Brandes

Q2 2015 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2015
Filed: Aug 10, 2015
US stock: $7.8B · prev $7.3B
Positions: 192 · prev 182
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%

Moves170 since the prior filing

+2.2 pp in · −2.3 pp out

New 21 +0.40 pp
Added 90 +1.83 pp
Trimmed 48 −2.20 pp
Exited 11 −0.12 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.2% a year, about 12.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

PBR.A Petroleo Brasileiro S.A.-Petrobras trimmed+1.28 pp trimmed+1.286.5%
EMBJ Embraer S.A. added+0.28 pp added+0.284.5%
CX Cemex S.A.B. de C.V. added−0.19 pp added−0.193.5%
C Citigroup Inc. added+0.08 pp added+0.083.1%
PFE Pfizer Inc. trimmed−0.33 pp trimmed−0.332.6%

Positions192 in this filing · 11 exited


PBR.APetroleo Brasileiro S.A.-Petrobras	6.55%	60,119,270	$511M	trimmed−0%	+1.28 pp	5 q
EMBJEmbraer S.A.	4.47%	11,528,945	$349M	added+16%	+0.28 pp	5 q
CXCemex S.A.B. de C.V.	3.48%	29,689,854	$272M	added+2%	−0.19 pp	5 q
CCitigroup Inc.	3.08%	4,353,308	$240M	added+3%	+0.08 pp	5 q
PFEPfizer Inc.	2.60%	6,054,883	$203M	trimmed−1%	−0.33 pp	5 q
MSFTMicrosoft Corp	2.51%	4,435,957	$196M	added+14%	+0.33 pp	5 q
STTState Street Corporation	2.47%	2,502,789	$193M	added0%	−0.06 pp	5 q
unresolvedExpress Scripts Hldg Co	2.46%	2,158,427	$192M	added0%	−0.11 pp	5 q
unresolvedWillis Group Holdings Public	2.34%	3,895,403	$183M	added+6%	−0.09 pp	5 q
unresolvedGlaxosmithkline PLC	2.30%	4,313,622	$180M	added+11%	−0.16 pp	5 q
VIVTelefonica Brasil, S.A.	2.19%	11,939,258	$171M	added+25%	+0.10 pp	5 q
TSUTIM Participacoes S.A.	2.11%	10,061,095	$165M	added+6%	−0.06 pp	5 q
MRKMerck & Co., Inc.	2.05%	2,817,473	$160M	added+27%	+0.29 pp	5 q
PNCPNC Financial Services Group	2.02%	1,644,968	$157M	trimmed−1%	−0.11 pp	5 q
BNYBank of New York Mellon Corporation	1.93%	3,588,945	$151M	trimmed−2%	−0.11 pp	5 q
AIGAmerican International Group, Inc.	1.91%	2,415,592	$149M	added+4%	+0.16 pp	4 q
HMCHonda Motor Co., Ltd.	1.88%	4,541,368	$147M	added+4%	−0.08 pp	5 q
WFCWells Fargo & Co.	1.84%	2,551,087	$143M	trimmed−2%	−0.12 pp	5 q
BSBRBanco Santander (Brasil) SA	1.79%	25,699,550	$140M	added+9%	+0.32 pp	5 q
GLWCorning Incorporated	1.72%	6,817,111	$135M	added+1%	−0.40 pp	5 q
BPBP p.l.c.	1.67%	3,269,907	$131M	added+4%	0.00 pp	5 q
EENI S.p.A.	1.66%	3,639,766	$130M	added+3%	−0.02 pp	5 q
PEPPepsiCo, Inc.	1.65%	1,383,305	$129M	added+1%	−0.15 pp	5 q
