Brandes

Q3 2014 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2014
Filed: Nov 12, 2014
US stock: $7.5B · prev $8.3B
Positions: 160 · prev 161
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%

Moves169 since the prior filing

+7.7 pp in · −7.6 pp out

New 18 +1.61 pp
Added 72 +6.07 pp
Trimmed 60 −4.71 pp
Exited 19 −2.90 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

PBR.A Petroleo Brasileiro S.A.-Petrobras trimmed−1.29 pp trimmed−1.295.1%
AMXN America Movil-spn ADR Cl L trimmed−0.61 pp trimmed−0.613.9%
TSU TIM Participacoes S.A. trimmed−0.24 pp trimmed−0.243.6%
EMBJ Embraer S.A. trimmed+0.35 pp trimmed+0.353.5%
C Citigroup Inc. trimmed+0.50 pp trimmed+0.503.0%

Positions160 in this filing · 19 exited


PBR.APetroleo Brasileiro S.A.-Petrobras	5.07%	24,246,464	$383M	trimmed−23%	−1.29 pp	2 q
AMXNAmerica Movil-spn ADR Cl L	3.87%	11,578,530	$292M	trimmed−35%	−0.61 pp	2 q
TSUTIM Participacoes S.A.	3.58%	10,318,225	$270M	trimmed−5%	−0.24 pp	2 q
EMBJEmbraer S.A.	3.49%	6,720,529	$264M	trimmed−6%	+0.35 pp	2 q
CCitigroup Inc.	3.04%	4,425,083	$229M	trimmed−1%	+0.50 pp	2 q
STTState Street Corporation	2.85%	2,922,231	$215M	trimmed−3%	+0.41 pp	2 q
VIVTelefonica Brasil, S.A.	2.79%	10,300,187	$210M	trimmed−0%	+0.14 pp	2 q
PEPPepsiCo, Inc.	2.55%	2,067,637	$192M	trimmed−10%	+0.06 pp	2 q
CXCemex S.A.B. de C.V.	2.54%	14,693,225	$192M	trimmed−1%	+0.17 pp	2 q
MSFTMicrosoft Corp	2.45%	3,984,231	$185M	trimmed−36%	−0.69 pp	2 q
PFEPfizer Inc.	2.45%	6,257,090	$185M	added+3%	+0.27 pp	2 q
MASMasco Corporation	2.20%	6,939,129	$166M	trimmed−3%	+0.27 pp	2 q
unresolvedExpress Scripts Hldg Co	2.11%	2,253,914	$159M	added+7%	+0.35 pp	2 q
unresolvedGlaxosmithkline PLC	2.08%	3,415,717	$157M	added+37%	+0.46 pp	2 q
CHKChesapeake Energy Corp	2.03%	6,657,547	$153M	trimmed−3%	−0.42 pp	2 q
unresolvedWillis Group Holdings Public	2.03%	3,698,768	$153M	added×3.2	+1.42 pp	2 q
LLYEli Lilly & Co.	1.98%	2,303,062	$149M	trimmed−14%	−0.04 pp	2 q
BNYBank of New York Mellon Corporation	1.92%	3,730,171	$144M	trimmed−6%	+0.12 pp	2 q
PNCPNC Financial Services Group	1.92%	1,689,553	$145M	added+2%	+0.14 pp	2 q
WFCWells Fargo & Co.	1.89%	2,754,826	$143M	trimmed−6%	+0.03 pp	2 q
WDCWestern Digital Corp.	1.87%	1,447,976	$141M	trimmed−36%	−0.65 pp	2 q
GLWCorning Incorporated	1.83%	7,127,356	$138M	trimmed−29%	−0.83 pp	2 q
MRKMerck & Co., Inc.	1.82%	2,320,288	$138M	trimmed−5%	+0.12 pp	2 q
BPBP p.l.c.	1.72%	2,958,701	$130M	added+1%	−0.15 pp	2 q
CHLChina Mobile Limited	1.70%	2,177,605	$128M	trimmed−14%	+0.21 pp	2 q
EENI S.p.A.	1.68%	2,677,749	$127M	trimmed−6%	−0.22 pp	2 q
