Brandes

Q1 2015 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2015
Filed: May 11, 2015
US stock: $7.3B · prev $7.1B
Positions: 182 · prev 162
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%

Moves193 since the prior filing

+9.4 pp in · −9.4 pp out

New 39 +0.70 pp
Added 60 +8.68 pp
Trimmed 75 −8.31 pp
Exited 19 −1.11 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions19% of US stock

PBR.A Petroleo Brasileiro S.A.-Petrobras added+0.40 pp added+0.405.3%
EMBJ Embraer S.A. added+0.85 pp added+0.854.2%
CX Cemex S.A.B. de C.V. added+1.34 pp added+1.343.7%
C Citigroup Inc. trimmed−0.32 pp trimmed−0.323.0%
PFE Pfizer Inc. trimmed+0.17 pp trimmed+0.172.9%

Positions182 in this filing · 19 exited


PBR.APetroleo Brasileiro S.A.-Petrobras	5.27%	60,312,476	$383M	added+39%	+0.40 pp	4 q
EMBJEmbraer S.A.	4.19%	9,904,705	$305M	added+54%	+0.85 pp	4 q
CXCemex S.A.B. de C.V.	3.67%	28,114,590	$266M	added+73%	+1.34 pp	4 q
CCitigroup Inc.	3.00%	4,236,545	$218M	trimmed−3%	−0.32 pp	4 q
PFEPfizer Inc.	2.93%	6,123,536	$213M	trimmed−2%	+0.17 pp	4 q
unresolvedExpress Scripts Hldg Co	2.57%	2,149,660	$187M	trimmed−3%	−0.07 pp	4 q
STTState Street Corporation	2.53%	2,496,072	$184M	trimmed−3%	−0.32 pp	4 q
unresolvedGlaxosmithkline PLC	2.46%	3,879,073	$179M	added+18%	+0.48 pp	4 q
unresolvedWillis Group Holdings Public	2.43%	3,669,444	$177M	trimmed−0%	+0.11 pp	4 q
MSFTMicrosoft Corp	2.18%	3,899,783	$159M	trimmed−0%	−0.39 pp	4 q
TSUTIM Participacoes S.A.	2.17%	9,507,430	$158M	added+2%	−0.75 pp	4 q
PNCPNC Financial Services Group	2.13%	1,659,983	$155M	trimmed−3%	−0.07 pp	4 q
GLWCorning Incorporated	2.12%	6,776,941	$154M	trimmed−11%	−0.33 pp	4 q
VIVTelefonica Brasil, S.A.	2.09%	9,538,560	$152M	trimmed−5%	−0.51 pp	4 q
BNYBank of New York Mellon Corporation	2.04%	3,677,934	$148M	trimmed−3%	−0.12 pp	4 q
MASMasco Corporation	1.97%	5,367,714	$143M	trimmed−7%	−0.08 pp	4 q
HMCHonda Motor Co., Ltd.	1.96%	4,352,727	$143M	added+19%	+0.44 pp	4 q
WFCWells Fargo & Co.	1.96%	2,612,979	$142M	trimmed−3%	−0.13 pp	4 q
CHKChesapeake Energy Corp	1.89%	9,706,338	$137M	added+25%	−0.25 pp	4 q
PEPPepsiCo, Inc.	1.80%	1,368,876	$131M	trimmed−5%	−0.13 pp	4 q
MRKMerck & Co., Inc.	1.76%	2,221,791	$128M	trimmed−4%	−0.09 pp	4 q
AIGAmerican International Group, Inc.	1.75%	2,316,984	$127M	added×10.4	+1.57 pp	3 q
SNYSanofi	1.75%	2,573,969	$127M	added0%	+0.10 pp	4 q
EENI S.p.A.	1.68%	3,522,521	$122M	added+28%	+0.32 pp	4 q
