CIK: 0001015079
Total reported value
$14.1B
Reporting period: 2026-03-31 · Number of holdings: 476
BRANDES INVESTMENT PARTNERS, LP disclosed 476 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.1B and a quarterly turnover rate of 23.7%.
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Brandes Investment Partners, LP's disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 83 equally-sized positions, well below its 476 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.12), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add NICE
+215.3% $165.9M
Add MHK
+137.5% $137.3M
Trim KMT
-48.5% -$100.4M
Trim CAH
-67.0% -$106.2M
Trim CTVA
-61.3% -$80.0M
Add WLK
+10.3% $91.8M
Brandes Investment Partners is aggressively adding to contrarian value plays like NICE, MHK, and initiating positions in AJG and EFX while trimming CAH and exiting GIL. This is not defensive fortification – it's a deliberate capital rotation into deep cyclical values and data-driven services, hunting alpha through mean reversion in sectors the consensus has abandoned.
The sector rotation – increasing weight in materials (WLK), homebuilding (MHK), and software (NICE), while reducing exposure to healthcare distribution (CAH) and industrial specialties (KMT) – positions Brandes for a cyclical recovery regime where inflation moderates and industrial production picks up. The opposing thesis: the economy may tip into recession, making these cyclical adds premature and the trimmed holdings (which were likely more defensive) actually prescient.
With a momentum_contrarian score of 100 and a concentration index of 4.81, Brandes is operating at the extreme end of factor crowding in deep value. If the value factor remains out of favor for another quarter, the portfolio's moderate turnover (23.7%) and massive diversification (186 names) will cap upside while leaving it exposed to prolonged drawdown in out-of-favor positions – a classic value trap scenario.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Showing top 186 holdings (of 476 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CAE | Cae INC | Stock-Other | 2.93% | -0.58% | +4.73% | |
| 2 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 2.40% | — | +10.63% | |
| 3 | DOX | Amdocs Limited | Stock-Tech | 2.15% | +0.49% | +71.46% | |
| 4 | GRFS | Grifols Sa-adr | Stock-Other | 2.06% | — | +17.38% | |
| 5 | C | Citigroup INC | Stock-Financials | 1.96% | — | +3.53% | |
| 6 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.96% | — | -6.69% | |
| 7 | OTEX | Open Text CORP | Stock-Other | 1.91% | -0.35% | +33.27% | |
| 8 | CI | THE Cigna Group | Stock-Healthcare | 1.90% | — | +6.84% | |
| 9 | MHK | Mohawk Industries INC | Stock-Consumer Disc | 1.82% | +0.90% | +137.48% | |
| 10 | SHEL | Shell Plc-adr | Stock-Energy | 1.81% | +0.35% | +5.17% | |
| 11 | PFE | Pfizer INC | Stock-Healthcare | 1.81% | +0.17% | +5.54% | |
| 12 | FDX | Fedex CORP | Stock-Industrials | 1.78% | +0.19% | -2.32% | |
| 13 | TXT | Textron INC | Stock-Industrials | 1.76% | — | +3.86% | |
| 14 | NICE | Nice LTD - Spon Adr | Stock-Tech | 1.74% | +1.13% | +215.27% | |
| 15 | HAL | Halliburton Co | Stock-Energy | 1.74% | +0.12% | -16.66% | |
| 16 | TIGO | Millicom International Cellular S.A. | Stock-Comm Services | 1.73% | -0.31% | -32.57% | |
| 17 | BDX | Becton Dickinson And Co | Stock-Healthcare | 1.69% | — | +23.25% | |
| 18 | BAC | Bank Of America CORP | Stock-Financials | 1.58% | -0.26% | +4.12% | |
| 19 | WFC | Wells Fargo & Co | Stock-Financials | 1.55% | -0.31% | +4.78% | |
| 20 | WLK | Westlake CORP | Stock-Materials | 1.52% | +0.58% | +10.32% | |
| 21 | KMT | Kennametal INC | Stock-Other | 1.35% | -0.86% | -48.54% | |
| 22 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 1.32% | — | +31.02% | |
| 23 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.31% | — | +7.26% | |
| 24 | HXL | Hexcel CORP | Stock-Industrials | 1.28% | — | -10.84% | |
