Brandes

Q4 2014 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2014
Filed: Feb 10, 2015
US stock: $7.1B · prev $7.5B
Positions: 162 · prev 160
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%

Moves163 since the prior filing

+7.8 pp in · −7.7 pp out

New 16 +2.50 pp
Added 61 +5.30 pp
Trimmed 72 −6.04 pp
Exited 14 −1.70 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

PBR.A Petroleo Brasileiro S.A.-Petrobras added−0.20 pp added−0.204.9%
EMBJ Embraer S.A. trimmed−0.15 pp trimmed−0.153.3%
C Citigroup Inc. trimmed+0.28 pp trimmed+0.283.3%
TSU TIM Participacoes S.A. trimmed−0.66 pp trimmed−0.662.9%
STT State Street Corporation trimmed0.00 pp trimmed0.002.9%

Positions162 in this filing · 14 exited


PBR.APetroleo Brasileiro S.A.-Petrobras	4.87%	43,416,400	$345M	added+79%	−0.20 pp	3 q
EMBJEmbraer S.A.	3.34%	6,418,545	$237M	trimmed−4%	−0.15 pp	3 q
CCitigroup Inc.	3.32%	4,355,332	$236M	trimmed−2%	+0.28 pp	3 q
TSUTIM Participacoes S.A.	2.92%	9,328,012	$207M	trimmed−10%	−0.66 pp	3 q
STTState Street Corporation	2.85%	2,573,184	$202M	trimmed−12%	0.00 pp	3 q
PFEPfizer Inc.	2.76%	6,272,097	$195M	added0%	+0.31 pp	3 q
unresolvedExpress Scripts Hldg Co	2.64%	2,207,728	$187M	trimmed−2%	+0.53 pp	3 q
VIVTelefonica Brasil, S.A.	2.60%	10,042,778	$185M	trimmed−3%	−0.19 pp	3 q
MSFTMicrosoft Corp	2.57%	3,918,781	$182M	trimmed−2%	+0.12 pp	3 q
GLWCorning Incorporated	2.45%	7,578,803	$174M	added+6%	+0.62 pp	3 q
CXCemex S.A.B. de C.V.	2.33%	16,215,229	$165M	added+10%	−0.21 pp	3 q
unresolvedWillis Group Holdings Public	2.32%	3,674,527	$165M	trimmed−1%	+0.29 pp	3 q
PNCPNC Financial Services Group	2.20%	1,706,071	$156M	added+1%	+0.28 pp	3 q
BNYBank of New York Mellon Corporation	2.16%	3,776,416	$153M	added+1%	+0.24 pp	3 q
CHKChesapeake Energy Corp	2.14%	7,757,535	$152M	added+17%	+0.11 pp	3 q
WFCWells Fargo & Co.	2.09%	2,700,789	$148M	trimmed−2%	+0.20 pp	3 q
MASMasco Corporation	2.05%	5,774,636	$146M	trimmed−17%	−0.15 pp	3 q
unresolvedGlaxosmithkline PLC	1.98%	3,281,780	$140M	trimmed−4%	−0.10 pp	3 q
WDCWestern Digital Corp.	1.94%	1,245,053	$138M	trimmed−14%	+0.07 pp	3 q
PEPPepsiCo, Inc.	1.93%	1,445,418	$137M	trimmed−30%	−0.62 pp	3 q
MRKMerck & Co., Inc.	1.85%	2,306,840	$131M	trimmed−1%	+0.03 pp	3 q
CHLChina Mobile Limited	1.74%	2,101,560	$124M	trimmed−3%	+0.04 pp	3 q
UNUnilever N V -ny Shares	1.70%	3,083,178	$120M	trimmed−3%	+0.03 pp	3 q
EXCExelon Corporation	1.69%	3,224,332	$120M	trimmed−3%	+0.19 pp	3 q
SNYSanofi	1.65%	2,571,795	$117M	added+14%	−0.03 pp	3 q
unresolvedCrh PLC	1.58%	4,651,034	$112M	added+7%	+0.27 pp	3 q
