Mondrian Investment Partners' is a large dividend-focused value manager with over $70 billion under management as of June 2011. They primarily run a global equity, international equity and emerging markets fund where dividend yields are expected to contribute meaningfully to their total long-term returns. Mondrian just filed their Q2 2011 13F which is reviewed below (Click here for full report).
The top 20 positions (as of Q2) are shown below, over time (click on images to enlarge):
The only new position in Q2 is Teva Pharmaceuticals (NYSE:TEVA) (the leader in generic drugs) which has appeared to see some increased interest lately. The only large increase was in Microsoft (NASDAQ:MSFT). Diamond Hill, Argyle Capital and Iridian Capital (previously called Arnhold & S. Bleichroeder Capital) have all taken up recent stakes in this name too with many more to be revealed as the 13Fs continue to come in.
These positions represent about 71% of their total reported long positions with Teva representing a sizable initial position:
The trend of the top 5 positions, as a % of longs, has been pretty stable over time:
Whereas the next 5 positions have come down in recent quarters:
Finally, the dividend yields (as of August 10th) are shown below. Given Mondrian’s dividend-bias, the recent market selloff may represent an excellent opportunity for them to add to their names at higher yields:
It will be interesting to see how these positions continue to evolve through the back half of 2011.