Mondrian Investment Partners LTD
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Mondrian Investment Partners LTD reported 102 stock positions worth $6.1 billion. Its top holding was Lloyds Banking Group PLC-ADR (LYG) at 4.9% of the portfolio, followed by Banco Santander SA-Spon ADR (SAN, 4.8%) and GSK PLC-Spon ADR (GSK, 4.7%). Compared with Q3 2025, it opened 8 new positions, sold out of 3, added to 43 and reduced 42. The biggest buy was a new position in Full Truck Alliance -SPN ADR (YMM) and the biggest sale HCA Healthcare (HCA, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001317724
- Portfolio Value
- $6.1B (Q4 2025)
- SEC Filing
- 0001317724-26-000003 ↗ filed Feb 9, 2026
Holdings Value
Holdings 102 stocks · $6.1B
| LYG Lloyds Banking Group PLC-ADR | 4.90% | 55,986,442 | $296.7M | Reduce -10.8% |
| SAN Banco Santander SA-Spon ADR | 4.76% | 24,614,574 | $288.7M | Reduce -8.8% |
| GSK GSK PLC-Spon ADR | 4.70% | 5,806,938 | $284.8M | Reduce -0.5% |
| SONY Sony Group Corp. - SP ADR | 3.73% | 8,684,097 | $225.8M | Reduce -9.3% |
| SNY Sanofi-ADR | 3.59% | 4,495,348 | $217.8M | Add +23.6% |
| PHG Koninklijke Philips NVR- NY | 3.53% | 7,893,228 | $213.7M | Reduce -0.2% |
| BTI British American Tob-SP ADR | 3.50% | 3,745,088 | $212.0M | Reduce -10.5% |
| GOOGL Alphabet Inc. Class A | 3.31% | 640,124 | $200.4M | Reduce -20.4% |
| YUMC Yum China Holdings Inc. | 3.10% | 7,854,198 | $187.9M | Add +112.0% |
| SCHW Schwab (charles) Corp. | 2.88% | 1,745,422 | $174.4M | Reduce -1.5% |
| TMO Thermo Fisher Scientific Inc. | 2.85% | 297,732 | $172.5M | Reduce -2.2% |
| MRK Merck & Co. Inc. | 2.80% | 1,610,232 | $169.5M | Reduce -2.3% |
| BP BP PLC-Spons ADR | 2.66% | 4,638,498 | $161.1M | Reduce -0.7% |
| PBR Petroleo Brasileiro-Spon ADR | 2.47% | 12,655,094 | $150.0M | Add +14.1% |
| VALE Vale SA-SP ADR | 2.46% | 11,419,957 | $148.8M | Add +0.4% |
| CRM Salesforce Inc. | 2.43% | 554,989 | $147.0M | Add +2.0% |
| TXN Texas Instruments Inc. | 2.40% | 838,854 | $145.5M | Add +15.3% |
| SYY Sysco Corp. | 2.25% | 1,850,829 | $136.4M | Add +7.1% |
| MSFT Microsoft Corp. | 2.24% | 280,261 | $135.5M | Add +0.8% |
| DLTR Dollar Tree Inc. | 2.14% | 1,056,809 | $130.0M | Reduce -2.8% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 2.10% | 4,391,701 | $127.4M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 2.02% | 185,471 | $122.4M | Reduce -0.4% |
| PLD Prologis Inc. | 2.02% | 958,644 | $122.4M | Reduce -2.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.97% | 2,175,401 | $119.6M | Add +34.3% |
| WFC Wells Fargo & Co. | 1.97% | 1,282,027 | $119.5M | Reduce -22.4% |
| SHEL Shell PLC-ADR | 1.96% | 1,616,126 | $118.8M | Reduce -0.5% |
| DD Dupont DE Nemours Inc. | 1.85% | 2,795,723 | $112.4M | Add +57.2% |
| CDW CDW Corp. | 1.78% | 792,038 | $107.9M | Reduce -2.1% |
