Brandes

Q3 2015 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2015
Filed: Nov 6, 2015
US stock: $6.8B · prev $7.8B
Positions: 181 · prev 192
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%

Moves199 since the prior filing

+3.5 pp in · −3.4 pp out

New 24 +1.88 pp
Added 72 +1.60 pp
Trimmed 68 −2.87 pp
Exited 35 −0.51 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions181 in this filing · 35 exited


EMBJEmbraer S.A.	4.56%	12,185,532	$312M	added+6%	+0.09 pp	6 q
PBR.APetroleo Brasileiro S.A.-Petrobras	3.57%	63,811,322	$244M	added+6%	−2.98 pp	6 q
CCitigroup Inc.	3.13%	4,314,204	$214M	trimmed−1%	+0.05 pp	6 q
CXCemex S.A.B. de C.V.	2.99%	29,293,810	$205M	trimmed−1%	−0.49 pp	6 q
MSFTMicrosoft Corp	2.85%	4,399,530	$195M	trimmed−1%	+0.34 pp	6 q
WDCWestern Digital Corp.	2.73%	2,351,688	$187M	added+47%	+1.12 pp	6 q
PFEPfizer Inc.	2.69%	5,863,701	$184M	trimmed−3%	+0.09 pp	6 q
unresolvedGlaxosmithkline PLC	2.63%	4,673,082	$180M	added+8%	+0.33 pp	6 q
unresolvedExpress Scripts Hldg Co	2.50%	2,116,586	$171M	trimmed−2%	+0.04 pp	6 q
STTState Street Corporation	2.43%	2,470,912	$166M	trimmed−1%	−0.04 pp	6 q
unresolvedWillis Group Holdings Public	2.36%	3,940,573	$161M	added+1%	+0.02 pp	6 q
PNCPNC Financial Services Group	2.11%	1,621,923	$145M	trimmed−1%	+0.09 pp	6 q
BNYBank of New York Mellon Corporation	2.03%	3,550,405	$139M	trimmed−1%	+0.10 pp	6 q
MRKMerck & Co., Inc.	2.02%	2,791,984	$138M	trimmed−1%	−0.03 pp	6 q
TSUTIM Participacoes S.A.	2.01%	14,534,619	$137M	added+44%	−0.10 pp	6 q
AIGAmerican International Group, Inc.	1.99%	2,395,747	$136M	trimmed−1%	+0.08 pp	5 q
HMCHonda Motor Co., Ltd.	1.98%	4,529,674	$135M	trimmed−0%	+0.10 pp	6 q
WFCWells Fargo & Co.	1.89%	2,522,981	$130M	trimmed−1%	+0.05 pp	6 q
PEPPepsiCo, Inc.	1.88%	1,366,440	$129M	trimmed−1%	+0.23 pp	6 q
GLWCorning Incorporated	1.82%	7,265,130	$124M	added+7%	+0.10 pp	6 q
EENI S.p.A.	1.68%	3,674,736	$115M	added+1%	+0.02 pp	6 q
EMREmerson Electric Co.	1.66%	2,571,543	$114M	new	+1.66 pp	new
BPBP p.l.c.	1.65%	3,686,453	$113M	added+13%	−0.02 pp	6 q
VIVTelefonica Brasil, S.A.	1.63%	11,902,236	$112M	trimmed−0%	−0.56 pp	6 q
SNYSanofi	1.59%	2,290,031	$109M	trimmed−11%	−0.03 pp	6 q
CHLChina Mobile Limited	1.49%	1,714,097	$102M	added0%	+0.09 pp	6 q
XLNXXilinx Inc	1.48%	2,386,800	$101M	trimmed−1%	+0.12 pp	5 q
UBSUBS Group AG	1.48%	5,468,321	$101M	trimmed−10%	−0.17 pp	4 q
EXCExelon Corporation	1.43%	3,292,865	$98M	trimmed−0%	+0.10 pp	6 q
BACBank of America Corporation	1.38%	6,059,742	$94M	trimmed−1%	+0.04 pp	6 q
