BRANDES INVESTMENT PARTNERS, LP

LA JOLLA, CA · CIK 1015079 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 1985 · limited partnership

Assets managed$40.6bn
Staff149 · 35 in investment roles
Main clients (by assets)State and local governments 37%, Other advisers 24%, Mutual funds and ETFs 15%
Private funds18 · $2.4bn gross assets
Form ADV · 2026-04-10SEC adviser record

Legal entityBrandes Investment Partners, L.P. (US)

$14.3bn reported value +1.0% vs Q1 2026

193positions

21.0%in top 10

18 new 104 added 68 reduced 11 sold out vs Q1 2026

This report includes the holdings of 3 other managers that share the investment decisions:

Brandes Investment Partners & Co. – reports through this filing
Brandes Investment Partners (Asia) Pte. Ltd. – reports through this filing
Brandes Investment Partners (Europe) Ltd. – reports through this filing

Also in the report of:

PERSONAL CFO SOLUTIONS, LLC – $1.9m of shares are in both reports
Leisure Capital Management – $160.8k of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	CAE INC COM CAE	CAE	18,397,515	$461.0m3.23%	3.23%	Added +2.5m	+2,522,848 15.9%
2	EMBRAER S.A. SPONSORED ADS EMBJ	EMBJ	6,036,219	$385.1m2.70%	2.70%	Added +332.3k	+332,274 5.8%
3	MOHAWK INDS INC COM MHK	MHK	2,797,526	$339.4m2.38%	2.38%	Added +179.1k	+179,104 6.8%
4	OPEN TEXT CORP COM OTEX	OTEX	13,061,929	$289.3m2.03%	2.03%	Added +925.9k	+925,931 7.6%
5	GRIFOLS S A SP ADR REP B NVT GRFS	GRFS	37,816,285	$267.7m1.88%	1.88%	Added +1.5m	+1,482,571 4.1%
6	NICE LTD SPONSORED ADR NICE	NICE	2,861,960	$260.0m1.82%	1.82%	Added +632.4k	+632,370 28.4%
7	BECTON DICKINSON & CO COM BDX	BDX	1,671,540	$253.0m1.77%	1.77%	Added +155.9k	+155,936 10.3%
8	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	2,754,039	$250.0m1.75%	1.75%	Reduced -507.0k	-506,977 -15.6%
9	CNH INDL N V SHS CNH	CNH	21,878,681	$245.7m1.72%	1.72%	Added +19.2m	+19,158,489 704.3%
10	MERCK & CO INC COM MRK	MRK	1,910,947	$245.6m1.72%	1.72%	Reduced -391.6k	-391,615 -17.0%
11	CITIGROUP INC COM NEW C	C	1,670,362	$233.8m1.64%	1.64%	Reduced -774.1k	-774,127 -31.7%
12	THE CIGNA GROUP COM CI	CI	843,317	$232.5m1.63%	1.63%	Reduced -165.6k	-165,552 -16.4%
13	AMDOCS LTD SHS DOX	DOX	4,581,633	$231.6m1.62%	1.62%	Reduced -73.5k	-73,454 -1.6%
14	TEXTRON INC COM TXT	TXT	2,521,792	$231.3m1.62%	1.62%	Reduced -319.0k	-318,961 -11.2%
15	BANK AMERICA CORP COM BAC	BAC	3,803,522	$216.7m1.52%	1.52%	Reduced -763.4k	-763,355 -16.7%
16	HEXCEL CORP NEW COM HXL	HXL	2,134,549	$213.6m1.50%	1.50%	Reduced -99.8k	-99,776 -4.5%
17	ICON PLC SHS ICLR	ICLR	1,185,774	$206.0m1.44%	1.44%	Reduced -249.3k	-249,279 -17.4%
