Brandes

Q4 2013 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2013
Filed: Feb 10, 2014
US stock: $8.1B · prev $7.8B
Positions: 169 · prev 172
Options notional: $0
Documents: 1· no amendments

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%

Moves174 since the prior filing

+4.9 pp in · −4.9 pp out

New 16 +0.12 pp
Added 85 +4.78 pp
Trimmed 54 −4.00 pp
Exited 19 −0.93 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

AMXN America Movil-spn ADR Cl L trimmed+0.50 pp trimmed+0.504.8%
PBR.A Petroleo Brasileiro S.A.-Petrobras added−0.50 pp added−0.504.4%
TSU TIM Participacoes S.A. trimmed−0.98 pp trimmed−0.984.4%
MSFT Microsoft Corp trimmed−0.16 pp trimmed−0.163.4%
WDC Western Digital Corp. trimmed+0.18 pp trimmed+0.183.1%

Positions169 in this filing · 19 exited


AMXNAmerica Movil-spn ADR Cl L	4.76%	16,491,148	$385M	trimmed−1%	+0.50 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	4.44%	22,763,019	$360M	added+7%	−0.50 pp	3 q
TSUTIM Participacoes S.A.	4.39%	13,565,183	$356M	trimmed−23%	−0.98 pp	3 q
MSFTMicrosoft Corp	3.40%	7,356,300	$275M	trimmed−12%	−0.16 pp	3 q
WDCWestern Digital Corp.	3.11%	3,001,803	$252M	trimmed−16%	+0.18 pp	3 q
0VQJLTe Connectivity Ltd	3.05%	4,487,405	$247M	trimmed−21%	−0.75 pp	3 q
GLWCorning Incorporated	2.79%	12,681,019	$226M	trimmed−10%	+0.15 pp	3 q
CCitigroup Inc.	2.76%	4,286,363	$223M	trimmed−5%	−0.04 pp	3 q
BSBRBanco Santander (Brasil) SA	2.60%	32,062,727	$210M	added+1%	−0.45 pp	3 q
PEPPepsiCo, Inc.	2.37%	2,313,872	$192M	trimmed−8%	−0.21 pp	3 q
CXCemex S.A.B. de C.V.	2.36%	16,178,415	$191M	added+3%	+0.10 pp	3 q
CHKChesapeake Energy Corp	2.33%	6,954,453	$189M	trimmed−16%	−0.42 pp	3 q
WFCWells Fargo & Co.	2.25%	4,022,254	$183M	trimmed−8%	−0.09 pp	3 q
FLEXFlex Ltd.	2.23%	23,278,033	$181M	added×2.0	+0.89 pp	3 q
PFEPfizer Inc.	2.18%	5,767,402	$177M	trimmed−9%	−0.17 pp	3 q
BPBP p.l.c.	1.97%	3,283,157	$160M	added+1%	+0.20 pp	3 q
INTCIntel Corp	1.92%	5,996,010	$156M	trimmed−8%	0.00 pp	3 q
TTENTotalenergies SE -spon ADR	1.86%	2,456,057	$150M	trimmed−7%	−0.12 pp	3 q
AZNNAstrazeneca Plc-spons ADR	1.83%	2,503,848	$149M	added+5%	+0.24 pp	3 q
STTState Street Corporation	1.81%	1,998,397	$147M	trimmed−10%	−0.06 pp	3 q
BNYBank of New York Mellon Corporation	1.78%	4,134,409	$144M	trimmed−9%	+0.01 pp	3 q
LLYEli Lilly & Co.	1.71%	2,711,949	$138M	added+13%	+0.15 pp	3 q
VIVTelefonica Brasil, S.A.	1.71%	6,758,537	$139M	added+48%	+0.35 pp	3 q
BACBank of America Corporation	1.70%	8,821,088	$137M	trimmed−30%	−0.54 pp	3 q
EENI S.p.A.	1.68%	2,805,450	$136M	added+7%	+0.12 pp	3 q
NTTYYNtt Inc. S/	1.59%	4,773,775	$129M	trimmed−1%	−0.03 pp	3 q
MRKMerck & Co., Inc.	1.53%	2,476,201	$124M	trimmed−8%	−0.13 pp	3 q
