Brandes Q1 2026: A Global Deep-Value Book

Brandes Investment Partners, a global deep-value manager built in the Benjamin Graham tradition, reported a $14.13B U.S.-disclosed equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001015079-26-000064, filed 2026-05-15), up 7.5% on the quarter. What sets the book apart is its breadth and its contrarian character: it is one of the most diversified large portfolios, with the ten largest positions making up only about 21% of assets, and it is full of out-of-favor, international, and cyclical value names rather than megacap technology.

The largest holding is Canadian aerospace and simulation company CAE Inc (CAE) at 2.93%, followed by an emerging-market position (EMBJ) and Spanish plasma maker Grifols (GRFS). No single name dominates — the portfolio is a wide collection of cheap, unloved businesses, which is exactly what a deep-value approach produces.

The quarter's adds were aggressively contrarian: Brandes raised flooring maker Mohawk Industries (MHK) by 137%, OpenText (OTEX) by 33%, and Grifols by 17%.

A diversified, out-of-favor book

After CAE, EMBJ, and Grifols come Citigroup (C) at 1.96%, Merck (MRK) at 1.96%, OpenText at 1.91%, Cigna (CI) at 1.90%, Mohawk at 1.82%, and Shell (SHEL) at 1.81%.

The names tell the story: a beaten-down healthcare insurer (Cigna), a money-center bank trading below book (Citigroup), a cyclical flooring manufacturer (Mohawk), an energy major (Shell), and international names spanning Canada, Spain, and emerging markets. This is value investing at its most classic — buying unpopular, statistically cheap businesses across the globe — and the extreme diversification spreads the risk inherent in turnaround candidates.

Leaning into the cheapest names

The standout move was the 137% increase in Mohawk Industries, a housing-and-flooring cyclical that has been under pressure — exactly the kind of out-of-favor name a deep-value manager buys when others are selling. The 33% add to OpenText and 17% add to Grifols extend the contrarian theme into beaten-down software and healthcare.

Brandes's reported value has climbed steadily from around $8B in mid-2024 to $14.13B, reflecting both inflows and gains as some of its value names recovered. The aggressive adds to cheap cyclicals are the signal that the firm is finding fresh opportunities in unloved corners of the market.

What it means for 13F readers

Brandes offers a window into global deep-value investing — diversified, international, and contrarian, the opposite of a concentrated megacap book. The Mohawk, OpenText, and Grifols adds show where the firm sees value others are avoiding. Track the firm's quarter-over-quarter holdings on the Brandes Investment Partners filer page.

FAQ

What is Brandes Investment Partners?

Brandes is a global deep-value manager founded in the Benjamin Graham value tradition. It reported a $14.13B U.S.-disclosed equity 13F book for the quarter ended March 31, 2026, across about 186 positions.

What are Brandes's largest holdings?

Its largest U.S.-disclosed positions include CAE (2.93%), an emerging-market position, Grifols (2.06%), Citigroup, and Merck — a diversified mix of international and value names.

What did Brandes buy in Q1 2026?

Brandes made contrarian adds, raising Mohawk Industries by 137%, OpenText by 33%, and Grifols by 17% — leaning into out-of-favor cyclical, software, and healthcare names.

How diversified is Brandes's portfolio?

Highly. Its ten largest positions are only about 21% of the book, with roughly 79% spread across a long tail — characteristic of a deep-value approach that buys many cheap, unloved businesses.