SNYSanofi	1.68%	2,248,902	$127M	added+3%	+0.28 pp	2 q
UNUnilever N V -ny Shares	1.67%	3,183,904	$126M	trimmed−1%	−0.03 pp	2 q
FLEXFlex Ltd.	1.62%	11,841,004	$122M	trimmed−8%	−0.10 pp	2 q
EXCExelon Corporation	1.50%	3,313,220	$113M	added+2%	+0.07 pp	2 q
unresolvedUbs AG	1.50%	6,497,863	$113M	added+44%	+0.50 pp	2 q
HMCHonda Motor Co., Ltd.	1.44%	3,178,629	$109M	added+11%	+0.23 pp	2 q
CAJPYCanon Inc S/	1.42%	3,281,238	$107M	trimmed−2%	+0.09 pp	2 q
BACBank of America Corporation	1.38%	6,109,586	$104M	trimmed−1%	+0.24 pp	2 q
ERICEricsson	1.34%	8,052,282	$101M	added+4%	+0.20 pp	2 q
unresolvedCrh PLC	1.31%	4,336,247	$99M	added+1%	−0.04 pp	2 q
AXIAYAxia Energia S/	1.31%	36,568,839	$99M	added+4%	+0.07 pp	2 q
BSBRBanco Santander (Brasil) SA	1.21%	13,705,377	$92M	trimmed−53%	−1.36 pp	2 q
TMToyota Motor Corporation	1.09%	697,118	$82M	trimmed−0%	+0.08 pp	2 q
PKXPOSCO Holdings Inc.	1.08%	1,070,060	$81M	trimmed−4%	+0.07 pp	2 q
BCSBarclays PLC	1.06%	5,376,861	$80M	added+67%	+0.49 pp	2 q
TIIAYTelecom Italia S/	1.05%	6,913,928	$79M	trimmed−1%	−0.01 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	1.04%	13,994,678	$79M	trimmed−0%	0.00 pp	2 q
HSBCHSBC Holdings PLC	0.93%	1,376,646	$70M	added+1%	+0.10 pp	2 q
NTTYYNtt Inc. S/	0.88%	2,122,267	$66M	trimmed−52%	−0.78 pp	2 q
BGGBriggs & Stratton Corp.	0.66%	2,761,934	$50M	added+8%	+0.03 pp	2 q
ORANYOrange SP/	0.63%	3,233,860	$48M	added+1%	+0.02 pp	2 q
AGROAdecoagro S.a.	0.63%	5,437,254	$48M	added+34%	+0.17 pp	2 q
CPACopa Holdings, S.A.	0.63%	402,847	$47M	new	+0.63 pp	new
unresolvedAegon NV	0.60%	5,532,677	$45M	added+6%	+0.04 pp	2 q
unresolvedCompanhia Paranaense Energ C	0.49%	2,542,615	$37M	added+27%	+0.09 pp	2 q
AVALGrupo Aval Acciones Y Valores S.a.	0.45%	2,274,130	$34M	new	+0.45 pp	new
CYDChina Yuchai International Ltd.	0.39%	1,572,108	$29M	trimmed−1%	−0.02 pp	2 q
JPMJPMorgan Chase & Co.	0.38%	482,046	$29M	added+6%	+0.06 pp	2 q
UPBDUpbound Group, Inc.	0.35%	880,008	$27M	added+17%	+0.09 pp	2 q
ITRIItron Inc	0.32%	620,559	$24M	trimmed−5%	0.00 pp	2 q
unresolvedSyneron Medical Ltd	0.31%	2,300,020	$23M	added+11%	+0.05 pp	2 q
DOXAmdocs Limited	0.29%	472,997	$22M	added+8%	+0.04 pp	2 q
unresolvedE M C Corp Mass	0.22%	575,568	$17M	added+8%	+0.05 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.22%	165,695	$17M	added+7%	+0.03 pp	2 q
BAXBaxter International Inc.	0.21%	225,023	$16M	added+7%	+0.03 pp	2 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.21%	1,924,150	$16M	added×6.4	+0.17 pp	2 q
ORIOld Republic International Corporation	0.21%	1,083,132	$15M	added+13%	+0.02 pp	2 q