unresolvedCrh PLC	1.50%	4,770,153	$122M	trimmed−1%	+0.01 pp	3 q
MASMasco Corporation	1.46%	5,212,891	$119M	trimmed−7%	−0.07 pp	3 q
unresolvedGlaxosmithkline PLC	1.41%	2,145,461	$115M	added+13%	+0.19 pp	3 q
TIIAYTelecom Italia S/	1.41%	11,461,664	$114M	trimmed−19%	−0.08 pp	3 q
EXCExelon Corporation	1.34%	3,961,316	$109M	added×14.0	+1.23 pp	2 q
SNYSanofi	1.33%	2,013,300	$108M	added+18%	+0.22 pp	3 q
EMBJEmbraer S.A.	1.29%	3,252,490	$105M	added+84%	+0.55 pp	3 q
UNUnilever N V -ny Shares	1.23%	2,467,276	$99M	added+28%	+0.29 pp	3 q
ORANYOrange SP/	1.15%	7,571,499	$94M	trimmed−11%	−0.22 pp	2 q
CAJPYCanon Inc S/	1.11%	2,818,076	$90M	added+21%	+0.15 pp	3 q
ERICEricsson	1.10%	7,257,256	$89M	added+5%	−0.08 pp	3 q
unresolvedAegon NV	1.09%	9,355,996	$89M	trimmed−31%	−0.20 pp	3 q
TMToyota Motor Corporation	1.01%	671,010	$82M	trimmed−4%	−0.14 pp	3 q
PNCPNC Financial Services Group	0.96%	1,003,988	$78M	trimmed−7%	−0.05 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.95%	11,502,244	$77M	trimmed−1%	−0.01 pp	3 q
HMCHonda Motor Co., Ltd.	0.92%	1,801,595	$74M	trimmed−0%	+0.03 pp	3 q
PKXPOSCO Holdings Inc.	0.91%	945,887	$74M	added+3%	+0.04 pp	3 q
CHLChina Mobile Limited	0.89%	1,382,617	$72M	added+19%	+0.05 pp	3 q
AXIAYAxia Energia S/	0.86%	26,762,036	$69M	added+17%	+0.03 pp	3 q
TELFYTelefonica SA	0.68%	3,385,832	$55M	trimmed−1%	0.00 pp	3 q
BGGBriggs & Stratton Corp.	0.62%	2,294,647	$50M	added+25%	+0.15 pp	3 q
BCSBarclays PLC	0.57%	2,569,370	$47M	added+31%	+0.14 pp	3 q
unresolvedUbs AG	0.54%	2,277,397	$44M	added+3%	−0.04 pp	3 q
unresolvedAsiainfo-linkage Inc	0.52%	3,522,160	$42M	trimmed−1%	−0.01 pp	3 q
HSBCHSBC Holdings PLC	0.48%	703,517	$39M	added+33%	+0.11 pp	3 q
unresolvedVodafone Group PLC New	0.45%	935,067	$37M	trimmed−2%	+0.02 pp	3 q
TXTernium S.A.	0.44%	1,155,089	$36M	trimmed−7%	+0.06 pp	3 q
CYDChina Yuchai International Ltd.	0.43%	1,666,938	$35M	added+2%	−0.07 pp	3 q
AGROAdecoagro S.a.	0.35%	3,503,979	$28M	added+5%	+0.03 pp	3 q
unresolvedSyneron Medical Ltd	0.33%	2,164,137	$27M	added+23%	+0.13 pp	3 q
JPMJPMorgan Chase & Co.	0.31%	434,193	$25M	added+11%	+0.05 pp	3 q
unresolvedIngram Micro Inc	0.27%	928,087	$22M	added+2%	0.00 pp	3 q
TAPMolson Coors Beverage Company Class B	0.26%	322,761	$21M	added+6%	+0.03 pp	3 q
ITRIItron Inc	0.24%	467,053	$19M	added+10%	+0.01 pp	3 q
unresolvedPortugal Telecom Sgps S A	0.23%	4,349,715	$19M	trimmed−1%	−0.02 pp	3 q
unresolvedComverse Inc	0.22%	458,960	$18M	added+3%	+0.04 pp	3 q
DOXAmdocs Limited	0.21%	418,766	$17M	added+9%	+0.03 pp	2 q
ORIOld Republic International Corporation	0.20%	923,291	$16M	trimmed−21%	−0.03 pp	3 q
unresolvedCompanhia Paranaense Energ C	0.19%	1,107,677	$15M	added+10%	0.00 pp	3 q
ORCLOracle Corp	0.18%	387,614	$15M	added+6%	+0.02 pp	3 q
