Cambiar Investors LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Cambiar Investors LLC reported 146 stock positions worth $2.2 billion. Its top holding was Alphabet Class A (GOOGL) at 2.7% of the portfolio, followed by Elevance Health (ELV, 2.6%) and Amrize (AMRZ, 2.6%). Compared with Q3 2025, it opened 16 new positions, sold out of 10, added to 33 and reduced 81. The biggest buy was a new position in Honeywell International (HON) and the biggest sale an exit from Flutter Entertainment PLC-Di (FLUT).

Most Recent 13F
Q2 2026
Location
Denver, CO
CIK
0000823621
Portfolio Value
$2.2B (Q4 2025)
SEC Filing
0001172661-26-000277 ↗ filed Jan 23, 2026

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 Q4 2024 Q1 2025: $2.4B Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $2.2B Q3 2025 Q4 2025: $2.2B $2.2B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $2.3B Q2 2026

Holdings 146 stocks · $2.2B
GOOGL Alphabet Inc. Class A 2.67% 190,945 $59.8M Reduce -15.0%
ELV Elevance Health Inc. 2.63% 167,958 $58.9M Add +0.1%
AMRZ Amrize Ltd. 2.63% 1,088,435 $58.9M Add +15.9%
UNP Union Pacific Corp. 2.60% 251,379 $58.1M Add +7.9%
CME Cme Group Inc. 2.52% 206,311 $56.3M Add +38.6%
UBER Uber Technologies Inc. 2.51% 688,700 $56.3M Add +4.8%
MDT Medtronic PLC 2.47% 575,189 $55.3M Reduce -2.4%
TXN Texas Instruments Inc. 2.45% 315,962 $54.8M Add +33.3%
AMZN Amazon.com Inc. 2.45% 237,115 $54.7M Reduce -3.5%
DAL Delta Air Lines Inc. 2.43% 783,500 $54.4M Reduce -18.2%
BMY Bristol-Myers Squibb Co. 2.37% 983,176 $53.0M Add +2.7%
JPM JPMorgan Chase & Co. 2.35% 163,130 $52.6M Reduce -5.4%
ABNB Airbnb Inc. Class A 2.34% 386,311 $52.4M Add +1.0%
PNC PNC Financial Services Group 2.32% 249,209 $52.0M Reduce -2.3%
HON Honeywell International Inc. 2.31% 264,644 $51.6M New
CVX Chevron Corp. 2.30% 338,026 $51.5M Reduce -3.4%
SLB SLB Ltd. filed as SLB LIMITED 2.28% 1,330,217 $51.1M Reduce -3.4%
LH Labcorp Holdings Inc. 2.19% 195,315 $49.0M Reduce -1.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 2.10% 448,441 $47.0M Reduce -17.9%
CB Chubb Ltd. 2.09% 149,809 $46.8M Reduce -3.2%
REGN Regeneron Pharmaceuticals 2.07% 60,163 $46.4M Add +1.8%
AMAT Applied Materials Inc. 2.05% 178,237 $45.8M Reduce -9.9%
PEP Pepsico Inc. 1.77% 276,544 $39.7M New
CNC Centene Corp. 1.76% 957,159 $39.4M Reduce -35.0%
MAS Masco Corp. 1.74% 612,832 $38.9M Add +733.9%
SRE Sempra 1.73% 438,255 $38.7M Reduce -21.1%
FDX FedEx Corp. 1.72% 133,547 $38.6M New
IWD iShares Russell 1000 Value E 1.67% 177,191 $37.3M Add +26.9%
DEO Diageo PLC-Sponsored ADR 1.66% 430,013 $37.1M Reduce -8.0%
USB US Bancorp 1.65% 692,620 $37.0M Reduce -3.0%
SYY Sysco Corp. 1.63% 494,509 $36.4M Add +16.8%
AXP American Express Co. 1.53% 92,399 $34.2M Reduce -4.4%
MA Mastercard Inc. Class A 1.52% 59,674 $34.1M Reduce -3.2%
STZ Constellation Brands Inc. Class A 1.52% 246,772 $34.0M Add +8.6%