CVXChevron Corporation	0.20%	128,763	$15M	added+10%	+0.02 pp	2 q
ORCLOracle Corp	0.20%	390,028	$15M	added+11%	+0.03 pp	2 q
PGProcter & Gamble Company	0.20%	181,371	$15M	added+7%	+0.04 pp	2 q
TXTernium S.A.	0.20%	636,134	$15M	new	+0.20 pp	new
unresolvedIngram Micro Inc	0.19%	564,407	$15M	added+4%	0.00 pp	2 q
VTYVerint Systems Inc	0.18%	250,400	$14M	added+4%	+0.04 pp	2 q
9990302DApache Corp	0.17%	136,302	$13M	added+8%	+0.02 pp	2 q
TGTTarget Corporation	0.17%	201,379	$13M	added+9%	+0.04 pp	2 q
unresolvedComcast Corp. Spl Cl A	0.16%	204,761	$12M	added+4%	+0.02 pp	2 q
PMPhilip Morris International Inc.	0.16%	145,523	$12M	added×3.8	+0.12 pp	2 q
VARVarian Medical Systems, Inc.	0.16%	146,016	$12M	added+7%	+0.02 pp	2 q
AIGAmerican International Group, Inc.	0.15%	204,250	$11M	new	+0.15 pp	new
unresolvedCBS Outdoor Americas Inc	0.15%	376,795	$11M	added+100%	+0.08 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.15%	440,229	$11M	added+26%	+0.05 pp	2 q
unresolvedSykes Enterprises Incorporated	0.15%	562,434	$11M	added+5%	+0.01 pp	2 q
AVPAvon Products, Inc.	0.14%	815,417	$10M	added+16%	+0.02 pp	2 q
KBKB Financial Group Inc	0.13%	263,380	$10M	added+3%	+0.02 pp	2 q
unresolvedNortel Inversora S A	0.13%	368,246	$10M	added+14%	+0.01 pp	2 q
SHGShinhan Financial Group Co Ltd	0.12%	194,925	$9M	added+3%	+0.01 pp	2 q
BBTTruist Financial Corporation	0.11%	216,019	$8M	added+9%	+0.02 pp	2 q
CLSCelestica, Inc.	0.10%	707,141	$7M	trimmed−33%	−0.06 pp	2 q
FITBFifth Third Bancorp	0.10%	391,887	$8M	added+11%	+0.01 pp	2 q
RFRegions Financial Corp.	0.10%	738,228	$7M	added+9%	+0.01 pp	2 q
XLNXXilinx Inc	0.10%	172,303	$7M	new	+0.10 pp	new
unresolvedStaples Inc	0.09%	564,322	$7M	trimmed−0%	+0.02 pp	2 q
AANAaron's Inc	0.08%	254,219	$6M	new	+0.08 pp	new
LEN.BLennar Corporation Class B	0.08%	194,766	$6M	added+1%	0.00 pp	2 q
MDCM.D.C. Holdings, Inc.	0.08%	229,960	$6M	added×6.3	+0.07 pp	2 q
unresolvedNatuzzi S P A	0.07%	2,443,852	$5M	added+1%	0.00 pp	2 q
DEODiageo plc	0.05%	30,828	$4M	trimmed−1%	0.00 pp	2 q
unresolvedOmnivision Technologies Inc	0.05%	152,350	$4M	trimmed−45%	−0.02 pp	2 q
PC6APetrochina Co Ltd -adr	0.05%	31,032	$4M	added+1%	0.00 pp	2 q
JOESt. Joe Company	0.05%	195,459	$4M	trimmed−28%	−0.03 pp	2 q
CFFNCapitol Federal Financial, Inc.	0.04%	256,216	$3M	added+2%	0.00 pp	2 q
unresolvedIxia	0.04%	313,185	$3M	added×9.3	+0.04 pp	2 q
STRLSterling Infrastructure, Inc.	0.04%	382,312	$3M	trimmed−1%	0.00 pp	2 q
BZHBeazer Homes USA, Inc. New	0.03%	144,755	$2M	added×9.3	+0.03 pp	2 q
unresolvedCharter Finl Corp MD	0.03%	222,365	$2M	added+1%	0.00 pp	2 q
ORNOrion Group Holdings, Inc	0.03%	198,522	$2M	added+1%	0.00 pp	2 q