unresolvedComcast Corp. Spl Cl A	0.16%	220,361	$13M	added+1%	+0.02 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.16%	144,040	$13M	added+17%	0.00 pp	3 q
SWSmurfit Westrock plc	0.16%	524,446	$13M	trimmed−67%	−0.17 pp	3 q
SYMCGen Digital Inc.	0.15%	507,721	$12M	added+15%	+0.01 pp	3 q
unresolvedE M C Corp Mass	0.14%	460,431	$12M	added+32%	+0.03 pp	3 q
PGProcter & Gamble Company	0.14%	143,323	$12M	added+2%	0.00 pp	3 q
unresolvedSykes Enterprises Incorporated	0.14%	508,123	$11M	added+1%	+0.02 pp	3 q
unresolvedAon PLC	0.14%	131,019	$11M	added+2%	+0.02 pp	3 q
9990302DApache Corp	0.12%	116,656	$10M	added+3%	0.00 pp	3 q
CLSCelestica, Inc.	0.12%	970,482	$10M	added+5%	−0.01 pp	3 q
CVXChevron Corporation	0.12%	76,902	$10M	added+20%	+0.02 pp	3 q
VARVarian Medical Systems, Inc.	0.12%	129,772	$10M	added+6%	0.00 pp	2 q
AVPAvon Products, Inc.	0.11%	532,114	$9M	added+18%	−0.01 pp	3 q
KBKB Financial Group Inc	0.11%	229,179	$9M	added0%	+0.01 pp	3 q
MRSHMarsh	0.11%	185,508	$9M	added0%	+0.01 pp	3 q
PEGPublic Service Enterprise Group Incorporated	0.11%	283,785	$9M	added+3%	−0.01 pp	3 q
unresolvedWillis Group Holdings Public	0.11%	199,653	$9M	added+4%	0.00 pp	3 q
unresolvedNortel Inversora S A	0.10%	359,298	$8M	trimmed−8%	−0.01 pp	3 q
SHGShinhan Financial Group Co Ltd	0.10%	175,532	$8M	added+2%	+0.01 pp	3 q
unresolvedStaples Inc	0.10%	509,872	$8M	added+5%	+0.01 pp	3 q
BBTTruist Financial Corporation	0.09%	188,004	$7M	added+5%	+0.01 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.08%	297,347	$7M	added+29%	+0.01 pp	3 q
ACWXiShares MSCI ACWI ex US ETF	0.08%	131,710	$6M	new	+0.08 pp	new
LEN.BLennar Corporation Class B	0.08%	184,674	$6M	added+9%	+0.02 pp	3 q
unresolvedTRW Automotive Holdings Corp.	0.08%	89,158	$7M	added+2%	0.00 pp	3 q
VTYVerint Systems Inc	0.08%	154,909	$7M	added+14%	+0.02 pp	3 q
DFJWisdomTree Japan SmallCap Dividend Fund	0.08%	131,057	$7M	added+8%	0.00 pp	3 q
FITBFifth Third Bancorp	0.07%	276,031	$6M	added+6%	+0.01 pp	3 q
RFRegions Financial Corp.	0.06%	530,236	$5M	added+3%	0.00 pp	3 q
JOESt. Joe Company	0.06%	254,077	$5M	added+40%	+0.01 pp	3 q
STRLSterling Infrastructure, Inc.	0.06%	383,617	$5M	added+11%	+0.02 pp	2 q
unresolvedNatuzzi S P A	0.05%	1,474,578	$4M	trimmed−1%	+0.02 pp	3 q
unresolvedOmnivision Technologies Inc	0.05%	251,740	$4M	added×5.2	+0.04 pp	3 q
EGEverest Group, Ltd.	0.05%	26,885	$4M	added+1%	0.00 pp	3 q
AMEDAmedisys Inc	0.04%	215,640	$3M	trimmed−6%	−0.01 pp	3 q
CRAICRA International, Inc.	0.04%	157,050	$3M	added+6%	0.00 pp	3 q
unresolvedNational Western Life Ins Co	0.04%	15,290	$3M	added+4%	0.00 pp	3 q
CFFNCapitol Federal Financial, Inc.	0.03%	204,338	$2M	added+8%	0.00 pp	3 q