BPBP p.l.c.	1.67%	3,093,875	$121M	added+8%	+0.14 pp	4 q
UBSUBS Group AG	1.63%	6,314,323	$119M	added+2%	+0.15 pp	2 q
WDCWestern Digital Corp.	1.51%	1,202,113	$109M	trimmed−3%	−0.43 pp	4 q
CAJPYCanon Inc S/	1.50%	3,074,439	$109M	trimmed−2%	+0.10 pp	4 q
BSBRBanco Santander (Brasil) SA	1.47%	23,629,900	$107M	added+38%	+0.22 pp	4 q
EXCExelon Corporation	1.46%	3,161,559	$106M	trimmed−2%	−0.23 pp	4 q
TXTernium S.A.	1.45%	5,818,343	$105M	added+44%	+0.44 pp	3 q
XLNXXilinx Inc	1.40%	2,408,321	$102M	added×8.4	+1.23 pp	3 q
CHLChina Mobile Limited	1.38%	1,537,358	$100M	trimmed−27%	−0.36 pp	4 q
9990302DApache Corp	1.32%	1,590,921	$96M	trimmed−1%	−0.10 pp	4 q
unresolvedCrh PLC	1.29%	3,566,714	$93M	trimmed−23%	−0.29 pp	4 q
BACBank of America Corporation	1.27%	5,997,427	$92M	trimmed−1%	−0.26 pp	4 q
CPACopa Holdings, S.A.	1.24%	839,637	$90M	added+35%	+0.25 pp	3 q
AMXNAmerica Movil-spn ADR Cl L	1.20%	3,977,344	$87M	trimmed−13%	−0.24 pp	4 q
MUFGMitsubishi UFJ Financial Group, Inc.	1.16%	13,585,356	$85M	added+3%	+0.13 pp	4 q
AXIAYAxia Energia S/	1.13%	45,216,110	$82M	added+13%	−0.07 pp	4 q
HSBCHSBC Holdings PLC	1.08%	1,843,018	$78M	added+34%	+0.19 pp	4 q
BCSBarclays PLC	1.05%	5,212,179	$76M	added+2%	−0.04 pp	4 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	1.02%	13,661,688	$74M	added+48%	+0.20 pp	4 q
TIIAYTelecom Italia S/	0.96%	6,035,339	$70M	trimmed−2%	+0.05 pp	4 q
AGROAdecoagro S.a.	0.95%	6,751,054	$69M	added+4%	+0.22 pp	4 q
AVALGrupo Aval Acciones Y Valores S.a.	0.85%	6,453,643	$62M	added×2.7	+0.47 pp	3 q
PKXPOSCO Holdings Inc.	0.83%	1,105,591	$60M	added+12%	−0.06 pp	4 q
BGGBriggs & Stratton Corp.	0.78%	2,750,753	$57M	trimmed−3%	−0.04 pp	4 q
unresolvedAegon NV	0.72%	6,560,153	$52M	added+14%	+0.11 pp	4 q
ORANYOrange SP/	0.65%	2,947,808	$47M	trimmed−7%	−0.11 pp	4 q
ARCOArcos Dorados Holdings Inc.	0.65%	9,638,478	$48M	added+63%	+0.20 pp	2 q
TMToyota Motor Corporation	0.55%	284,861	$40M	trimmed−48%	−0.41 pp	4 q
unresolvedCompanhia Paranaense Energ C	0.52%	3,450,225	$38M	added+27%	−0.02 pp	4 q
CYDChina Yuchai International Ltd.	0.42%	1,535,303	$30M	trimmed−2%	0.00 pp	4 q
ERICEricsson	0.40%	2,311,416	$29M	trimmed−69%	−0.88 pp	4 q
JPMJPMorgan Chase & Co.	0.38%	460,121	$28M	trimmed−5%	−0.05 pp	4 q
UNUnilever N V -ny Shares	0.37%	645,333	$27M	trimmed−79%	−1.33 pp	4 q
MDCM.D.C. Holdings, Inc.	0.35%	898,524	$26M	added+18%	+0.07 pp	4 q