unresolvedSunTrust Banks Inc	0.03%	52,144	$2M	trimmed−3%	0.00 pp	2 q
TBNKTerritorial Bancorp Inc.	0.03%	117,960	$2M	trimmed−0%	0.00 pp	2 q
VCVisteon Corporation	0.03%	25,018	$2M	trimmed−3%	0.00 pp	2 q
BCBPrimo Water Corp	0.02%	177,980	$1M	held	—	2 q
HBCPHome Bancorp, Inc.	0.02%	79,706	$2M	trimmed−1%	0.00 pp	2 q
ISBCInvestors Bancorp, Inc.	0.02%	134,419	$1M	added+4%	0.00 pp	2 q
unresolvedOcean Shore Hldg Co New	0.02%	81,008	$1M	added0%	+0.01 pp	2 q
PBCTPeople's United Financial Inc	0.02%	79,902	$1M	trimmed−4%	0.00 pp	2 q
SENEASeneca Foods Corp	0.02%	51,457	$1M	added0%	0.00 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.02%	42,113	$2M	trimmed−2%	0.00 pp	2 q
ALEXAlexander & Baldwin, Inc.	0.01%	28,370	$931,000	trimmed−8%	0.00 pp	2 q
BBDOBanco Bradesco S.A.	0.01%	36,254	$519,000	added×2.5	+0.01 pp	2 q
CRAICRA International, Inc.	0.01%	26,175	$472,000	trimmed−83%	−0.03 pp	2 q
CALYCallaway Golf Company	0.01%	55,677	$404,000	added×2.4	+0.01 pp	2 q
FIXComfort Systems USA, Inc.	0.01%	38,730	$525,000	added+56%	+0.01 pp	2 q
ENZNEnzon Pharmaceuticals Inc	0.01%	1,034,833	$1M	trimmed−1%	0.00 pp	2 q
HWCCHouston Wire & Cable Co	0.01%	35,777	$428,000	trimmed−3%	0.00 pp	2 q
TAPMolson Coors Beverage Company Class B	0.01%	10,580	$788,000	trimmed−92%	−0.11 pp	2 q
unresolvedNational Western Life Ins Co	0.01%	2,407	$444,000	trimmed−15%	0.00 pp	2 q
unresolvedSimplicity Bancorp	0.01%	27,940	$469,000	trimmed−0%	0.00 pp	2 q
SOHUNSohu.com Inc	0.01%	8,482	$426,000	added+30%	+0.01 pp	2 q
GTSTriple-s Management Corp	0.01%	32,660	$650,000	added+7%	+0.01 pp	2 q
unresolvedUti Worldwide Inc	0.01%	99,110	$1M	added+1%	0.00 pp	2 q
AAPAdvance Auto Parts Inc	0.00%	1,929	$251,000	trimmed−5%	0.00 pp	2 q
unresolvedAirmedia Group Inc	0.00%	66,547	$116,000	held	—	2 q
AMEDAmedisys Inc	0.00%	15,810	$223,000	trimmed−90%	−0.03 pp	2 q
unresolvedAmerican Apparel Inc	0.00%	40,000	$33,000	new	0.00 pp	new
unresolvedAmerican Superconductor Corp	0.00%	105,700	$149,000	new	0.00 pp	new
AM6Amicus Therapeutics Inc	0.00%	36,700	$218,000	new	0.00 pp	new
WRBW.R. Berkley Corporation	0.00%	4,190	$200,000	new	0.00 pp	new
BBBlackBerry Limited	0.00%	13,000	$129,000	held	—	2 q
BTIBritish American Tobacco p.l.c.	0.00%	1,889	$214,000	new	0.00 pp	new
unresolvedChina Green Agriculture Inc	0.00%	14,450	$29,000	new	0.00 pp	new
CUTRCutera, Inc.	0.00%	30,805	$311,000	trimmed−4%	0.00 pp	2 q
EDMCQEducation Mgmt Corp	0.00%	18,769	$20,000	new	0.00 pp	new
unresolvedEnergizer Hldgs Inc	0.00%	1,800	$222,000	held	—	2 q
unresolvedEssa Bancorp Inc	0.00%	26,160	$295,000	trimmed−3%	0.00 pp	2 q
