BRANDES INVESTMENT PARTNERS, LP

$179.4 million: the real net outflow Brandes Investment Partners pulled from Kennametal this quarter, cutting its share count 48.5% and knocking the stock from the firm's #4 holding down to #21. It's the largest sell-side flow anywhere in this $14.1 billion, 476-position value book, and it wasn't alone — Millicom International Cellular (-32.6% shares, $118.1 million real outflow) and Micron ($67.4 million real outflow) were also genuinely trimmed. Eight full exits followed, led by a $160.7 million Cardinal Health liquidation and a complete exit from Alibaba. On the other side, Brandes opened a $245.8 million position in NICE Ltd — large enough to land as a top-15 holding on day one — while more than doubling its Mohawk Industries stake.