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

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 Q1 2025 Q3 2025: $6.0B Q3 2025 Q4 2025: $6.1B $6.1B Q4 2025 Q1 2026: $6.7B Q1 2026 Q2 2026: $6.5B Q2 2026

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
PAX Patria Investments Ltd. Class A 0.00% 18 $279 No change
PEP Pepsico Inc. 0.00% 634,712 $0 Reduce -3.7%

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

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