CHKChesapeake Energy Corp	1.26%	11,728,300	$86M	added+15%	−0.20 pp	6 q
TXTernium S.A.	1.25%	6,973,444	$86M	trimmed−2%	−0.33 pp	5 q
unresolvedCrh PLC	1.21%	3,123,688	$83M	trimmed−13%	−0.08 pp	6 q
MUFGMitsubishi UFJ Financial Group, Inc.	1.17%	13,142,536	$80M	trimmed−4%	−0.09 pp	6 q
ERICEricsson	1.16%	8,122,014	$79M	added×3.1	+0.81 pp	6 q
unresolvedLeucadia National	1.15%	3,884,763	$79M	added×9.2	+1.02 pp	2 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	1.14%	20,070,990	$78M	added+21%	+0.04 pp	6 q
AMXNAmerica Movil-spn ADR Cl L	1.12%	4,354,605	$77M	added+2%	−0.13 pp	6 q
BCSBarclays PLC	1.11%	5,159,081	$76M	trimmed−4%	−0.03 pp	6 q
CAJPYCanon Inc S/	1.09%	2,564,877	$74M	trimmed−1%	+0.02 pp	6 q
CPACopa Holdings, S.A.	1.06%	1,651,867	$73M	added+24%	−0.42 pp	5 q
BSBRBanco Santander (Brasil) SA	1.04%	22,528,825	$71M	trimmed−12%	−0.75 pp	6 q
HSBCHSBC Holdings PLC	1.04%	1,884,134	$71M	trimmed−1%	−0.05 pp	6 q
9990302DApache Corp	0.97%	1,697,308	$66M	added+2%	−0.26 pp	6 q
BGGBriggs & Stratton Corp.	0.96%	3,406,631	$66M	trimmed−0%	+0.12 pp	6 q
AVALGrupo Aval Acciones Y Valores S.a.	0.95%	7,990,147	$65M	added0%	−0.11 pp	5 q
unresolvedAegon NV	0.84%	10,050,717	$58M	added+33%	+0.13 pp	6 q
AXIAYAxia Energia S/	0.82%	43,410,542	$56M	trimmed−8%	−0.31 pp	6 q
TIIAYTelecom Italia S/	0.80%	4,446,729	$55M	trimmed−1%	+0.07 pp	6 q
ORANYOrange SP/	0.79%	3,567,009	$54M	added+3%	+0.11 pp	6 q
PKXPOSCO Holdings Inc.	0.73%	1,420,200	$50M	added+13%	−0.06 pp	6 q
SQMSociedad Quimica y Minera de Chile SA	0.68%	3,220,367	$47M	added×19.1	+0.65 pp	2 q
SHGShinhan Financial Group Co Ltd	0.66%	1,302,412	$45M	added+6%	+0.07 pp	6 q
unresolvedCompanhia Paranaense Energ C	0.65%	5,199,566	$44M	added+6%	−0.07 pp	6 q
unresolvedOmnivision Technologies Inc	0.62%	1,622,633	$43M	added×4.8	+0.51 pp	6 q
AGROAdecoagro S.a.	0.57%	4,885,660	$39M	trimmed−10%	−0.07 pp	6 q
ARCOArcos Dorados Holdings Inc.	0.52%	13,001,985	$35M	added+6%	−0.31 pp	4 q
JOESt. Joe Company	0.50%	1,771,524	$34M	added+5%	+0.17 pp	6 q
CVXChevron Corporation	0.47%	404,903	$32M	added×2.8	+0.29 pp	6 q
unresolvedCredit Suisse Group Spon ADR	0.47%	1,331,821	$32M	added×47.7	+0.46 pp	3 q
TMToyota Motor Corporation	0.47%	271,946	$32M	trimmed−2%	−0.01 pp	6 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.36%	1,985,013	$25M	added+32%	−0.10 pp	3 q
MDCM.D.C. Holdings, Inc.	0.35%	916,481	$24M	trimmed−0%	0.00 pp	6 q
unresolvedIngram Micro Inc	0.33%	817,702	$22M	trimmed−1%	+0.07 pp	6 q
JPMJPMorgan Chase & Co.	0.32%	356,578	$22M	trimmed−2%	0.00 pp	6 q