| KVUE Kenvue Inc. | 1.64% | 5,773,258 | $99.6M | Add +18.2% |
| UNH Unitedhealth Group Inc. | 1.64% | 300,352 | $99.1M | Reduce -2.1% |
| TSM Taiwan Semiconductor-SP ADR | 1.40% | 279,667 | $85.0M | Reduce -1.2% |
| INFY Infosys Ltd.-SP ADR | 1.39% | 4,736,853 | $84.4M | Reduce -3.5% |
| EFA iShares MSCI Eafe ETF | 1.32% | 831,595 | $79.9M | Add +132.7% |
| XOM Exxon Mobil Corp. | 1.31% | 661,215 | $79.6M | Reduce -2.9% |
| WPP WPP PLC-Sponsored ADR | 1.20% | 3,240,219 | $72.8M | Add +1.5% |
| BAP Credicorp Ltd. | 1.19% | 251,379 | $72.1M | Reduce -14.4% |
| NNN NNN REIT Inc. | 1.17% | 1,796,183 | $71.2M | Reduce -3.0% |
| Q Qnity Electronics Inc. | 0.98% | 730,173 | $59.6M | Reduce -17.9% |
| YMM Full Truck Alliance -SPN ADR | 0.98% | 5,548,648 | $59.5M | New |
| LHX L3HARRIS Technologies Inc. | 0.97% | 200,687 | $58.9M | Reduce -25.3% |
| KT KT Corp.-SP ADR | 0.92% | 2,952,092 | $56.0M | Add +11.0% |
| FISV Fiserv Inc. | 0.86% | 772,664 | $51.9M | New |
| HDB HDFC Bank Ltd.-ADR | 0.82% | 1,365,044 | $49.9M | Add +42.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.63% | 491,346 | $38.4M | Add +16.9% |
| B Barrick Mining Corp. | 0.61% | 848,733 | $37.0M | Reduce -71.6% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.49% | 819,639 | $29.8M | Add +0.1% |
| LH Labcorp Holdings Inc. | 0.48% | 117,165 | $29.4M | Reduce -55.3% |
| AMZN Amazon.com Inc. | 0.43% | 113,464 | $26.2M | Add +19.5% |
| WDAY Workday Inc. Class A | 0.33% | 92,219 | $19.8M | Add +11.0% |
| UAE iShares MSCI Uae ETF | 0.22% | 707,227 | $13.5M | Add +4.9% |
| CHT Chunghwa Telecom LT-Spon ADR | 0.16% | 226,153 | $9.4M | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.08% | 41,431 | $4.8M | Reduce -14.4% |
| MU Micron Technology Inc. | 0.04% | 9,193 | $2.6M | Reduce -82.1% |
| VEA Vanguard Ftse Developed ETF | 0.03% | 29,918 | $1.9M | Reduce -87.1% |
| ES Eversource Energy | 0.03% | 27,576 | $1.9M | Add +2.2% |
| WAT Waters Corp. | 0.03% | 4,472 | $1.7M | Reduce -4.0% |
| AMT American Tower Corp. | 0.03% | 8,687 | $1.5M | Add +64.0% |
| CSX CSX Corp. | 0.02% | 39,324 | $1.4M | Reduce -4.2% |
| PUK Prudential PLC-ADR | 0.02% | 44,394 | $1.4M | New |
| EIX Edison International | 0.02% | 18,655 | $1.1M | Add +27.4% |
| SOLV Solventum Corp. | 0.02% | 13,259 | $1.1M | Add +33.2% |
| MCD McDonald's Corp. | 0.02% | 3,369 | $1.0M | Reduce -4.3% |
| QCOM Qualcomm Inc. | 0.02% | 5,650 | $966K | Add +2.9% |
| EOG EOG Resources Inc. | 0.01% | 7,820 | $821K | Add +43.7% |
| NVS Novartis AG-Sponsored ADR | 0.01% | 5,390 | $743K | Reduce -5.8% |
| HCA HCA Healthcare Inc. | 0.01% | 1,389 | $648K | Reduce -99.4% |
| EWY iShares MSCI South Korea ETF | 0.01% | 6,561 | $638K | Add +14.8% |
| DG Dollar General Corp. | 0.01% | 4,095 | $544K | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.01% | 12,383 | $407K | Add +29.6% |