FLEXFlex Ltd.	0.34%	1,948,637	$25M	trimmed−67%	−0.59 pp	4 q
DOXAmdocs Limited	0.33%	437,473	$24M	trimmed−8%	+0.02 pp	4 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.32%	785,169	$23M	new	+0.32 pp	new
ITRIItron Inc	0.30%	598,158	$22M	trimmed−3%	−0.07 pp	4 q
unresolvedIngram Micro Inc	0.28%	807,763	$20M	added+26%	+0.03 pp	4 q
JOESt. Joe Company	0.25%	985,243	$18M	added×4.9	+0.20 pp	4 q
ORIOld Republic International Corporation	0.23%	1,103,812	$16M	trimmed−4%	−0.01 pp	4 q
BAXBaxter International Inc.	0.22%	229,981	$16M	trimmed−3%	−0.03 pp	4 q
ORCLOracle Corp	0.22%	371,592	$16M	trimmed−7%	−0.03 pp	4 q
PMPhilip Morris International Inc.	0.22%	208,709	$16M	added+35%	+0.04 pp	4 q
CVXChevron Corporation	0.21%	144,041	$15M	trimmed−0%	−0.02 pp	4 q
unresolvedE M C Corp Mass	0.20%	568,164	$15M	trimmed−0%	−0.04 pp	4 q
unresolvedEnersis S A	0.19%	861,000	$14M	new	+0.19 pp	new
PGProcter & Gamble Company	0.19%	167,485	$14M	trimmed−7%	−0.04 pp	4 q
UPBDUpbound Group, Inc.	0.19%	501,434	$14M	trimmed−16%	−0.12 pp	4 q
DGXQuest Diagnostics Inc.	0.18%	174,714	$13M	trimmed−6%	0.00 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.17%	444,579	$12M	trimmed−6%	−0.02 pp	4 q
unresolvedComcast Corp. Spl Cl A	0.17%	192,442	$12M	trimmed−5%	−0.02 pp	4 q
VARVarian Medical Systems, Inc.	0.17%	133,327	$13M	trimmed−12%	−0.01 pp	4 q
AVTAvnet, Inc.	0.16%	262,506	$12M	trimmed−7%	−0.01 pp	2 q
unresolvedOutfront Media Inc	0.16%	387,179	$12M	trimmed−12%	−0.01 pp	2 q
unresolvedNortel Inversora S A	0.15%	425,565	$11M	added+7%	+0.01 pp	4 q
unresolvedSyneron Medical Ltd	0.15%	866,320	$11M	trimmed−63%	−0.16 pp	4 q
unresolvedSykes Enterprises Incorporated	0.14%	403,838	$10M	trimmed−5%	0.00 pp	4 q
BCOThe Brink's Company	0.13%	343,422	$9M	new	+0.13 pp	new
FITBFifth Third Bancorp	0.12%	451,588	$9M	added+8%	0.00 pp	4 q
VTYVerint Systems Inc	0.12%	137,412	$9M	trimmed−3%	0.00 pp	4 q
BBTTruist Financial Corporation	0.11%	203,411	$8M	trimmed−7%	−0.01 pp	4 q
LLYEli Lilly & Co.	0.11%	107,025	$8M	trimmed−37%	−0.05 pp	4 q
AANAaron's Inc	0.10%	267,177	$8M	trimmed−45%	−0.11 pp	3 q
AVPAvon Products, Inc.	0.10%	878,914	$7M	trimmed−8%	−0.03 pp	4 q
RFRegions Financial Corp.	0.10%	774,048	$7M	trimmed−3%	−0.02 pp	4 q
KBKB Financial Group Inc	0.09%	183,118	$6M	trimmed−7%	0.00 pp	4 q
SHGShinhan Financial Group Co Ltd	0.09%	173,774	$6M	trimmed−3%	−0.01 pp	4 q
PC6APetrochina Co Ltd -adr	0.07%	43,461	$5M	trimmed−3%	0.00 pp	4 q