UBSUBS Group AG	1.65%	6,074,114	$129M	trimmed−4%	+0.02 pp	3 q
SNYSanofi	1.62%	2,560,460	$127M	trimmed−1%	−0.13 pp	5 q
WDCWestern Digital Corp.	1.61%	1,599,937	$125M	added+33%	+0.10 pp	5 q
TXTernium S.A.	1.58%	7,139,425	$124M	added+23%	+0.13 pp	4 q
CPACopa Holdings, S.A.	1.48%	1,330,067	$116M	added+58%	+0.24 pp	4 q
CHKChesapeake Energy Corp	1.46%	10,228,072	$114M	added+5%	−0.43 pp	5 q
CHLChina Mobile Limited	1.40%	1,710,802	$110M	added+11%	+0.02 pp	5 q
XLNXXilinx Inc	1.36%	2,403,913	$106M	trimmed−0%	−0.04 pp	4 q
BACBank of America Corporation	1.34%	6,129,029	$104M	added+2%	+0.07 pp	5 q
EXCExelon Corporation	1.33%	3,301,079	$104M	added+4%	−0.13 pp	5 q
unresolvedCrh PLC	1.29%	3,586,339	$101M	added+1%	0.00 pp	5 q
MUFGMitsubishi UFJ Financial Group, Inc.	1.26%	13,641,801	$98M	added0%	+0.10 pp	5 q
AMXNAmerica Movil-spn ADR Cl L	1.25%	4,286,928	$97M	added+8%	+0.05 pp	5 q
9990302DApache Corp	1.23%	1,664,278	$96M	added+5%	−0.09 pp	5 q
MASMasco Corporation	1.21%	3,530,113	$94M	trimmed−34%	−0.76 pp	5 q
BCSBarclays PLC	1.14%	5,401,293	$89M	added+3%	+0.09 pp	5 q
AXIAYAxia Energia S/	1.13%	47,116,167	$89M	added+4%	0.00 pp	5 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	1.10%	16,525,096	$86M	added+21%	+0.08 pp	5 q
HSBCHSBC Holdings PLC	1.09%	1,907,232	$85M	added+2%	+0.01 pp	5 q
CAJPYCanon Inc S/	1.07%	2,580,143	$84M	trimmed−16%	−0.43 pp	5 q
AVALGrupo Aval Acciones Y Valores S.a.	1.06%	7,986,542	$83M	added+24%	+0.21 pp	4 q
BGGBriggs & Stratton Corp.	0.84%	3,416,723	$66M	added+24%	+0.06 pp	5 q
ARCOArcos Dorados Holdings Inc.	0.83%	12,255,635	$64M	added+27%	+0.18 pp	3 q
PKXPOSCO Holdings Inc.	0.79%	1,258,286	$62M	added+14%	−0.04 pp	5 q
TIIAYTelecom Italia S/	0.73%	4,507,715	$57M	trimmed−25%	−0.23 pp	5 q
unresolvedCompanhia Paranaense Energ C	0.72%	4,913,187	$56M	added+42%	+0.20 pp	5 q
unresolvedAegon NV	0.71%	7,541,986	$56M	added+15%	−0.01 pp	5 q
ORANYOrange SP/	0.68%	3,457,315	$53M	added+17%	+0.03 pp	5 q
AGROAdecoagro S.a.	0.64%	5,411,635	$50M	trimmed−20%	−0.31 pp	5 q
SHGShinhan Financial Group Co Ltd	0.59%	1,232,969	$46M	added×7.1	+0.50 pp	5 q
TMToyota Motor Corporation	0.48%	277,779	$37M	trimmed−2%	−0.07 pp	5 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.46%	1,507,297	$36M	added+92%	+0.14 pp	2 q
ERICEricsson	0.35%	2,613,685	$27M	added+13%	−0.05 pp	5 q
MDCM.D.C. Holdings, Inc.	0.35%	920,993	$28M	added+3%	0.00 pp	5 q
UNUnilever N V -ny Shares	0.35%	659,920	$28M	added+2%	−0.02 pp	5 q
