Mondrian Investment Partners LTD

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 7, 2024), Mondrian Investment Partners LTD reported 98 stock positions worth $7.3 billion. Its top holding was TC Energy (TRP) at 6.8% of the portfolio, followed by Banco Santander SA-Spon ADR (SAN, 4.0%) and Taiwan Semiconductor-SP ADR (TSM, 3.3%). Compared with Q4 2023, it opened 4 new positions, sold out of 4, added to 43 and reduced 40. The biggest buy was Schwab (charles) (SCHW, shares +28736%) and the biggest sale an exit from Visa Class A (V).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001317724
Portfolio Value
$7.3B (Q1 2024)
SEC Filing
0001317724-24-000005 ↗ filed May 7, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $7.3B $7.3B Q1 2024 Q2 2024: $6.5B Q2 2024 Q3 2024: $6.6B Q3 2024 Q4 2024: $6.1B Q4 2024 Q1 2025: $5.8B Q1 2025 Q3 2025: $6.0B Q3 2025 Q4 2025: $6.1B Q4 2025 Q1 2026: $6.7B Q1 2026 Q2 2026: $6.5B Q2 2026

Holdings 98 stocks · $7.3B
TRP TC Energy Corp. 6.78% 9,077,921 $493.3M Add +2.5%
SAN Banco Santander SA-Spon ADR 4.05% 60,900,573 $294.8M Add +42.5%
TSM Taiwan Semiconductor-SP ADR 3.34% 1,785,730 $242.9M Add +11.9%
GSK GSK PLC-Spon ADR 3.25% 5,510,840 $236.2M Add +37.8%
LYG Lloyds Banking Group PLC-ADR 3.20% 89,948,537 $233.0M Add +39.3%
BP BP PLC-Spons ADR 3.05% 5,888,610 $221.9M Add +43.0%
SONY Sony Group Corp. - SP ADR 3.02% 2,558,527 $220.0M Add +43.4%
NVS Novartis AG-Sponsored ADR 2.74% 2,065,739 $199.8M Add +40.1%
BAP Credicorp Ltd. 2.65% 1,138,526 $192.9M Reduce -13.3%
SNY Sanofi-ADR 2.64% 3,951,089 $192.0M Add +43.1%
HMC Honda Motor Co. Ltd.-Spons ADR 2.63% 5,176,690 $191.5M Add +20.9%
PHG Koninklijke Philips NVR- NY 2.62% 9,553,058 $191.1M Add +45.1%
TAK Takeda Pharmaceutic-SP ADR 2.32% 12,079,962 $169.1M Add +47.9%
META Meta Platforms Inc. Class A 2.31% 345,899 $168.0M Reduce -8.8%
ABBV Abbvie Inc. 2.29% 915,903 $166.8M Reduce -5.4%
WPP WPP PLC-Sponsored ADR 2.18% 3,350,015 $158.8M Add +46.5%
WFC Wells Fargo & Co. 2.16% 2,716,282 $157.4M Reduce -6.7%
HCA HCA Healthcare Inc. 2.06% 449,905 $150.1M Reduce -9.9%
SHEL Shell PLC-ADR 2.01% 2,187,872 $146.7M Add +83.2%
DLTR Dollar Tree Inc. 2.01% 1,100,957 $146.6M Reduce -1.9%
DD Dupont DE Nemours Inc. 1.90% 1,799,860 $138.0M Add +9.5%
CDW CDW Corp. 1.84% 524,641 $134.2M Reduce -0.8%
LH Laboratory CRP of Amer Hldgs 1.77% 591,056 $129.1M Add +0.9%
MSFT Microsoft Corp. 1.75% 302,640 $127.3M Reduce -29.2%
PBR Petroleo Brasileiro-Spon ADR 1.72% 8,210,453 $124.9M Add +0.1%
ATHM Autohome Inc.-ADR 1.69% 4,695,298 $123.1M Add +0.9%
WMT Walmart Inc. 1.64% 1,989,977 $119.7M Reduce -10.7%
KVUE Kenvue Inc. 1.64% 5,573,989 $119.6M Add +44.2%
CNC Centene Corp. 1.58% 1,464,617 $114.9M Add +1.2%
ALV Autoliv Inc. 1.58% 952,555 $114.7M Add +20.5%
YUMC Yum China Holdings Inc. 1.54% 2,811,769 $112.1M Add +74.2%
VALE Vale SA-SP ADR 1.52% 9,095,789 $110.9M Add +0.1%
SCHW Schwab (charles) Corp. 1.48% 1,485,637 $107.5M Add +28736.1%