TEL Te Connectivity PLC 1.42% 139,283 $31.7M Reduce -15.3%
CMCSA Comcast Corp. Class A 1.33% 997,370 $29.8M Reduce -32.1%
RTX RTX Corp. 1.26% 153,173 $28.1M Reduce -3.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.24% 180,477 $27.7M Reduce -3.4%
AZN Astrazeneca PLC-Spons ADR 1.13% 276,150 $25.4M Add +2.0%
WY Weyerhaeuser Co. 1.06% 1,000,541 $23.7M Reduce -15.8%
ING ING Groep N.V.-Sponsored ADR 0.96% 769,078 $21.5M Reduce -21.3%
BCS Barclays PLC-Spons ADR 0.93% 814,900 $20.7M Reduce -8.2%
ASML ASML Holding NV-NY Reg SHS 0.89% 18,602 $19.9M Reduce -10.6%
EFA iShares MSCI Eafe ETF 0.88% 206,175 $19.8M Add +148.3%
GRAB Grab Holdings Ltd. Class A 0.84% 3,748,271 $18.7M Reduce -3.6%
RYAAY Ryanair Holdings PLC-SP ADR 0.77% 238,670 $17.2M Reduce -6.9%
SW Smurfit Westrock PLC 0.70% 402,410 $15.6M New
ALC Alcon Inc. filed as ALCON AG 0.68% 191,835 $15.1M New
SONY Sony Group Corp. - SP ADR 0.67% 589,953 $15.1M Reduce -4.7%
ICLR Icon PLC 0.61% 74,822 $13.6M Reduce -5.3%
SAP Sap SE-Sponsored ADR 0.56% 51,797 $12.6M Add +35.4%
CAMX Cambiar Aggressive Value ETF 0.55% 392,992 $12.4M Add +614.5%
ALGN Align Technology Inc. 0.52% 74,210 $11.6M Reduce -2.2%
GMED Globus Medical Inc. Class A 0.32% 81,544 $7.1M Reduce -30.0%
RGA Reinsurance Group of America 0.28% 31,225 $6.4M Reduce -13.4%
NXPI NXP Semiconductors NV 0.28% 28,869 $6.3M Add +44.1%
PHR Phreesia Inc. 0.27% 358,474 $6.1M Add +48.9%
LAZ Lazard Inc. 0.27% 122,970 $6.0M Add +13.2%
BOKF Bok Financial Corporation 0.27% 50,350 $6.0M Reduce -20.9%
PB Prosperity Bancshares Inc. 0.26% 85,361 $5.9M Reduce -11.8%
TSEM Tower Semiconductor Ltd. 0.26% 49,864 $5.9M Add +60.7%
COLD Americold Realty Trust Inc. 0.26% 452,272 $5.8M Add +47.6%
GNTX Gentex Corp. 0.26% 245,971 $5.7M Reduce -11.8%
LSCC Lattice Semiconductor Corp. 0.25% 77,487 $5.7M Reduce -16.2%
BWA Borgwarner Inc. 0.25% 122,711 $5.5M Reduce -35.6%
SRAD Sportradar Group AG-A 0.24% 230,738 $5.5M Reduce -2.3%
WEX Wex Inc. 0.24% 35,633 $5.3M Reduce -12.5%
ACVA Acv Auctions Inc. Class A 0.21% 577,884 $4.6M Add +13.4%
LFUS Littelfuse Inc. 0.21% 18,173 $4.6M Reduce -18.6%
COO The Cooper Cos Inc. 0.20% 55,577 $4.6M New
CBOE Cboe Global Markets Inc. 0.20% 18,071 $4.5M Reduce -14.2%
PKG Packaging Corp. of America 0.20% 21,752 $4.5M Reduce -17.6%
SOLV Solventum Corp. 0.20% 56,274 $4.5M New
ATO Atmos Energy Corp. 0.20% 26,155 $4.4M Reduce -17.7%
ET Energy Transfer LP 0.19% 262,523 $4.3M Add +0.2%
LECO Lincoln Electric Holdings 0.19% 18,005 $4.3M Reduce -26.8%
JBHT Hunt (jb) Transprt SVCS Inc. 0.19% 21,784 $4.2M Reduce -35.9%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.19% 53,871 $4.2M New
WAT Waters Corp. 0.19% 10,951 $4.2M Reduce -31.1%
DGX Quest Diagnostics Inc. 0.18% 23,730 $4.1M Reduce -13.4%
WBS Webster Financial Corp. 0.18% 65,278 $4.1M Reduce -29.8%
TTC Toro Co. 0.18% 51,830 $4.1M Reduce -16.5%
