Brandes

Q3 2013 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2013
Filed: Nov 18, 2013
US stock: $7.8B · prev $8.0B
Positions: 172 · prev 169
Options notional: $0
Documents: 1· 1 amendment

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves193 since the prior filing

+9.4 pp in · −9.5 pp out

New 29 +1.92 pp
Added 73 +7.51 pp
Trimmed 65 −2.00 pp
Exited 26 −7.46 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions22% of US stock

TSU TIM Participacoes S.A. trimmed+1.03 pp trimmed+1.035.4%
PBR.A Petroleo Brasileiro S.A.-Petrobras added+1.65 pp added+1.654.9%
AMXN America Movil-spn ADR Cl L added−0.15 pp added−0.154.3%
0VQJL Te Connectivity Ltd trimmed−1.65 pp trimmed−1.653.8%
MSFT Microsoft Corp trimmed−0.11 pp trimmed−0.113.6%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Nov 18, 2013 ↗

Positions172 in this filing · 26 exited


TSUTIM Participacoes S.A.	5.37%	17,687,664	$417M	trimmed−5%	+1.03 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	4.94%	21,332,286	$383M	added+26%	+1.65 pp	2 q
AMXNAmerica Movil-spn ADR Cl L	4.26%	16,709,714	$331M	added+3%	−0.15 pp	2 q
0VQJLTe Connectivity Ltd	3.80%	5,699,324	$295M	trimmed−40%	−1.65 pp	2 q
MSFTMicrosoft Corp	3.56%	8,322,031	$277M	trimmed−2%	−0.11 pp	2 q
BSBRBanco Santander (Brasil) SA	3.05%	31,754,370	$237M	added+17%	+0.76 pp	2 q
WDCWestern Digital Corp.	2.93%	3,590,131	$228M	trimmed−4%	+0.03 pp	2 q
CCitigroup Inc.	2.80%	4,488,178	$218M	added+19%	+0.53 pp	2 q
CHKChesapeake Energy Corp	2.75%	8,259,577	$214M	trimmed−30%	−0.26 pp	2 q
GLWCorning Incorporated	2.64%	14,056,788	$205M	trimmed−0%	+0.13 pp	2 q
PEPPepsiCo, Inc.	2.58%	2,522,932	$201M	trimmed−3%	−0.08 pp	2 q
PFEPfizer Inc.	2.35%	6,360,407	$183M	trimmed−2%	+0.08 pp	2 q
WFCWells Fargo & Co.	2.34%	4,391,988	$181M	trimmed−5%	−0.04 pp	2 q
CXCemex S.A.B. de C.V.	2.26%	15,686,334	$175M	trimmed−1%	+0.16 pp	2 q
BACBank of America Corporation	2.24%	12,623,249	$174M	trimmed−5%	+0.10 pp	2 q
TTENTotalenergies SE -spon ADR	1.98%	2,651,015	$154M	trimmed−1%	+0.34 pp	2 q
INTCIntel Corp	1.92%	6,497,060	$149M	added+2%	−0.01 pp	2 q
STTState Street Corporation	1.87%	2,210,242	$145M	trimmed−1%	+0.05 pp	2 q
BPBP p.l.c.	1.77%	3,265,862	$137M	added+8%	+0.19 pp	2 q
BNYBank of New York Mellon Corporation	1.77%	4,554,993	$138M	added0%	+0.17 pp	2 q
MRKMerck & Co., Inc.	1.66%	2,702,972	$129M	trimmed−0%	+0.09 pp	2 q
NTTYYNtt Inc. S/	1.62%	4,818,103	$126M	trimmed−8%	−0.08 pp	2 q
AZNNAstrazeneca Plc-spons ADR	1.59%	2,381,040	$124M	added+8%	+0.28 pp	2 q
EENI S.p.A.	1.56%	2,626,180	$121M	added+2%	+0.23 pp	2 q
LLYEli Lilly & Co.	1.56%	2,409,134	$121M	added+17%	+0.29 pp	2 q
MASMasco Corporation	1.53%	5,598,352	$119M	added+3%	+0.20 pp	2 q
unresolvedCrh PLC	1.49%	4,800,077	$116M	added+5%	+0.33 pp	2 q
TIIAYTelecom Italia S/	1.49%	14,219,277	$116M	added+4%	+0.30 pp	2 q
ORANYOrange SP/	1.37%	8,481,817	$106M	new	+1.37 pp	new
