Mondrian Investment Partners LTD

2. Key Holdings

The portfolio is anchored by a mix of global pharmaceutical giants and US technology leaders, with a notable overweight in specific emerging market ADRs.

• BSCH ADR (10.06%): This is the portfolio's largest holding at $282.85M. Despite a reduction of 29.2% during the quarter, it remains the dominant position, likely representing a major Spanish bank (Banco Santander). This indicates a strategic bet on the European or specific Latin American banking exposure this ADR provides.
• Healthcare Dominance: The next two largest positions are GSK ($251.94M) and Sanofi ($171.74M). Combined with DuPont, Merck, HCA, and UnitedHealth, the fund shows a heavy bias toward healthcare, likely targeting value and dividends often found in large-cap pharma.
• Technology & Communication: Alphabet (GOOGL) and Meta Platforms represent the core tech exposure. While GOOGL saw a reduction of 4.2%, it remains the third-largest holding at 6.95% of the portfolio.
• Yum China (YUMC): A standout position in the top 5, YUMC comprises 5.67% of the portfolio. The manager aggressively increased this stake by 57.6% (adding $158.58M), signaling a high-conviction play on the Chinese consumer recovery.