SHY iShares 1-3 Year Treasury Bo 0.18% 49,242 $4.1M Add +101.6%
FNF Fidelity National Financial 0.18% 74,570 $4.1M Reduce -16.4%
DOX Amdocs Ltd. 0.18% 50,239 $4.0M Reduce -15.0%
PNW Pinnacle West Capital 0.18% 45,419 $4.0M Reduce -15.5%
NNN NNN REIT Inc. 0.18% 101,361 $4.0M Reduce -16.7%
WTRG Essential Utilities Inc. 0.18% 104,260 $4.0M Reduce -17.6%
DINO HF Sinclair Corp. 0.17% 83,650 $3.9M Reduce -23.6%
DLB Dolby Laboratories Inc. Class A 0.16% 55,053 $3.5M Reduce -19.5%
EEFT Euronet Worldwide Inc. 0.15% 45,583 $3.5M Reduce -11.8%
WSC Willscot Holdings Corp. 0.14% 163,165 $3.1M Reduce -18.9%
IJH iShares Core S&P Midcap ETF 0.13% 45,755 $3.0M Reduce -28.6%
LW Lamb Weston Holdings Inc. 0.13% 69,710 $2.9M Reduce -16.5%
FAF First American Financial 0.09% 32,104 $2.0M No change
HUBG Hub Group Inc. Class A 0.09% 44,815 $1.9M No change
RNR Renaissancere Holdings Ltd. 0.08% 6,541 $1.8M Reduce -16.9%
TCBI Texas Capital Bancshares Inc. 0.08% 20,310 $1.8M No change
NTST Netstreit Corp. 0.08% 102,978 $1.8M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.08% 9,150 $1.7M Add +182.5%
UBSI United Bankshares Inc. 0.08% 45,034 $1.7M Reduce -10.1%
ATMU Atmus Filtration Technologie 0.08% 32,917 $1.7M Reduce -19.2%
RMBS Rambus Inc. 0.08% 18,494 $1.7M Reduce -22.1%
UCB United Community Banks 0.08% 54,281 $1.7M Reduce -17.0%
USPH U.S. Physical Therapy Inc. 0.08% 21,621 $1.7M No change
TXNM TXNM Energy Inc. 0.07% 28,008 $1.6M No change
MCRI Monarch Casino & Resort Inc. 0.07% 16,871 $1.6M No change
ICHR Ichor Holdings Ltd. 0.07% 86,532 $1.6M New
IDA Idacorp Inc. 0.07% 12,379 $1.6M No change
OLED Universal Display Corp. 0.07% 13,360 $1.6M Add +25.4%
HSTM Healthstream Inc. 0.07% 67,229 $1.6M No change
ADUS Addus Homecare Corp. 0.07% 14,179 $1.5M No change
ALG Alamo Group Inc. 0.06% 8,642 $1.5M No change
NOV Nov Inc. 0.06% 90,358 $1.4M Reduce -22.5%
INGR Ingredion Inc. 0.06% 12,751 $1.4M New
DIOD Diodes Inc. 0.06% 28,349 $1.4M Reduce -0.6%
HCSG Healthcare Services Group 0.06% 72,953 $1.4M No change
USFR Wisdomtree Floating Rate Tre 0.06% 26,370 $1.3M Add +4.5%
EXP Eagle Materials Inc. 0.06% 6,393 $1.3M New
MMI Marcus & Millichap Inc. 0.05% 41,458 $1.1M Reduce -0.6%
CBT Cabot Corp. 0.05% 16,959 $1.1M No change
GS Goldman Sachs Group Inc. 0.04% 1,026 $902K Reduce -17.7%
AGZ iShares Agency Bond ETF 0.04% 7,917 $873K Reduce -0.1%
QLTA iShares Aaa - A Rated Corpor 0.04% 16,339 $786K Reduce -0.4%
VEA Vanguard Ftse Developed ETF 0.03% 12,201 $762K Add +221.0%
HLN Haleon PLC-ADR 0.03% 66,329 $671K Add +0.5%
E Eni SPA-Sponsored ADR 0.03% 17,340 $658K Reduce -31.0%
IEI iShares 3-7 Year Treasury Bo 0.02% 4,139 $494K No change
AEG Aegon Ltd.-NY Reg SHR 0.02% 63,600 $490K New
TSM Taiwan Semiconductor-SP ADR 0.02% 1,578 $480K Reduce -97.3%
MGA Magna International Inc. 0.02% 8,475 $452K Add +90.5%
MRVL Marvell Technology Inc. 0.02% 5,099 $433K Reduce -11.0%