VIVTelefonica Brasil, S.A.	1.36%	4,571,926	$106M	added+41%	+0.39 pp	2 q
FLEXFlex Ltd.	1.34%	11,444,933	$104M	trimmed−62%	−1.54 pp	2 q
unresolvedAegon NV	1.29%	13,576,520	$100M	trimmed−7%	+0.06 pp	2 q
unresolvedGlaxosmithkline PLC	1.22%	1,896,714	$95M	trimmed−2%	+0.01 pp	2 q
ERICEricsson	1.18%	6,880,361	$92M	trimmed−1%	+0.20 pp	2 q
TMToyota Motor Corporation	1.15%	697,892	$89M	trimmed−18%	−0.14 pp	2 q
SNYSanofi	1.11%	1,701,970	$86M	trimmed−1%	0.00 pp	2 q
PNCPNC Financial Services Group	1.01%	1,079,979	$78M	trimmed−1%	+0.01 pp	2 q
CAJPYCanon Inc S/	0.96%	2,336,001	$75M	added+5%	+0.05 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.96%	11,581,593	$74M	trimmed−2%	+0.04 pp	2 q
UNUnilever N V -ny Shares	0.94%	1,928,050	$73M	added+13%	+0.10 pp	2 q
HMCHonda Motor Co., Ltd.	0.89%	1,810,031	$69M	added+1%	+0.05 pp	2 q
PKXPOSCO Holdings Inc.	0.87%	915,916	$67M	trimmed−2%	+0.11 pp	2 q
CHLChina Mobile Limited	0.84%	1,158,607	$65M	added×2.8	+0.57 pp	2 q
AXIAYAxia Energia S/	0.83%	22,902,498	$64M	added+10%	+0.28 pp	2 q
EMBJEmbraer S.A.	0.74%	1,772,147	$58M	trimmed−9%	−0.16 pp	2 q
TELFYTelefonica SA	0.68%	3,430,735	$53M	added+5%	+0.15 pp	2 q
unresolvedUbs AG	0.58%	2,202,375	$45M	trimmed−4%	+0.09 pp	2 q
unresolvedAsiainfo-linkage Inc	0.53%	3,560,740	$41M	trimmed−1%	+0.01 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.52%	4,167,928	$41M	trimmed−44%	−0.34 pp	2 q
CYDChina Yuchai International Ltd.	0.50%	1,630,966	$39M	added+1%	+0.15 pp	2 q
BGGBriggs & Stratton Corp.	0.47%	1,831,434	$37M	added+25%	+0.11 pp	2 q
BCSBarclays PLC	0.43%	1,967,086	$34M	added+13%	+0.06 pp	2 q
unresolvedVodafone Group PLC New	0.43%	949,833	$33M	trimmed−1%	+0.08 pp	2 q
TXTernium S.A.	0.38%	1,240,889	$30M	trimmed−8%	0.00 pp	2 q
HSBCHSBC Holdings PLC	0.37%	528,488	$29M	added+12%	+0.06 pp	2 q
SWSmurfit Westrock plc	0.33%	1,570,624	$26M	trimmed−4%	+0.07 pp	2 q
AGROAdecoagro S.a.	0.32%	3,352,189	$25M	added+9%	+0.08 pp	2 q
unresolvedIngram Micro Inc	0.27%	907,673	$21M	trimmed−17%	+0.01 pp	2 q
JPMJPMorgan Chase & Co.	0.26%	391,739	$20M	added+7%	+0.02 pp	2 q
unresolvedPortugal Telecom Sgps S A	0.25%	4,378,310	$20M	added+2%	+0.04 pp	2 q
ITRIItron Inc	0.23%	423,958	$18M	added+94%	+0.11 pp	2 q
TAPMolson Coors Beverage Company Class B	0.23%	303,569	$18M	added+31%	+0.06 pp	2 q
ORIOld Republic International Corporation	0.23%	1,163,755	$18M	added+1%	+0.04 pp	2 q
unresolvedSyneron Medical Ltd	0.20%	1,765,018	$15M	added+15%	+0.03 pp	2 q
unresolvedCompanhia Paranaense Energ C	0.19%	1,011,262	$15M	added+14%	+0.05 pp	2 q
unresolvedComverse Inc	0.18%	443,698	$14M	added+2%	+0.02 pp	2 q
LEALear Corporation	0.18%	197,451	$14M	trimmed−18%	0.00 pp	2 q
DOXAmdocs Limited	0.18%	385,220	$14M	new	+0.18 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.16%	123,632	$12M	added+6%	+0.01 pp	2 q
ORCLOracle Corp	0.16%	367,222	$12M	added+8%	+0.03 pp	2 q