JOESt. Joe Company	0.33%	1,680,572	$26M	added+71%	+0.08 pp	5 q
JPMJPMorgan Chase & Co.	0.32%	365,105	$25M	trimmed−21%	−0.06 pp	5 q
CYDChina Yuchai International Ltd.	0.32%	1,505,480	$25M	trimmed−2%	−0.10 pp	5 q
DOXAmdocs Limited	0.30%	424,887	$23M	trimmed−3%	−0.03 pp	5 q
ITRIItron Inc	0.27%	614,929	$21M	added+3%	−0.03 pp	5 q
unresolvedIngram Micro Inc	0.26%	823,920	$21M	added+2%	−0.02 pp	5 q
BAXBaxter International Inc.	0.22%	241,872	$17M	added+5%	0.00 pp	5 q
ORIOld Republic International Corporation	0.22%	1,112,206	$17M	added+1%	−0.01 pp	5 q
PMPhilip Morris International Inc.	0.22%	209,439	$17M	added0%	0.00 pp	5 q
unresolvedE M C Corp Mass	0.19%	564,801	$15M	trimmed−1%	−0.01 pp	5 q
unresolvedEnersis S A	0.19%	958,915	$15M	added+11%	0.00 pp	2 q
ORCLOracle Corp	0.19%	364,146	$15M	trimmed−2%	−0.03 pp	5 q
UPBDUpbound Group, Inc.	0.19%	529,701	$15M	added+6%	0.00 pp	5 q
CVXChevron Corporation	0.18%	146,687	$14M	added+2%	−0.03 pp	5 q
PGProcter & Gamble Company	0.17%	167,907	$13M	added0%	−0.02 pp	5 q
unresolvedComcast Corp. Spl Cl A	0.16%	189,255	$13M	trimmed−2%	−0.01 pp	5 q
DGXQuest Diagnostics Inc.	0.16%	172,331	$12M	trimmed−1%	−0.02 pp	3 q
FLEXFlex Ltd.	0.16%	1,127,245	$13M	trimmed−42%	−0.18 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.15%	434,919	$12M	trimmed−2%	−0.02 pp	5 q
AVTAvnet, Inc.	0.14%	258,111	$11M	trimmed−2%	−0.02 pp	3 q
VARVarian Medical Systems, Inc.	0.14%	132,527	$11M	trimmed−1%	−0.03 pp	5 q
unresolvedLeucadia National	0.13%	420,383	$10M	new	+0.13 pp	new
FITBFifth Third Bancorp	0.12%	453,212	$9M	added0%	0.00 pp	5 q
unresolvedOutfront Media Inc	0.12%	384,707	$10M	trimmed−1%	−0.04 pp	3 q
MBTMobile TeleSystems Public Joint Stock Company	0.11%	858,897	$8M	added×2.0	+0.05 pp	5 q
unresolvedNortel Inversora S A	0.11%	422,441	$9M	trimmed−1%	−0.04 pp	5 q
unresolvedOmnivision Technologies Inc	0.11%	334,683	$9M	added+98%	+0.05 pp	5 q
BBTTruist Financial Corporation	0.10%	199,112	$8M	trimmed−2%	−0.01 pp	5 q
RFRegions Financial Corp.	0.10%	774,661	$8M	added0%	0.00 pp	5 q
unresolvedSykes Enterprises Incorporated	0.10%	330,856	$8M	trimmed−18%	−0.04 pp	5 q
VTYVerint Systems Inc	0.10%	133,783	$8M	trimmed−3%	−0.02 pp	5 q
WMTWalmart Inc.	0.10%	106,105	$8M	new	+0.10 pp	new
BCOThe Brink's Company	0.09%	248,705	$7M	trimmed−28%	−0.04 pp	2 q
LLoews Corporation	0.09%	183,946	$7M	new	+0.09 pp	new
unresolvedSyneron Medical Ltd	0.08%	570,430	$6M	trimmed−34%	−0.07 pp	5 q
