Mondrian Investment Partners LTD

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Mondrian Investment Partners LTD reported 100 stock positions worth $6.1 billion. Its top holding was TC Energy (TRP) at 4.5% of the portfolio, followed by Sony Group Corp. - SP ADR (SONY, 3.7%) and Lloyds Banking Group PLC-ADR (LYG, 3.7%). Compared with Q3 2024, it opened 8 new positions, sold out of 9, added to 27 and reduced 61. The biggest buy was Alphabet Class A (GOOGL, shares +19561%) and the biggest sale Abbvie (ABBV, shares −99%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001317724
Portfolio Value
$6.1B (Q4 2024)
SEC Filing
0001317724-25-000003 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $6.1B $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 · $6.1B
TRP TC Energy Corp. 4.53% 4,183,645 $274.0M Reduce -34.6%
SONY Sony Group Corp. - SP ADR 3.69% 10,138,119 $223.0M Reduce -8.3%
LYG Lloyds Banking Group PLC-ADR 3.67% 72,734,284 $221.8M Reduce -1.7%
SAN Banco Santander SA-Spon ADR 3.66% 43,507,371 $221.5M Reduce -2.2%
GSK GSK PLC-Spon ADR 3.40% 5,838,384 $205.9M Add +17.6%
PHG Koninklijke Philips NVR- NY 3.25% 7,135,066 $196.8M Reduce -9.6%
SNY Sanofi-ADR 3.10% 3,453,122 $187.6M Reduce -0.7%
BTI British American Tob-SP ADR 3.07% 4,686,665 $185.8M Add +233.3%
SCHW Schwab (charles) Corp. 2.72% 1,987,931 $164.4M Add +7.5%
META Meta Platforms Inc. Class A 2.57% 225,272 $155.3M Reduce -24.0%
BP BP PLC-Spons ADR 2.52% 4,908,202 $152.4M Add +1.1%
WFC Wells Fargo & Co. 2.46% 1,887,772 $148.8M Reduce -20.8%
GOOGL Alphabet Inc. Class A 2.33% 689,888 $140.8M Add +19560.5%
TXN Texas Instruments Inc. 2.29% 749,188 $138.3M Add +5.8%
CDW CDW Corp. 2.28% 693,175 $138.0M Add +22.2%
WPP WPP PLC-Sponsored ADR 2.25% 2,865,925 $136.1M Reduce -0.2%
ALV Autoliv Inc. 2.20% 1,378,636 $133.3M Add +4.5%
PBR Petroleo Brasileiro-Spon ADR 2.20% 9,346,453 $132.8M Reduce -2.8%
DD Dupont DE Nemours Inc. 2.11% 1,660,182 $127.5M Reduce -4.5%
HMC Honda Motor Co. Ltd.-Spons ADR 2.09% 4,507,879 $126.2M Reduce -0.1%
YUMC Yum China Holdings Inc. 2.07% 2,700,246 $125.3M Reduce -35.6%
UNH Unitedhealth Group Inc. 2.06% 229,711 $124.6M Reduce -1.0%
SYY Sysco Corp. 2.05% 1,699,504 $123.9M New
MSFT Microsoft Corp. 1.96% 286,174 $118.8M Reduce -2.1%
HCA HCA Healthcare Inc. 1.95% 358,005 $118.1M Reduce -2.0%
MCD McDonald's Corp. 1.93% 405,445 $117.1M Reduce -2.6%
MRK Merck & Co. Inc. 1.89% 1,154,467 $114.1M New
KVUE Kenvue Inc. 1.87% 5,319,087 $113.2M Reduce -18.6%
SHEL Shell PLC-ADR 1.81% 1,663,880 $109.6M Reduce -0.6%
VALE Vale SA-SP ADR 1.80% 11,754,809 $109.2M Add +13.3%
LH Labcorp Holdings Inc. 1.71% 413,450 $103.3M Reduce -16.8%
PLD Prologis Inc. 1.66% 840,390 $100.2M Add +30.1%