unresolvedComcast Corp. Spl Cl A	0.14%	218,016	$11M	trimmed−0%	+0.01 pp	2 q
PGProcter & Gamble Company	0.14%	140,146	$11M	added0%	+0.01 pp	2 q
SYMCGen Digital Inc.	0.14%	440,393	$11M	trimmed−1%	+0.02 pp	2 q
CLSCelestica, Inc.	0.13%	925,782	$10M	added+1%	+0.02 pp	2 q
9990302DApache Corp	0.12%	113,416	$10M	added+5%	+0.01 pp	2 q
AVPAvon Products, Inc.	0.12%	451,604	$9M	added+1%	0.00 pp	2 q
PEGPublic Service Enterprise Group Incorporated	0.12%	274,337	$9M	trimmed−18%	−0.02 pp	2 q
unresolvedSykes Enterprises Incorporated	0.12%	504,722	$9M	added+5%	+0.03 pp	2 q
VARVarian Medical Systems, Inc.	0.12%	122,218	$9M	new	+0.12 pp	new
unresolvedAon PLC	0.12%	128,086	$10M	added+1%	+0.02 pp	2 q
ADMArcher Daniels Midland Company	0.11%	237,968	$9M	trimmed−22%	−0.02 pp	2 q
unresolvedE M C Corp Mass	0.11%	348,834	$9M	added+4%	+0.01 pp	2 q
EXCExelon Corporation	0.11%	283,764	$8M	new	+0.11 pp	new
unresolvedNortel Inversora S A	0.11%	388,928	$9M	trimmed−1%	+0.03 pp	2 q
unresolvedWillis Group Holdings Public	0.11%	192,078	$8M	added+4%	+0.02 pp	2 q
CVXChevron Corporation	0.10%	64,225	$8M	added+4%	+0.01 pp	2 q
KBKB Financial Group Inc	0.10%	228,100	$8M	added+2%	+0.02 pp	2 q
MRSHMarsh	0.10%	185,380	$8M	added0%	+0.01 pp	2 q
SHGShinhan Financial Group Co Ltd	0.09%	172,813	$7M	added+2%	+0.02 pp	2 q
unresolvedStaples Inc	0.09%	486,290	$7M	trimmed−14%	−0.02 pp	2 q
BBTTruist Financial Corporation	0.08%	178,257	$6M	added+1%	+0.01 pp	2 q
KEYKeyCorp	0.08%	535,106	$6M	added+3%	+0.01 pp	2 q
unresolvedTRW Automotive Holdings Corp.	0.08%	87,062	$6M	trimmed−33%	−0.03 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.08%	157,085	$6M	new	+0.08 pp	new
DFJWisdomTree Japan SmallCap Dividend Fund	0.08%	121,789	$6M	added+9%	+0.01 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.07%	229,791	$5M	trimmed−37%	−0.04 pp	2 q
FITBFifth Third Bancorp	0.06%	259,874	$5M	added+9%	+0.01 pp	2 q
LEN.BLennar Corporation Class B	0.06%	168,799	$5M	added+9%	0.00 pp	2 q
RFRegions Financial Corp.	0.06%	513,755	$5M	added+1%	0.00 pp	2 q
VTYVerint Systems Inc	0.06%	135,938	$5M	added+5%	0.00 pp	2 q
VCVisteon Corporation	0.06%	60,709	$5M	trimmed−15%	0.00 pp	2 q
AMEDAmedisys Inc	0.05%	229,165	$4M	added0%	+0.02 pp	2 q
TVGrupo Televisa S.A.	0.05%	152,289	$4M	added+5%	0.00 pp	2 q
OSKOshkosh Corp.	0.05%	79,749	$4M	trimmed−37%	−0.01 pp	2 q
JOESt. Joe Company	0.05%	181,032	$4M	added+3%	0.00 pp	2 q
EGEverest Group, Ltd.	0.05%	26,652	$4M	added+2%	+0.01 pp	2 q
CRAICRA International, Inc.	0.04%	147,670	$3M	added×4.0	+0.03 pp	2 q
FIXComfort Systems USA, Inc.	0.04%	166,474	$3M	trimmed−22%	0.00 pp	2 q
unresolvedNational Western Life Ins Co	0.04%	14,716	$3M	added0%	+0.01 pp	2 q
STRLSterling Infrastructure, Inc.	0.04%	346,812	$3M	new	+0.04 pp	new
AGIIArgo Group International	0.04%	74,149	$3M	trimmed−75%	−0.12 pp	2 q