AANAaron's Inc	0.07%	147,335	$5M	trimmed−45%	−0.03 pp	4 q
AVPAvon Products, Inc.	0.07%	892,182	$6M	added+2%	−0.03 pp	5 q
KBKB Financial Group Inc	0.07%	175,364	$6M	trimmed−4%	−0.02 pp	5 q
unresolvedNatuzzi S P A	0.07%	2,407,972	$5M	held	—	5 q
PC6APetrochina Co Ltd -adr	0.06%	42,885	$5M	trimmed−1%	−0.01 pp	5 q
DEODiageo plc	0.05%	31,735	$4M	added+5%	0.00 pp	5 q
BZHBeazer Homes USA, Inc. New	0.04%	168,210	$3M	added+11%	0.00 pp	5 q
CFFNCapitol Federal Financial, Inc.	0.04%	265,201	$3M	added+7%	0.00 pp	5 q
unresolvedCharter Finl Corp MD	0.04%	245,980	$3M	added+10%	0.00 pp	5 q
TBNKTerritorial Bancorp Inc.	0.04%	131,380	$3M	added+9%	0.00 pp	5 q
unresolvedCencosud S A	0.03%	357,417	$3M	added×3.1	+0.02 pp	2 q
HBCPHome Bancorp, Inc.	0.03%	88,036	$2M	added+11%	+0.01 pp	5 q
SENEASeneca Foods Corp	0.03%	71,833	$2M	added+17%	0.00 pp	5 q
SQMSociedad Quimica y Minera de Chile SA	0.03%	168,464	$3M	new	+0.03 pp	new
unresolvedSunTrust Banks Inc	0.03%	48,034	$2M	trimmed−1%	0.00 pp	5 q
TTENTotalenergies SE -spon ADR	0.03%	47,078	$2M	added×3.0	+0.02 pp	3 q
AGCOAGCO Corporation	0.02%	34,336	$2M	trimmed−1%	0.00 pp	3 q
CCUCompania Cervecerias Unidas S.A.	0.02%	77,860	$2M	trimmed−3%	0.00 pp	2 q
ISBCInvestors Bancorp, Inc.	0.02%	103,899	$1M	trimmed−24%	0.00 pp	5 q
unresolvedOcean Shore Hldg Co New	0.02%	83,658	$1M	added+3%	0.00 pp	5 q
PBCTPeople's United Financial Inc	0.02%	72,579	$1M	trimmed−2%	0.00 pp	5 q
ALEXAlexander & Baldwin, Inc.	0.01%	12,816	$505,000	trimmed−53%	0.00 pp	5 q
unresolvedBabcock & Wilcox Co New	0.01%	19,815	$650,000	trimmed−0%	0.00 pp	2 q
BBDOBanco Bradesco S.A.	0.01%	52,989	$445,000	added+30%	0.00 pp	5 q
CALYCallaway Golf Company	0.01%	49,227	$440,000	trimmed−14%	0.00 pp	5 q
CFGCitizens Financial Group, Inc.	0.01%	28,441	$777,000	added+7%	0.00 pp	3 q
unresolvedCredit Suisse Group Spon ADR	0.01%	27,925	$771,000	added+21%	0.00 pp	2 q
unresolvedEssa Bancorp Inc	0.01%	35,940	$462,000	added+38%	+0.01 pp	5 q
unresolvedFirst Conn Bancorp Inc MD	0.01%	51,898	$823,000	added×2.7	+0.01 pp	5 q
HWCCHouston Wire & Cable Co	0.01%	93,592	$929,000	added×2.1	0.00 pp	5 q
ISCAInternational Speedway Corp	0.01%	27,589	$1M	added+59%	0.00 pp	5 q
IVCInvacare Corporation	0.01%	40,995	$887,000	added+29%	0.00 pp	3 q
JAKKJakks Pacific Inc	0.01%	52,083	$515,000	added+48%	+0.01 pp	5 q
unresolvedNational Western Life Ins Co	0.01%	3,586	$859,000	added+55%	0.00 pp	5 q