| SWK Stanley Black & Decker Inc. | 0.01% | 5,243 | $389K | Reduce -1.9% |
| BABA Alibaba Group Holding-SP ADR | 0.01% | 2,238 | $328K | Add +6.5% |
| EA Electronic Arts Inc. | 0.01% | 1,535 | $314K | Reduce -49.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.00% | 3,718 | $273K | Reduce -47.9% |
| SHG Shinhan Financial Group-ADR | 0.00% | 4,883 | $262K | Add +29.0% |
| ENIC Enel Chile SA-ADR | 0.00% | 55,120 | $222K | No change |
| ASX Ase Technology Holding -ADR | 0.00% | 11,645 | $187K | Add +73.9% |
| PAC Grupo Aeroportuario Pac-ADR | 0.00% | 644 | $170K | Add +20.4% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.00% | 6,707 | $141K | Add +29.4% |
| CNI Canadian Natl Railway Co. | 0.00% | 1,038 | $141K | No change |
| SOBO South Bow Corp. | 0.00% | 3,597 | $136K | No change |
| ATHM Autohome Inc.-ADR | 0.00% | 5,714 | $127K | Add +10.1% |
| FMX Fomento Economico Mex-SP ADR | 0.00% | 1,245 | $126K | Add +28.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.00% | 4,177 | $124K | Add +21.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.00% | 16,471 | $118K | Add +34.0% |
| UL Unilever PLC-Sponsored ADR | 0.00% | 1,796 | $117K | Add +135.3% |
| VWO Vanguard Ftse Emerging Marke | 0.00% | 2,030 | $109K | Add +48.3% |
| BIDU Baidu Inc. - Spon ADR | 0.00% | 769 | $101K | Add +26.9% |
| ABEV Ambev SA-ADR | 0.00% | 35,386 | $87K | Add +27.5% |
| UNP Union Pacific Corp. | 0.00% | 343 | $79K | New |
| NI Nisource Inc. | 0.00% | 1,614 | $67K | New |
| NOMD Nomad Foods Ltd. | 0.00% | 3,833 | $48K | Add +15.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.00% | 470 | $48K | No change |
| BTG B2GOLD Corp. | 0.00% | 6,295 | $39K | Add +0.3% |
| EEM iShares MSCI Emerging Market | 0.00% | 679 | $37K | New |
| VINP Vinci Compass Investments LT | 0.00% | 2,807 | $37K | New |
| LAUR Laureate Education Inc. | 0.00% | 876 | $29K | Reduce -12.1% |
| OTEX Open Text Corp. | 0.00% | 587 | $26K | No change |
| E Eni SPA-Sponsored ADR | 0.00% | 271 | $10K | No change |
| TAK Takeda Pharmaceutic-SP ADR | 0.00% | 299 | $5K | Reduce -63.5% |
| DEM Wisdomtree Emerging Markets | 0.00% | 17 | $776 | New |
Portfolio Sells Q3 2025 → Q4 2025
| HCA HCA Healthcare Inc. | Reduce -99.4% | 0.01% | −1.77 |
| PEP Pepsico Inc. | Reduce -3.7% | 0.00% | −1.55 |
| B Barrick Mining Corp. | Reduce -71.6% | 0.61% | −1.03 |
| SONY Sony Group Corp. - SP ADR | Reduce -9.3% | 3.73% | −0.91 |
| LH Labcorp Holdings Inc. | Reduce -55.3% | 0.48% | −0.77 |
| LHX L3HARRIS Technologies Inc. | Reduce -25.3% | 0.97% | −0.40 |
| CDW CDW Corp. | Reduce -2.1% | 1.78% | −0.37 |
| WFC Wells Fargo & Co. | Reduce -22.4% | 1.97% | −0.34 |
| META Meta Platforms Inc. Class A | Reduce -0.4% | 2.02% | −0.26 |
| Q Qnity Electronics Inc. | Reduce -17.9% | 0.98% | −0.23 |