UNH Unitedhealth Group Inc. 1.46% 214,336 $106.0M Add +13.8%
CL Colgate-Palmolive Co. 1.39% 1,126,918 $101.5M Reduce -27.4%
AMZN Amazon.com Inc. 1.39% 561,739 $101.3M Add +2.6%
BRK.B Berkshire Hathaway Inc. Class B 1.39% 240,640 $101.2M Reduce -16.1%
AMT American Tower Corp. 1.37% 503,888 $99.6M Reduce -16.4%
B Barrick Gold Corp. 1.35% 5,887,910 $98.0M Reduce -0.1%
MU Micron Technology Inc. 1.25% 770,598 $90.8M Reduce -9.6%
XOM Exxon Mobil Corp. 1.24% 775,079 $90.1M Add +2.6%
LHX L3HARRIS Technologies Inc. 1.23% 420,645 $89.6M Reduce -1.4%
INFY Infosys Ltd.-SP ADR 1.17% 4,753,241 $85.2M Reduce -0.4%
NNN NNN REIT Inc. 1.13% 1,917,707 $82.0M New
BIDU Baidu Inc. - Spon ADR 1.07% 736,609 $77.6M Reduce -0.1%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.93% 1,371,962 $67.4M Add +0.3%
TXN Texas Instruments Inc. 0.70% 292,235 $50.9M New
SRCL Stericycle Inc. 0.68% 934,624 $49.3M Reduce -51.0%
HDB HDFC Bank Ltd.-ADR 0.54% 704,714 $39.4M Add +16.3%
KT KT Corp.-SP ADR 0.53% 2,748,775 $38.5M Reduce -11.9%
ITUB Itau Unibanco H-Spon PRF ADR 0.52% 5,479,858 $38.0M Reduce -0.2%
EFA iShares MSCI Eafe ETF 0.39% 357,569 $28.6M Reduce -5.5%
VEA Vanguard Ftse Developed ETF 0.35% 507,345 $25.5M Add +94.9%
PLD Prologis Inc. 0.27% 152,787 $19.9M Add +3.1%
KSA Ishrs MSCI Saudi Arabia ETF 0.22% 356,672 $15.8M Add +34.9%
RDY Dr. Reddy's Laboratories-ADR 0.17% 164,547 $12.1M Reduce -24.9%
CHT Chunghwa Telecom LT-Spon ADR 0.06% 117,498 $4.6M No change
PAX Patria Investments Ltd. Class A 0.03% 160,008 $2.4M Reduce -3.1%
ES Eversource Energy 0.03% 32,229 $1.9M Add +127.5%
WAT Waters Corp. 0.02% 4,557 $1.6M Add +109.1%
EIX Edison International 0.02% 19,783 $1.4M Add +236.6%
FIS Fidelity National Info Serv 0.02% 18,086 $1.3M Add +248.5%
LW Lamb Weston Holdings Inc. 0.02% 12,080 $1.3M Add +248.6%
CINT Ci&t Inc./United States-A 0.02% 310,200 $1.3M Reduce -36.7%
GILD Gilead Sciences Inc. 0.01% 11,605 $850K Add +245.0%
EOG EOG Resources Inc. 0.01% 6,504 $831K Add +246.0%
SWK Stanley Black & Decker Inc. 0.01% 7,420 $727K Add +117.8%
CRM Salesforce Inc. 0.01% 2,002 $603K No change
GOOGL Alphabet Inc. Class A 0.01% 3,970 $599K No change
DG Dollar General Corp. 0.01% 3,284 $513K No change
EA Electronic Arts Inc. 0.01% 3,541 $470K No change
EWY iShares MSCI South Korea ETF 0.00% 5,104 $343K Reduce -57.8%
BABA Alibaba Group Holding-SP ADR 0.00% 2,292 $166K Reduce -56.1%
ASHR Xtrackers Harvest Csi 300 CH 0.00% 6,802 $164K Reduce -56.4%
ENIC Enel Chile SA-ADR 0.00% 51,190 $156K No change
VEU Vanguard Ftse All-World Ex-U 0.00% 2,558 $150K Add +92.0%
BTG B2GOLD Corp. 0.00% 37,107 $132K Add +1.6%
PAC Grupo Aeroportuario Pac-ADR 0.00% 729 $119K Reduce -30.4%
SHG Shinhan Financial Group-ADR 0.00% 3,150 $112K Reduce -57.6%
ENB Enbridge Inc. 0.00% 2,074 $102K No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 1,357 $95K Add +1.3%
IBN Icici Bank Ltd.-Spon ADR 0.00% 2,992 $79K Reduce -58.7%
CSX CSX Corp. 0.00% 2,097 $78K No change