| 25 | EPAM | Epam Systems INC | Stock-Tech | 1.27% | -0.26% | +34.68% | |
| 26 | SNY | Sanofi-adr | Stock-Healthcare | 1.27% | +0.20% | +27.80% | |
| 27 | PGR | Progressive CORP | Stock-Financials | 1.22% | +0.18% | +44.23% | |
| 28 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 1.20% | — | +3.61% | |
| 29 | PNC | Pnc Financial Services Group | Stock-Financials | 1.20% | — | +2.03% | |
| 30 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.19% | +0.18% | +55.45% | |
| 31 | HCA | Hca Healthcare INC | Stock-Healthcare | 1.15% | — | -11.27% | |
| 32 | INVX | Innovex International INC | Stock-Other | 1.14% | — | -14.01% | |
| 33 | ICLR | ICON Public Limited Company | Stock-Healthcare | 1.12% | — | +84.76% | |
| 34 | GLOB | Globant S.A. | Stock-Tech | 1.12% | — | +42.64% | |
| 35 | AJG | Arthur J Gallagher & Co | Stock-Financials | 1.07% | +1.07% | NEW | |
| 36 | MCK | Mckesson CORP | Stock-Healthcare | 1.06% | — | -8.43% | |
| 37 | ARLO | Arlo Technologies INC | Stock-Other | 1.03% | +0.16% | +24.64% | |
| 38 | EPC | Edgewell Personal Care Co | Stock-Other | 1.02% | +0.23% | +9.83% | |
| 39 | CVS | Cvs Health CORP | Stock-Healthcare | 1.00% | — | +6.74% | |
| 40 | EFX | Equifax INC | Stock-Industrials | 0.95% | +0.95% | NEW | |
| 41 | MU | Micron Technology INC | Stock-Tech | 0.94% | -0.34% | -33.74% | |
| 42 | EMR | Emerson Electric Co | Stock-Industrials | 0.88% | — | +5.00% | |
| 43 | IMKTA | Ingles Markets Inc-class A | Stock-Other | 0.80% | +0.17% | +3.78% | |
| 44 | NGG | National Grid Plc-sp Adr | Stock-Utilities | 0.79% | +0.33% | +68.10% | |
| 45 | FISV | Fiserv INC | Stock-Other | 0.76% | — | +6.73% | |
| 46 | SLB | Slb LTD | Stock-Energy | 0.74% | +0.17% | +5.05% | |
| 47 | CX | Cemex Sab-spons Adr Part Cer | Stock-Other | 0.74% | -0.38% | -29.20% | |
| 48 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.72% | — | +5.51% | |
| 49 | CVX | Chevron CORP | Stock-Energy | 0.71% | — | -17.35% | |
| 50 | WKC | World Kinect CORP | Stock-Other | 0.70% | — | +11.55% |
Performance for Q3 2026
+3.4%
Performance Last 4 Quarters
+29.8%
Based on 69% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 476 | $14.1B | 24 | |
| 2025-12-31 | 473 | $13.1B | 22 | |
| 2025-09-30 | 460 | $12.5B | 34 | |
| 2025-06-30 | 454 | $11.1B | 0 | |
| 2025-03-31 | 452 | $9.8B | 100 | |
| 2024-12-31 | 455 | $8.9B | 0 | |
| 2024-09-30 | 448 | $8.9B | 0 | |
| 2024-06-30 | 369 | $8.1B | 0 | |
| 2024-03-31 | 364 | $7.8B | 0 | |
| 2023-12-31 | 371 | $6.6B | 0 | |
| 2023-09-30 | 329 | $5.1B | 0 | |
| 2023-06-30 | 329 | $5.0B | 0 | |
| 2023-03-31 | 337 | $4.7B | 0 | |
| 2022-12-31 | 318 | $3.6B | 0 | |
| 2022-09-30 | 352 | $3.8B | 0 | |
| 2022-06-30 | 354 | $4.1B | 0 | |
| 2022-03-31 | 345 | $4.7B | 0 | |
| 2021-12-31 | 347 | $4.6B | 0 | |
| 2021-09-30 | 336 | $4.6B | 0 | |
| 2021-06-30 | 335 | $4.5B | 97 | |
| 2021-03-31 | 338 | $4.2B | 27 | |
| 2020-12-31 | 324 | $3.9B | 39 | |
| 2020-09-30 | 328 | $2.9B | 27 | |
| 2020-06-30 | 343 | $3.3B | 26 | |
| 2020-03-31 | 321 | $2.9B | 52 | |
| 2019-12-31 | 305 | $4.2B | 17 | |
| 2019-09-30 | 279 | $3.9B | 20 | |
| 2019-06-30 | 293 | $4.5B | 18 | |
| 2019-03-31 | 293 | $4.3B | 17 | |
| 2018-12-31 | 299 | $3.9B | 32 | |
| 2018-09-30 | 284 | $4.4B | 11 | |
| 2018-06-30 | 285 | $4.4B | 17 | |
| 2018-03-31 | 298 | $4.7B | 12 | |
| 2017-12-31 | 257 | $4.9B | 19 | |
| 2017-09-30 | 223 | $4.9B | 36 | |
| 2017-06-30 | 280 | $6.3B | 15 | |
| 2017-03-31 | 288 | $6.7B | 14 | |
| 2016-12-31 | 261 | $6.7B | 18 | |
| 2016-09-30 | 278 | $6.7B | 13 | |
| 2016-06-30 | 284 | $6.5B | 15 | |
| 2016-03-31 | 282 | $7.0B | 24 | |
| 2015-12-31 | 274 | $6.8B | 11 | |
| 2015-09-30 | 285 | $6.8B | 26 | |
| 2015-06-30 | 299 | $7.8B | 13 | |
| 2015-03-31 | 281 | $7.3B | 22 | |
| 2014-12-31 | 268 | $7.1B | 23 | |
| 2014-09-30 | 260 | $7.5B | 22 | |
| 2014-06-30 | 252 | $8.3B | 19 | |
| 2014-03-31 | 263 | $7.9B | 19 | |
| 2013-12-31 | 270 | $8.1B | 14 | |
| 2013-09-30 | 276 | $7.8B | 24 | |
| 2013-06-30 | 275 | $8.0B | 16 |
