Brandes Investment Partners LP’s Q2 2026 Portfolio Update
This article first appeared on GuruFocus.
Value-Oriented Firm Makes Bold Bets on Undervalued Industrials and Consumer Names
Brandes Investment Partners, LP, founded by Charles Brandes in 1974, is a leading investment advisory firm specializing in global equity and fixed-income assets. The firm embraces classic Benjamin Graham principles, focusing on out-of-favor securities trading at discounts to intrinsic value. Their recent 13F filing for Q2 2026 indicates a substantial repositioning towards industrial and consumer cyclical names.
Brandes Investment Partners, LP’s Top Q2 2026 Move: CNH Industrial NV at a 1.51% Portfolio Impact
Summary of New Buys
Brandes added a total of 18 new stocks to its portfolio this quarter. Key acquisitions include:
- Zoetis Inc (NYSE:ZTS): 1,930,651 shares, 0.97% of the portfolio, valued at $138.74 million.
- Capital One Financial Corp (NYSE:COF): 285,259 shares, 0.4% of the portfolio, valued at $57.23 million.
- Vanguard FTSE Developed Markets ETF (VEA): 651,601 shares, 0.33% of the portfolio, valued at $46.43 million.
Key Position Increases
Brandes increased stakes in 104 stocks, notably:
- CNH Industrial NV (NYSE:CNH): Increased by 19,158,489 shares (704.31% increase), 1.51% of the portfolio, valued at $245.70 million.
- The Campbell’s Co (NASDAQ:CPB): Increased by 6,167,736 shares (3,688.53% increase), valued at $141.08 million.
Summary of Sold Out Positions
Brandes completely exited 11 holdings in Q2 2026:
- Nutrien Ltd (NYSE:NTR): Sold all 943,685 shares, resulting in a -0.5% portfolio impact.
- Waters Corp (NYSE:WAT): Sold all 69,454 shares, with a -0.15% portfolio impact.
Key Position Reductions
The firm reduced positions in 68 stocks, particularly:
- Micron Technology Inc (NASDAQ:MU): Sold 388,315 shares (-99.11% decrease), impacting the portfolio by -0.93%.
- Kennametal Inc (NYSE:KMT): Sold 3,479,676 shares (-66.09% decrease), with a -0.89% portfolio impact.
Portfolio Overview
As of the end of Q2 2026, Brandes’ portfolio comprised 193 stocks. Key holdings include:
- CAE Inc (NASDAQ:CAE): 3.23%
- Embraer SA (NYSE:EMBJ): 2.7%
- Mohawk Industries Inc (NYSE:MHK): 2.38%
The portfolio is well-diversified across 11 industries, reflecting Brandes’ commitment to identifying value across various sectors while maintaining a long-term investment approach.
Brandes Investment Partners, LP’s Top Q2 2026 Move: CNH Industrial NV at a 1.51% Portfolio Impact
