Mondrian Investment Partners LTD

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 5, 2024), Mondrian Investment Partners LTD reported 100 stock positions worth $6.6 billion. Its top holding was TC Energy (TRP) at 6.2% of the portfolio, followed by Koninklijke Philips NVR- NY (PHG, 3.9%) and Lloyds Banking Group PLC-ADR (LYG, 3.5%). Compared with Q2 2024, it opened 5 new positions, sold out of 1, added to 31 and reduced 55. The biggest buy was British American Tob-SP ADR (BTI, shares +163%) and the biggest sale Walmart (WMT, shares −99%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001317724
Portfolio Value
$6.6B (Q3 2024)
SEC Filing
0001317724-24-000008 ↗ filed Nov 5, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $7.3B Q1 2024 Q2 2024: $6.5B Q2 2024 Q3 2024: $6.6B $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 100 stocks · $6.6B
TRP TC Energy Corp. 6.21% 6,393,764 $410.4M Reduce -6.2%
PHG Koninklijke Philips NVR- NY 3.91% 7,894,407 $258.3M Reduce -3.5%
LYG Lloyds Banking Group PLC-ADR 3.49% 73,961,615 $230.8M Reduce -1.0%
SAN Banco Santander SA-Spon ADR 3.43% 44,468,407 $226.8M Reduce -1.0%
SONY Sony Group Corp. - SP ADR 3.25% 2,212,476 $214.6M Reduce -0.9%
GSK GSK PLC-Spon ADR 3.07% 4,964,380 $202.9M Add +1.4%
SNY Sanofi-ADR 3.03% 3,478,667 $200.5M Reduce -0.9%
YUMC Yum China Holdings Inc. 2.86% 4,191,213 $189.2M Reduce -4.6%
META Meta Platforms Inc. Class A 2.57% 296,468 $169.7M Add +0.2%
DD Dupont DE Nemours Inc. 2.34% 1,738,466 $154.9M Add +0.2%
BP BP PLC-Spons ADR 2.31% 4,855,508 $152.4M Reduce -2.8%
KVUE Kenvue Inc. 2.29% 6,531,995 $151.1M Reduce -3.0%
HCA HCA Healthcare Inc. 2.25% 365,428 $148.5M Reduce -8.1%
WPP WPP PLC-Sponsored ADR 2.22% 2,872,927 $147.0M Reduce -1.0%
TXN Texas Instruments Inc. 2.21% 708,118 $146.3M Add +0.3%
HMC Honda Motor Co. Ltd.-Spons ADR 2.19% 4,512,891 $144.4M Add +3.1%
PBR Petroleo Brasileiro-Spon ADR 2.10% 9,614,392 $138.5M Reduce -4.8%
UNH Unitedhealth Group Inc. 2.05% 232,084 $135.7M Add +0.3%
WFC Wells Fargo & Co. 2.04% 2,384,665 $134.7M Add +0.4%
TSM Taiwan Semiconductor-SP ADR 1.94% 739,301 $128.4M Reduce -28.6%
CDW CDW Corp. 1.94% 567,069 $128.3M Add +11.5%
ABBV Abbvie Inc. 1.93% 644,285 $127.2M Reduce -23.6%
MCD McDonald's Corp. 1.92% 416,475 $126.8M Add +0.2%
MSFT Microsoft Corp. 1.90% 292,399 $125.8M Add +0.5%
BAP Credicorp Ltd. 1.87% 681,089 $123.3M Reduce -16.1%
ALV Autoliv Inc. 1.86% 1,319,044 $123.2M Add +13.7%
VALE Vale SA-SP ADR 1.83% 10,373,334 $121.2M Reduce -5.3%
CNC Centene Corp. 1.82% 1,596,597 $120.2M Add +0.1%
SCHW Schwab (charles) Corp. 1.81% 1,849,846 $119.9M Add +12.0%
NVS Novartis AG-Sponsored ADR 1.74% 1,000,159 $115.0M Reduce -21.4%
B Barrick Gold Corp. 1.70% 5,640,915 $112.2M Reduce -5.6%
AMT American Tower Corp. 1.70% 481,726 $112.0M Reduce -1.3%