BPBP p.l.c.	1.53%	2,852,329	$109M	trimmed−5%	−0.19 pp	3 q
BACBank of America Corporation	1.53%	6,054,769	$108M	trimmed−1%	+0.15 pp	3 q
HMCHonda Motor Co., Ltd.	1.52%	3,650,474	$108M	added+15%	+0.08 pp	3 q
UBSUBS Group AG	1.48%	6,172,407	$105M	new	+1.48 pp	new
AMXNAmerica Movil-spn ADR Cl L	1.44%	4,594,708	$102M	trimmed−60%	−2.43 pp	3 q
9990302DApache Corp	1.42%	1,609,358	$101M	added×11.8	+1.25 pp	3 q
CAJPYCanon Inc S/	1.40%	3,129,585	$99M	trimmed−5%	−0.02 pp	3 q
EENI S.p.A.	1.36%	2,752,066	$96M	added+3%	−0.32 pp	3 q
ERICEricsson	1.28%	7,492,945	$91M	trimmed−7%	−0.06 pp	3 q
BSBRBanco Santander (Brasil) SA	1.25%	17,099,364	$89M	added+25%	+0.04 pp	3 q
AXIAYAxia Energia S/	1.20%	39,896,959	$85M	added+9%	−0.11 pp	3 q
BCSBarclays PLC	1.09%	5,134,922	$77M	trimmed−5%	+0.03 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	1.03%	13,242,988	$73M	trimmed−5%	−0.01 pp	3 q
TXTernium S.A.	1.01%	4,043,711	$71M	added×6.4	+0.81 pp	2 q
CPACopa Holdings, S.A.	0.99%	623,489	$70M	added+55%	+0.36 pp	2 q
TMToyota Motor Corporation	0.96%	544,470	$68M	trimmed−22%	−0.13 pp	3 q
FLEXFlex Ltd.	0.93%	5,893,129	$66M	trimmed−50%	−0.69 pp	3 q
TIIAYTelecom Italia S/	0.91%	6,133,461	$65M	trimmed−11%	−0.14 pp	3 q
HSBCHSBC Holdings PLC	0.89%	1,343,046	$63M	trimmed−2%	−0.04 pp	3 q
PKXPOSCO Holdings Inc.	0.89%	986,449	$63M	trimmed−8%	−0.19 pp	3 q
BGGBriggs & Stratton Corp.	0.82%	2,839,604	$58M	added+3%	+0.16 pp	3 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.82%	9,210,103	$58M	added×4.8	+0.61 pp	3 q
ORANYOrange SP/	0.76%	3,167,381	$54M	trimmed−2%	+0.13 pp	3 q
AGROAdecoagro S.a.	0.73%	6,475,614	$52M	added+19%	+0.10 pp	3 q
unresolvedAegon NV	0.61%	5,774,154	$43M	added+4%	+0.01 pp	3 q
unresolvedCompanhia Paranaense Energ C	0.54%	2,726,957	$38M	added+7%	+0.05 pp	3 q
NTTYYNtt Inc. S/	0.48%	1,324,783	$34M	trimmed−38%	−0.40 pp	3 q
ARCOArcos Dorados Holdings Inc.	0.45%	5,929,997	$32M	new	+0.45 pp	new
JPMJPMorgan Chase & Co.	0.43%	486,835	$30M	added+1%	+0.05 pp	3 q
CYDChina Yuchai International Ltd.	0.42%	1,563,873	$30M	trimmed−1%	+0.03 pp	3 q
AVALGrupo Aval Acciones Y Valores S.a.	0.38%	2,380,309	$27M	added+5%	−0.07 pp	2 q
ITRIItron Inc	0.37%	615,467	$26M	trimmed−1%	+0.05 pp	3 q
UPBDUpbound Group, Inc.	0.31%	596,553	$22M	trimmed−32%	−0.04 pp	3 q
DOXAmdocs Limited	0.31%	476,576	$22M	added+1%	+0.02 pp	3 q
unresolvedSyneron Medical Ltd	0.31%	2,338,530	$22M	added+2%	0.00 pp	3 q
MDCM.D.C. Holdings, Inc.	0.28%	760,804	$20M	added×3.3	+0.20 pp	3 q
BAXBaxter International Inc.	0.25%	238,073	$17M	added+6%	+0.04 pp	3 q