NFBKNorthfield Bancorp, Inc.	0.01%	30,685	$462,000	added+53%	+0.01 pp	5 q
ORNOrion Group Holdings, Inc	0.01%	117,255	$846,000	added+98%	0.00 pp	5 q
ACHAccendra Health, Inc.	0.01%	15,190	$516,000	new	+0.01 pp	new
unresolvedQlt Inc	0.01%	153,280	$633,000	new	+0.01 pp	new
RGPResources Connection	0.01%	55,830	$898,000	added+62%	0.00 pp	4 q
SPSP Plus Corporation	0.01%	16,520	$431,000	new	+0.01 pp	new
SOHUNSohu.com Inc	0.01%	9,867	$583,000	held	—	5 q
STRLSterling Infrastructure, Inc.	0.01%	271,380	$1M	trimmed−35%	−0.02 pp	5 q
TECDTech Data Corp	0.01%	13,320	$767,000	new	+0.01 pp	new
GTSTriple-s Management Corp	0.01%	21,270	$546,000	new	+0.01 pp	new
UBNKUnited Financial Bancorp, Inc.	0.01%	52,683	$708,000	added×2.3	+0.01 pp	5 q
UVVUniversal Corporation	0.01%	7,960	$456,000	trimmed−26%	+0.01 pp	3 q
WGOWinnebago Industries, Inc.	0.01%	42,385	$1M	added×2.1	+0.01 pp	2 q
unresolvedUti Worldwide Inc	0.01%	42,770	$427,000	trimmed−18%	0.00 pp	5 q
AAVAdvantage Oil & Gas Ltd	0.00%	21,400	$135,000	new	0.00 pp	new
unresolvedAeropostale	0.00%	11,609	$19,000	held	—	2 q
ALSKAlaska Communications Systems	0.00%	82,096	$197,000	added×4.5	0.00 pp	2 q
unresolvedApricus Biosciences Inc	0.00%	53,500	$91,000	held	—	2 q
unresolvedBebe Stores Inc	0.00%	39,100	$78,000	held	—	2 q
unresolvedBooks-a-million Inc	0.00%	35,000	$100,000	new	0.00 pp	new
BTIBritish American Tobacco p.l.c.	0.00%	2,965	$321,000	added+12%	0.00 pp	4 q
unresolvedCambium Learning Grp Inc	0.00%	26,000	$111,000	added+73%	0.00 pp	2 q
unresolvedCape Bancorp Inc	0.00%	13,310	$126,000	new	0.00 pp	new
unresolvedChina Bak Battery Inc	0.00%	33,400	$108,000	added×2.2	0.00 pp	2 q
CDECoeur Mining, Inc.	0.00%	35,000	$200,000	held	—	2 q
COSICosi Inc New Com Stk (De)	0.00%	38,406	$77,000	trimmed−4%	0.00 pp	2 q
CYTKCytokinetics Inc.	0.00%	18,300	$123,000	held	—	2 q
ECTEEcho Therapeutics Inc	0.00%	34,000	$58,000	held	—	2 q
EXKEndeavour Silver Corp.	0.00%	14,273	$28,000	held	—	2 q
ENZNEnzon Pharmaceuticals Inc	0.00%	257,775	$310,000	trimmed−75%	−0.02 pp	5 q
EXELExelixis Inc	0.00%	25,400	$96,000	new	0.00 pp	new
unresolvedFibrocell Science Inc	0.00%	22,600	$119,000	held	—	2 q
GFIGold Fields Ltd	0.00%	38,400	$124,000	held	—	2 q
GPRGreat Panther Mining Ltd	0.00%	45,914	$20,000	held	—	5 q
unresolvedHC2 Holdings Inc	0.00%	20,600	$184,000	held	—	3 q
ESINQItt Educational Svcs Inc	0.00%	10,376	$41,000	held	—	2 q
unresolvedImation Corp	0.00%	10,922	$44,000	held	—	2 q
