Brandes

Q2 2014 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2014
Filed: Aug 11, 2014
US stock: $8.3B · prev $8.1B
Positions: 161 · prev 169
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%

Moves190 since the prior filing

+13.7 pp in · −13.6 pp out

New 30 +2.30 pp
Added 72 +11.36 pp
Trimmed 50 −6.13 pp
Exited 38 −7.51 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions21% of US stock

PBR.A Petroleo Brasileiro S.A.-Petrobras added+1.92 pp added+1.926.4%
AMXN America Movil-spn ADR Cl L added−0.28 pp added−0.284.5%
TSU TIM Participacoes S.A. trimmed−0.57 pp trimmed−0.573.8%
EMBJ Embraer S.A. added+1.85 pp added+1.853.1%
MSFT Microsoft Corp trimmed−0.26 pp trimmed−0.263.1%

Positions161 in this filing · 38 exited


PBR.APetroleo Brasileiro S.A.-Petrobras	6.36%	31,607,107	$526M	added+39%	+1.92 pp	new
AMXNAmerica Movil-spn ADR Cl L	4.48%	17,862,260	$371M	added+8%	−0.28 pp	new
TSUTIM Participacoes S.A.	3.82%	10,877,686	$316M	trimmed−20%	−0.57 pp	new
EMBJEmbraer S.A.	3.14%	7,117,204	$259M	added×2.2	+1.85 pp	new
MSFTMicrosoft Corp	3.14%	6,234,462	$260M	trimmed−15%	−0.26 pp	new
GLWCorning Incorporated	2.66%	10,018,018	$220M	trimmed−21%	−0.13 pp	new
VIVTelefonica Brasil, S.A.	2.65%	10,318,723	$220M	added+53%	+0.94 pp	new
BSBRBanco Santander (Brasil) SA	2.57%	28,939,423	$212M	trimmed−10%	−0.03 pp	new
CCitigroup Inc.	2.54%	4,457,817	$210M	added+4%	−0.22 pp	new
WDCWestern Digital Corp.	2.52%	2,259,696	$209M	trimmed−25%	−0.59 pp	new
PEPPepsiCo, Inc.	2.49%	2,304,178	$206M	trimmed−0%	+0.12 pp	new
CHKChesapeake Energy Corp	2.45%	6,846,535	$203M	trimmed−2%	+0.12 pp	new
STTState Street Corporation	2.44%	2,998,259	$202M	added+50%	+0.63 pp	new
CXCemex S.A.B. de C.V.	2.37%	14,806,504	$196M	trimmed−8%	+0.01 pp	new
PFEPfizer Inc.	2.18%	6,075,460	$180M	added+5%	0.00 pp	new
LLYEli Lilly & Co.	2.02%	2,686,258	$167M	trimmed−1%	+0.31 pp	new
MASMasco Corporation	1.93%	7,178,246	$159M	added+38%	+0.47 pp	new
EENI S.p.A.	1.90%	2,859,795	$157M	added+2%	+0.22 pp	new
BPBP p.l.c.	1.87%	2,935,778	$155M	trimmed−11%	−0.10 pp	new
WFCWells Fargo & Co.	1.86%	2,925,938	$154M	trimmed−27%	−0.39 pp	new
BNYBank of New York Mellon Corporation	1.80%	3,965,278	$149M	trimmed−4%	+0.02 pp	new
PNCPNC Financial Services Group	1.78%	1,651,873	$147M	added+65%	+0.82 pp	new
unresolvedExpress Scripts Hldg Co	1.76%	2,102,152	$146M	new	+1.76 pp	new
FLEXFlex Ltd.	1.72%	12,878,195	$143M	trimmed−45%	−0.51 pp	new
MRKMerck & Co., Inc.	1.70%	2,434,531	$141M	trimmed−2%	+0.17 pp	new
UNUnilever N V -ny Shares	1.70%	3,209,700	$140M	added+30%	+0.47 pp	new
NTTYYNtt Inc. S/	1.66%	4,394,633	$137M	trimmed−8%	+0.07 pp	new
unresolvedGlaxosmithkline PLC	1.62%	2,500,048	$134M	added+17%	+0.21 pp	new
INTCIntel Corp	1.61%	4,300,825	$133M	trimmed−28%	−0.31 pp	new
CHLChina Mobile Limited	1.49%	2,538,687	$123M	added+84%	+0.60 pp	new
