Mondrian Investment Partners LTD
"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 27 quarters, returned +4.5% per quarter — versus +2.9% per quarter from simply owning every 13F stock. It beat that baseline in only 55.6% of quarters (excess t = 0.61, 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 103 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| YUMC | $909M | | TRIM |
| GSK | $275M | | TRIM |
| LYG | $261M | | TRIM |
| SAN | $252M | | TRIM |
| SONY | $251M | | ADD |
| SNY | $243M | | ADD |
| PBR | $230M | | TRIM |
| BTI | $217M | | HOLD |
| BP | $216M | | HOLD |
| PHG | $214M | | HOLD |
| MRK | $190M | | HOLD |
| GOOGL | $169M | | TRIM |
| SCHW | $161M | | HOLD |
| VALE | $159M | | TRIM |
| TMO | $157M | | ADD |
| MSFT | $154M | | ADD |
| SHEL | $150M | | HOLD |
| TXN | $149M | | TRIM |
| SYY | $130M | | HOLD |
| PLD | $125M | | HOLD |
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.