American Electric Power New 1.31% +1.31
ICLR Icon PLC New 0.55% +0.55
VSH Vishay Intertechnology Inc. New 0.52% +0.52
UNP Union Pacific Corp. Add +32.7% 2.33% +0.49
SRAD Sportradar Group AG-A New 0.43% +0.43
UBER Uber Technologies Inc. Add +47.0% 2.26% +0.40
BMY Bristol-Myers Squibb Co. Add +5.9% 2.33% +0.38
SLB SLB Ltd. New 0.34% +0.34
IJH iShares Core S&P Midcap ETF Add +345.4% 0.40% +0.31
DINO HF Sinclair Corp. New 0.31% +0.31
SYY Sysco Corp. Add +15.2% 2.15% +0.30
SONY Sony Group Corp. - SP ADR Add +29.8% 0.89% +0.28
IIPR Innovative Industrial Proper Add +370.0% 0.29% +0.17
TXNM TXNM Energy Inc. New 0.09% +0.09
CTVA Corteva Inc. Add +4.7% 1.66% +0.07
VEA Vanguard Ftse Developed ETF Add +905.7% 0.07% +0.07
ACWI iShares MSCI Acwi ETF Add +326.0% 0.08% +0.06
ET Energy Transfer LP Add +0.0% 0.25% +0.05
TXN Texas Instruments Inc. Add +9.2% 2.32% +0.05
VTV Vanguard Mrngstr Val ETF-Aui Add +210.1% 0.07% +0.05
VXF Vanguard Extended Market ETF New 0.03% +0.03
VEU Vanguard Ftse All-World Ex-U New 0.03% +0.03
IVE iShares S&P 500 Value ETF New 0.02% +0.02
ASML ASML Holding NV-NY Reg SHS New 0.02% +0.02
IEUR iShares Core MSCI Europe ETF New 0.01% +0.01
CAMX Cambiar Aggressive Value ETF Add +7.1% 0.16% +0.01
ASX Ase Technology Holding -ADR New 0.01% +0.01
VSAT Viasat Inc. New 0.00% +0.00
TDAY USA Today Co. Inc. Add +27.2% 0.00% +0.00
AGZ iShares Agency Bond ETF Add +0.6% 0.03% +0.00
QLTA iShares Aaa - A Rated Corpor Add +0.5% 0.03% −0.00
DEO Diageo PLC-Sponsored ADR Add +6.8% 2.51% −0.01
AMAT Applied Materials Inc. Add +6.8% 0.95% −0.12
CMCSA Comcast Corp. Class A Add +2.2% 2.21% −0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 150$2.3BDAL, GOOGL, UNP, BMY, LH
Q1 2026 145$2.2BDAL, AMRZ, UNP, SLB, UBER
Q4 2025 146$2.2BGOOGL, ELV, AMRZ, UNP, CME
Q3 2025 140$2.2BFLUT, UBER, LH, MDT, UNP
Q2 2025 148$2.4BFLUT, UBER, DAL, LH, GOOGL
Q1 2025 154$2.4BUBER, CME, ELV, BMY, LH
Q4 2024 154$2.5BDAL, GOOGL, DEO, CME, LH
Q3 2024 147$2.6BDAL, DEO, CME, LH, MDT
Q2 2024 145$2.6BTXN, GOOGL, GS, CVE, CVX
Q1 2024 144$2.7BRTX, AXP, CVE, GS, CVX