EXCExelon Corporation	1.43%	3,233,845	$118M	trimmed−18%	+0.09 pp	new
SNYSanofi	1.40%	2,182,305	$116M	added+8%	+0.07 pp	new
unresolvedCrh PLC	1.35%	4,303,553	$111M	trimmed−10%	−0.15 pp	new
CAJPYCanon Inc S/	1.33%	3,358,662	$110M	added+19%	+0.22 pp	new
AXIAYAxia Energia S/	1.24%	35,085,170	$102M	added+31%	+0.38 pp	new
HMCHonda Motor Co., Ltd.	1.21%	2,863,124	$100M	added+59%	+0.29 pp	new
BACBank of America Corporation	1.14%	6,158,486	$95M	trimmed−30%	−0.56 pp	new
ERICEricsson	1.14%	7,772,102	$94M	added+7%	+0.04 pp	new
TIIAYTelecom Italia S/	1.06%	6,975,219	$88M	trimmed−39%	−0.35 pp	new
MUFGMitsubishi UFJ Financial Group, Inc.	1.04%	14,037,071	$86M	added+22%	+0.09 pp	new
PKXPOSCO Holdings Inc.	1.01%	1,117,934	$83M	added+18%	+0.10 pp	new
TMToyota Motor Corporation	1.01%	700,304	$84M	added+4%	0.00 pp	new
unresolvedUbs AG	1.00%	4,526,362	$83M	added+99%	+0.46 pp	new
HSBCHSBC Holdings PLC	0.83%	1,357,784	$69M	added+93%	+0.35 pp	new
TELFYTelefonica SA	0.73%	3,540,097	$61M	added+5%	+0.05 pp	new
BGGBriggs & Stratton Corp.	0.63%	2,556,842	$52M	added+11%	+0.01 pp	new
ORANYOrange SP/	0.61%	3,214,321	$51M	trimmed−58%	−0.54 pp	new
unresolvedWillis Group Holdings Public	0.61%	1,164,917	$50M	added×5.8	+0.50 pp	new
BCSBarclays PLC	0.57%	3,208,332	$47M	added+25%	0.00 pp	new
unresolvedAegon NV	0.56%	5,235,062	$46M	trimmed−44%	−0.53 pp	new
AGROAdecoagro S.a.	0.46%	4,053,596	$38M	added+16%	+0.11 pp	new
CYDChina Yuchai International Ltd.	0.41%	1,586,405	$34M	trimmed−5%	−0.02 pp	new
unresolvedCompanhia Paranaense Energ C	0.40%	2,004,522	$33M	added+81%	+0.21 pp	new
AZNNAstrazeneca Plc-spons ADR	0.35%	386,058	$29M	trimmed−85%	−1.48 pp	new
ITRIItron Inc	0.32%	650,918	$26M	added+39%	+0.08 pp	new
JPMJPMorgan Chase & Co.	0.32%	455,698	$26M	added+5%	+0.01 pp	new
UPBDUpbound Group, Inc.	0.26%	749,256	$21M	added×43.2	+0.25 pp	new
unresolvedSyneron Medical Ltd	0.26%	2,077,630	$21M	trimmed−4%	−0.07 pp	new
DOXAmdocs Limited	0.25%	437,561	$20M	added+4%	+0.04 pp	new
unresolvedIngram Micro Inc	0.19%	543,525	$16M	trimmed−41%	−0.08 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.19%	154,198	$16M	added+7%	+0.03 pp	new
ORIOld Republic International Corporation	0.19%	956,429	$16M	added+4%	−0.01 pp	new
BAXBaxter International Inc.	0.18%	209,907	$15M	new	+0.18 pp	new
CVXChevron Corporation	0.18%	116,667	$15M	added+52%	+0.06 pp	new
SYMCGen Digital Inc.	0.18%	638,672	$15M	added+26%	+0.03 pp	new
unresolvedE M C Corp Mass	0.17%	533,757	$14M	added+16%	+0.03 pp	new
ORCLOracle Corp	0.17%	350,658	$14M	trimmed−10%	−0.01 pp	new
CLSCelestica, Inc.	0.16%	1,048,952	$13M	added+8%	+0.04 pp	new
PGProcter & Gamble Company	0.16%	168,890	$13M	added+18%	+0.02 pp	new
9990302DApache Corp	0.15%	126,619	$13M	added+9%	+0.03 pp	new
unresolvedComcast Corp. Spl Cl A	0.14%	197,509	$12M	trimmed−10%	−0.02 pp	new