NSC Norfolk Southern Corp. 0.00% 283 $72K Reduce -13.5%
UL Unilever PLC 0.00% 1,316 $66K Reduce -58.0%
ASX Ase Technology Holding -ADR 0.00% 5,929 $65K Reduce -56.4%
QCOM Qualcomm Inc. 0.00% 383 $65K Reduce -73.7%
SUZ Suzano SA - Spon ADR 0.00% 4,657 $60K Reduce -67.8%
TTE Totalenergies SE -Spon ADR 0.00% 839 $58K New
E Eni SPA-Sponsored ADR 0.00% 1,781 $57K Reduce -75.0%
TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA 0.00% 2,270 $51K Reduce -57.7%
UAE iShares MSCI Uae ETF 0.00% 3,264 $48K Reduce -42.7%
DQ Daqo New Energy Corp.-ADR 0.00% 1,319 $37K Reduce -18.1%
OTEX Open Text Corp. 0.00% 471 $25K No change
VWO Vanguard Ftse Emerging Marke 0.00% 387 $16K Reduce -64.9%
MOMO Hello Group Inc. -SPN ADR 0.00% 2,201 $14K No change
JOYY Joyy Inc.-ADR 0.00% 395 $12K No change
EEM iShares MSCI Emerging Market 0.00% 17 $686 New

Portfolio Sells Q4 2023 → Q1 2024
V Visa Inc. Class A Sold out 0.00% −1.16
SRCL Stericycle Inc. Reduce -51.0% 0.68% −0.82
MSFT Microsoft Corp. Reduce -29.2% 1.75% −0.79
AMT American Tower Corp. Reduce -16.4% 1.37% −0.69
CL Colgate-Palmolive Co. Reduce -27.4% 1.39% −0.56
DLTR Dollar Tree Inc. Reduce -1.9% 2.01% −0.51
BAP Credicorp Ltd. Reduce -13.3% 2.65% −0.46
B Barrick Gold Corp. Reduce -0.1% 1.35% −0.34
BIDU Baidu Inc. - Spon ADR Reduce -0.1% 1.07% −0.32
BRK.B Berkshire Hathaway Inc. Class B Reduce -16.1% 1.39% −0.23
INFY Infosys Ltd.-SP ADR Reduce -0.4% 1.17% −0.22
WMT Walmart Inc. Reduce -10.7% 1.64% −0.21
LHX L3HARRIS Technologies Inc. Reduce -1.4% 1.23% −0.19
KT KT Corp.-SP ADR Reduce -11.9% 0.53% −0.13
WFC Wells Fargo & Co. Reduce -6.7% 2.16% −0.10
ITUB Itau Unibanco H-Spon PRF ADR Reduce -0.2% 0.52% −0.08
ABBV Abbvie Inc. Reduce -5.4% 2.29% −0.08
RDY Dr. Reddy's Laboratories-ADR Reduce -24.9% 0.17% −0.07
HCA HCA Healthcare Inc. Reduce -9.9% 2.06% −0.07
EFA iShares MSCI Eafe ETF Reduce -5.5% 0.39% −0.06
CDW CDW Corp. Reduce -0.8% 1.84% −0.06
CINT Ci&t Inc./United States-A Reduce -36.7% 0.02% −0.02
PAX Patria Investments Ltd. Class A Reduce -3.1% 0.03% −0.01
EWY iShares MSCI South Korea ETF Reduce -57.8% 0.00% −0.01
BABA Alibaba Group Holding-SP ADR Reduce -56.1% 0.00% −0.00
ASHR Xtrackers Harvest Csi 300 CH Reduce -56.4% 0.00% −0.00
E Eni SPA-Sponsored ADR Reduce -75.0% 0.00% −0.00
QCOM Qualcomm Inc. Reduce -73.7% 0.00% −0.00
SYF Synchrony Financial Sold out 0.00% −0.00
SHG Shinhan Financial Group-ADR Reduce -57.6% 0.00% −0.00
SUZ Suzano SA - Spon ADR Reduce -67.8% 0.00% −0.00
IBN Icici Bank Ltd.-Spon ADR Reduce -58.7% 0.00% −0.00
TLK Telkom Indonesia Persero-ADR Reduce -57.7% 0.00% −0.00
UL Unilever PLC Reduce -58.0% 0.00% −0.00
PAC Grupo Aeroportuario Pac-ADR Reduce -30.4% 0.00% −0.00
ASX Ase Technology Holding -ADR Reduce -56.4% 0.00% −0.00
SPGI S&P Global Inc. Sold out 0.00% −0.00
UAE iShares MSCI Uae ETF Reduce -42.7% 0.00% −0.00
VWO Vanguard Ftse Emerging Marke Reduce -64.9% 0.00% −0.00
DQ Daqo New Energy Corp.-ADR Reduce -18.1% 0.00% −0.00