unresolvedKey Energy Svcs Inc	0.00%	21,364	$38,000	held	—	2 q
unresolvedLifevantage Corp	0.00%	24,033	$13,000	held	—	2 q
unresolvedLion Biotechnologies Inc	0.00%	17,600	$161,000	held	—	2 q
unresolvedMcDermott Int'l Inc.	0.00%	33,000	$176,000	new	0.00 pp	new
unresolvedMeadowbrook Ins Group Inc	0.00%	19,500	$168,000	held	—	2 q
MVISMicrovision Inc	0.00%	45,000	$135,000	added+80%	0.00 pp	2 q
MLRMiller Industries, Inc.	0.00%	12,800	$255,000	new	0.00 pp	new
TAPMolson Coors Beverage Company Class B	0.00%	4,880	$341,000	held	—	5 q
NPKNational Presto Industries, Inc.	0.00%	3,755	$302,000	new	0.00 pp	new
unresolvedNovatel Wireless Inc	0.00%	53,200	$173,000	held	—	3 q
unresolvedQuantum Corp	0.00%	70,000	$118,000	held	—	2 q
RIGLRigel Pharmaceuticals Inc. (New)	0.00%	44,700	$143,000	held	—	2 q
SKMSK Telecom Co., Ltd.	0.00%	15,147	$375,000	new	0.00 pp	new
unresolvedSigma Designs Inc	0.00%	30,700	$366,000	held	—	4 q
SVMSilvercorp Metals Inc.	0.00%	19,657	$21,000	held	—	4 q
SBSAQSpanish Brdcstng Sys A	0.00%	13,209	$89,000	new	0.00 pp	new
STXSStereotaxis, Inc.	0.00%	40,000	$58,000	held	—	2 q
TKOTrekor Metals Limited	0.00%	29,867	$17,000	held	—	2 q
unresolvedTelecom Italia S P A New	0.00%	29,950	$304,000	new	0.00 pp	new
unresolvedTelecommunication Sys Inc	0.00%	37,100	$123,000	held	—	5 q
unresolvedTowerstream Corp	0.00%	34,000	$61,000	held	—	2 q
TZOOTravelzoo	0.00%	12,727	$144,000	new	0.00 pp	new
unresolvedWafergen Bio-systems Inc	0.00%	10,128	$32,000	new	0.00 pp	new
unresolvedWalter Energy, Inc.	0.00%	23,847	$5,000	held	—	2 q
unresolvedWarren Res Inc	0.00%	20,647	$9,000	held	—	2 q
EXXIEnergy Xxi Ltd	0.00%	11,512	$30,000	held	—	2 q
unresolvedFrontline Ltd	0.00%	53,300	$130,000	held	—	2 q
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.00%	43,600	$86,000	trimmed−0%	0.00 pp	5 q
LLYEli Lilly & Co.	—	−107,025	—	exited	−0.11 pp	—
MCHBMechanics Bancorp Class A	—	−27,800	—	exited	−0.01 pp	—
unresolvedAllied Nevada Gold Corp	—	−29,298	—	exited	0.00 pp	—
unresolvedAmerican Apparel Inc	—	−40,000	—	exited	0.00 pp	—
unresolvedBlyth Inc	—	−21,767	—	exited	0.00 pp	—
FIXComfort Systems USA, Inc.	—	−21,190	—	exited	0.00 pp	—
BCBPrimo Water Corp	—	−19,600	—	exited	0.00 pp	—
unresolvedEnergizer Hldgs Inc	—	−1,820	—	exited	0.00 pp	—
unresolvedIxia	—	−17,015	—	exited	0.00 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−3,600	—	exited	0.00 pp	—
unresolvedXenoport Inc	—	−19,700	—	exited	0.00 pp	—