unresolvedSykes Enterprises Incorporated	0.14%	534,983	$12M	added+5%	0.00 pp	new
VARVarian Medical Systems, Inc.	0.14%	135,989	$11M	added+5%	+0.02 pp	new
VTYVerint Systems Inc	0.14%	241,552	$12M	added+56%	+0.06 pp	new
TGTTarget Corporation	0.13%	184,853	$11M	new	+0.13 pp	new
AVPAvon Products, Inc.	0.12%	704,689	$10M	added+32%	+0.01 pp	new
TAPMolson Coors Beverage Company Class B	0.12%	129,929	$10M	trimmed−60%	−0.14 pp	new
unresolvedNortel Inversora S A	0.12%	324,139	$10M	trimmed−10%	+0.02 pp	new
KBKB Financial Group Inc	0.11%	255,263	$9M	added+11%	0.00 pp	new
SHGShinhan Financial Group Co Ltd	0.11%	189,685	$9M	added+8%	+0.01 pp	new
CSCOCisco Systems, Inc. (DE)	0.10%	348,336	$9M	added+17%	+0.02 pp	new
BBTTruist Financial Corporation	0.09%	198,508	$8M	added+6%	0.00 pp	new
FITBFifth Third Bancorp	0.09%	352,908	$8M	added+28%	+0.02 pp	new
RFRegions Financial Corp.	0.09%	676,104	$7M	added+28%	+0.03 pp	new
LEN.BLennar Corporation Class B	0.08%	192,727	$7M	added+4%	0.00 pp	new
JOESt. Joe Company	0.08%	269,978	$7M	added+6%	+0.02 pp	new
unresolvedCBS Outdoor Americas Inc	0.07%	188,769	$6M	new	+0.07 pp	new
unresolvedNatuzzi S P A	0.07%	2,411,312	$6M	added+64%	+0.02 pp	new
unresolvedOmnivision Technologies Inc	0.07%	277,345	$6M	added+10%	+0.02 pp	new
unresolvedStaples Inc	0.07%	566,328	$6M	added+11%	−0.03 pp	new
DEODiageo plc	0.05%	31,080	$4M	new	+0.05 pp	new
PC6APetrochina Co Ltd -adr	0.05%	30,738	$4M	added+58%	+0.02 pp	new
CRAICRA International, Inc.	0.04%	156,530	$4M	trimmed−0%	0.00 pp	new
CFFNCapitol Federal Financial, Inc.	0.04%	250,107	$3M	added+22%	+0.01 pp	new
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.04%	298,640	$3M	new	+0.04 pp	new
PMPhilip Morris International Inc.	0.04%	38,336	$3M	new	+0.04 pp	new
STRLSterling Infrastructure, Inc.	0.04%	384,337	$4M	added0%	−0.02 pp	new
AMEDAmedisys Inc	0.03%	165,290	$3M	trimmed−23%	−0.01 pp	new
unresolvedCharter Finl Corp MD	0.03%	221,130	$2M	added+23%	+0.01 pp	new
ORNOrion Group Holdings, Inc	0.03%	196,517	$2M	added+2%	0.00 pp	new
unresolvedSunTrust Banks Inc	0.03%	53,760	$2M	trimmed−3%	0.00 pp	new
TBNKTerritorial Bancorp Inc.	0.03%	118,215	$2M	added×2.0	+0.02 pp	new
VCVisteon Corporation	0.03%	25,692	$2M	trimmed−25%	0.00 pp	new
BCBPrimo Water Corp	0.02%	177,980	$1M	held	—	new
HBCPHome Bancorp, Inc.	0.02%	80,591	$2M	trimmed−0%	0.00 pp	new
ISBCInvestors Bancorp, Inc.	0.02%	129,424	$1M	new	+0.02 pp	new
PBCTPeople's United Financial Inc	0.02%	83,266	$1M	trimmed−4%	0.00 pp	new
SENEASeneca Foods Corp	0.02%	51,270	$2M	added+3%	0.00 pp	new
unresolvedUnilever Spn.Adr 1:1	0.02%	43,178	$2M	trimmed−0%	0.00 pp	new
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.02%	423,795	$1M	trimmed−0%	+0.01 pp	new
ALEXAlexander & Baldwin, Inc.	0.01%	30,908	$1M	trimmed−3%	0.00 pp	new