MBTMobile TeleSystems Public Joint Stock Company	0.06%	426,972	$4M	added×19.2	+0.06 pp	4 q
unresolvedNatuzzi S P A	0.06%	2,407,972	$4M	trimmed−1%	+0.01 pp	4 q
unresolvedOmnivision Technologies Inc	0.06%	169,010	$4M	added+11%	0.00 pp	4 q
DEODiageo plc	0.05%	30,157	$3M	trimmed−3%	0.00 pp	4 q
BZHBeazer Homes USA, Inc. New	0.04%	151,710	$3M	added+1%	0.00 pp	4 q
CFFNCapitol Federal Financial, Inc.	0.04%	247,411	$3M	trimmed−3%	−0.01 pp	4 q
unresolvedCharter Finl Corp MD	0.04%	224,545	$3M	added0%	0.00 pp	4 q
TBNKTerritorial Bancorp Inc.	0.04%	120,285	$3M	added0%	0.00 pp	4 q
SENEASeneca Foods Corp	0.03%	61,538	$2M	added+12%	+0.01 pp	4 q
STRLSterling Infrastructure, Inc.	0.03%	417,227	$2M	added+1%	−0.01 pp	4 q
unresolvedSunTrust Banks Inc	0.03%	48,601	$2M	trimmed−4%	0.00 pp	4 q
AGCOAGCO Corporation	0.02%	34,526	$2M	trimmed−3%	0.00 pp	2 q
CCUCompania Cervecerias Unidas S.A.	0.02%	80,165	$2M	new	+0.02 pp	new
ENZNEnzon Pharmaceuticals Inc	0.02%	1,036,073	$1M	added0%	0.00 pp	4 q
HBCPHome Bancorp, Inc.	0.02%	79,651	$2M	added+1%	−0.01 pp	4 q
ISBCInvestors Bancorp, Inc.	0.02%	136,681	$2M	trimmed−1%	0.00 pp	4 q
unresolvedOcean Shore Hldg Co New	0.02%	81,163	$1M	added0%	0.00 pp	4 q
PBCTPeople's United Financial Inc	0.02%	73,778	$1M	trimmed−4%	0.00 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.01%	27,093	$1M	trimmed−2%	0.00 pp	4 q
unresolvedBabcock & Wilcox Co New	0.01%	19,820	$636,000	new	+0.01 pp	new
BBDOBanco Bradesco S.A.	0.01%	40,868	$396,000	trimmed−10%	0.00 pp	4 q
CALYCallaway Golf Company	0.01%	57,202	$545,000	added+2%	0.00 pp	4 q
unresolvedCencosud S A	0.01%	113,947	$801,000	new	+0.01 pp	new
CFGCitizens Financial Group, Inc.	0.01%	26,655	$643,000	added×2.3	+0.01 pp	2 q
unresolvedCredit Suisse Group Spon ADR	0.01%	23,045	$621,000	new	+0.01 pp	new
MCHBMechanics Bancorp Class A	0.01%	27,800	$509,000	new	+0.01 pp	new
HWCCHouston Wire & Cable Co	0.01%	45,012	$438,000	added+29%	0.00 pp	4 q
ISCAInternational Speedway Corp	0.01%	17,354	$450,000	added+10%	0.00 pp	4 q
IVCInvacare Corporation	0.01%	31,775	$616,000	trimmed−52%	−0.01 pp	2 q
unresolvedNational Western Life Ins Co	0.01%	2,318	$434,000	added0%	0.00 pp	4 q
ORNOrion Group Holdings, Inc	0.01%	59,105	$524,000	added+3%	0.00 pp	4 q
RGPResources Connection	0.01%	34,470	$603,000	trimmed−0%	0.00 pp	3 q
SOHUNSohu.com Inc	0.01%	9,867	$526,000	trimmed−0%	0.00 pp	4 q
TTENTotalenergies SE -spon ADR	0.01%	15,737	$781,000	added×2.7	+0.01 pp	2 q