NSC Norfolk Southern Corp. Reduce -13.5% 0.00% −0.00
NTES Netease Inc.-ADR Sold out 0.00% 0.00
MU Micron Technology Inc. Reduce -9.6% 1.25% +0.10
META Meta Platforms Inc. Class A Reduce -8.8% 2.31% +0.18

Portfolio Buys Q4 2023 → Q1 2024
SCHW Schwab (charles) Corp. Add +28736.1% 1.48% +1.47
SAN Banco Santander SA-Spon ADR Add +42.5% 4.05% +1.25
NNN NNN REIT Inc. New 1.13% +1.13
GSK GSK PLC-Spon ADR Add +37.8% 3.25% +0.90
SHEL Shell PLC-ADR Add +83.2% 2.01% +0.77
LYG Lloyds Banking Group PLC-ADR Add +39.3% 3.20% +0.76
BP BP PLC-Spons ADR Add +43.0% 3.05% +0.74
TXN Texas Instruments Inc. New 0.70% +0.70
HMC Honda Motor Co. Ltd.-Spons ADR Add +20.9% 2.63% +0.54
TAK Takeda Pharmaceutic-SP ADR Add +47.9% 2.32% +0.48
SNY Sanofi-ADR Add +43.1% 2.64% +0.47
WPP WPP PLC-Sponsored ADR Add +46.5% 2.18% +0.46
YUMC Yum China Holdings Inc. Add +74.2% 1.54% +0.45
NVS Novartis AG-Sponsored ADR Add +40.1% 2.74% +0.39
SONY Sony Group Corp. - SP ADR Add +43.4% 3.02% +0.35
KVUE Kenvue Inc. Add +44.2% 1.64% +0.33
ALV Autoliv Inc. Add +20.5% 1.58% +0.20
PHG Koninklijke Philips NVR- NY Add +45.1% 2.62% +0.20
VEA Vanguard Ftse Developed ETF Add +94.9% 0.35% +0.15
AMZN Amazon.com Inc. Add +2.6% 1.39% +0.08
XOM Exxon Mobil Corp. Add +2.6% 1.24% +0.04
KSA Ishrs MSCI Saudi Arabia ETF Add +34.9% 0.22% +0.04
FIS Fidelity National Info Serv Add +248.5% 0.02% +0.01
EIX Edison International Add +236.6% 0.02% +0.01
ES Eversource Energy Add +127.5% 0.03% +0.01
LW Lamb Weston Holdings Inc. Add +248.6% 0.02% +0.01
WAT Waters Corp. Add +109.1% 0.02% +0.01
EOG EOG Resources Inc. Add +246.0% 0.01% +0.01
GILD Gilead Sciences Inc. Add +245.0% 0.01% +0.01
SWK Stanley Black & Decker Inc. Add +117.8% 0.01% +0.00
VEU Vanguard Ftse All-World Ex-U Add +92.0% 0.00% +0.00
TTE Totalenergies SE -Spon ADR New 0.00% +0.00
EEM iShares MSCI Emerging Market New 0.00% 0.00
BNS Bank of Nova Scotia Add +1.3% 0.00% −0.00
BTG B2GOLD Corp. Add +1.6% 0.00% −0.00
PLD Prologis Inc. Add +3.1% 0.27% −0.04
HDB HDFC Bank Ltd.-ADR Add +16.3% 0.54% −0.10
DD Dupont DE Nemours Inc. Add +9.5% 1.90% −0.10
UNH Unitedhealth Group Inc. Add +13.8% 1.46% −0.11
CNC Centene Corp. Add +1.2% 1.58% −0.12
LH Laboratory CRP of Amer Hldgs Add +0.9% 1.77% −0.33
PBR Petroleo Brasileiro-Spon ADR Add +0.1% 1.72% −0.36
ATHM Autohome Inc.-ADR Add +0.9% 1.69% −0.37
SQM Quimica Y Minera Chil-SP ADR Add +0.3% 0.93% −0.38
TRP TC Energy Corp. Add +2.5% 6.78% −0.46
VALE Vale SA-SP ADR Add +0.1% 1.52% −0.76
TSM Taiwan Semiconductor-SP ADR Add +11.9% 3.34% −1.91

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 111$6.5BYUMC, LYG, SAN, GSK, SONY
Q1 2026 103$6.7BYUMC, GSK, LYG, SAN, SONY
Q4 2025 102$6.1BLYG, SAN, GSK, SONY, SNY
Q3 2025 96$6.0BLYG, SAN, SONY, GSK, BTI
Q1 2025 98$5.8BSAN, LYG, SONY, TRP, BTI
Q4 2024Amended 100$6.1BTRP, SONY, LYG, SAN, GSK
Q3 2024 100$6.6BTRP, PHG, LYG, SAN, SONY
Q2 2024 96$6.5BTRP, PHG, LYG, SAN, SONY
Q1 2024 98$7.3BTRP, SAN, TSM, GSK, LYG