unresolvedDesarrolladora Homex	0.01%	613,579	$485,000	trimmed−8%	0.00 pp	new
ENZNEnzon Pharmaceuticals Inc	0.01%	1,043,363	$1M	added+2%	0.00 pp	new
HWCCHouston Wire & Cable Co	0.01%	36,970	$459,000	added+9%	0.00 pp	new
MDCM.D.C. Holdings, Inc.	0.01%	36,735	$1M	added+45%	0.00 pp	new
unresolvedNational Western Life Ins Co	0.01%	2,823	$704,000	trimmed−82%	−0.03 pp	new
unresolvedOcean Shore Hldg Co New	0.01%	80,853	$1M	added+2%	0.00 pp	new
SWSmurfit Westrock plc	0.01%	27,040	$545,000	trimmed−95%	−0.15 pp	new
unresolvedSimplicity Bancorp	0.01%	28,070	$489,000	trimmed−2%	0.00 pp	new
DMCDel Monte Corporation	0.01%	21,050	$645,000	trimmed−7%	0.00 pp	new
unresolvedUti Worldwide Inc	0.01%	98,620	$1M	new	+0.01 pp	new
AAPAdvance Auto Parts Inc	0.00%	2,029	$274,000	trimmed−16%	0.00 pp	new
unresolvedAirmedia Group Inc	0.00%	66,547	$152,000	new	0.00 pp	new
unresolvedApollo Group Inc Class A	0.00%	7,656	$239,000	added+3%	0.00 pp	new
BBDOBanco Bradesco S.A.	0.00%	14,639	$215,000	new	0.00 pp	new
BZHBeazer Homes USA, Inc. New	0.00%	15,545	$207,000	new	0.00 pp	new
BBBlackBerry Limited	0.00%	13,000	$133,000	trimmed−44%	0.00 pp	new
CALYCallaway Golf Company	0.00%	23,437	$195,000	new	0.00 pp	new
FIXComfort Systems USA, Inc.	0.00%	24,770	$282,000	new	0.00 pp	new
CUTRCutera, Inc.	0.00%	31,935	$332,000	trimmed−0%	0.00 pp	new
unresolvedEnergizer Hldgs Inc	0.00%	1,800	$220,000	new	0.00 pp	new
unresolvedEssa Bancorp Inc	0.00%	27,065	$302,000	added+3%	0.00 pp	new
unresolvedFirst Conn Bancorp Inc MD	0.00%	18,932	$184,000	added+6%	0.00 pp	new
GPRGreat Panther Mining Ltd	0.00%	37,288	$47,000	added+25%	0.00 pp	new
unresolvedGulf Resources Inc	0.00%	11,583	$25,000	new	0.00 pp	new
unresolvedHewlett Packard Co	0.00%	6,360	$214,000	new	0.00 pp	new
unresolvedIxia	0.00%	33,640	$281,000	new	0.00 pp	new
ISCAInternational Speedway Corp	0.00%	12,974	$314,000	trimmed−2%	0.00 pp	new
unresolvedIntevac Inc	0.00%	11,175	$90,000	new	0.00 pp	new
JAKKJakks Pacific Inc	0.00%	49,258	$381,000	trimmed−85%	−0.03 pp	new
JNPJuniper Networks Inc	0.00%	9,600	$236,000	held	—	new
unresolvedMaxwell Technologies Inc	0.00%	23,200	$351,000	held	—	new
unresolvedMcewen Mng Inc	0.00%	49,400	$142,000	held	—	new
MLRMiller Industries, Inc.	0.00%	21,891	$290,000	trimmed−55%	−0.01 pp	new
MBTMobile TeleSystems Public Joint Stock Company	0.00%	19,440	$384,000	new	0.00 pp	new
NFBKNorthfield Bancorp, Inc.	0.00%	22,345	$177,000	added+3%	0.00 pp	new
OCLROclaro Inc	0.00%	70,300	$155,000	held	—	new
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	20,511	$300,000	new	0.00 pp	new
unresolvedRadioshack Corp	0.00%	10,469	$10,000	new	0.00 pp	new
RIGLRigel Pharmaceuticals Inc. (New)	0.00%	15,000	$54,000	new	0.00 pp	new
unresolvedSilver Std Res Inc	0.00%	14,800	$128,000	new	0.00 pp	new
SOHUNSohu.com Inc	0.00%	6,512	$376,000	new	0.00 pp	new
