Mondrian Investment Partners Q3 Activity: New Positions in Haleon, Continued Focus on Healthcare

As of September 30, 2026, Mondrian Investment Partners Ltd has strategically adjusted its portfolio holdings during the most recent quarter, reflecting both new investments and divestments across various sectors. The firm's focus on specific opportunities appears to be a recurring theme, with notable changes observed in several key areas.

New Purchases and Position Increases

Mondrian Investment Partners has initiated a new position with this quarter's filings, adding Haleon ADR (HLN) to its portfolio. This stock, representing approximately 2.94% of the total holdings, shows a substantial increase in its stake, with the change in shares reflecting a 100.0% growth from the previous period. The firm also continued its investment in other sectors, notably Healthcare, Technology, and Financial Services, as evidenced by the additions or increases in positions for stocks like Lloyds Bank ADR (LYG), Full Truck ADR (YMM), Bank Of America (BAC), Vale SA ADR (VALE), Petrobras ADR (PBR), and others. These new positions suggest targeted growth strategies.

Furthermore, the investor has shown interest in specific sectors through these changes. The addition of Haleon ADR (HLN) indicates a potential focus on healthcare innovation, while the continued investment in Petrobras ADR (PBR) and Vale SA ADR (VALE) points towards an ongoing interest in the energy sector, specifically basic materials. The inclusion of new positions like these, alongside the existing allocation, highlights the firm's dynamic approach to portfolio management.

Significant Sales and Sector Adjustments

Conversely, the quarter also saw substantial reductions in holdings for several stocks. Mondrian Investment Partners disclosed a significant sale of its position in iShares MSCI EAFE ETF (EFA), which completely exited the fund, as indicated by the 100% change in shares and the stock no longer appearing in the top holdings list. The firm also sold considerable amounts of other holdings, including Merck (MRK), Charles Schwab (SCHW), and NNN REIT (NNN), among others. These exits, particularly from established names like EFA and NNN, suggest a strategic rebalancing or realization of gains.

The sales primarily impacted sectors like Healthcare, Financial Services, and Real Estate. For instance, the sale of EFA, a broad-based ETF, resulted in a complete exit from the portfolio. The reduction in NNN REIT was particularly steep, with a 96.06% decrease in shares, effectively removing this position. These actions indicate a deliberate shift away from certain asset classes or a decision to lock in profits.

Strategic Shifts and Portfolio Insights

The overall portfolio allocation as of September 30, 2026, continues to favor Healthcare, which accounts for 21.3% of the total value. Technology and Consumer Cyclical sectors follow closely, representing 18.01% and 16.89% respectively. Financial Services allocation remains strong at 15.54%. However, the significant reduction in the Real Estate sector (down to 1.44% allocation) and the exit of EFA suggest a lessening of interest in broad-based ETFs or passive real estate strategies.

The disclosed changes also reveal a pattern of activity. Mondrian Investment Partners has a history of making numerous adjustments, with this quarter showing 126 position changes. The firm has demonstrated both large buying and selling activities, as indicated by the 'has_large_buys' and 'has_large_sells' flags. The significant buy symbols include Haleon (HLN), which was newly added, alongside other notable purchases like ZTS, NVDA, MCD, and IXJ. The significant sell symbols highlight exits from TMO, MRK, SYY, EFA, and NNN.

Understanding these specific changes is crucial for investors and analysts looking to gauge Mondrian Investment Partners' investment thesis and market views. The firm's actions provide insights into which sectors and individual companies it believes offer the most compelling opportunities at present.