BAP Credicorp Ltd. 1.53% 504,651 $92.4M Reduce -25.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.38% 971,241 $83.5M New
ATHM Autohome Inc.-ADR 1.37% 2,958,651 $82.9M Reduce -11.8%
B Barrick Gold Corp. 1.37% 5,057,342 $82.8M Reduce -10.3%
XOM Exxon Mobil Corp. 1.30% 734,358 $78.5M Reduce -1.8%
LHX L3HARRIS Technologies Inc. 1.30% 370,006 $78.4M Reduce -3.7%
DLTR Dollar Tree Inc. 1.28% 1,051,756 $77.1M Reduce -1.5%
NNN NNN REIT Inc. 1.20% 1,835,889 $72.3M Reduce -1.8%
TSM Taiwan Semiconductor-SP ADR 1.18% 339,799 $71.1M Reduce -54.0%
NVS Novartis AG-Sponsored ADR 1.14% 658,003 $68.9M Reduce -34.2%
HDB HDFC Bank Ltd.-ADR 1.05% 1,043,444 $63.3M Reduce -14.6%
TMO Thermo Fisher Scientific Inc. 0.86% 87,149 $52.1M New
BIDU Baidu Inc. - Spon ADR 0.82% 548,911 $49.7M Reduce -8.8%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.68% 1,044,568 $41.3M Reduce -7.8%
KT KT Corp.-SP ADR 0.60% 2,084,225 $36.1M Reduce -1.8%
MU Micron Technology Inc. 0.54% 357,645 $32.6M Add +25.2%
KSA Ishrs MSCI Saudi Arabia ETF 0.47% 679,541 $28.7M Add +14.2%
ITUB Itau Unibanco H-Spon PRF ADR 0.41% 4,229,017 $24.5M Reduce -6.4%
AMZN Amazon.com Inc. 0.38% 106,140 $23.3M Reduce -79.6%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.38% 242,415 $23.1M Add +37.6%
SOBO South Bow Corp. 0.38% 655,258 $22.8M Reduce -48.8%
WDAY Workday Inc. Class A 0.26% 60,029 $15.7M New
VEA Vanguard Ftse Developed ETF 0.15% 187,243 $9.4M Reduce -23.3%
CHT Chunghwa Telecom LT-Spon ADR 0.15% 236,641 $9.2M Add +101.4%
RDY Dr. Reddy's Laboratories-ADR 0.15% 648,813 $9.0M Reduce -8.7%
CRM Salesforce Inc. 0.12% 20,722 $7.1M Reduce -57.5%
EFA iShares MSCI Eafe ETF 0.08% 62,911 $5.0M Reduce -72.5%
INFY Infosys Ltd.-SP ADR 0.05% 129,158 $2.8M Reduce -96.6%
ES Eversource Energy 0.03% 34,059 $2.0M Reduce -3.2%
CSX CSX Corp. 0.03% 53,503 $1.8M Add +2214.1%
WAT Waters Corp. 0.03% 3,919 $1.6M Reduce -44.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 30,907 $1.4M New
AMT American Tower Corp. 0.02% 7,641 $1.4M Reduce -98.4%
ULTA Ulta Beauty Inc. 0.02% 3,323 $1.4M New
EIX Edison International 0.02% 20,421 $1.1M Reduce -3.5%
LW Lamb Weston Holdings Inc. 0.02% 14,961 $1000K Reduce -3.1%
QCOM Qualcomm Inc. 0.02% 5,402 $934K New
ABBV Abbvie Inc. 0.02% 5,191 $922K Reduce -99.2%
EOG EOG Resources Inc. 0.01% 6,810 $857K Reduce -15.1%
FIS Fidelity National Info Serv 0.01% 10,506 $856K Reduce -46.0%
SWK Stanley Black & Decker Inc. 0.01% 7,664 $675K Reduce -5.2%
EA Electronic Arts Inc. 0.01% 4,003 $492K No change
DG Dollar General Corp. 0.00% 4,203 $299K No change
EWY iShares MSCI South Korea ETF 0.00% 4,964 $268K Add +3.0%
LAUR Laureate Education Inc. 0.00% 11,709 $219K Reduce -89.4%
BABA Alibaba Group Holding-SP ADR 0.00% 2,051 $203K Add +4.8%
PAX Patria Investments Ltd. Class A 0.00% 16,451 $196K Reduce -85.5%