TRKSpeedway Motorsports LLC	0.00%	15,867	$183,000	new	0.00 pp	new
unresolvedTelecommunication Sys Inc	0.00%	37,100	$122,000	new	0.00 pp	new
GTSTriple-s Management Corp	0.00%	30,505	$392,000	new	0.00 pp	new
TKCTurkcell Iletisim Hizmetleri A.s.	0.00%	15,243	$238,000	new	0.00 pp	new
UBNKUnited Financial Bancorp, Inc.	0.00%	10,858	$147,000	new	0.00 pp	new
WITWipro Limited	0.00%	19,500	$232,000	held	—	new
MRVLMarvell Technology, Inc.	0.00%	16,000	$229,000	held	—	new
LOGILogitech International SA	0.00%	26,300	$343,000	held	—	new
unresolvedStar Bulk Carriers Corp	0.00%	11,300	$147,000	held	—	new
0VQJLTe Connectivity Ltd	—	−4,487,405	—	exited	−3.05 pp	—
TTENTotalenergies SE -spon ADR	—	−2,456,057	—	exited	−1.86 pp	—
unresolvedAsiainfo-linkage Inc	—	−3,522,160	—	exited	−0.52 pp	—
unresolvedVodafone Group PLC New	—	−935,067	—	exited	−0.45 pp	—
TXTernium S.A.	—	−1,155,089	—	exited	−0.44 pp	—
unresolvedPortugal Telecom Sgps S A	—	−4,349,715	—	exited	−0.23 pp	—
unresolvedComverse Inc	—	−458,960	—	exited	−0.22 pp	—
unresolvedAon PLC	—	−131,019	—	exited	−0.14 pp	—
MRSHMarsh	—	−185,508	—	exited	−0.11 pp	—
PEGPublic Service Enterprise Group Incorporated	—	−283,785	—	exited	−0.11 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−131,710	—	exited	−0.08 pp	—
unresolvedTRW Automotive Holdings Corp.	—	−89,158	—	exited	−0.08 pp	—
DFJWisdomTree Japan SmallCap Dividend Fund	—	−131,057	—	exited	−0.08 pp	—
EGEverest Group, Ltd.	—	−26,885	—	exited	−0.05 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−54,370	—	exited	−0.03 pp	—
LEALear Corporation	—	−31,967	—	exited	−0.03 pp	—
AANAaron's Inc	—	−38,375	—	exited	−0.01 pp	—
NSITInsight Enterprises Inc	—	−30,095	—	exited	−0.01 pp	—
unresolvedOi Sa-adr	—	−718,743	—	exited	−0.01 pp	—
unresolvedAlcatel-lucent	—	−65,400	—	exited	0.00 pp	—
unresolvedAxcelis Technologies Inc	—	−53,300	—	exited	0.00 pp	—
BBYBest Buy Company, Inc.	—	−6,950	—	exited	0.00 pp	—
CECOPerdoceo Education Corporation	—	−29,500	—	exited	0.00 pp	—
SIDCompanhia Siderurgica Nacional S.A. (CSN)	—	−21,100	—	exited	0.00 pp	—
FORMFormFactor Inc.	—	−21,200	—	exited	0.00 pp	—
unresolvedHarvest Natural Resources In	—	−15,800	—	exited	0.00 pp	—
ESINQItt Educational Svcs Inc	—	−7,200	—	exited	0.00 pp	—
LRCXLam Research Corp	—	−5,065	—	exited	0.00 pp	—
OSKOshkosh Corp.	—	−6,330	—	exited	0.00 pp	—
unresolvedQuicksilver Resources Inc	—	−64,720	—	exited	0.00 pp	—
unresolvedRichmont Mines Inc	—	−16,365	—	exited	0.00 pp	—
SIGASIGA Technologies Inc.	—	−14,000	—	exited	0.00 pp	—
TECDTech Data Corp	—	−6,299	—	exited	0.00 pp	—
TRCTejon Ranch Co.	—	−6,700	—	exited	0.00 pp	—
UISUnisys Corporation	—	−7,300	—	exited	0.00 pp	—
unresolvedUnited Financial Bancorp Inc	—	−10,980	—	exited	0.00 pp	—
unresolvedZale Corp New	—	−10,100	—	exited	0.00 pp	—
unresolvedDryships Inc	—	−41,600	—	exited	0.00 pp	—