ITRIItron Inc	0.31%	669,650	$21M	added+9%	+0.04 pp	6 q
unresolvedEnersis S A	0.27%	1,441,320	$18M	added+50%	+0.08 pp	3 q
CYDChina Yuchai International Ltd.	0.26%	1,421,465	$18M	trimmed−6%	−0.06 pp	6 q
ORIOld Republic International Corporation	0.25%	1,109,147	$17M	trimmed−0%	+0.03 pp	6 q
UPBDUpbound Group, Inc.	0.25%	703,336	$17M	added+33%	+0.06 pp	6 q
PMPhilip Morris International Inc.	0.24%	204,900	$16M	trimmed−2%	+0.02 pp	6 q
DOXAmdocs Limited	0.24%	284,037	$16M	trimmed−33%	−0.06 pp	6 q
AVTAvnet, Inc.	0.23%	370,283	$16M	added+43%	+0.09 pp	4 q
unresolvedE M C Corp Mass	0.20%	568,720	$14M	added+1%	+0.01 pp	6 q
ORCLOracle Corp	0.20%	372,076	$13M	added+2%	+0.01 pp	6 q
PGProcter & Gamble Company	0.20%	192,094	$14M	added+14%	+0.03 pp	6 q
FLEXFlex Ltd.	0.17%	1,123,668	$12M	trimmed−0%	+0.01 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.16%	430,009	$11M	trimmed−1%	+0.01 pp	6 q
JNJJohnson & Johnson	0.16%	118,509	$11M	new	+0.16 pp	new
BAXBaxter International Inc.	0.15%	311,631	$10M	added+29%	−0.07 pp	6 q
DGXQuest Diagnostics Inc.	0.15%	170,422	$10M	trimmed−1%	−0.01 pp	4 q
VARVarian Medical Systems, Inc.	0.15%	135,215	$10M	added+2%	+0.01 pp	6 q
FITBFifth Third Bancorp	0.12%	450,087	$9M	trimmed−1%	0.00 pp	6 q
unresolvedOutfront Media Inc	0.12%	380,584	$8M	trimmed−1%	0.00 pp	4 q
unresolvedNortel Inversora S A	0.11%	419,708	$7M	trimmed−1%	0.00 pp	6 q
WMTWalmart Inc.	0.11%	113,397	$7M	added+7%	+0.01 pp	2 q
BBTTruist Financial Corporation	0.10%	196,839	$7M	trimmed−1%	0.00 pp	6 q
BCOThe Brink's Company	0.10%	247,338	$7M	trimmed−1%	+0.01 pp	3 q
unresolvedComcast Corp. Spl Cl A	0.10%	104,736	$7M	trimmed−45%	−0.06 pp	6 q
LLoews Corporation	0.10%	185,539	$7M	added+1%	+0.01 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.10%	949,399	$7M	added+11%	−0.01 pp	6 q
RFRegions Financial Corp.	0.10%	766,854	$7M	trimmed−1%	0.00 pp	6 q
VTYVerint Systems Inc	0.09%	149,243	$6M	added+12%	−0.01 pp	6 q
KBKB Financial Group Inc	0.07%	159,585	$5M	trimmed−9%	0.00 pp	6 q
unresolvedNatuzzi S P A	0.07%	2,410,082	$5M	added0%	0.00 pp	6 q
unresolvedSyneron Medical Ltd	0.06%	570,370	$4M	trimmed−0%	−0.02 pp	6 q
CFFNCapitol Federal Financial, Inc.	0.05%	269,979	$3M	added+2%	+0.01 pp	6 q
unresolvedCharter Finl Corp MD	0.05%	246,396	$3M	added0%	+0.01 pp	6 q
DEODiageo plc	0.05%	31,881	$3M	added0%	0.00 pp	6 q
BZHBeazer Homes USA, Inc. New	0.04%	191,484	$3M	added+14%	0.00 pp	6 q
unresolvedCencosud S A	0.04%	452,310	$3M	added+27%	+0.01 pp	3 q