LH Labcorp Holdings Inc. 1.68% 497,038 $111.1M Reduce -11.5%
SHEL Shell PLC-ADR 1.67% 1,674,056 $110.4M Reduce -2.0%
ATHM Autohome Inc.-ADR 1.66% 3,352,892 $109.4M Reduce -5.7%
AMZN Amazon.com Inc. 1.47% 521,040 $97.1M Add +3.8%
LHX L3HARRIS Technologies Inc. 1.38% 384,212 $91.4M Reduce -3.1%
NNN NNN REIT Inc. 1.37% 1,869,855 $90.7M Add +0.3%
XOM Exxon Mobil Corp. 1.33% 747,830 $87.7M Add +0.1%
INFY Infosys Ltd.-SP ADR 1.28% 3,800,032 $84.6M Reduce -5.6%
PLD Prologis Inc. 1.23% 645,774 $81.5M Add +38.4%
HDB HDFC Bank Ltd.-ADR 1.16% 1,221,246 $76.4M Reduce -0.9%
DLTR Dollar Tree Inc. 1.14% 1,067,960 $75.1M Add +0.2%
TAK Takeda Pharmaceutic-SP ADR 1.08% 5,094,455 $71.3M Reduce -34.2%
BIDU Baidu Inc. - Spon ADR 0.96% 601,994 $63.4M Reduce -5.1%
BTI British American Tob-SP ADR 0.78% 1,406,024 $51.4M Add +163.3%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.71% 1,132,551 $47.2M Reduce -4.8%
KT KT Corp.-SP ADR 0.49% 2,121,469 $32.6M Reduce -3.9%
ITUB Itau Unibanco H-Spon PRF ADR 0.45% 4,516,666 $30.0M Reduce -8.2%
MU Micron Technology Inc. 0.45% 285,731 $29.6M Add +1.3%
KSA Ishrs MSCI Saudi Arabia ETF 0.38% 595,070 $25.4M Reduce -0.1%
EFA iShares MSCI Eafe ETF 0.29% 228,938 $19.1M Add +478.8%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.28% 176,131 $18.7M New
CRM Salesforce Inc. 0.20% 48,705 $13.3M New
VEA Vanguard Ftse Developed ETF 0.20% 244,010 $12.9M Add +4.6%
RDY Dr. Reddy's Laboratories-ADR 0.17% 142,061 $11.3M Reduce -0.1%
CHT Chunghwa Telecom LT-Spon ADR 0.07% 117,498 $4.7M No change
WAT Waters Corp. 0.04% 7,018 $2.5M Reduce -0.3%
ES Eversource Energy 0.04% 35,176 $2.4M Reduce -1.3%
EIX Edison International 0.03% 21,153 $1.8M Add +3.0%
LAUR Laureate Education Inc. 0.03% 110,054 $1.8M Add +4.5%
FIS Fidelity National Info Serv 0.02% 19,444 $1.6M Add +2.9%
SRCL Stericycle Inc. 0.02% 22,208 $1.4M Add +1.4%
PAX Patria Investments Ltd. Class A 0.02% 113,487 $1.3M Reduce -0.6%
GILD Gilead Sciences Inc. 0.02% 12,667 $1.1M Add +4.1%
LW Lamb Weston Holdings Inc. 0.02% 15,443 $1000K Add +3.1%
EOG EOG Resources Inc. 0.01% 8,023 $986K Add +16.3%
SWK Stanley Black & Decker Inc. 0.01% 8,080 $890K Add +2.9%
GOOGL Alphabet Inc. Class A 0.01% 3,509 $582K Reduce -11.7%
EA Electronic Arts Inc. 0.01% 4,003 $574K Reduce -11.7%
WMT Walmart Inc. 0.01% 6,962 $562K Reduce -99.5%
DG Dollar General Corp. 0.01% 4,203 $355K No change
HAFN Hafnia Ltd. 0.01% 4,450 $334K Reduce -12.3%
EWY iShares MSCI South Korea ETF 0.00% 4,821 $308K Reduce -18.6%
BABA Alibaba Group Holding-SP ADR 0.00% 1,957 $208K Reduce -17.4%
CL Colgate-Palmolive Co. 0.00% 1,736 $180K Reduce -27.7%
ASHR Xtrackers Harvest Csi 300 CH 0.00% 5,755 $165K Reduce -18.3%
ENIC Enel Chile SA-ADR 0.00% 48,847 $136K No change
SHG Shinhan Financial Group-ADR 0.00% 3,067 $130K Reduce -18.9%