CFFNCapitol Federal Financial, Inc.	0.03%	189,170	$2M	added+13%	+0.01 pp	2 q
unresolvedNatuzzi S P A	0.03%	1,484,903	$3M	added+1%	−0.01 pp	2 q
ORNOrion Group Holdings, Inc	0.03%	193,182	$2M	trimmed−30%	−0.01 pp	2 q
unresolvedDesarrolladora Homex	0.02%	764,379	$2M	trimmed−4%	−0.02 pp	2 q
ENZNEnzon Pharmaceuticals Inc	0.02%	1,027,743	$2M	added0%	−0.01 pp	2 q
JAKKJakks Pacific Inc	0.02%	329,672	$1M	trimmed−13%	−0.03 pp	2 q
unresolvedOi Sa-adr	0.02%	751,723	$1M	trimmed−1%	0.00 pp	2 q
SENEASeneca Foods Corp	0.02%	49,810	$1M	trimmed−16%	0.00 pp	2 q
unresolvedSunTrust Banks Inc	0.02%	50,199	$2M	added+12%	0.00 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.02%	37,876	$1M	trimmed−3%	0.00 pp	2 q
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.02%	449,116	$1M	trimmed−0%	0.00 pp	2 q
ALEXAlexander & Baldwin, Inc.	0.01%	31,045	$989,000	trimmed−21%	−0.01 pp	2 q
unresolvedCharter Finl Corp MD	0.01%	77,537	$838,000	new	+0.01 pp	new
BCBPrimo Water Corp	0.01%	136,700	$1M	added+31%	0.00 pp	2 q
HBCPHome Bancorp, Inc.	0.01%	53,807	$971,000	added+4%	0.00 pp	2 q
HWCCHouston Wire & Cable Co	0.01%	34,925	$470,000	trimmed−1%	0.00 pp	2 q
unresolvedMaidenform Brands Inc	0.01%	33,655	$790,000	trimmed−2%	0.00 pp	2 q
MLRMiller Industries, Inc.	0.01%	52,617	$894,000	trimmed−0%	0.00 pp	2 q
unresolvedOcean Shore Hldg Co New	0.01%	79,438	$1M	trimmed−0%	0.00 pp	2 q
unresolvedOmnivision Technologies Inc	0.01%	48,255	$739,000	added+9%	0.00 pp	2 q
PBCTPeople's United Financial Inc	0.01%	80,057	$1M	trimmed−11%	−0.01 pp	2 q
PC6APetrochina Co Ltd -adr	0.01%	10,360	$1M	new	+0.01 pp	new
unresolvedSimplicity Bancorp	0.01%	25,957	$403,000	trimmed−0%	+0.01 pp	2 q
DMCDel Monte Corporation	0.01%	23,645	$702,000	trimmed−11%	0.00 pp	2 q
AMDAdvanced Micro Devices	0.00%	41,700	$159,000	held	—	2 q
unresolvedAlcatel-lucent	0.00%	65,400	$231,000	new	0.00 pp	new
unresolvedAxcelis Technologies Inc	0.00%	53,300	$112,000	new	0.00 pp	new
BBYBest Buy Company, Inc.	0.00%	6,950	$261,000	new	0.00 pp	new
BBBlackBerry Limited	0.00%	23,320	$185,000	new	0.00 pp	new
BCOThe Brink's Company	0.00%	15,168	$255,000	trimmed−0%	0.00 pp	2 q
CALYCallaway Golf Company	0.00%	17,442	$76,000	added+1%	0.00 pp	2 q
CECOPerdoceo Education Corporation	0.00%	38,200	$105,000	new	0.00 pp	new
CUTRCutera, Inc.	0.00%	15,615	$139,000	new	0.00 pp	new
unresolvedDts Inc	0.00%	10,000	$210,000	new	0.00 pp	new
unresolvedEssa Bancorp Inc	0.00%	23,660	$175,000	added+24%	0.00 pp	2 q
FORMFormFactor Inc.	0.00%	21,200	$145,000	new	0.00 pp	new
GPRGreat Panther Mining Ltd	0.00%	29,876	$26,000	new	0.00 pp	new
ESINQItt Educational Svcs Inc	0.00%	7,200	$223,000	new	0.00 pp	new
NSITInsight Enterprises Inc	0.00%	23,530	$328,000	added+16%	0.00 pp	2 q
ISCAInternational Speedway Corp	0.00%	13,974	$336,000	trimmed−3%	0.00 pp	2 q
unresolvedLsi Corporation	0.00%	17,500	$137,000	new	0.00 pp	new