18	EDGEWELL PERS CARE CO COM EPC	EPC	7,059,831	$189.6m1.33%	1.33%	Added +338.8k	+338,754 5.0%
19	WELLS FARGO CO NEW COM WFC	WFC	2,290,534	$189.3m1.33%	1.33%	Reduced -464.4k	-464,359 -16.9%
20	GALLAGHER ARTHUR J & CO COM AJG	AJG	813,014	$186.6m1.31%	1.31%	Added +111.8k	+111,754 15.9%
21	PFIZER INC COM PFE	PFE	7,634,806	$183.8m1.29%	1.29%	Reduced -1.5m	-1,472,419 -16.2%
22	EQUIFAX INC COM EFX	EFX	1,152,350	$182.9m1.28%	1.28%	Added +405.1k	+405,149 54.2%
23	SANOFI SPONSORED ADR SNY	SNY	4,136,417	$176.5m1.24%	1.24%	Added +413.3k	+413,317 11.1%
24	UNITEDHEALTH GROUP INC COM UNH	UNH	424,159	$176.3m1.24%	1.24%	Reduced -197.7k	-197,725 -31.8%
25	FEDEX CORP COM FDX	FDX	561,978	$176.0m1.23%	1.23%	Reduced -144.5k	-144,489 -20.4%
26	CVS HEALTH CORP COM CVS	CVS	1,674,319	$173.2m1.21%	1.21%	Reduced -295.5k	-295,482 -15.0%
27	PROGRESSIVE CORP COM PGR	PGR	789,561	$172.5m1.21%	1.21%	Reduced -79.1k	-79,127 -9.1%
28	HALLIBURTON CO COM HAL	HAL	4,979,851	$169.1m1.19%	1.19%	Reduced -1.3m	-1,311,493 -20.9%
29	PNC FINL SVCS GROUP INC COM PNC	PNC	677,618	$166.8m1.17%	1.17%	Reduced -136.4k	-136,382 -16.8%
30	SHELL PLC SPON ADS SHEL	SHEL	2,127,279	$165.0m1.16%	1.16%	Reduced -625.5k	-625,476 -22.7%
31	ARCH CAP GROUP LTD ORD ACGL	ACGL	1,518,218	$147.4m1.03%	1.03%	Reduced -254.2k	-254,154 -14.3%
32	ARLO TECHNOLOGIES INC COM ARLO	ARLO	10,753,652	$145.0m1.02%	1.02%	Added +534.8k	+534,798 5.2%
33	WORLD KINECT CORPORATION COM WKC	WKC	4,399,303	$144.9m1.02%	1.02%	Added +109.5k	+109,463 2.5%
34	INNOVEX INTERNATIONAL INC COM INVX	INVX	5,727,445	$142.0m1.00%	1.00%	Reduced -856.0k	-855,970 -13.0%
35	CAMPBELL SOUP CO COM CPB	CPB	6,334,950	$141.1m0.99%	0.99%	Added +6.2m	+6,167,736 3688.5%
36	ZOETIS INC CL A ZTS	ZTS	1,930,651	$138.7m0.97%	0.97%	New
37	COMCAST CORP NEW CL A CMCSA	CMCSA	5,626,422	$138.1m0.97%	0.97%	Reduced -803.3k	-803,316 -12.5%
38	GRAHAM CORP COM GHM	GHM	1,079,699	$133.7m0.94%	0.94%	Reduced -91.3k	-91,282 -7.8%
39	HCA HEALTHCARE INC COM HCA	HCA	311,035	$121.3m0.85%	0.85%	Reduced -32.2k	-32,189 -9.4%
40	COPA HOLDINGS SA CL A CPA	CPA	769,630	$119.7m0.84%	0.84%	Added +33.4k	+33,402 4.5%
41	CEMEX SAB DE CV SPON ADR NEW CX	CX	9,957,989	$119.5m0.84%	0.84%	Added +859.0k	+858,998 9.4%
42	EMERSON ELEC CO COM EMR	EMR	813,136	$116.4m0.82%	0.82%	Reduced -140.4k	-140,370 -14.7%
43	INGREDION INC COM INGR	INGR	1,227,467	$116.3m0.81%	0.81%	Added +661.3k	+661,262 116.8%
44	GLOBANT S A COM GLOB	GLOB	4,000,333	$115.8m0.81%	0.81%	Added +575.9k	+575,933 16.8%
45	WESTLAKE CORPORATION COM WLK	WLK	1,572,939	$114.8m0.80%	0.80%	Reduced -269.7k	-269,711 -14.6%