PC6APetrochina Co Ltd -adr	0.04%	41,051	$3M	trimmed−4%	−0.02 pp	6 q
TTENTotalenergies SE -spon ADR	0.04%	64,012	$3M	added+36%	+0.01 pp	4 q
HBCPHome Bancorp, Inc.	0.03%	88,211	$2M	added0%	0.00 pp	6 q
unresolvedSunTrust Banks Inc	0.03%	47,200	$2M	trimmed−2%	0.00 pp	6 q
TBNKTerritorial Bancorp Inc.	0.03%	86,955	$2M	trimmed−34%	−0.01 pp	6 q
AGCOAGCO Corporation	0.02%	34,319	$2M	trimmed−0%	0.00 pp	4 q
BBDBanco Bradesco S.A.	0.02%	248,620	$1M	new	+0.02 pp	new
ISBCInvestors Bancorp, Inc.	0.02%	106,399	$1M	added+2%	0.00 pp	6 q
unresolvedOcean Shore Hldg Co New	0.02%	88,691	$1M	added+6%	0.00 pp	6 q
PBCTPeople's United Financial Inc	0.02%	71,104	$1M	trimmed−2%	0.00 pp	6 q
ALEXAlexander & Baldwin, Inc.	0.01%	13,352	$459,000	added+4%	0.00 pp	6 q
AVPAvon Products, Inc.	0.01%	132,136	$430,000	trimmed−85%	−0.06 pp	6 q
BTIBritish American Tobacco p.l.c.	0.01%	3,238	$356,000	added+9%	+0.01 pp	5 q
CALYCallaway Golf Company	0.01%	49,694	$415,000	added+1%	0.00 pp	6 q
CFGCitizens Financial Group, Inc.	0.01%	33,162	$791,000	added+17%	0.00 pp	4 q
unresolvedFirst Conn Bancorp Inc MD	0.01%	39,988	$645,000	trimmed−23%	0.00 pp	6 q
HWCCHouston Wire & Cable Co	0.01%	94,440	$599,000	added+1%	0.00 pp	6 q
ISCAInternational Speedway Corp	0.01%	27,707	$879,000	added0%	0.00 pp	6 q
IVCInvacare Corporation	0.01%	57,178	$827,000	added+39%	0.00 pp	4 q
EEMiShares MSCI Emerging Markets ETF	0.01%	14,040	$460,000	new	+0.01 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.01%	17,350	$678,000	new	+0.01 pp	new
MASMasco Corporation	0.01%	31,850	$802,000	trimmed−99%	−1.20 pp	6 q
MLRMiller Industries, Inc.	0.01%	24,800	$484,000	added+94%	+0.01 pp	2 q
unresolvedNational Western Life Ins Co	0.01%	3,613	$805,000	added+1%	0.00 pp	6 q
OCFCOceanFirst Financial Corp	0.01%	25,376	$437,000	new	+0.01 pp	new
ORNOrion Group Holdings, Inc	0.01%	143,500	$858,000	added+22%	0.00 pp	6 q
ACHAccendra Health, Inc.	0.01%	15,190	$485,000	held	—	2 q
unresolvedQlt Inc	0.01%	181,840	$484,000	added+19%	0.00 pp	2 q
RGPResources Connection	0.01%	56,868	$857,000	added+2%	0.00 pp	5 q
SKMSK Telecom Co., Ltd.	0.01%	15,460	$377,000	added+2%	+0.01 pp	2 q
SPSP Plus Corporation	0.01%	16,520	$382,000	held	—	2 q
SENEASeneca Foods Corp	0.01%	22,213	$585,000	trimmed−69%	−0.02 pp	6 q
STRLSterling Infrastructure, Inc.	0.01%	161,929	$665,000	trimmed−40%	0.00 pp	6 q
unresolvedSykes Enterprises Incorporated	0.01%	21,926	$559,000	trimmed−93%	−0.09 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	20,910	$434,000	new	+0.01 pp	new
