Charles Brandes' portfolio
Graham-Dodd global deep value; contrarian positions in out-of-favor international equities.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- ZoetisZTS$139M
- Capital One FinancialCOF$57M
- VEAVEA$46M
- iShares MSCI ACWI ETFACWI$19M
- Fortune Brands InnovationsFBIN$5M
- Brown & BrownBRO$4M
- VWOVWO$4M
- Cooper CompaniesCOO$3M
- Zebra TechnologiesZBRA$3M
- iShares MSCI EAFE ETFEFA$3M
Added to
- CAECAE$461M
- EmbraerEMBJ$385M
- Open TextOTEX$289M
- Grifols SA ADRGRFS$268M
- Nice Ltd ADRNICE$260M
- Becton Dickinson andBDX$253M
- Edgewell Personal CareEPC$190M
- Arthur J Gallagher &AJG$187M
- EquifaxEFX$183M
- Sanofi ADRSNY$176M
Trimmed
- Merck & CompanyMRK$246M
- CitigroupC$234M
- CignaCI$232M
- AmdocsDOX$232M
- TextronTXT$231M
- Bank of AmericaBAC$217M
- HexcelHXL$214M
- ICONICLR$206M
- Wells Fargo &WFC$189M
- PfizerPFE$184M
Sold out
None this quarter.
Holdings
193 US-listed positions in the Q2 2026 13F, largest first (top 50 shown; all of them in Investingly).
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| CAECAE | 3.23% | $461M | 18,397,515 | Added |
| EmbraerEMBJ | 2.70% | $385M | 6,036,219 | Added |
| Mohawk Inds | 2.38% | $339M | 2,797,526 | Held |
| Open TextOTEX | 2.03% | $289M | 13,061,929 | Added |
| Grifols SA ADRGRFS | 1.88% | $268M | 37,816,285 | Added |
| Nice Ltd ADRNICE | 1.82% | $260M | 2,861,960 | Added |
| Becton Dickinson andBDX | 1.77% | $253M | 1,671,540 | Added |
| Millicom Intl Cellular S A | 1.75% | $250M | 2,754,039 | Held |
| Cnh Indl N V | 1.72% | $246M | 21,878,681 | Held |
| Merck & CompanyMRK | 1.72% | $246M | 1,910,947 | Trimmed |
| CitigroupC | 1.64% | $234M | 1,670,362 | Trimmed |
| CignaCI | 1.63% | $232M | 843,317 | Trimmed |
| AmdocsDOX | 1.62% | $232M | 4,581,633 | Trimmed |
| TextronTXT | 1.62% | $231M | 2,521,792 | Trimmed |
| Bank of AmericaBAC | 1.52% | $217M | 3,803,522 | Trimmed |
| HexcelHXL | 1.50% | $214M | 2,134,549 | Trimmed |
| ICONICLR | 1.44% | $206M | 1,185,774 | Trimmed |
| Edgewell Personal CareEPC | 1.33% | $190M | 7,059,831 | Added |
| Wells Fargo &WFC | 1.33% | $189M | 2,290,534 | Trimmed |
| Arthur J Gallagher &AJG | 1.31% | $187M | 813,014 | Added |
| PfizerPFE | 1.29% | $184M | 7,634,806 | Trimmed |
| EquifaxEFX | 1.28% | $183M | 1,152,350 | Added |
| Sanofi ADRSNY | 1.24% | $176M | 4,136,417 | Added |
| UnitedHealth GroupUNH | 1.24% | $176M | 424,159 | Trimmed |
| FedExFDX | 1.23% | $176M | 561,978 | Trimmed |
| CVS HealthCVS | 1.21% | $173M | 1,674,319 | Trimmed |
| ProgressivePGR | 1.21% | $172M | 789,561 | Trimmed |
| HalliburtonHAL | 1.19% | $169M | 4,979,851 | Trimmed |
| PNC Financial ServicesPNC | 1.17% | $167M | 677,618 | Trimmed |
| Shell PLC ADRSHEL | 1.16% | $165M | 2,127,279 | Trimmed |
| Arch Cap Group | 1.03% | $147M | 1,518,218 | Held |
| Arlo TechnologiesARLO | 1.02% | $145M | 10,753,652 | Added |
| WKCWKC | 1.02% | $145M | 4,399,303 | Added |
| Innovex InternationalINVX | 1.00% | $142M | 5,727,445 | Trimmed |
| Campbell’sCPB | 0.99% | $141M | 6,334,950 | Added |
| ZoetisZTS | 0.97% | $139M | 1,930,651 | New |
| ComcastCMCSA | 0.97% | $138M | 5,626,422 | Trimmed |
| Graham HoldingsGHC | 0.94% | $134M | 1,079,699 | Trimmed |
| HCAHCA | 0.85% | $121M | 311,035 | Trimmed |
| Copa Holdings Sa | 0.84% | $120M | 769,630 | Held |
| Cemex SAB de CV ADRCX | 0.84% | $119M | 9,957,989 | Added |
| Emerson ElectricEMR | 0.82% | $116M | 813,136 | Trimmed |
| IngredionINGR | 0.81% | $116M | 1,227,467 | Added |
| Globant SAGLOB | 0.81% | $116M | 4,000,333 | Added |
| Westlake | 0.81% | $115M | 1,572,939 | Held |
| Ingles MarketsIMKTA | 0.78% | $112M | 1,260,027 | Added |
| National Grid PLC ADRNGG | 0.78% | $112M | 1,345,982 | Added |
| McKessonMCK | 0.74% | $106M | 140,534 | Trimmed |
| Alphabet Inc Class CGOOG | 0.73% | $105M | 296,414 | Added |
| Papa John's InternationalPZZA | 0.70% | $100M | 2,730,683 | Added |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Charles Brandes own?
In the Q2 2026 13F, Brandes Investment Partners, LP reported 193 US stock positions worth $14.3B. The largest: CAE (CAE) 3.2%, Embraer (EMBJ) 2.7%, Mohawk Inds 2.4%, Open Text (OTEX) 2.0%, Grifols SA ADR (GRFS) 1.9%.
What did Charles Brandes buy last quarter?
In Q2 2026: new position in Zoetis (ZTS); new position in Capital One Financial (COF); new position in VEA (VEA); added to CAE (CAE); added to Embraer (EMBJ); added to Open Text (OTEX).
When is Charles Brandes's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash, bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.