| BTI British American Tob-SP ADR | Reduce -10.5% | 3.50% | −0.21 |
| VEA Vanguard Ftse Developed ETF | Reduce -87.1% | 0.03% | −0.20 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -0.4% | 2.10% | −0.18 |
| NNN NNN REIT Inc. | Reduce -3.0% | 1.17% | −0.14 |
| UNH Unitedhealth Group Inc. | Reduce -2.1% | 1.64% | −0.13 |
| BAP Credicorp Ltd. | Reduce -14.4% | 1.19% | −0.12 |
| MU Micron Technology Inc. | Reduce -82.1% | 0.04% | −0.10 |
| PHG Koninklijke Philips NVR- NY | Reduce -0.2% | 3.53% | −0.07 |
| BP BP PLC-Spons ADR | Reduce -0.7% | 2.66% | −0.03 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.02 |
| BNY Bank of New York Mellon Corp. | Reduce -14.4% | 0.08% | −0.01 |
| EA Electronic Arts Inc. | Reduce -49.5% | 0.01% | −0.01 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -47.9% | 0.00% | −0.00 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.00 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.00 |
| MCD McDonald's Corp. | Reduce -4.3% | 0.02% | −0.00 |
| CSX CSX Corp. | Reduce -4.2% | 0.02% | −0.00 |
| SWK Stanley Black & Decker Inc. | Reduce -1.9% | 0.01% | −0.00 |
| TAK Takeda Pharmaceutic-SP ADR | Reduce -63.5% | 0.00% | −0.00 |
| LAUR Laureate Education Inc. | Reduce -12.1% | 0.00% | 0.00 |
| NVS Novartis AG-Sponsored ADR | Reduce -5.8% | 0.01% | 0.00 |
| WAT Waters Corp. | Reduce -4.0% | 0.03% | +0.00 |
| SHEL Shell PLC-ADR | Reduce -0.5% | 1.96% | +0.02 |
| XOM Exxon Mobil Corp. | Reduce -2.9% | 1.31% | +0.03 |
| SAN Banco Santander SA-Spon ADR | Reduce -8.8% | 4.76% | +0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -20.4% | 3.31% | +0.04 |
| SCHW Schwab (charles) Corp. | Reduce -1.5% | 2.88% | +0.05 |
| INFY Infosys Ltd.-SP ADR | Reduce -3.5% | 1.39% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -1.2% | 1.40% | +0.08 |
| LYG Lloyds Banking Group PLC-ADR | Reduce -10.8% | 4.90% | +0.14 |
| PLD Prologis Inc. | Reduce -2.1% | 2.02% | +0.15 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.2% | 2.85% | +0.38 |
| DLTR Dollar Tree Inc. | Reduce -2.8% | 2.14% | +0.43 |
| MRK Merck & Co. Inc. | Reduce -2.3% | 2.80% | +0.49 |
| GSK GSK PLC-Spon ADR | Reduce -0.5% | 4.70% | +0.49 |
Portfolio Buys Q3 2025 → Q4 2025
| YMM Full Truck Alliance -SPN ADR | New | 0.98% | +0.98 |
| FISV Fiserv Inc. | New | 0.86% | +0.86 |
| EFA iShares MSCI Eafe ETF | Add +132.7% | 1.32% | +0.76 |
| SNY Sanofi-ADR | Add +23.6% | 3.59% | +0.73 |
| BAC Bank of America Corp. | Add +34.3% | 1.97% | +0.58 |
| YUMC Yum China Holdings Inc. | Add +112.0% | 3.10% | +0.44 |
| VALE Vale SA-SP ADR | Add +0.4% | 2.46% | +0.39 |
| KVUE Kenvue Inc. | Add +18.2% | 1.64% | +0.32 |
| HDB HDFC Bank Ltd.-ADR | Add +42.3% | 0.82% | +0.28 |
| CRM Salesforce Inc. | Add +2.0% | 2.43% | +0.27 |
| TXN Texas Instruments Inc. | Add +15.3% | 2.40% | +0.17 |
