BRANDES INVESTMENT PARTNERS, LP
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 31 quarters, returned +2.5% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 58.1% of quarters (excess t = 0.55, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 186 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| CAE | $414M | | ADD |
| EMBJ | $338M | | ADD |
| DOX | $304M | | ADD |
| GRFS | $291M | | ADD |
| C | $277M | | ADD |
| MRK | $277M | | TRIM |
| OTEX | $270M | | ADD |
| CI | $269M | | ADD |
| MHK | $258M | | ADD |
| SHEL | $256M | | ADD |
| PFE | $256M | | ADD |
| FDX | $252M | | TRIM |
| TXT | $249M | | ADD |
| NICE | $246M | | ADD |
| HAL | $245M | | TRIM |
| TIGO | $244M | | TRIM |
| BDX | $238M | | ADD |
| BAC | $223M | | ADD |
| WFC | $219M | | ADD |
| WLK | $215M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.