TECDTech Data Corp	0.01%	8,213	$562,000	trimmed−38%	0.00 pp	2 q
unresolvedTelecom Italia S P A New	0.01%	64,270	$659,000	added×2.1	+0.01 pp	2 q
UBNKUnited Financial Bancorp, Inc.	0.01%	34,771	$454,000	trimmed−34%	0.00 pp	6 q
WGOWinnebago Industries, Inc.	0.01%	43,024	$824,000	added+2%	0.00 pp	3 q
AAVAdvantage Oil & Gas Ltd	0.00%	21,400	$111,000	held	—	2 q
ALSKAlaska Communications Systems	0.00%	82,096	$180,000	held	—	3 q
BWBabcock & Wilcox Enterprises, Inc.	0.00%	19,196	$228,000	new	0.00 pp	new
BBDOBanco Bradesco S.A.	0.00%	54,374	$336,000	added+3%	−0.01 pp	6 q
unresolvedBooks-a-million Inc	0.00%	35,000	$111,000	held	—	2 q
CRAICRA International, Inc.	0.00%	11,240	$243,000	new	0.00 pp	new
unresolvedCambium Learning Grp Inc	0.00%	26,000	$124,000	held	—	3 q
unresolvedCape Bancorp Inc	0.00%	13,310	$165,000	held	—	2 q
unresolvedCentrais Eletricas Brasileir	0.00%	20,210	$44,000	new	0.00 pp	new
CYTKCytokinetics Inc.	0.00%	18,300	$122,000	held	—	3 q
EXKEndeavour Silver Corp.	0.00%	17,134	$27,000	added+20%	0.00 pp	3 q
EXELExelixis Inc	0.00%	25,400	$142,000	held	—	2 q
FCNFTI Consulting, Inc.	0.00%	6,030	$250,000	new	0.00 pp	new
unresolvedFemale Health Co	0.00%	20,239	$32,000	new	0.00 pp	new
unresolvedFibrocell Science Inc	0.00%	22,600	$87,000	held	—	3 q
FTEKFuel Tech, Inc.	0.00%	15,420	$29,000	new	0.00 pp	new
96666EURGold Resource Corp	0.00%	13,549	$34,000	new	0.00 pp	new
GEF.BGreif, Inc. Class B	0.00%	6,280	$243,000	new	0.00 pp	new
unresolvedHigher One Hldgs Inc	0.00%	10,940	$22,000	new	0.00 pp	new
unresolvedHovnanian Enterprises Inc	0.00%	12,503	$22,000	new	0.00 pp	new
ISNSImage Sensing Systems Inc	0.00%	16,600	$62,000	new	0.00 pp	new
unresolvedLiberator Medical Hldgs Inc	0.00%	13,606	$32,000	new	0.00 pp	new
unresolvedLifevantage Corp	0.00%	59,747	$48,000	added×2.5	0.00 pp	3 q
unresolvedMcDermott Int'l Inc.	0.00%	33,000	$142,000	held	—	2 q
MVISMicrovision Inc	0.00%	45,000	$144,000	held	—	3 q
TAPMolson Coors Beverage Company Class B	0.00%	2,730	$227,000	trimmed−44%	0.00 pp	6 q
unresolvedPain Therapeutics Inc	0.00%	18,937	$35,000	new	0.00 pp	new
unresolvedRadio One Inc	0.00%	10,151	$22,000	new	0.00 pp	new
RIGLRigel Pharmaceuticals Inc. (New)	0.00%	25,000	$62,000	trimmed−44%	0.00 pp	3 q
unresolvedSigma Designs Inc	0.00%	30,700	$212,000	held	—	5 q
SVMSilvercorp Metals Inc.	0.00%	33,656	$21,000	added+71%	0.00 pp	5 q
SBSAQSpanish Brdcstng Sys A	0.00%	13,209	$67,000	held	—	2 q
TRKSpeedway Motorsports LLC	0.00%	13,620	$246,000	new	0.00 pp	new