ENIC Enel Chile SA-ADR 0.00% 64,208 $195K Add +31.4%
ASHR Xtrackers Harvest Csi 300 CH 0.00% 6,021 $157K Add +4.6%
PAC Grupo Aeroportuario Pac-ADR 0.00% 638 $118K Reduce -1.1%
SHG Shinhan Financial Group-ADR 0.00% 3,249 $114K Add +5.9%
VEU Vanguard Ftse All-World Ex-U 0.00% 1,508 $90K Reduce -3.0%
ENB Enbridge Inc. 0.00% 1,261 $79K Reduce -39.2%
IBN Icici Bank Ltd.-Spon ADR 0.00% 2,635 $76K Add +4.7%
TTE Totalenergies SE -Spon ADR 0.00% 1,285 $75K Add +36.0%
NSC Norfolk Southern Corp. 0.00% 283 $72K No change
BTG B2GOLD Corp. 0.00% 18,534 $65K Reduce -34.2%
ASX Ase Technology Holding -ADR 0.00% 5,218 $53K Add +5.2%
UAE iShares MSCI Uae ETF 0.00% 2,848 $49K Add +4.1%
TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA 0.00% 2,813 $45K Add +5.1%
ABEV Ambev SA-ADR 0.00% 20,810 $38K Add +40.5%
UL Unilever PLC 0.00% 660 $38K Add +1.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 457 $34K Reduce -61.6%
TAK Takeda Pharmaceutic-SP ADR 0.00% 1,542 $20K Reduce -100.0%
OTEX Open Text Corp. 0.00% 238 $10K Reduce -49.5%
E Eni SPA-Sponsored ADR 0.00% 338 $10K Reduce -50.4%
NX Quanex Building Products 0.00% 275 $6K No change
CNC Centene Corp. 0.00% 32 $2K Reduce -100.0%

Portfolio Sells Q3 2024 → Q4 2024
ABBV Abbvie Inc. Reduce -99.2% 0.02% −1.91
CNC Centene Corp. Reduce -100.0% 0.00% −1.82
TRP TC Energy Corp. Reduce -34.6% 4.53% −1.68
AMT American Tower Corp. Reduce -98.4% 0.02% −1.67
INFY Infosys Ltd.-SP ADR Reduce -96.6% 0.05% −1.23
AMZN Amazon.com Inc. Reduce -79.6% 0.38% −1.08
TAK Takeda Pharmaceutic-SP ADR Reduce -100.0% 0.00% −1.08
YUMC Yum China Holdings Inc. Reduce -35.6% 2.07% −0.79
TSM Taiwan Semiconductor-SP ADR Reduce -54.0% 1.18% −0.77
PHG Koninklijke Philips NVR- NY Reduce -9.6% 3.25% −0.66
NVS Novartis AG-Sponsored ADR Reduce -34.2% 1.14% −0.60
KVUE Kenvue Inc. Reduce -18.6% 1.87% −0.41
BAP Credicorp Ltd. Reduce -25.9% 1.53% −0.34
B Barrick Gold Corp. Reduce -10.3% 1.37% −0.33
SOBO South Bow Corp. Reduce -48.8% 0.38% −0.30
HCA HCA Healthcare Inc. Reduce -2.0% 1.95% −0.30
ATHM Autohome Inc.-ADR Reduce -11.8% 1.37% −0.28
DD Dupont DE Nemours Inc. Reduce -4.5% 2.11% −0.24
EFA iShares MSCI Eafe ETF Reduce -72.5% 0.08% −0.21
NNN NNN REIT Inc. Reduce -1.8% 1.20% −0.18
BIDU Baidu Inc. - Spon ADR Reduce -8.8% 0.82% −0.14
HDB HDFC Bank Ltd.-ADR Reduce -14.6% 1.05% −0.11
HMC Honda Motor Co. Ltd.-Spons ADR Reduce -0.1% 2.09% −0.10
LHX L3HARRIS Technologies Inc. Reduce -3.7% 1.30% −0.09
CRM Salesforce Inc. Reduce -57.5% 0.12% −0.08
ITUB Itau Unibanco H-Spon PRF ADR Reduce -6.4% 0.41% −0.05
VEA Vanguard Ftse Developed ETF Reduce -23.3% 0.15% −0.04
SQM Quimica Y Minera Chil-SP ADR Reduce -7.8% 0.68% −0.03
XOM Exxon Mobil Corp. Reduce -1.8% 1.30% −0.03