unresolvedIngram Micro Inc	0.25%	640,130	$18M	added+13%	+0.06 pp	3 q
ORCLOracle Corp	0.25%	400,473	$18M	added+3%	+0.05 pp	3 q
unresolvedE M C Corp Mass	0.24%	570,460	$17M	trimmed−1%	+0.02 pp	3 q
ORIOld Republic International Corporation	0.24%	1,149,447	$17M	added+6%	+0.03 pp	3 q
CVXChevron Corporation	0.23%	144,247	$16M	added+12%	+0.03 pp	3 q
PGProcter & Gamble Company	0.23%	179,250	$16M	trimmed−1%	+0.03 pp	3 q
AANAaron's Inc	0.21%	486,719	$15M	added+91%	+0.13 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.19%	474,471	$13M	added+8%	+0.04 pp	3 q
unresolvedComcast Corp. Spl Cl A	0.19%	203,526	$13M	trimmed−1%	+0.03 pp	3 q
AIGAmerican International Group, Inc.	0.18%	223,698	$13M	added+10%	+0.03 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.18%	117,707	$13M	trimmed−29%	−0.04 pp	3 q
PMPhilip Morris International Inc.	0.18%	154,421	$13M	added+6%	+0.02 pp	3 q
DGXQuest Diagnostics Inc.	0.18%	186,113	$12M	new	+0.18 pp	new
VARVarian Medical Systems, Inc.	0.18%	151,445	$13M	added+4%	+0.02 pp	3 q
AVTAvnet, Inc.	0.17%	282,344	$12M	new	+0.17 pp	new
unresolvedOutfront Media Inc	0.17%	441,438	$12M	new	+0.17 pp	new
XLNXXilinx Inc	0.17%	286,479	$12M	added+66%	+0.07 pp	2 q
LLYEli Lilly & Co.	0.16%	169,348	$12M	trimmed−93%	−1.82 pp	3 q
unresolvedNortel Inversora S A	0.14%	398,898	$10M	added+8%	+0.01 pp	3 q
unresolvedSykes Enterprises Incorporated	0.14%	427,313	$10M	trimmed−24%	−0.01 pp	3 q
AVPAvon Products, Inc.	0.13%	957,760	$9M	added+17%	−0.01 pp	3 q
BBTTruist Financial Corporation	0.12%	219,686	$9M	added+2%	+0.01 pp	3 q
CLSCelestica, Inc.	0.12%	717,031	$8M	added+1%	+0.02 pp	3 q
FITBFifth Third Bancorp	0.12%	416,435	$8M	added+6%	+0.02 pp	3 q
RFRegions Financial Corp.	0.12%	798,763	$8M	added+8%	+0.02 pp	3 q
TGTTarget Corporation	0.12%	116,403	$9M	trimmed−42%	−0.05 pp	3 q
VTYVerint Systems Inc	0.12%	141,845	$8M	trimmed−43%	−0.06 pp	3 q
unresolvedStaples Inc	0.11%	440,274	$8M	trimmed−22%	+0.02 pp	3 q
SHGShinhan Financial Group Co Ltd	0.10%	178,999	$7M	trimmed−8%	−0.02 pp	3 q
KBKB Financial Group Inc	0.09%	196,221	$6M	trimmed−26%	−0.04 pp	3 q
PC6APetrochina Co Ltd -adr	0.07%	44,724	$5M	added+44%	+0.02 pp	3 q
unresolvedOmnivision Technologies Inc	0.06%	152,065	$4M	trimmed−0%	+0.01 pp	3 q
CFFNCapitol Federal Financial, Inc.	0.05%	255,608	$3M	trimmed−0%	+0.01 pp	3 q
DEODiageo plc	0.05%	31,160	$4M	added+1%	0.00 pp	3 q
LEN.BLennar Corporation Class B	0.05%	93,419	$3M	trimmed−52%	−0.03 pp	3 q
unresolvedNatuzzi S P A	0.05%	2,436,822	$4M	trimmed−0%	−0.02 pp	3 q
JOESt. Joe Company	0.05%	199,522	$4M	added+2%	0.00 pp	3 q
