Mondrian Investment Partners LTD

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Mondrian Investment Partners LTD reported 98 stock positions worth $5.8 billion. Its top holding was Banco Santander SA-Spon ADR (SAN) at 4.4% of the portfolio, followed by Lloyds Banking Group PLC-ADR (LYG, 4.3%) and Sony Group Corp. - SP ADR (SONY, 4.2%). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 31 and reduced 55. The biggest buy was Thermo Fisher Scientific (TMO, shares +146%) and the biggest sale Yum China (YUMC, shares −13%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001317724
Portfolio Value
$5.8B (Q1 2025)
SEC Filing
0001317724-25-000005 ↗ filed May 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 Q4 2024 Q1 2025: $5.8B $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 · $5.8B
SAN Banco Santander SA-Spon ADR 4.37% 38,115,296 $255.4M Reduce -12.4%
LYG Lloyds Banking Group PLC-ADR 4.32% 66,050,307 $252.3M Reduce -9.2%
SONY Sony Group Corp. - SP ADR 4.21% 9,854,963 $246.4M Reduce -2.8%
TRP TC Energy Corp. 4.07% 3,505,260 $238.2M Reduce -16.2%
BTI British American Tob-SP ADR 3.86% 5,461,619 $225.9M Add +16.5%
GSK GSK PLC-Spon ADR 3.86% 5,821,273 $225.5M Reduce -0.3%
SNY Sanofi-ADR 3.27% 3,442,690 $190.9M Reduce -0.3%
PHG Koninklijke Philips NVR- NY 3.09% 7,111,484 $180.6M Reduce -0.3%
BP BP PLC-Spons ADR 2.83% 4,900,272 $165.6M Reduce -0.2%
WFC Wells Fargo & Co. 2.52% 2,055,004 $147.5M Add +8.9%
SCHW Schwab (charles) Corp. 2.50% 1,868,430 $146.3M Reduce -6.0%
SYY Sysco Corp. 2.41% 1,874,125 $140.6M Add +10.3%
TXN Texas Instruments Inc. 2.32% 754,199 $135.5M Add +0.7%
PBR Petroleo Brasileiro-Spon ADR 2.27% 9,255,391 $132.7M Reduce -1.0%
GOOGL Alphabet Inc. Class A 2.22% 839,179 $129.8M Add +21.6%
MRK Merck & Co. Inc. 2.20% 1,433,392 $128.7M Add +24.2%
DD Dupont DE Nemours Inc. 2.10% 1,642,315 $122.6M Reduce -1.1%
HCA HCA Healthcare Inc. 2.10% 354,638 $122.5M Reduce -0.9%
CDW CDW Corp. 2.09% 762,624 $122.2M Add +10.0%
HMC Honda Motor Co. Ltd.-Spons ADR 2.08% 4,500,836 $121.5M Reduce -0.2%
SHEL Shell PLC-ADR 2.07% 1,655,018 $121.3M Reduce -0.5%
ALV Autoliv Inc. 2.04% 1,351,465 $119.5M Reduce -2.0%
META Meta Platforms Inc. Class A 2.04% 206,808 $119.2M Reduce -8.2%
UNH Unitedhealth Group Inc. 2.04% 227,338 $119.1M Reduce -1.0%
VALE Vale SA-SP ADR 1.97% 11,569,197 $115.5M Reduce -1.6%
MCD McDonald's Corp. 1.93% 360,687 $112.7M Reduce -11.0%
MSFT Microsoft Corp. 1.86% 289,503 $108.7M Add +1.2%
KVUE Kenvue Inc. 1.83% 4,471,693 $107.2M Reduce -15.9%
TMO Thermo Fisher Scientific Inc. 1.83% 214,506 $106.7M Add +146.1%
WPP WPP PLC-Sponsored ADR 1.71% 2,634,181 $100.0M Reduce -8.1%
B Barrick Gold Corp. 1.66% 5,004,341 $97.3M Reduce -1.1%
BAP Credicorp Ltd. 1.56% 491,483 $91.5M Reduce -2.6%