| PBR Petroleo Brasileiro-Spon ADR | Add +14.1% | 2.47% | +0.13 |
| AMZN Amazon.com Inc. | Add +19.5% | 0.43% | +0.08 |
| KSPI JSC Kaspi.kz ADR | Add +16.9% | 0.63% | +0.06 |
| KT KT Corp.-SP ADR | Add +11.0% | 0.92% | +0.06 |
| PUK Prudential PLC-ADR | New | 0.02% | +0.02 |
| UAE iShares MSCI Uae ETF | Add +4.9% | 0.22% | +0.01 |
| AMT American Tower Corp. | Add +64.0% | 0.03% | +0.01 |
| SOLV Solventum Corp. | Add +33.2% | 0.02% | +0.01 |
| EIX Edison International | Add +27.4% | 0.02% | +0.01 |
| EOG EOG Resources Inc. | Add +43.7% | 0.01% | +0.00 |
| EWY iShares MSCI South Korea ETF | Add +14.8% | 0.01% | +0.00 |
| ASX Ase Technology Holding -ADR | Add +73.9% | 0.00% | +0.00 |
| ASHR Xtrackers Harvest Csi 300 CH | Add +29.6% | 0.01% | +0.00 |
| UNP Union Pacific Corp. | New | 0.00% | +0.00 |
| NI Nisource Inc. | New | 0.00% | +0.00 |
| SHG Shinhan Financial Group-ADR | Add +29.0% | 0.00% | +0.00 |
| UL Unilever PLC-Sponsored ADR | Add +135.3% | 0.00% | +0.00 |
| PAC Grupo Aeroportuario Pac-ADR | Add +20.4% | 0.00% | +0.00 |
| TLK Telkom Indonesia Persero-ADR | Add +29.4% | 0.00% | +0.00 |
| QCOM Qualcomm Inc. | Add +2.9% | 0.02% | +0.00 |
| EEM iShares MSCI Emerging Market | New | 0.00% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +48.3% | 0.00% | +0.00 |
| VINP Vinci Compass Investments LT | New | 0.00% | +0.00 |
| FMX Fomento Economico Mex-SP ADR | Add +28.6% | 0.00% | +0.00 |
| ABEV Ambev SA-ADR | Add +27.5% | 0.00% | +0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +34.0% | 0.00% | +0.00 |
| BIDU Baidu Inc. - Spon ADR | Add +26.9% | 0.00% | +0.00 |
| IBN Icici Bank Ltd.-Spon ADR | Add +21.2% | 0.00% | +0.00 |
| NOMD Nomad Foods Ltd. | Add +15.7% | 0.00% | +0.00 |
| DEM Wisdomtree Emerging Markets | New | 0.00% | 0.00 |
| BTG B2GOLD Corp. | Add +0.3% | 0.00% | −0.00 |
| ATHM Autohome Inc.-ADR | Add +10.1% | 0.00% | −0.00 |
| BABA Alibaba Group Holding-SP ADR | Add +6.5% | 0.01% | −0.00 |
| ES Eversource Energy | Add +2.2% | 0.03% | −0.00 |
| WDAY Workday Inc. Class A | Add +11.0% | 0.33% | −0.01 |
| KSA Ishrs MSCI Saudi Arabia ETF | Add +0.1% | 0.49% | −0.06 |
| SYY Sysco Corp. | Add +7.1% | 2.25% | −0.12 |
| WPP WPP PLC-Sponsored ADR | Add +1.5% | 1.20% | −0.13 |
| MSFT Microsoft Corp. | Add +0.8% | 2.24% | −0.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 111 | $6.5B | YUMC, LYG, SAN, GSK, SONY |
| Q1 2026 | 103 | $6.7B | YUMC, GSK, LYG, SAN, SONY |
| Q4 2025 | 102 | $6.1B | LYG, SAN, GSK, SONY, SNY |
| Q3 2025 | 96 | $6.0B | LYG, SAN, SONY, GSK, BTI |
| Q1 2025 | 98 | $5.8B | SAN, LYG, SONY, TRP, BTI |
| Q4 2024Amended | 100 | $6.1B | TRP, SONY, LYG, SAN, GSK |
| Q3 2024 | 100 | $6.6B | TRP, PHG, LYG, SAN, SONY |
| Q2 2024 | 96 | $6.5B | TRP, PHG, LYG, SAN, SONY |
| Q1 2024 | 98 | $7.3B | TRP, SAN, TSM, GSK, LYG |