Brandes Investment Partners, LP's most significant position changes for 2026-03-31: New buy: Arthur J Gallagher & Co (AJG); New buy: Equifax INC (EFX); Sold out: Gildan Activewear INC (GIL); Sold out: Uwm Holdings CORP (UWMC); New buy: Lamb Weston Holdings INC (LW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NICE | Nice LTD - Spon Adr | +1.1% | +215.27% | Add |
| 2 | MHK | Mohawk Industries INC | +0.9% | +137.48% | Add |
| 3 | WLK | Westlake CORP | +0.6% | +10.32% | Add |
| 4 | DOX | Amdocs Limited | +0.5% | +71.46% | Add |
| 5 | PZZA | Papa John's Intl INC | +0.5% | +608.87% | Add |
| 6 | TAP | Molson Coors Beverage Co - B | +0.5% | +1425.15% | Add |
| 7 | SHEL | Shell Plc-adr | +0.4% | +5.17% | Add |
| 8 | NGG | National Grid Plc-sp Adr | +0.3% | +68.10% | Add |
| 9 | TCOM | Trip.com Group Ltd-adr | +0.3% | +2802.72% | Add |
| 10 | EPC | Edgewell Personal Care Co | +0.2% | +9.83% | Add |
| 11 | SNY | Sanofi-adr | +0.2% | +27.80% | Add |
| 12 | JBS | Jbs N.v. | +0.2% | +77.66% | Add |
| 13 | FDX | Fedex CORP | +0.2% | -2.32% | Trim |
| 14 | UNH | Unitedhealth Group INC | +0.2% | +55.45% | Add |
| 15 | PGR | Progressive CORP | +0.2% | +44.23% | Add |
| 16 | PFE | Pfizer INC | +0.2% | +5.54% | Add |
| 17 | SLB | Slb LTD | +0.2% | +5.05% | Add |
| 18 | IMKTA | Ingles Markets Inc-class A | +0.2% | +3.78% | Add |
| 19 | ARLO | Arlo Technologies INC | +0.2% | +24.64% | Add |
| 20 | SAP | Sap Se-sponsored Adr | +0.1% | +102.98% | Add |
| 21 | HAL | Halliburton Co | +0.1% | -16.66% | Trim |
| 22 | TAK | Takeda Pharmaceutic-sp Adr | +0.1% | +14.14% | Add |
| 23 | NTGR | Netgear INC | +0.1% | +61.77% | Add |
| 24 | AMX | America Movil Sab De Cv | +0.1% | +9.16% | Add |
| 25 | INGR | Ingredion INC | +0.1% | +40.32% | Add |
| 26 | JNJ | Johnson & Johnson | -0.2% | -33.28% | Trim |
| 27 | WRB | Wr Berkley CORP | -0.2% | -37.26% | Trim |
| 28 | TKR | Timken Co | -0.3% | -62.05% | Trim |
| 29 | ELAN | Elanco Animal Health INC | -0.3% | -33.86% | Trim |
| 30 | EPAM | Epam Systems INC | -0.3% | +34.68% | Add |
| 31 | BAC | Bank Of America CORP | -0.3% | +4.12% | Add |
| 32 | WFC | Wells Fargo & Co | -0.3% | +4.78% | Add |
| 33 | TIGO | Millicom International Cellular S.A. | -0.3% | -32.57% | Trim |
| 34 | SDA | Sealed Air CORP | -0.3% | -97.88% | Trim |
| 35 | MU | Micron Technology INC | -0.3% | -33.74% | Trim |
| 36 | OTEX | Open Text CORP | -0.4% | +33.27% | Add |
| 37 | NTR | Nutrien LTD | -0.4% | -49.24% | Trim |
| 38 | CX | Cemex Sab-spons Adr Part Cer | -0.4% | -29.20% | Trim |
| 39 | CAE | Cae INC | -0.6% | +4.73% | Add |
| 40 | CTVA | Corteva INC | -0.7% | -61.27% | Trim |
| 41 | CAH | Cardinal Health INC | -0.8% | -67.01% | Trim |
| 42 | KMT | Kennametal INC | -0.9% | -48.54% | Trim |
| 43 | AJG | Arthur J Gallagher & Co | — | NEW | New buy |
| 44 | EFX | Equifax INC | — | NEW | New buy |
| 45 | GIL | Gildan Activewear INC | — | EXIT | Sold out |
| 46 | UWMC | Uwm Holdings CORP | — | EXIT | Sold out |
| 47 | LW | Lamb Weston Holdings INC | — | NEW | New buy |
| 48 | FMS | Fresenius Medical Care-adr | — | NEW | New buy |
| 49 | GTES | Gates Industrial Corporation plc | — | EXIT | Sold out |
| 50 | WAT | Waters CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-19 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-15 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-09 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-10 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-06 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-10 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-11 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-09 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-10 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-18 | Amendment | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-11-18 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-08-08 | 13F-HR | View on EDGAR |
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