PLD Prologis Inc. 1.54% 807,273 $90.2M Reduce -3.9%
XOM Exxon Mobil Corp. 1.47% 725,095 $86.2M Reduce -1.3%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.45% 1,008,568 $84.6M Add +3.8%
DLTR Dollar Tree Inc. 1.33% 1,037,790 $77.9M Reduce -1.3%
NNN NNN REIT Inc. 1.32% 1,811,191 $77.2M Reduce -1.4%
LHX L3HARRIS Technologies Inc. 1.30% 363,544 $76.1M Reduce -1.8%
BIDU Baidu Inc. - Spon ADR 1.22% 777,534 $71.6M Add +41.6%
HDB HDFC Bank Ltd.-ADR 1.20% 1,057,182 $70.2M Add +1.3%
LH Labcorp Holdings Inc. 1.07% 270,068 $62.9M Reduce -34.7%
ATHM Autohome Inc.-ADR 1.00% 2,115,874 $58.7M Reduce -28.5%
TSM Taiwan Semiconductor-SP ADR 0.95% 335,675 $55.7M Reduce -1.2%
MU Micron Technology Inc. 0.75% 507,751 $44.1M Add +42.0%
KT KT Corp.-SP ADR 0.62% 2,039,513 $36.1M Reduce -2.1%
KSA Ishrs MSCI Saudi Arabia ETF 0.48% 679,683 $28.1M Add +0.0%
ITUB Itau Unibanco H-Spon PRF ADR 0.43% 4,603,099 $25.3M Add +8.8%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.38% 240,051 $22.3M Reduce -1.0%
NVS Novartis AG-Sponsored ADR 0.36% 189,861 $21.2M Reduce -71.2%
SOBO South Bow Corp. 0.35% 560,199 $20.6M Reduce -14.5%
EFA iShares MSCI Eafe ETF 0.34% 243,915 $19.9M Add +287.7%
WDAY Workday Inc. Class A 0.31% 78,074 $18.2M Add +30.1%
VEA Vanguard Ftse Developed ETF 0.16% 187,662 $9.5M Add +0.2%
RDY Dr. Reddy's Laboratories-ADR 0.15% 644,794 $8.5M Reduce -0.6%
CHT Chunghwa Telecom LT-Spon ADR 0.13% 201,153 $7.9M Reduce -15.0%
CRM Salesforce Inc. 0.10% 20,722 $5.6M No change
INFY Infosys Ltd.-SP ADR 0.04% 129,158 $2.4M No change
ES Eversource Energy 0.03% 31,393 $1.9M Reduce -7.8%
CSX CSX Corp. 0.03% 53,290 $1.6M Reduce -0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 33,153 $1.4M Add +7.3%
WAT Waters Corp. 0.02% 3,617 $1.3M Reduce -7.7%
AMT American Tower Corp. 0.02% 5,159 $1.1M Reduce -32.5%
ULTA Ulta Beauty Inc. 0.02% 2,939 $1.1M Reduce -11.6%
EIX Edison International 0.02% 18,260 $1.1M Reduce -10.6%
YUMC Yum China Holdings Inc. 0.01% 2,351,202 $851K Reduce -12.9%
EOG EOG Resources Inc. 0.01% 6,029 $773K Reduce -11.5%
QCOM Qualcomm Inc. 0.01% 4,819 $740K Reduce -10.8%
FIS Fidelity National Info Serv 0.01% 9,280 $693K Reduce -11.7%
EA Electronic Arts Inc. 0.01% 4,003 $579K No change
SWK Stanley Black & Decker Inc. 0.01% 6,802 $523K Reduce -11.3%
DG Dollar General Corp. 0.01% 4,203 $370K No change
EWY iShares MSCI South Korea ETF 0.00% 5,273 $285K Add +6.2%
BABA Alibaba Group Holding-SP ADR 0.00% 1,706 $226K Reduce -16.8%
ENIC Enel Chile SA-ADR 0.00% 64,208 $210K No change
ASHR Xtrackers Harvest Csi 300 CH 0.00% 6,314 $168K Add +4.9%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.00% 4,109 $163K Reduce -99.6%
LAUR Laureate Education Inc. 0.00% 6,808 $139K Reduce -41.9%