BZHBeazer Homes USA, Inc. New	0.04%	150,155	$3M	added+4%	+0.01 pp	3 q
unresolvedCharter Finl Corp MD	0.04%	223,725	$3M	added+1%	+0.01 pp	3 q
STRLSterling Infrastructure, Inc.	0.04%	411,832	$3M	added+8%	0.00 pp	3 q
TBNKTerritorial Bancorp Inc.	0.04%	119,975	$3M	added+2%	+0.01 pp	3 q
HBCPHome Bancorp, Inc.	0.03%	79,221	$2M	trimmed−1%	+0.01 pp	3 q
unresolvedSunTrust Banks Inc	0.03%	50,725	$2M	trimmed−3%	0.00 pp	3 q
AGCOAGCO Corporation	0.02%	35,711	$2M	new	+0.02 pp	new
BCBPrimo Water Corp	0.02%	177,980	$1M	held	—	3 q
ENZNEnzon Pharmaceuticals Inc	0.02%	1,031,923	$1M	trimmed−0%	+0.01 pp	3 q
IVCInvacare Corporation	0.02%	65,985	$1M	new	+0.02 pp	new
ISBCInvestors Bancorp, Inc.	0.02%	137,786	$1M	added+3%	0.00 pp	3 q
unresolvedOcean Shore Hldg Co New	0.02%	81,003	$1M	trimmed−0%	0.00 pp	3 q
PBCTPeople's United Financial Inc	0.02%	77,220	$1M	trimmed−3%	0.00 pp	3 q
SENEASeneca Foods Corp	0.02%	55,122	$1M	added+7%	0.00 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.02%	41,185	$2M	trimmed−2%	0.00 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.01%	27,580	$985,000	trimmed−3%	0.00 pp	3 q
BBDOBanco Bradesco S.A.	0.01%	37,641	$487,000	added+4%	0.00 pp	3 q
CALYCallaway Golf Company	0.01%	56,082	$432,000	added+1%	0.00 pp	3 q
FIXComfort Systems USA, Inc.	0.01%	39,270	$672,000	added+1%	0.00 pp	3 q
unresolvedComverse Inc	0.01%	29,365	$551,000	new	+0.01 pp	new
HWCCHouston Wire & Cable Co	0.01%	34,772	$416,000	trimmed−3%	0.00 pp	3 q
unresolvedIxia	0.01%	55,655	$626,000	trimmed−82%	−0.03 pp	3 q
ISCAInternational Speedway Corp	0.01%	15,794	$388,000	added+24%	+0.01 pp	3 q
TAPMolson Coors Beverage Company Class B	0.01%	5,530	$412,000	trimmed−48%	0.00 pp	3 q
unresolvedNational Western Life Ins Co	0.01%	2,312	$458,000	trimmed−4%	0.00 pp	3 q
ORNOrion Group Holdings, Inc	0.01%	57,410	$634,000	trimmed−71%	−0.02 pp	3 q
RGPResources Connection	0.01%	34,595	$569,000	added+38%	+0.01 pp	2 q
unresolvedSimplicity Bancorp	0.01%	27,289	$468,000	trimmed−2%	0.00 pp	3 q
SOHUNSohu.com Inc	0.01%	9,882	$526,000	added+17%	0.00 pp	3 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.01%	26,052	$394,000	added+38%	+0.01 pp	3 q
unresolvedUti Worldwide Inc	0.01%	75,655	$913,000	trimmed−24%	0.00 pp	3 q
AAPAdvance Auto Parts Inc	0.00%	1,879	$299,000	trimmed−3%	0.00 pp	3 q
unresolvedAmerican Apparel Inc	0.00%	40,000	$41,000	held	—	2 q
BBBlackBerry Limited	0.00%	13,000	$143,000	held	—	3 q
unresolvedBlyth Inc	0.00%	18,210	$167,000	new	0.00 pp	new
BTIBritish American Tobacco p.l.c.	0.00%	2,332	$251,000	added+23%	0.00 pp	2 q
unresolvedChina Green Agriculture Inc	0.00%	14,450	$22,000	held	—	2 q