BTG B2GOLD Corp. 0.00% 28,148 $118K Reduce -12.7%
ENB Enbridge Inc. 0.00% 2,074 $114K No change
PAC Grupo Aeroportuario Pac-ADR 0.00% 645 $112K Reduce -16.0%
VEU Vanguard Ftse All-World Ex-U 0.00% 1,554 $98K Add +50.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 1,190 $88K Reduce -14.4%
CSX CSX Corp. 0.00% 2,312 $80K No change
IBN Icici Bank Ltd.-Spon ADR 0.00% 2,516 $75K Reduce -18.6%
NSC Norfolk Southern Corp. 0.00% 283 $70K No change
TTE Totalenergies SE -Spon ADR 0.00% 945 $61K Reduce -18.5%
TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA 0.00% 2,676 $53K Reduce -16.7%
ASX Ase Technology Holding -ADR 0.00% 4,960 $48K Reduce -18.9%
UL Unilever PLC 0.00% 649 $42K Reduce -52.4%
UAE iShares MSCI Uae ETF 0.00% 2,737 $42K Reduce -18.3%
ABEV Ambev SA-ADR 0.00% 14,817 $36K New
DQ Daqo New Energy Corp.-ADR 0.00% 1,319 $27K No change
OTEX Open Text Corp. 0.00% 471 $21K No change
E Eni SPA-Sponsored ADR 0.00% 682 $21K Reduce -6.8%
MOMO Hello Group Inc. -SPN ADR 0.00% 2,598 $20K Reduce -14.5%
VWO Vanguard Ftse Emerging Marke 0.00% 311 $15K New
JOYY Joyy Inc.-ADR 0.00% 395 $14K No change
NX Quanex Building Products 0.00% 275 $8K New

Portfolio Sells Q2 2024 → Q3 2024
WMT Walmart Inc. Reduce -99.5% 0.01% −1.44
TSM Taiwan Semiconductor-SP ADR Reduce -28.6% 1.94% −0.70
TAK Takeda Pharmaceutic-SP ADR Reduce -34.2% 1.08% −0.59
ABBV Abbvie Inc. Reduce -23.6% 1.93% −0.48
NVS Novartis AG-Sponsored ADR Reduce -21.4% 1.74% −0.44
BP BP PLC-Spons ADR Reduce -2.8% 2.31% −0.41
BAP Credicorp Ltd. Reduce -16.1% 1.87% −0.27
SHEL Shell PLC-ADR Reduce -2.0% 1.67% −0.25
LH Labcorp Holdings Inc. Reduce -11.5% 1.68% −0.18
PBR Petroleo Brasileiro-Spon ADR Reduce -4.8% 2.10% −0.12
INFY Infosys Ltd.-SP ADR Reduce -5.6% 1.28% −0.09
RDY Dr. Reddy's Laboratories-ADR Reduce -0.1% 0.17% −0.01
B Barrick Gold Corp. Reduce -5.6% 1.70% −0.00
PAX Patria Investments Ltd. Class A Reduce -0.6% 0.02% −0.00
EA Electronic Arts Inc. Reduce -11.7% 0.01% −0.00
GOOGL Alphabet Inc. Class A Reduce -11.7% 0.01% −0.00
HAFN Hafnia Ltd. Reduce -12.3% 0.01% −0.00
KSA Ishrs MSCI Saudi Arabia ETF Reduce -0.1% 0.38% −0.00
EWY iShares MSCI South Korea ETF Reduce -18.6% 0.00% −0.00
KT KT Corp.-SP ADR Reduce -3.9% 0.49% −0.00
LHX L3HARRIS Technologies Inc. Reduce -3.1% 1.38% −0.00
ITUB Itau Unibanco H-Spon PRF ADR Reduce -8.2% 0.45% −0.00
CL Colgate-Palmolive Co. Reduce -27.7% 0.00% −0.00
UL Unilever PLC Reduce -52.4% 0.00% −0.00
SHG Shinhan Financial Group-ADR Reduce -18.9% 0.00% −0.00
BTG B2GOLD Corp. Reduce -12.7% 0.00% −0.00
TTE Totalenergies SE -Spon ADR Reduce -18.5% 0.00% −0.00
ASX Ase Technology Holding -ADR Reduce -18.9% 0.00% −0.00
PAC Grupo Aeroportuario Pac-ADR Reduce -16.0% 0.00% −0.00
IBN Icici Bank Ltd.-Spon ADR Reduce -18.6% 0.00% −0.00