unresolvedTelecommunication Sys Inc	0.00%	37,100	$128,000	held	—	6 q
CLUBTown Sports International	0.00%	12,037	$32,000	new	0.00 pp	new
GTSTriple-s Management Corp	0.00%	12,230	$218,000	trimmed−43%	−0.01 pp	2 q
unresolvedWarren Res Inc	0.00%	20,647	$10,000	held	—	3 q
EXXIEnergy Xxi Ltd	0.00%	10,794	$11,000	trimmed−6%	0.00 pp	3 q
unresolvedFrontline Ltd	0.00%	53,300	$143,000	held	—	3 q
UTSIUTStarcom Holdings Corp (Cayman Islands)	0.00%	42,789	$104,000	trimmed−2%	0.00 pp	6 q
unresolvedPerion Network Ltd	0.00%	12,446	$26,000	new	0.00 pp	new
UNUnilever N V -ny Shares	—	−659,920	—	exited	−0.35 pp	—
AANAaron's Inc	—	−147,335	—	exited	−0.07 pp	—
CCUCompania Cervecerias Unidas S.A.	—	−77,860	—	exited	−0.02 pp	—
unresolvedBabcock & Wilcox Co New	—	−19,815	—	exited	−0.01 pp	—
unresolvedEssa Bancorp Inc	—	−35,940	—	exited	−0.01 pp	—
JAKKJakks Pacific Inc	—	−52,083	—	exited	−0.01 pp	—
NFBKNorthfield Bancorp, Inc.	—	−30,685	—	exited	−0.01 pp	—
SOHUNSohu.com Inc	—	−9,867	—	exited	−0.01 pp	—
UVVUniversal Corporation	—	−7,960	—	exited	−0.01 pp	—
unresolvedUti Worldwide Inc	—	−42,770	—	exited	−0.01 pp	—
unresolvedAeropostale	—	−11,609	—	exited	0.00 pp	—
unresolvedApricus Biosciences Inc	—	−53,500	—	exited	0.00 pp	—
unresolvedBebe Stores Inc	—	−39,100	—	exited	0.00 pp	—
unresolvedChina Bak Battery Inc	—	−33,400	—	exited	0.00 pp	—
CDECoeur Mining, Inc.	—	−35,000	—	exited	0.00 pp	—
COSICosi Inc New Com Stk (De)	—	−38,406	—	exited	0.00 pp	—
ECTEEcho Therapeutics Inc	—	−34,000	—	exited	0.00 pp	—
ENZNEnzon Pharmaceuticals Inc	—	−257,775	—	exited	0.00 pp	—
GFIGold Fields Ltd	—	−38,400	—	exited	0.00 pp	—
GPRGreat Panther Mining Ltd	—	−45,914	—	exited	0.00 pp	—
unresolvedHC2 Holdings Inc	—	−20,600	—	exited	0.00 pp	—
ESINQItt Educational Svcs Inc	—	−10,376	—	exited	0.00 pp	—
unresolvedImation Corp	—	−10,922	—	exited	0.00 pp	—
unresolvedKey Energy Svcs Inc	—	−21,364	—	exited	0.00 pp	—
unresolvedLion Biotechnologies Inc	—	−17,600	—	exited	0.00 pp	—
unresolvedMeadowbrook Ins Group Inc	—	−19,500	—	exited	0.00 pp	—
NPKNational Presto Industries, Inc.	—	−3,755	—	exited	0.00 pp	—
unresolvedNovatel Wireless Inc	—	−53,200	—	exited	0.00 pp	—
unresolvedQuantum Corp	—	−70,000	—	exited	0.00 pp	—
STXSStereotaxis, Inc.	—	−50,000	—	exited	0.00 pp	—
TKOTrekor Metals Limited	—	−29,867	—	exited	0.00 pp	—
unresolvedTowerstream Corp	—	−34,000	—	exited	0.00 pp	—
TZOOTravelzoo	—	−12,727	—	exited	0.00 pp	—
unresolvedWafergen Bio-systems Inc	—	−10,128	—	exited	0.00 pp	—
unresolvedWalter Energy, Inc.	—	−23,847	—	exited	0.00 pp	—