LRCXLam Research Corp	0.00%	5,355	$274,000	held	—	2 q
unresolvedLimelight Networks Inc	0.00%	33,800	$65,000	new	0.00 pp	new
MDCM.D.C. Holdings, Inc.	0.00%	14,265	$266,000	new	0.00 pp	new
unresolvedMaxwell Technologies Inc	0.00%	23,200	$210,000	new	0.00 pp	new
unresolvedMcewen Mng Inc	0.00%	49,400	$119,000	new	0.00 pp	new
NFBKNorthfield Bancorp, Inc.	0.00%	20,000	$136,000	new	0.00 pp	new
unresolvedOfficemax Inc DEL	0.00%	23,457	$188,000	trimmed−88%	−0.03 pp	2 q
unresolvedPacific Sunwear Calif Inc	0.00%	21,700	$65,000	held	—	2 q
unresolvedQuicksilver Resources Inc	0.00%	17,720	$35,000	new	0.00 pp	new
UPBDUpbound Group, Inc.	0.00%	13,347	$321,000	trimmed−1%	0.00 pp	2 q
unresolvedRichmont Mines Inc	0.00%	16,365	$23,000	added+19%	0.00 pp	2 q
SONYSony Group Corporation	0.00%	9,700	$209,000	trimmed−1%	0.00 pp	2 q
TECDTech Data Corp	0.00%	6,709	$335,000	added0%	0.00 pp	2 q
unresolvedTelecommunication Sys Inc	0.00%	64,386	$158,000	added×3.7	0.00 pp	2 q
TBNKTerritorial Bancorp Inc.	0.00%	15,912	$270,000	new	0.00 pp	new
unresolvedUnited Financial Bancorp Inc	0.00%	10,980	$178,000	held	—	2 q
UMCUnited Microelectronic Corp.	0.00%	40,000	$82,000	new	0.00 pp	new
WITWipro Limited	0.00%	19,500	$200,000	new	0.00 pp	new
unresolvedZale Corp New	0.00%	10,100	$154,000	new	0.00 pp	new
MRVLMarvell Technology, Inc.	0.00%	16,000	$184,000	held	—	2 q
KRThe Kroger Co.	—	−3,576,172	—	exited	−1.55 pp	—
unresolvedSafeway Inc	—	−5,204,381	—	exited	−1.54 pp	—
unresolvedNews Corp	—	−2,607,122	—	exited	−1.18 pp	—
STXNSeagate Technology Holdings PLC (Ireland)	—	−1,737,924	—	exited	−0.98 pp	—
unresolvedFrance Telecom	—	−8,142,049	—	exited	−0.96 pp	—
unresolvedHewlett Packard Co	—	−2,618,412	—	exited	−0.81 pp	—
SWKStanley Black & Decker, Inc.	—	−132,312	—	exited	−0.13 pp	—
unresolvedJones Group Inc	—	−587,645	—	exited	−0.10 pp	—
MGAMagna International	—	−97,950	—	exited	−0.09 pp	—
BSXBoston Scientific Corp.	—	−624,088	—	exited	−0.07 pp	—
GTGoodyear Tire & Rubber	—	−150,638	—	exited	−0.03 pp	—
unresolvedBaker Michael Corp	—	−18,315	—	exited	−0.01 pp	—
PTNRPartner Communications	—	−157,361	—	exited	−0.01 pp	—
unresolvedCorinthian Colleges Inc	—	−14,411	—	exited	0.00 pp	—
IFFInternational Flavors & Fragrances Inc.	—	−4,135	—	exited	0.00 pp	—
unresolvedInvestors Bancorp Inc	—	−15,680	—	exited	0.00 pp	—
unresolvedJoes Jeans Inc	—	−20,045	—	exited	0.00 pp	—
7LML & L Energy Inc Com Stk (NV)	—	−13,086	—	exited	0.00 pp	—
unresolvedLongwei Petroleum Inv Hldg L	—	−16,899	—	exited	0.00 pp	—
MKTAYMakita Corp Spon	—	−6,440	—	exited	0.00 pp	—
unresolvedPdi Inc	—	−10,800	—	exited	0.00 pp	—
PCRFYPanasonic Corp-spon ADR	—	−12,000	—	exited	0.00 pp	—
unresolvedPendrell Corp.	—	−22,448	—	exited	0.00 pp	—
unresolvedResearch In Motion	—	−23,320	—	exited	0.00 pp	—
LUVSouthwest Airlines Co.	—	−12,300	—	exited	0.00 pp	—
STMSTMicroelectronics N.V.	—	−15,870	—	exited	0.00 pp	—