PAC Grupo Aeroportuario Pac-ADR 0.00% 597 $111K Reduce -6.4%
SHG Shinhan Financial Group-ADR 0.00% 3,413 $109K Add +5.0%
TTE Totalenergies SE -Spon ADR 0.00% 1,352 $87K Add +5.2%
IBN Icici Bank Ltd.-Spon ADR 0.00% 2,763 $87K Add +4.9%
ENB Enbridge Inc. 0.00% 1,261 $80K No change
VEU Vanguard Ftse All-World Ex-U 0.00% 1,259 $76K Reduce -16.5%
BTG B2GOLD Corp. 0.00% 18,622 $76K Add +0.5%
PAX Patria Investments Ltd. Class A 0.00% 6,602 $75K Reduce -59.9%
NSC Norfolk Southern Corp. 0.00% 283 $67K No change
ABEV Ambev SA-ADR 0.00% 27,466 $64K Add +32.0%
TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA 0.00% 4,308 $64K Add +53.1%
IP International Paper Co. 0.00% 1,486 $61K New
UAE iShares MSCI Uae ETF 0.00% 2,959 $50K Add +3.9%
ASX Ase Technology Holding -ADR 0.00% 5,461 $48K Add +4.7%
UL Unilever PLC 0.00% 691 $41K Add +4.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 461 $31K Add +0.9%
TAK Takeda Pharmaceutic-SP ADR 0.00% 1,438 $21K Reduce -6.7%
VWO Vanguard Ftse Emerging Marke 0.00% 344 $16K New
OTEX Open Text Corp. 0.00% 238 $9K No change
NX Quanex Building Products 0.00% 275 $5K No change
EEM iShares MSCI Emerging Market 0.00% 7 $310 New

Portfolio Sells Q4 2024 → Q1 2025
YUMC Yum China Holdings Inc. Reduce -12.9% 0.01% −2.06
NVS Novartis AG-Sponsored ADR Reduce -71.2% 0.36% −0.78
SQM Quimica Y Minera Chil-SP ADR Reduce -99.6% 0.00% −0.68
LH Labcorp Holdings Inc. Reduce -34.7% 1.07% −0.63
WPP WPP PLC-Sponsored ADR Reduce -8.1% 1.71% −0.54
META Meta Platforms Inc. Class A Reduce -8.2% 2.04% −0.53
TRP TC Energy Corp. Reduce -16.2% 4.07% −0.45
AMZN Amazon.com Inc. Sold out 0.00% −0.38
ATHM Autohome Inc.-ADR Reduce -28.5% 1.00% −0.37
TSM Taiwan Semiconductor-SP ADR Reduce -1.2% 0.95% −0.22
SCHW Schwab (charles) Corp. Reduce -6.0% 2.50% −0.22
PHG Koninklijke Philips NVR- NY Reduce -0.3% 3.09% −0.16
ALV Autoliv Inc. Reduce -2.0% 2.04% −0.16
PLD Prologis Inc. Reduce -3.9% 1.54% −0.11
KVUE Kenvue Inc. Reduce -15.9% 1.83% −0.04
SOBO South Bow Corp. Reduce -14.5% 0.35% −0.02
UNH Unitedhealth Group Inc. Reduce -1.0% 2.04% −0.02
CHT Chunghwa Telecom LT-Spon ADR Reduce -15.0% 0.13% −0.02
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.02
ABBV Abbvie Inc. Sold out 0.00% −0.02
DD Dupont DE Nemours Inc. Reduce -1.1% 2.10% −0.01
HMC Honda Motor Co. Ltd.-Spons ADR Reduce -0.2% 2.08% −0.01
MCD McDonald's Corp. Reduce -11.0% 1.93% −0.01
AMT American Tower Corp. Reduce -32.5% 0.02% −0.00
ULTA Ulta Beauty Inc. Reduce -11.6% 0.02% −0.00
WAT Waters Corp. Reduce -7.7% 0.02% −0.00
QCOM Qualcomm Inc. Reduce -10.8% 0.01% −0.00
RDY Dr. Reddy's Laboratories-ADR Reduce -0.6% 0.15% −0.00
FIS Fidelity National Info Serv Reduce -11.7% 0.01% −0.00
CSX CSX Corp. Reduce -0.4% 0.03% −0.00
SWK Stanley Black & Decker Inc. Reduce -11.3% 0.01% −0.00