CFGCitizens Financial Group, Inc.	0.00%	11,400	$283,000	new	0.00 pp	new
CUTRCutera, Inc.	0.00%	30,040	$321,000	trimmed−2%	0.00 pp	3 q
EDMCQEducation Mgmt Corp	0.00%	18,769	$3,000	held	—	2 q
unresolvedEnergizer Hldgs Inc	0.00%	1,820	$234,000	added+1%	0.00 pp	3 q
unresolvedEssa Bancorp Inc	0.00%	25,445	$305,000	trimmed−3%	0.00 pp	3 q
unresolvedFirst Conn Bancorp Inc MD	0.00%	18,683	$183,000	trimmed−3%	0.00 pp	3 q
unresolvedForest Oil Corp.	0.00%	14,140	$3,000	held	—	2 q
GPRGreat Panther Mining Ltd	0.00%	26,057	$16,000	held	—	3 q
unresolvedHC2 Holdings Inc	0.00%	20,600	$174,000	new	0.00 pp	new
unresolvedHewlett Packard Co	0.00%	6,360	$255,000	held	—	3 q
JAKKJakks Pacific Inc	0.00%	34,388	$233,000	trimmed−29%	0.00 pp	3 q
MLRMiller Industries, Inc.	0.00%	20,422	$262,000	trimmed−2%	0.00 pp	3 q
MBTMobile TeleSystems Public Joint Stock Company	0.00%	22,240	$160,000	held	—	3 q
NFBKNorthfield Bancorp, Inc.	0.00%	21,760	$192,000	trimmed−3%	0.00 pp	3 q
unresolvedNovatel Wireless Inc	0.00%	53,200	$171,000	new	0.00 pp	new
SORLSORL Auto Parts, Inc.	0.00%	10,204	$38,000	held	—	2 q
unresolvedSigma Designs Inc	0.00%	30,700	$227,000	held	—	2 q
SVMSilvercorp Metals Inc.	0.00%	17,673	$23,000	held	—	2 q
unresolvedTelecommunication Sys Inc	0.00%	37,100	$116,000	held	—	3 q
TEVATeva Pharmaceutical Industries Limited	0.00%	3,600	$207,000	new	0.00 pp	new
TTENTotalenergies SE -spon ADR	0.00%	5,760	$295,000	new	0.00 pp	new
UBNKUnited Financial Bancorp, Inc.	0.00%	22,515	$323,000	trimmed−3%	0.00 pp	3 q
UVVUniversal Corporation	0.00%	8,985	$281,000	new	0.00 pp	new
unresolvedXenoport Inc	0.00%	19,700	$173,000	new	0.00 pp	new
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.00%	43,138	$122,000	trimmed−7%	0.00 pp	3 q
unresolvedUbs AG	—	−6,497,863	—	exited	−1.50 pp	—
unresolvedCBS Outdoor Americas Inc	—	−376,795	—	exited	−0.15 pp	—
VCVisteon Corporation	—	−25,018	—	exited	−0.03 pp	—
CRAICRA International, Inc.	—	−26,175	—	exited	−0.01 pp	—
GTSTriple-s Management Corp	—	−32,660	—	exited	−0.01 pp	—
unresolvedAirmedia Group Inc	—	−66,547	—	exited	0.00 pp	—
AMEDAmedisys Inc	—	−15,810	—	exited	0.00 pp	—
unresolvedAmerican Superconductor Corp	—	−105,700	—	exited	0.00 pp	—
AM6Amicus Therapeutics Inc	—	−36,700	—	exited	0.00 pp	—
WRBW.R. Berkley Corporation	—	−4,190	—	exited	0.00 pp	—
unresolvedMcewen Mng Inc	—	−49,400	—	exited	0.00 pp	—
unresolvedSilver Std Res Inc	—	−14,800	—	exited	0.00 pp	—
LOGILogitech International SA	—	−26,300	—	exited	0.00 pp	—
unresolvedStar Bulk Carriers Corp	—	−11,300	—	exited	0.00 pp	—