EEMiShares MSCI Emerging Markets ETF	0.03%	54,370	$2M	new	+0.03 pp	new
JAKKJakks Pacific Inc	0.03%	326,456	$2M	trimmed−1%	+0.01 pp	3 q
LEALear Corporation	0.03%	31,967	$3M	trimmed−84%	−0.15 pp	3 q
ORNOrion Group Holdings, Inc	0.03%	192,487	$2M	trimmed−0%	0.00 pp	3 q
PC6APetrochina Co Ltd -adr	0.03%	19,430	$2M	added+88%	+0.02 pp	2 q
unresolvedSunTrust Banks Inc	0.03%	55,592	$2M	added+11%	+0.01 pp	3 q
VCVisteon Corporation	0.03%	34,423	$3M	trimmed−43%	−0.03 pp	3 q
unresolvedCharter Finl Corp MD	0.02%	179,580	$2M	added×2.3	+0.01 pp	2 q
BCBPrimo Water Corp	0.02%	177,980	$1M	added+30%	+0.01 pp	3 q
HBCPHome Bancorp, Inc.	0.02%	80,711	$2M	added+50%	+0.01 pp	3 q
PBCTPeople's United Financial Inc	0.02%	86,617	$1M	added+8%	+0.01 pp	3 q
SENEASeneca Foods Corp	0.02%	49,828	$2M	added0%	0.00 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.02%	43,290	$2M	added+14%	0.00 pp	3 q
AANAaron's Inc	0.01%	38,375	$1M	new	+0.01 pp	new
ALEXAlexander & Baldwin, Inc.	0.01%	31,975	$1M	added+3%	0.00 pp	3 q
unresolvedDesarrolladora Homex	0.01%	668,369	$782,000	trimmed−13%	−0.01 pp	3 q
ENZNEnzon Pharmaceuticals Inc	0.01%	1,023,893	$1M	trimmed−0%	−0.01 pp	3 q
HWCCHouston Wire & Cable Co	0.01%	33,950	$454,000	trimmed−3%	0.00 pp	3 q
NSITInsight Enterprises Inc	0.01%	30,095	$683,000	added+28%	+0.01 pp	3 q
MDCM.D.C. Holdings, Inc.	0.01%	25,260	$815,000	added+77%	+0.01 pp	2 q
MLRMiller Industries, Inc.	0.01%	48,841	$910,000	trimmed−7%	0.00 pp	3 q
unresolvedOi Sa-adr	0.01%	718,743	$1M	trimmed−4%	−0.01 pp	3 q
unresolvedOcean Shore Hldg Co New	0.01%	79,208	$1M	trimmed−0%	0.00 pp	3 q
UPBDUpbound Group, Inc.	0.01%	17,362	$579,000	added+30%	+0.01 pp	3 q
unresolvedSimplicity Bancorp	0.01%	28,507	$461,000	added+10%	0.00 pp	3 q
TBNKTerritorial Bancorp Inc.	0.01%	58,870	$1M	added×3.7	+0.01 pp	2 q
DMCDel Monte Corporation	0.01%	22,740	$643,000	trimmed−4%	0.00 pp	3 q
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.01%	425,835	$1M	trimmed−5%	−0.01 pp	3 q
AAPAdvance Auto Parts Inc	0.00%	2,402	$266,000	new	0.00 pp	new
unresolvedAlcatel-lucent	0.00%	65,400	$288,000	held	—	2 q
unresolvedApollo Group Inc Class A	0.00%	7,400	$202,000	new	0.00 pp	new
unresolvedAxcelis Technologies Inc	0.00%	53,300	$130,000	held	—	2 q
BBYBest Buy Company, Inc.	0.00%	6,950	$277,000	held	—	2 q
BBBlackBerry Limited	0.00%	23,320	$174,000	held	—	2 q
CECOPerdoceo Education Corporation	0.00%	29,500	$168,000	trimmed−23%	0.00 pp	2 q
SIDCompanhia Siderurgica Nacional S.A. (CSN)	0.00%	21,100	$131,000	new	0.00 pp	new
CUTRCutera, Inc.	0.00%	31,990	$326,000	added×2.0	0.00 pp	2 q
unresolvedEssa Bancorp Inc	0.00%	26,310	$304,000	added+11%	0.00 pp	3 q
unresolvedFirst Conn Bancorp Inc MD	0.00%	17,844	$168,000	new	0.00 pp	new
