A San Diego investment firm was a big buyer of Countrywide Financial Corp.’s shares in the third quarter, when many other investors were bailing out, the Los Angeles Times reports.

Brandes Investment Partners said Monday that it bought 45.7 million shares, or 7.9%, of Countrywide’s stock in the quarter ended Sept. 30.

The firm also bought 12.9 million shares, or 1.5%, of Washington Mutual Inc., another battered mortgage lender.

Brandes, which made the disclosures in quarterly filings it and other money managers must make with the Securities and Exchange Commission, didn’t say how much it paid for its stakes.

The investment firm is one of the largest in California, and manages about $125 billion for clients. Founded by Charles Brandes in 1974, the firm is a value-oriented investor: It seeks to buy stocks when they reflect less than the true value of the companies. Brandes also stresses long-term investing as opposed to short-term trading.

The firm’s stake in Calabasas-based Countrywide makes it the second-largest holder of the stock, according to Bloomberg News data. But most other big investors have yet to file their Sept. 30 portfolios with the SEC, so the ranking could change.

Brandes spokesman Dan Hilley declined to comment on the firm’s purchases of Countrywide and Washington Mutual shares.

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