BNS Bank of Nova Scotia Reduce -14.4% 0.00% −0.00
ASHR Xtrackers Harvest Csi 300 CH Reduce -18.3% 0.00% −0.00
UAE iShares MSCI Uae ETF Reduce -18.3% 0.00% −0.00
TLK Telkom Indonesia Persero-ADR Reduce -16.7% 0.00% −0.00
QCOM Qualcomm Inc. Sold out 0.00% −0.00
E Eni SPA-Sponsored ADR Reduce -6.8% 0.00% 0.00
MOMO Hello Group Inc. -SPN ADR Reduce -14.5% 0.00% 0.00
BABA Alibaba Group Holding-SP ADR Reduce -17.4% 0.00% +0.00
ES Eversource Energy Reduce -1.3% 0.04% +0.00
WAT Waters Corp. Reduce -0.3% 0.04% +0.00
VALE Vale SA-SP ADR Reduce -5.3% 1.83% +0.00
LYG Lloyds Banking Group PLC-ADR Reduce -1.0% 3.49% +0.01
HDB HDFC Bank Ltd.-ADR Reduce -0.9% 1.16% +0.02
SQM Quimica Y Minera Chil-SP ADR Reduce -4.8% 0.71% +0.02
HCA HCA Healthcare Inc. Reduce -8.1% 2.25% +0.03
AMT American Tower Corp. Reduce -1.3% 1.70% +0.04
TRP TC Energy Corp. Reduce -6.2% 6.21% +0.07
SAN Banco Santander SA-Spon ADR Reduce -1.0% 3.43% +0.08
BIDU Baidu Inc. - Spon ADR Reduce -5.1% 0.96% +0.09
WPP WPP PLC-Sponsored ADR Reduce -1.0% 2.22% +0.18

Portfolio Buys Q2 2024 → Q3 2024
BTI British American Tob-SP ADR Add +163.3% 0.78% +0.49
META Meta Platforms Inc. Class A Add +0.2% 2.57% +0.41
PLD Prologis Inc. Add +38.4% 1.23% +0.33
KSPI JSC Kaspi.kz ADR New 0.28% +0.28
EFA iShares MSCI Eafe ETF Add +478.8% 0.29% +0.24
CDW CDW Corp. Add +11.5% 1.94% +0.23
MCD McDonald's Corp. Add +0.2% 1.92% +0.22
CRM Salesforce Inc. New 0.20% +0.20
SCHW Schwab (charles) Corp. Add +12.0% 1.81% +0.16
GSK GSK PLC-Spon ADR Add +1.4% 3.07% +0.15
DD Dupont DE Nemours Inc. Add +0.2% 2.34% +0.11
NNN NNN REIT Inc. Add +0.3% 1.37% +0.08
ALV Autoliv Inc. Add +13.7% 1.86% +0.06
MSFT Microsoft Corp. Add +0.5% 1.90% +0.03
HMC Honda Motor Co. Ltd.-Spons ADR Add +3.1% 2.19% +0.03
AMZN Amazon.com Inc. Add +3.8% 1.47% +0.03
VEA Vanguard Ftse Developed ETF Add +4.6% 0.20% +0.02
EIX Edison International Add +3.0% 0.03% +0.00
LAUR Laureate Education Inc. Add +4.5% 0.03% +0.00
FIS Fidelity National Info Serv Add +2.9% 0.02% +0.00
GILD Gilead Sciences Inc. Add +4.1% 0.02% +0.00
EOG EOG Resources Inc. Add +16.3% 0.01% +0.00
LW Lamb Weston Holdings Inc. Add +3.1% 0.02% +0.00
SRCL Stericycle Inc. Add +1.4% 0.02% +0.00
SWK Stanley Black & Decker Inc. Add +2.9% 0.01% +0.00
UNH Unitedhealth Group Inc. Add +0.3% 2.05% +0.00
ABEV Ambev SA-ADR New 0.00% +0.00
VWO Vanguard Ftse Emerging Marke New 0.00% +0.00
NX Quanex Building Products New 0.00% +0.00
TXN Texas Instruments Inc. Add +0.3% 2.21% −0.00
VEU Vanguard Ftse All-World Ex-U Add +50.4% 0.00% −0.02
MU Micron Technology Inc. Add +1.3% 0.45% −0.03
XOM Exxon Mobil Corp. Add +0.1% 1.33% −0.04
CNC Centene Corp. Add +0.1% 1.82% −0.07
WFC Wells Fargo & Co. Add +0.4% 2.04% −0.13
DLTR Dollar Tree Inc. Add +0.2% 1.14% −0.57

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