46	INGLES MKTS INC CL A IMKTA	IMKTA	1,260,027	$111.6m0.78%	0.78%	Added +7.7k	+7,743 0.6%
47	NATIONAL GRID PLC SPONSORED ADR NE NGG	NGG	1,345,982	$111.5m0.78%	0.78%	Added +34.0k	+33,971 2.6%
48	MCKESSON CORP COM MCK	MCK	140,534	$106.2m0.74%	0.74%	Reduced -32.0k	-31,953 -18.5%
49	ALPHABET INC CAP STK CL C GOOG	GOOG	296,414	$104.7m0.73%	0.73%	Added +2.8k	+2,837 1.0%
50	PAPA JOHNS INTL INC COM PZZA	PZZA	2,730,683	$100.4m0.70%	0.70%	Added +97.9k	+97,879 3.7%
51	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	1,276,459	$99.4m0.70%	0.70%	Reduced -209.1k	-209,073 -14.1%
52	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	2,553,185	$98.9m0.69%	0.69%	Reduced -489.7k	-489,655 -16.1%
53	PRESTIGE CONSMR HEALTHCARE I COM PBH	PBH	2,051,060	$97.0m0.68%	0.68%	Added +1.2m	+1,196,941 140.1%
54	PARK AEROSPACE CORP COM PKE	PKE	2,540,044	$96.9m0.68%	0.68%	Reduced -242.3k	-242,293 -8.7%
55	SCHLUMBERGER LTD COM STK SLB	SLB	2,060,834	$95.8m0.67%	0.67%	Added +18.8k	+18,821 0.9%
56	SAP SE SPON ADR SAP	SAP	614,006	$94.6m0.66%	0.66%	Added +148.2k	+148,250 31.8%
57	EPAM SYS INC COM EPAM	EPAM	1,173,823	$93.1m0.65%	0.65%	Reduced -151.2k	-151,231 -11.4%
58	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	962,215	$92.4m0.65%	0.65%	Added +296.1k	+296,102 44.5%
59	JBS N.V. CL A SHS JBS	JBS	7,693,893	$91.2m0.64%	0.64%	Added +4.7m	+4,711,219 157.9%
60	SCOTTS MIRACLE-GRO CO CL A SMG	SMG	1,335,820	$91.0m0.64%	0.64%	Added +527.0k	+527,013 65.2%
61	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	1,464,214	$90.9m0.64%	0.64%	Added +258.3k	+258,271 21.4%
62	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	1,128,458	$89.4m0.63%	0.63%	Added +23.0k	+22,955 2.1%
63	ARROW ELECTRS INC COM ARW	ARW	408,610	$87.2m0.61%	0.61%	Reduced -23.2k	-23,158 -5.4%
64	SYSCO CORP COM SYY	SYY	1,038,308	$86.8m0.61%	0.61%	Added +132.6k	+132,591 14.6%
65	MOLSON COORS BEVERAGE CO CL B TAP	TAP	2,212,781	$86.2m0.60%	0.60%	Added +573.6k	+573,569 35.0%
66	ALPHABET INC CAP STK CL A GOOGL	GOOGL	237,789	$85.0m0.60%	0.60%	Reduced -116.1k	-116,110 -32.8%
67	OMNICOM GROUP INC COM OMC	OMC	1,163,286	$84.7m0.59%	0.59%	Added +17.4k	+17,374 1.5%
68	ORION GROUP HLDGS INC COM ORN	ORN	4,914,450	$82.7m0.58%	0.58%	Reduced -245.4k	-245,385 -4.8%
69	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	171,703	$82.0m0.57%	0.57%	Reduced -18.5k	-18,535 -9.7%
70	CHEVRON CORP NEW COM CVX	CVX	488,526	$81.0m0.57%	0.57%	Added +5.4k	+5,366 1.1%
71	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	307,861	$80.5m0.56%	0.56%	Added +8.8k	+8,825 3.0%
72	AMERICA MOVIL SAB DE CV SPON ADS RP CL B AMX	AMX	3,093,426	$80.4m0.56%	0.56%	Added +77.5k	+77,538 2.6%