FORMFormFactor Inc.	0.00%	21,200	$127,000	held	—	2 q
GPRGreat Panther Mining Ltd	0.00%	29,876	$22,000	held	—	2 q
unresolvedHarvest Natural Resources In	0.00%	15,800	$71,000	new	0.00 pp	new
ESINQItt Educational Svcs Inc	0.00%	7,200	$242,000	held	—	2 q
ISCAInternational Speedway Corp	0.00%	13,224	$343,000	trimmed−5%	0.00 pp	3 q
JNPJuniper Networks Inc	0.00%	9,600	$217,000	new	0.00 pp	new
LRCXLam Research Corp	0.00%	5,065	$276,000	trimmed−5%	0.00 pp	3 q
unresolvedMaxwell Technologies Inc	0.00%	23,200	$180,000	held	—	2 q
unresolvedMcewen Mng Inc	0.00%	49,400	$97,000	held	—	2 q
NFBKNorthfield Bancorp, Inc.	0.00%	21,695	$170,000	added+8%	0.00 pp	2 q
OCLROclaro Inc	0.00%	70,300	$175,000	new	0.00 pp	new
OSKOshkosh Corp.	0.00%	6,330	$214,000	trimmed−92%	−0.05 pp	3 q
unresolvedQuicksilver Resources Inc	0.00%	64,720	$199,000	added×3.7	0.00 pp	2 q
unresolvedRichmont Mines Inc	0.00%	16,365	$16,000	held	—	3 q
SIGASIGA Technologies Inc.	0.00%	14,000	$46,000	new	0.00 pp	new
TECDTech Data Corp	0.00%	6,299	$325,000	trimmed−6%	0.00 pp	3 q
TRCTejon Ranch Co.	0.00%	6,700	$212,000	new	0.00 pp	new
UISUnisys Corporation	0.00%	7,300	$245,000	new	0.00 pp	new
unresolvedUnited Financial Bancorp Inc	0.00%	10,980	$207,000	held	—	3 q
WITWipro Limited	0.00%	19,500	$246,000	held	—	2 q
unresolvedZale Corp New	0.00%	10,100	$159,000	held	—	2 q
MRVLMarvell Technology, Inc.	0.00%	16,000	$230,000	held	—	3 q
LOGILogitech International SA	0.00%	26,300	$360,000	new	0.00 pp	new
unresolvedDryships Inc	0.00%	41,600	$196,000	new	0.00 pp	new
unresolvedStar Bulk Carriers Corp	0.00%	11,300	$151,000	new	0.00 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	—	−4,167,928	—	exited	−0.52 pp	—
ADMArcher Daniels Midland Company	—	−237,968	—	exited	−0.11 pp	—
KEYKeyCorp	—	−535,106	—	exited	−0.08 pp	—
unresolvedTwenty First Centy Fox Inc	—	−157,085	—	exited	−0.08 pp	—
TVGrupo Televisa S.A.	—	−152,289	—	exited	−0.05 pp	—
FIXComfort Systems USA, Inc.	—	−166,474	—	exited	−0.04 pp	—
AGIIArgo Group International	—	−74,149	—	exited	−0.04 pp	—
unresolvedMaidenform Brands Inc	—	−33,655	—	exited	−0.01 pp	—
AMDAdvanced Micro Devices	—	−41,700	—	exited	0.00 pp	—
BCOThe Brink's Company	—	−15,168	—	exited	0.00 pp	—
CALYCallaway Golf Company	—	−17,442	—	exited	0.00 pp	—
unresolvedDts Inc	—	−10,000	—	exited	0.00 pp	—
unresolvedLsi Corporation	—	−17,500	—	exited	0.00 pp	—
unresolvedLimelight Networks Inc	—	−33,800	—	exited	0.00 pp	—
unresolvedOfficemax Inc DEL	—	−23,457	—	exited	0.00 pp	—
unresolvedPacific Sunwear Calif Inc	—	−21,700	—	exited	0.00 pp	—
SONYSony Group Corporation	—	−9,700	—	exited	0.00 pp	—
unresolvedTelecommunication Sys Inc	—	−64,386	—	exited	0.00 pp	—
UMCUnited Microelectronic Corp.	—	−40,000	—	exited	0.00 pp	—