WMB Williams Cos Inc. 0.02% 7,058 $424K Reduce -5.9%
IEUR iShares Core MSCI Europe ETF 0.02% 5,886 $418K Add +25.6%
IEF iShares 7-10 Year Treasury B 0.02% 4,313 $415K No change
CNI Canadian Natl Railway Co. 0.02% 3,985 $394K New
WELL Welltower Inc. 0.01% 1,661 $308K Reduce -23.4%
NVS Novartis AG-Sponsored ADR 0.01% 2,114 $291K No change
CTVA Corteva Inc. 0.01% 4,124 $276K Reduce -22.2%
IVE iShares S&P 500 Value ETF 0.01% 1,296 $275K Add +21.4%
ICE Intercontinental Exchange Inc. 0.01% 1,652 $268K Reduce -24.3%
VXF Vanguard Extended Market ETF 0.01% 1,272 $266K New
VSAT Viasat Inc. 0.01% 7,438 $256K Reduce -17.8%
VEU Vanguard Ftse All-World Ex-U 0.01% 2,794 $206K New
ASX Ase Technology Holding -ADR 0.01% 11,150 $180K Reduce -33.2%
RMAX Re/Max Holdings Inc. Class A 0.00% 12,906 $98K New

Portfolio Sells Q3 2025 → Q4 2025
FLUT Flutter Entertainment PLC-Di Sold out 0.00% −3.52
TGT Target Corp. Sold out 0.00% −2.00
PPG PPG Industries Inc. Sold out 0.00% −1.98
CMCSA Comcast Corp. Class A Reduce -32.1% 1.33% −0.77
TSM Taiwan Semiconductor-SP ADR Reduce -97.3% 0.02% −0.73
CNH CNH Industrial NV Sold out 0.00% −0.64
CNC Centene Corp. Reduce -35.0% 1.76% −0.63
SRE Sempra Reduce -21.1% 1.73% −0.54
LH Labcorp Holdings Inc. Reduce -1.3% 2.19% −0.39
DEO Diageo PLC-Sponsored ADR Reduce -8.0% 1.66% −0.37
WY Weyerhaeuser Co. Reduce -15.8% 1.06% −0.28
GRAB Grab Holdings Ltd. Class A Reduce -3.6% 0.84% −0.23
TEL Te Connectivity PLC Reduce -15.3% 1.42% −0.22
EPAM Epam Systems Inc. Sold out 0.00% −0.20
ING ING Groep N.V.-Sponsored ADR Reduce -21.3% 0.96% −0.20
CVX Chevron Corp. Reduce -3.4% 2.30% −0.17
MOH Molina Healthcare Inc. Sold out 0.00% −0.15
SONY Sony Group Corp. - SP ADR Reduce -4.7% 0.67% −0.14
BWA Borgwarner Inc. Reduce -35.6% 0.25% −0.13
JPM JPMorgan Chase & Co. Reduce -5.4% 2.35% −0.13
GNTX Gentex Corp. Reduce -11.8% 0.26% −0.10
EL Estee Lauder Companies Class A Reduce -17.9% 2.10% −0.09
LW Lamb Weston Holdings Inc. Reduce -16.5% 0.13% −0.09
WNS WNS Holdings Ltd. Sold out 0.00% −0.09
DINO HF Sinclair Corp. Reduce -23.6% 0.17% −0.09
FTDR Frontdoor Inc. Sold out 0.00% −0.08
MDT Medtronic PLC Reduce -2.4% 2.47% −0.08
AEIS Advanced Energy Industries Sold out 0.00% −0.08
MA Mastercard Inc. Class A Reduce -3.2% 1.52% −0.07
LECO Lincoln Electric Holdings Reduce -26.8% 0.19% −0.07
WBS Webster Financial Corp. Reduce -29.8% 0.18% −0.07
DLB Dolby Laboratories Inc. Class A Reduce -19.5% 0.16% −0.07
FNF Fidelity National Financial Reduce -16.4% 0.18% −0.06
PKG Packaging Corp. of America Reduce -17.6% 0.20% −0.06
LFUS Littelfuse Inc. Reduce -18.6% 0.21% −0.06
NNN NNN REIT Inc. Reduce -16.7% 0.18% −0.06
BOKF Bok Financial Corporation Reduce -20.9% 0.27% −0.06
WSC Willscot Holdings Corp. Reduce -18.9% 0.14% −0.06
IJH iShares Core S&P Midcap ETF Reduce -28.6% 0.13% −0.06
WEX Wex Inc. Reduce -12.5% 0.24% −0.05
LSCC Lattice Semiconductor Corp. Reduce -16.2% 0.25% −0.05