unresolvedUti Worldwide Inc	0.01%	51,915	$638,000	trimmed−31%	0.00 pp	4 q
unresolvedAeropostale	0.00%	11,609	$40,000	new	0.00 pp	new
ALSKAlaska Communications Systems	0.00%	18,096	$30,000	new	0.00 pp	new
unresolvedAllied Nevada Gold Corp	0.00%	29,298	$3,000	new	0.00 pp	new
unresolvedAmerican Apparel Inc	0.00%	40,000	$28,000	held	—	3 q
unresolvedApricus Biosciences Inc	0.00%	53,500	$100,000	new	0.00 pp	new
unresolvedBebe Stores Inc	0.00%	39,100	$142,000	new	0.00 pp	new
unresolvedBlyth Inc	0.00%	21,767	$165,000	added+20%	0.00 pp	2 q
BTIBritish American Tobacco p.l.c.	0.00%	2,637	$274,000	added+13%	0.00 pp	3 q
unresolvedCambium Learning Grp Inc	0.00%	15,000	$47,000	new	0.00 pp	new
unresolvedChina Bak Battery Inc	0.00%	15,000	$53,000	new	0.00 pp	new
CDECoeur Mining, Inc.	0.00%	35,000	$165,000	new	0.00 pp	new
FIXComfort Systems USA, Inc.	0.00%	21,190	$290,000	trimmed−46%	−0.01 pp	4 q
COSICosi Inc New Com Stk (De)	0.00%	40,000	$106,000	new	0.00 pp	new
BCBPrimo Water Corp	0.00%	19,600	$184,000	trimmed−89%	−0.02 pp	4 q
CYTKCytokinetics Inc.	0.00%	18,300	$124,000	new	0.00 pp	new
ECTEEcho Therapeutics Inc	0.00%	34,000	$72,000	new	0.00 pp	new
EXKEndeavour Silver Corp.	0.00%	14,273	$27,000	new	0.00 pp	new
unresolvedEnergizer Hldgs Inc	0.00%	1,820	$251,000	held	—	4 q
unresolvedEssa Bancorp Inc	0.00%	26,010	$334,000	added+2%	0.00 pp	4 q
unresolvedFibrocell Science Inc	0.00%	22,600	$102,000	new	0.00 pp	new
unresolvedFirst Conn Bancorp Inc MD	0.00%	19,158	$180,000	added+3%	0.00 pp	4 q
GFIGold Fields Ltd	0.00%	38,400	$154,000	new	0.00 pp	new
GPRGreat Panther Mining Ltd	0.00%	45,914	$27,000	added+76%	0.00 pp	4 q
unresolvedHC2 Holdings Inc	0.00%	20,600	$226,000	held	—	2 q
ESINQItt Educational Svcs Inc	0.00%	10,376	$70,000	new	0.00 pp	new
unresolvedIxia	0.00%	17,015	$134,000	trimmed−69%	−0.01 pp	4 q
unresolvedImation Corp	0.00%	10,922	$44,000	new	0.00 pp	new
JAKKJakks Pacific Inc	0.00%	35,178	$241,000	added+2%	0.00 pp	4 q
unresolvedKey Energy Svcs Inc	0.00%	21,364	$39,000	new	0.00 pp	new
unresolvedLifevantage Corp	0.00%	24,033	$19,000	new	0.00 pp	new
unresolvedLion Biotechnologies Inc	0.00%	17,600	$213,000	new	0.00 pp	new
unresolvedMeadowbrook Ins Group Inc	0.00%	19,500	$166,000	new	0.00 pp	new
MVISMicrovision Inc	0.00%	25,000	$86,000	new	0.00 pp	new
TAPMolson Coors Beverage Company Class B	0.00%	4,880	$363,000	trimmed−12%	−0.01 pp	4 q
NFBKNorthfield Bancorp, Inc.	0.00%	20,060	$194,000	trimmed−8%	0.00 pp	4 q