73	FISERV INC COM FISV	FISV	1,616,446	$79.3m0.56%	0.56%	Reduced -310.6k	-310,585 -16.1%
74	GSK PLC SPONSORED ADR GSK	GSK	1,483,198	$77.8m0.55%	0.55%	Added +30.2k	+30,196 2.1%
75	EVERGY INC COM EVRG	EVRG	890,004	$76.9m0.54%	0.54%	Reduced -296.4k	-296,367 -25.0%
76	CORTEVA INC COM CTVA	CTVA	904,680	$76.6m0.54%	0.54%	Added +9.1k	+9,127 1.0%
77	AUTOZONE INC COM AZO	AZO	23,388	$74.8m0.52%	0.52%	Added +8.3k	+8,344 55.5%
78	TARGET CORP COM TGT	TGT	572,399	$74.8m0.52%	0.52%	Reduced -756	-756 -0.1%
79	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	2,972,036	$73.1m0.51%	0.51%	Added +193.1k	+193,128 7.0%
80	TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS TAK	TAK	4,539,347	$72.8m0.51%	0.51%	Added +108.7k	+108,705 2.5%
81	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	833,669	$72.2m0.51%	0.51%	Added +89.6k	+89,570 12.0%
82	JOHNSON & JOHNSON COM JNJ	JNJ	276,623	$70.3m0.49%	0.49%	Reduced -3.0k	-3,037 -1.1%
83	LABCORP HOLDINGS INC COM SHS LH	LH	249,524	$69.9m0.49%	0.49%	Added +4.2k	+4,218 1.7%
84	KENVUE INC COM KVUE	KVUE	3,630,495	$69.4m0.49%	0.49%	Added +145.5k	+145,527 4.2%
85	UBS GROUP AG SHS UBS	UBS	1,398,641	$69.3m0.49%	0.49%	Added +30.2k	+30,169 2.2%
86	FOSTER L B CO COM FSTR	FSTR	1,430,840	$64.6m0.45%	0.45%	Reduced -50.5k	-50,483 -3.4%
87	AMBEV SA SPONSORED ADR ABEV	ABEV	20,526,907	$64.5m0.45%	0.45%	Reduced -2.5m	-2,548,766 -11.1%
88	KENNAMETAL INC COM KMT	KMT	1,785,604	$62.6m0.44%	0.44%	Reduced -3.5m	-3,479,676 -66.1%
89	SMITH & NEPHEW PLC SPDN ADR NEW SNN	SNN	2,148,731	$61.9m0.43%	0.43%	Added +806.5k	+806,533 60.1%
90	CARDINAL HEALTH INC COM CAH	CAH	259,832	$61.7m0.43%	0.43%	Added +1.9k	+1,908 0.7%
91	LKQ CORP COM LKQ	LKQ	2,303,156	$60.6m0.43%	0.43%	Added +675.3k	+675,287 41.5%
92	KONINKLIJKE PHILIPS N V NY REGIS SHS NEW PHG	PHG	2,210,252	$60.1m0.42%	0.42%	Added +221.3k	+221,329 11.1%
93	CAPITAL ONE FINL CORP COM COF	COF	285,259	$57.2m0.40%	0.40%	New
94	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	506,716	$57.1m0.40%	0.40%	Added +5.8k	+5,822 1.2%
95	DIAGEO PLC SPON ADR NEW DEO	DEO	680,973	$54.7m0.38%	0.38%	Added +179.0k	+179,000 35.7%
96	TELEFONICA BRASIL SA NEW ADR VIV	VIV	3,963,967	$52.2m0.37%	0.37%	Added +1.5m	+1,513,581 61.8%
97	STATE STR CORP COM STT	STT	301,263	$51.1m0.36%	0.36%	Reduced -73.1k	-73,120 -19.5%
98	NETEASE INC SPONSORED ADS NTES	NTES	378,489	$48.5m0.34%	0.34%	Added +269.1k	+269,088 246.0%
99	JPMORGAN CHASE & CO COM JPM	JPM	147,529	$48.3m0.34%	0.34%	Added +1.9k	+1,867 1.3%
100	MOOG INC CL A MOG.A	MOG.A	113,210	$48.0m0.34%	0.34%	Reduced -173.5k	-173,499 -60.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NUTRIEN LTD NTR	NTR	943,685	$71.2m943.7k shares