DGX Quest Diagnostics Inc. Reduce -13.4% 0.18% −0.05
EEFT Euronet Worldwide Inc. Reduce -11.8% 0.15% −0.05
ATO Atmos Energy Corp. Reduce -17.7% 0.20% −0.05
WTRG Essential Utilities Inc. Reduce -17.6% 0.18% −0.05
SRAD Sportradar Group AG-A Reduce -2.3% 0.24% −0.04
DAL Delta Air Lines Inc. Reduce -18.2% 2.43% −0.04
DOX Amdocs Ltd. Reduce -15.0% 0.18% −0.04
PNW Pinnacle West Capital Reduce -15.5% 0.18% −0.04
RMBS Rambus Inc. Reduce -22.1% 0.08% −0.04

Portfolio Buys Q3 2025 → Q4 2025
HON Honeywell International Inc. New 2.31% +2.31
PEP Pepsico Inc. New 1.77% +1.77
FDX FedEx Corp. New 1.72% +1.72
MAS Masco Corp. Add +733.9% 1.74% +1.50
SW Smurfit Westrock PLC New 0.70% +0.70
CME Cme Group Inc. Add +38.6% 2.52% +0.69
ALC Alcon Inc. New 0.68% +0.68
REGN Regeneron Pharmaceuticals Add +1.8% 2.07% +0.56
AMRZ Amrize Ltd. Add +15.9% 2.63% +0.56
EFA iShares MSCI Eafe ETF Add +148.3% 0.88% +0.53
CAMX Cambiar Aggressive Value ETF Add +614.5% 0.55% +0.48
TXN Texas Instruments Inc. Add +33.3% 2.45% +0.47
BMY Bristol-Myers Squibb Co. Add +2.7% 2.37% +0.41
IWD iShares Russell 1000 Value E Add +26.9% 1.67% +0.37
ABNB Airbnb Inc. Class A Add +1.0% 2.34% +0.23
COO The Cooper Cos Inc. New 0.20% +0.20
SOLV Solventum Corp. New 0.20% +0.20
AZN Astrazeneca PLC-Spons ADR Add +2.0% 1.13% +0.19
CF CF Industries Holdings Inc. New 0.19% +0.19
ELV Elevance Health Inc. Add +0.1% 2.63% +0.17
TSEM Tower Semiconductor Ltd. Add +60.7% 0.26% +0.16
STZ Constellation Brands Inc. Class A Add +8.6% 1.52% +0.13
SAP Sap SE-Sponsored ADR Add +35.4% 0.56% +0.10
UNP Union Pacific Corp. Add +7.9% 2.60% +0.09
SHY iShares 1-3 Year Treasury Bo Add +101.6% 0.18% +0.09
COLD Americold Realty Trust Inc. Add +47.6% 0.26% +0.09
NXPI NXP Semiconductors NV Add +44.1% 0.28% +0.07
ICHR Ichor Holdings Ltd. New 0.07% +0.07
INGR Ingredion Inc. New 0.06% +0.06
EXP Eagle Materials Inc. New 0.06% +0.06
VTV Vanguard Mrngstr Val ETF-Aui Add +182.5% 0.08% +0.05
SYY Sysco Corp. Add +16.8% 1.63% +0.04
VEA Vanguard Ftse Developed ETF Add +221.0% 0.03% +0.02
AEG Aegon Ltd.-NY Reg SHR New 0.02% +0.02
CNI Canadian Natl Railway Co. New 0.02% +0.02
PHR Phreesia Inc. Add +48.9% 0.27% +0.01
VXF Vanguard Extended Market ETF New 0.01% +0.01
MGA Magna International Inc. Add +90.5% 0.02% +0.01
VEU Vanguard Ftse All-World Ex-U New 0.01% +0.01
LAZ Lazard Inc. Add +13.2% 0.27% +0.01
RMAX Re/Max Holdings Inc. Class A New 0.00% +0.00
IEUR iShares Core MSCI Europe ETF Add +25.6% 0.02% +0.00
HLN Haleon PLC-ADR Add +0.5% 0.03% +0.00
IVE iShares S&P 500 Value ETF Add +21.4% 0.01% +0.00
USFR Wisdomtree Floating Rate Tre Add +4.5% 0.06% +0.00
OLED Universal Display Corp. Add +25.4% 0.07% +0.00
ET Energy Transfer LP Add +0.2% 0.19% −0.01
ACVA Acv Auctions Inc. Class A Add +13.4% 0.21% −0.02
UBER Uber Technologies Inc. Add +4.8% 2.51% −0.41

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