unresolvedNovatel Wireless Inc	0.00%	53,200	$256,000	held	—	2 q
unresolvedQuantum Corp	0.00%	70,000	$112,000	new	0.00 pp	new
RIGLRigel Pharmaceuticals Inc. (New)	0.00%	44,700	$160,000	new	0.00 pp	new
unresolvedSigma Designs Inc	0.00%	30,700	$247,000	held	—	3 q
SVMSilvercorp Metals Inc.	0.00%	19,657	$23,000	added+11%	0.00 pp	3 q
STXSStereotaxis, Inc.	0.00%	40,000	$82,000	new	0.00 pp	new
TKOTrekor Metals Limited	0.00%	29,867	$19,000	new	0.00 pp	new
unresolvedTelecommunication Sys Inc	0.00%	37,100	$142,000	held	—	4 q
TEVATeva Pharmaceutical Industries Limited	0.00%	3,600	$224,000	held	—	2 q
unresolvedTowerstream Corp	0.00%	34,000	$73,000	new	0.00 pp	new
UBNKUnited Financial Bancorp, Inc.	0.00%	22,861	$284,000	added+2%	0.00 pp	4 q
UVVUniversal Corporation	0.00%	10,770	$323,000	added+20%	0.00 pp	2 q
unresolvedWalter Energy, Inc.	0.00%	23,847	$15,000	new	0.00 pp	new
unresolvedWarren Res Inc	0.00%	20,647	$18,000	new	0.00 pp	new
WGOWinnebago Industries, Inc.	0.00%	19,970	$284,000	new	0.00 pp	new
unresolvedXenoport Inc	0.00%	19,700	$140,000	held	—	2 q
EXXIEnergy Xxi Ltd	0.00%	11,512	$42,000	new	0.00 pp	new
unresolvedFrontline Ltd	0.00%	53,300	$119,000	new	0.00 pp	new
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.00%	43,791	$116,000	added+2%	0.00 pp	4 q
NTTYYNtt Inc. S/	—	−1,324,783	—	exited	−0.48 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−117,707	—	exited	−0.18 pp	—
CLSCelestica, Inc.	—	−717,031	—	exited	−0.12 pp	—
TGTTarget Corporation	—	−116,403	—	exited	−0.12 pp	—
unresolvedStaples Inc	—	−440,274	—	exited	−0.11 pp	—
LEN.BLennar Corporation Class B	—	−93,419	—	exited	−0.05 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−41,185	—	exited	−0.02 pp	—
unresolvedComverse Inc	—	−29,365	—	exited	−0.01 pp	—
unresolvedSimplicity Bancorp	—	−27,289	—	exited	−0.01 pp	—
TKCTurkcell Iletisim Hizmetleri A.s.	—	−26,052	—	exited	−0.01 pp	—
AAPAdvance Auto Parts Inc	—	−1,879	—	exited	0.00 pp	—
BBBlackBerry Limited	—	−13,000	—	exited	0.00 pp	—
unresolvedChina Green Agriculture Inc	—	−14,450	—	exited	0.00 pp	—
CUTRCutera, Inc.	—	−30,040	—	exited	0.00 pp	—
EDMCQEducation Mgmt Corp	—	−18,769	—	exited	0.00 pp	—
unresolvedForest Oil Corp.	—	−14,140	—	exited	0.00 pp	—
unresolvedHewlett Packard Co	—	−6,360	—	exited	0.00 pp	—
MLRMiller Industries, Inc.	—	−20,422	—	exited	0.00 pp	—
SORLSORL Auto Parts, Inc.	—	−10,204	—	exited	0.00 pp	—