WATERS CORP WAT	WAT	69,454	$20.7m69.5k shares
MOVADO GROUP INC MOV	MOV	739,192	$18.1m739.2k shares
NATIONAL BANKSHARES INC VA NKSH	NKSH	193,422	$7.0m193.4k shares
NATIONAL PRESTO INDS INC NPK	NPK	40,208	$5.5m40.2k shares
HEARTLAND EXPRESS INC HTLD	HTLD	276,427	$2.9m276.4k shares
ZTO EXPRESS CAYMAN INC ZTO	ZTO	88,827	$2.2m88.8k shares
EAGLE BANCORP MONT INC EBMT	EBMT	64,963	$1.3m65.0k shares
SEALED AIR CORP NEW		23,092	$971.0k23.1k shares
VANGUARD INDEX FDS VTV	VTV	1,547	$303.5k1.5k shares
NATWEST GROUP PLC NWG	NWG	12,878	$191.9k12.9k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
GRIFOLS S A GRFS · 13G · filed 2026-05-14	GRFS	24.3%	+3.6 pts	13G	2026-05-14
AMERICAN OUTDOOR BRANDS INC AOUT · 13G · filed 2026-08-14	AOUT	19.7%≈ $28.9m	+0.4 pts	13G	2026-08-14
UTAH MED PRODS INC UTMD · 13G · filed 2026-08-14	UTMD	14.9%≈ $32.8m	+0.8 pts	13G	2026-08-14
FOSTER L B CO FSTR · 13G · filed 2026-05-14	FSTR	14.4%≈ $67.0m	+1.7 pts	13G	2026-05-14
EDGEWELL PERS CARE CO EPC · 13G · filed 2026-05-14	EPC	14.4%≈ $180.6m	+1.3 pts	13G	2026-05-14
ORION GROUP HLDGS INC ORN · 13G · filed 2025-11-13	ORN	12.5%≈ $83.3m	+1.5 pts	13G	2025-11-13
PARK AEROSPACE CORP PKE · 13G · filed 2026-08-13	PKE	12.2%≈ $97.3m	-1.8 pts	13G	2026-08-13
GLOBANT S A GLOB · 13G · filed 2026-10-07	GLOB	10.8%≈ $135.2m	+1.5 pts	13G	2026-10-07
ARLO TECHNOLOGIES INC ARLO · 13G · filed 2026-05-14	ARLO	9.6%≈ $137.8m	+1.9 pts	13G	2026-05-14
GRAHAM CORP GHM · 13G · filed 2026-08-13	GHM	9.2%≈ $133.7m	-2.1 pts	13G	2026-08-13
LENSAR INC LNSR · 13G · filed 2026-05-14	LNSR	8.5%≈ $5.9m	+2.0 pts	13G	2026-05-14
WORLD KINECT CORPORATION WKC · 13G · filed 2026-05-14	WKC	8.4%≈ $141.3m	+1.7 pts	13G	2026-05-14
INNOVEX INTERNATIONAL INC INVX · 13G · filed 2026-08-13	INVX	8.3%≈ $142.0m	-1.3 pts	13G	2026-08-13
PAPA JOHNS INTL INC PZZA · 13G · filed 2026-05-14	PZZA	8.0%≈ $96.8m	new	13G	2026-05-14
INGLES MKTS INC IMKTA · 13G · filed 2025-11-13	IMKTA	8.0%≈ $102.8m	+2.4 pts	13G	2025-11-13
Bladex Inc BLX · 13G · filed 2026-02-12	BLX	6.9%≈ $121.9m	-2.3 pts	13G	2026-02-12
NETGEAR INC NTGR · 13G · filed 2026-08-13	NTGR	6.6%≈ $41.2m	-4.1 pts	13G	2026-08-13
HURCO CO HURC · 13G · filed 2026-08-13	HURC	6.4%≈ $9.6m	-2.8 pts	13G	2026-08-13
PDL BIOPHARMA INC PDLI · 13G · filed 2026-08-13	PDLI	6.2%	new	13G	2026-08-13
CAE INC CAE · 13G · filed 2026-08-13	CAE	5.8%≈ $433.5m	new	13G	2026-08-13
RESOURCES CONNECTION INC RGP · 13G · filed 2026-05-14	RGP	5.4%≈ $7.7m	new	13G	2026-05-14
EMBRAER S.A. EMBJ · 13G · filed 2026-08-13	EMBJ	5.3%	+0.8 pts	13G	2026-08-13