LAUR Laureate Education Inc. Reduce -89.4% 0.00% −0.02
RDY Dr. Reddy's Laboratories-ADR Reduce -8.7% 0.15% −0.02
SRCL Stericycle Inc. Sold out 0.00% −0.02
GILD Gilead Sciences Inc. Sold out 0.00% −0.02
PAX Patria Investments Ltd. Class A Reduce -85.5% 0.00% −0.02
WAT Waters Corp. Reduce -44.2% 0.03% −0.01
FIS Fidelity National Info Serv Reduce -46.0% 0.01% −0.01
EIX Edison International Reduce -3.5% 0.02% −0.01
WMT Walmart Inc. Sold out 0.00% −0.01
HAFN Hafnia Ltd. Sold out 0.00% −0.01
ES Eversource Energy Reduce -3.2% 0.03% −0.00
CL Colgate-Palmolive Co. Sold out 0.00% −0.00
SWK Stanley Black & Decker Inc. Reduce -5.2% 0.01% −0.00
META Meta Platforms Inc. Class A Reduce -24.0% 2.57% −0.00
BNS Bank of Nova Scotia Reduce -61.6% 0.00% −0.00
EOG EOG Resources Inc. Reduce -15.1% 0.01% −0.00
BTG B2GOLD Corp. Reduce -34.2% 0.00% −0.00
DQ Daqo New Energy Corp.-ADR Sold out 0.00% −0.00
ENB Enbridge Inc. Reduce -39.2% 0.00% −0.00
MOMO Hello Group Inc. -SPN ADR Sold out 0.00% −0.00
E Eni SPA-Sponsored ADR Reduce -50.4% 0.00% −0.00

Portfolio Buys Q3 2024 → Q4 2024
GOOGL Alphabet Inc. Class A Add +19560.5% 2.33% +2.32
BTI British American Tob-SP ADR Add +233.3% 3.07% +2.29
SYY Sysco Corp. New 2.05% +2.05
MRK Merck & Co. Inc. New 1.89% +1.89
BNY Bank of New York Mellon Corp. New 1.38% +1.38
SCHW Schwab (charles) Corp. Add +7.5% 2.72% +0.90
TMO Thermo Fisher Scientific Inc. New 0.86% +0.86
PLD Prologis Inc. Add +30.1% 1.66% +0.42
CDW CDW Corp. Add +22.2% 2.28% +0.34
ALV Autoliv Inc. Add +4.5% 2.20% +0.34
GSK GSK PLC-Spon ADR Add +17.6% 3.40% +0.33
WDAY Workday Inc. Class A New 0.26% +0.26
BP BP PLC-Spons ADR Add +1.1% 2.52% +0.21
KSPI JSC Kaspi.kz ADR Add +37.6% 0.38% +0.10
MU Micron Technology Inc. Add +25.2% 0.54% +0.09
KSA Ishrs MSCI Saudi Arabia ETF Add +14.2% 0.47% +0.09
CHT Chunghwa Telecom LT-Spon ADR Add +101.4% 0.15% +0.08
TXN Texas Instruments Inc. Add +5.8% 2.29% +0.07
CSX CSX Corp. Add +2214.1% 0.03% +0.03
BAC Bank of America Corp. New 0.02% +0.02
ULTA Ulta Beauty Inc. New 0.02% +0.02
QCOM Qualcomm Inc. New 0.02% +0.02
ENIC Enel Chile SA-ADR Add +31.4% 0.00% +0.00
TTE Totalenergies SE -Spon ADR Add +36.0% 0.00% +0.00
BABA Alibaba Group Holding-SP ADR Add +4.8% 0.00% +0.00
UAE iShares MSCI Uae ETF Add +4.1% 0.00% +0.00
ASX Ase Technology Holding -ADR Add +5.2% 0.00% +0.00
ABEV Ambev SA-ADR Add +40.5% 0.00% +0.00
ASHR Xtrackers Harvest Csi 300 CH Add +4.6% 0.00% +0.00
IBN Icici Bank Ltd.-Spon ADR Add +4.7% 0.00% +0.00
UL Unilever PLC Add +1.7% 0.00% 0.00
TLK Telkom Indonesia Persero-ADR Add +5.1% 0.00% −0.00
SHG Shinhan Financial Group-ADR Add +5.9% 0.00% −0.00
EWY iShares MSCI South Korea ETF Add +3.0% 0.00% −0.00
VALE Vale SA-SP ADR Add +13.3% 1.80% −0.03

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