unresolvedFirst Conn Bancorp Inc MD	0.00%	19,173	$170,000	added+1%	0.00 pp	2 q
unresolvedForest Oil Corp.	0.00%	14,140	$17,000	new	0.00 pp	new
GPRGreat Panther Mining Ltd	0.00%	26,057	$27,000	trimmed−30%	0.00 pp	2 q
unresolvedHewlett Packard Co	0.00%	6,360	$226,000	held	—	2 q
ISCAInternational Speedway Corp	0.00%	12,774	$292,000	trimmed−2%	0.00 pp	2 q
JAKKJakks Pacific Inc	0.00%	48,415	$343,000	trimmed−2%	0.00 pp	2 q
unresolvedMcewen Mng Inc	0.00%	49,400	$97,000	held	—	2 q
MLRMiller Industries, Inc.	0.00%	20,842	$220,000	trimmed−5%	0.00 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.00%	22,240	$332,000	added+14%	0.00 pp	2 q
NFBKNorthfield Bancorp, Inc.	0.00%	22,365	$184,000	added0%	0.00 pp	2 q
RGPResources Connection	0.00%	25,100	$350,000	new	0.00 pp	new
SORLSORL Auto Parts, Inc.	0.00%	10,204	$44,000	new	0.00 pp	new
unresolvedSigma Designs Inc	0.00%	30,700	$132,000	new	0.00 pp	new
unresolvedSilver Std Res Inc	0.00%	14,800	$90,000	held	—	2 q
SVMSilvercorp Metals Inc.	0.00%	17,673	$28,000	new	0.00 pp	new
unresolvedTelecommunication Sys Inc	0.00%	37,100	$104,000	held	—	2 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.00%	18,839	$248,000	added+24%	0.00 pp	2 q
UBNKUnited Financial Bancorp, Inc.	0.00%	23,147	$294,000	added×2.1	0.00 pp	2 q
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.00%	46,560	$142,000	trimmed−89%	−0.02 pp	2 q
LOGILogitech International SA	0.00%	26,300	$337,000	held	—	2 q
unresolvedStar Bulk Carriers Corp	0.00%	11,300	$125,000	held	—	2 q
INTCIntel Corp	—	−4,300,825	—	exited	−1.61 pp	—
TELFYTelefonica SA	—	−3,540,097	—	exited	−0.73 pp	—
AZNNAstrazeneca Plc-spons ADR	—	−386,058	—	exited	−0.35 pp	—
SYMCGen Digital Inc.	—	−638,672	—	exited	−0.18 pp	—
unresolvedDesarrolladora Homex	—	−613,579	—	exited	−0.01 pp	—
SWSmurfit Westrock plc	—	−27,040	—	exited	−0.01 pp	—
DMCDel Monte Corporation	—	−21,050	—	exited	−0.01 pp	—
unresolvedApollo Group Inc Class A	—	−7,656	—	exited	0.00 pp	—
unresolvedGulf Resources Inc	—	−11,583	—	exited	0.00 pp	—
unresolvedIntevac Inc	—	−11,175	—	exited	0.00 pp	—
JNPJuniper Networks Inc	—	−9,600	—	exited	0.00 pp	—
unresolvedMaxwell Technologies Inc	—	−23,200	—	exited	0.00 pp	—
OCLROclaro Inc	—	−70,300	—	exited	0.00 pp	—
PBRPetroleo Brasileiro S.a.-petrobras	—	−20,511	—	exited	0.00 pp	—
unresolvedRadioshack Corp	—	−10,469	—	exited	0.00 pp	—
RIGLRigel Pharmaceuticals Inc. (New)	—	−15,000	—	exited	0.00 pp	—
TRKSpeedway Motorsports LLC	—	−15,867	—	exited	0.00 pp	—
WITWipro Limited	—	−19,500	—	exited	0.00 pp	—
MRVLMarvell Technology, Inc.	—	−16,000	—	exited	0.00 pp	—