PAX Patria Investments Ltd. Class A Reduce -59.9% 0.00% −0.00
LAUR Laureate Education Inc. Reduce -41.9% 0.00% −0.00
EOG EOG Resources Inc. Reduce -11.5% 0.01% −0.00
E Eni SPA-Sponsored ADR Sold out 0.00% −0.00
VEU Vanguard Ftse All-World Ex-U Reduce -16.5% 0.00% −0.00
PAC Grupo Aeroportuario Pac-ADR Reduce -6.4% 0.00% −0.00
CNC Centene Corp. Sold out 0.00% 0.00
TAK Takeda Pharmaceutic-SP ADR Reduce -6.7% 0.00% 0.00
EIX Edison International Reduce -10.6% 0.02% +0.00
KSPI JSC Kaspi.kz ADR Reduce -1.0% 0.38% +0.00
BABA Alibaba Group Holding-SP ADR Reduce -16.8% 0.00% +0.00
ES Eversource Energy Reduce -7.8% 0.03% +0.00
LHX L3HARRIS Technologies Inc. Reduce -1.8% 1.30% +0.00
KT KT Corp.-SP ADR Reduce -2.1% 0.62% +0.02
BAP Credicorp Ltd. Reduce -2.6% 1.56% +0.04
DLTR Dollar Tree Inc. Reduce -1.3% 1.33% +0.06
PBR Petroleo Brasileiro-Spon ADR Reduce -1.0% 2.27% +0.07
NNN NNN REIT Inc. Reduce -1.4% 1.32% +0.13
HCA HCA Healthcare Inc. Reduce -0.9% 2.10% +0.14

Portfolio Buys Q4 2024 → Q1 2025
TMO Thermo Fisher Scientific Inc. Add +146.1% 1.83% +0.96
BTI British American Tob-SP ADR Add +16.5% 3.86% +0.79
BIDU Baidu Inc. - Spon ADR Add +41.6% 1.22% +0.40
SYY Sysco Corp. Add +10.3% 2.41% +0.36
MRK Merck & Co. Inc. Add +24.2% 2.20% +0.31
EFA iShares MSCI Eafe ETF Add +287.7% 0.34% +0.26
MU Micron Technology Inc. Add +42.0% 0.75% +0.22
HDB HDFC Bank Ltd.-ADR Add +1.3% 1.20% +0.16
BNY Bank of New York Mellon Corp. Add +3.8% 1.45% +0.07
WFC Wells Fargo & Co. Add +8.9% 2.52% +0.06
WDAY Workday Inc. Class A Add +30.1% 0.31% +0.05
TXN Texas Instruments Inc. Add +0.7% 2.32% +0.03
ITUB Itau Unibanco H-Spon PRF ADR Add +8.8% 0.43% +0.03
VEA Vanguard Ftse Developed ETF Add +0.2% 0.16% +0.01
KSA Ishrs MSCI Saudi Arabia ETF Add +0.0% 0.48% +0.01
IP International Paper Co. New 0.00% +0.00
ABEV Ambev SA-ADR Add +32.0% 0.00% +0.00
EWY iShares MSCI South Korea ETF Add +6.2% 0.00% +0.00
ASHR Xtrackers Harvest Csi 300 CH Add +4.9% 0.00% +0.00
TLK Telkom Indonesia Persero-ADR Add +53.1% 0.00% +0.00
TTE Totalenergies SE -Spon ADR Add +5.2% 0.00% +0.00
VWO Vanguard Ftse Emerging Marke New 0.00% +0.00
BTG B2GOLD Corp. Add +0.5% 0.00% +0.00
IBN Icici Bank Ltd.-Spon ADR Add +4.9% 0.00% +0.00
UAE iShares MSCI Uae ETF Add +3.9% 0.00% +0.00
UL Unilever PLC Add +4.7% 0.00% +0.00
BAC Bank of America Corp. Add +7.3% 0.02% 0.00
BNS Bank of Nova Scotia Add +0.9% 0.00% 0.00
EEM iShares MSCI Emerging Market New 0.00% 0.00
SHG Shinhan Financial Group-ADR Add +5.0% 0.00% 0.00
ASX Ase Technology Holding -ADR Add +4.7% 0.00% −0.00
MSFT Microsoft Corp. Add +1.2% 1.86% −0.10
GOOGL Alphabet Inc. Class A Add +21.6% 2.22% −0.11
CDW CDW Corp. Add +10.0% 2.09% −0.19

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