Brandes

Q4 2015 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2015
Filed: Feb 10, 2016
US stock: $6.8B · prev $6.8B
Positions: 176 · prev 181
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%

Moves183 since the prior filing

+2.0 pp in · −2.0 pp out

New 14 +0.18 pp
Added 63 +1.78 pp
Trimmed 87 −1.72 pp
Exited 19 −0.27 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.8 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions176 in this filing · 19 exited


EMBJEmbraer S.A.	4.84%	11,204,999	$331M	trimmed−8%	+0.28 pp	7 q
MSFTMicrosoft Corp	3.35%	4,134,222	$229M	trimmed−6%	+0.50 pp	7 q
CCitigroup Inc.	3.12%	4,127,614	$214M	trimmed−4%	−0.01 pp	7 q
PBR.APetroleo Brasileiro S.A.-Petrobras	3.10%	60,012,879	$212M	trimmed−6%	−0.47 pp	7 q
CXCemex S.A.B. de C.V.	2.72%	33,370,688	$186M	added+14%	−0.27 pp	7 q
unresolvedWillis Group Holdings Public	2.69%	3,783,806	$184M	trimmed−4%	+0.33 pp	7 q
PFEPfizer Inc.	2.66%	5,639,537	$182M	trimmed−4%	−0.03 pp	7 q
unresolvedExpress Scripts Hldg Co	2.61%	2,041,802	$178M	trimmed−4%	+0.11 pp	7 q
unresolvedGlaxosmithkline PLC	2.54%	4,303,030	$174M	trimmed−8%	−0.09 pp	7 q
MRKMerck & Co., Inc.	2.33%	3,012,572	$159M	added+8%	+0.31 pp	7 q
STTState Street Corporation	2.31%	2,380,542	$158M	trimmed−4%	−0.12 pp	7 q
PNCPNC Financial Services Group	2.16%	1,548,831	$148M	trimmed−5%	+0.05 pp	7 q
AIGAmerican International Group, Inc.	2.08%	2,298,675	$142M	trimmed−4%	+0.09 pp	6 q
BNYBank of New York Mellon Corporation	2.05%	3,399,824	$140M	trimmed−4%	+0.02 pp	7 q
HMCHonda Motor Co., Ltd.	2.03%	4,343,280	$139M	trimmed−4%	+0.05 pp	7 q
WDCWestern Digital Corp.	1.99%	2,272,211	$136M	trimmed−3%	−0.74 pp	7 q
WFCWells Fargo & Co.	1.97%	2,484,049	$135M	trimmed−2%	+0.08 pp	7 q
TSUTIM Participacoes S.A.	1.95%	15,722,644	$133M	added+8%	−0.06 pp	7 q
GLWCorning Incorporated	1.91%	7,145,424	$131M	trimmed−2%	+0.09 pp	7 q
EMREmerson Electric Co.	1.88%	2,683,350	$128M	added+4%	+0.22 pp	2 q
PEPPepsiCo, Inc.	1.88%	1,283,967	$128M	trimmed−6%	0.00 pp	7 q
EXCExelon Corporation	1.68%	4,146,174	$115M	added+26%	+0.25 pp	7 q
VIVTelefonica Brasil, S.A.	1.60%	11,833,545	$109M	trimmed−1%	−0.03 pp	7 q
BPBP p.l.c.	1.50%	3,290,957	$103M	trimmed−11%	−0.15 pp	7 q
XLNXXilinx Inc	1.50%	2,179,896	$102M	trimmed−9%	+0.02 pp	6 q
EENI S.p.A.	1.46%	3,342,353	$100M	trimmed−9%	−0.22 pp	7 q
BACBank of America Corporation	1.44%	5,872,606	$99M	trimmed−3%	+0.06 pp	7 q
CHLChina Mobile Limited	1.37%	1,664,918	$94M	trimmed−3%	−0.12 pp	7 q
SNYSanofi	1.37%	2,198,827	$94M	trimmed−4%	−0.22 pp	7 q
UBSUBS Group AG	1.36%	4,790,749	$93M	trimmed−12%	−0.12 pp	5 q
TXTernium S.A.	1.29%	7,114,947	$88M	added+2%	+0.04 pp	6 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	1.27%	18,818,962	$87M	trimmed−6%	+0.13 pp	7 q
CPACopa Holdings, S.A.	1.23%	1,664,734	$84M	added+1%	+0.17 pp	6 q
BSBRBanco Santander (Brasil) SA	1.22%	21,501,471	$84M	trimmed−5%	+0.18 pp	7 q
AMXNAmerica Movil-spn ADR Cl L	1.15%	5,243,511	$79M	added+20%	+0.03 pp	7 q
unresolvedCrh PLC	1.15%	2,725,747	$79M	trimmed−13%	−0.06 pp	7 q
MUFGMitsubishi UFJ Financial Group, Inc.	1.15%	12,687,274	$79M	trimmed−3%	−0.02 pp	7 q
unresolvedLeucadia National	1.14%	4,475,129	$78M	added+15%	−0.01 pp	3 q
ERICEricsson	1.09%	7,742,554	$74M	trimmed−5%	−0.07 pp	7 q
9990302DApache Corp	1.08%	1,663,656	$74M	trimmed−2%	+0.11 pp	7 q
CAJPYCanon Inc S/	1.07%	2,427,140	$73M	trimmed−5%	−0.02 pp	7 q
HSBCHSBC Holdings PLC	1.02%	1,775,008	$70M	trimmed−6%	−0.02 pp	7 q
unresolvedCredit Suisse Group Spon ADR	0.94%	2,949,132	$64M	added×2.2	+0.47 pp	4 q
BCSBarclays PLC	0.91%	4,811,792	$62M	trimmed−7%	−0.20 pp	7 q
SQMSociedad Quimica y Minera de Chile SA	0.89%	3,190,225	$61M	trimmed−1%	+0.21 pp	3 q
BGGBriggs & Stratton Corp.	0.86%	3,420,164	$59M	added0%	−0.10 pp	7 q
AVALGrupo Aval Acciones Y Valores S.a.	0.81%	8,101,691	$55M	added+1%	−0.14 pp	6 q
TIIAYTelecom Italia S/	0.79%	4,268,930	$54M	trimmed−4%	−0.01 pp	7 q
unresolvedAegon NV	0.78%	9,394,897	$53M	trimmed−7%	−0.06 pp	7 q
CHKChesapeake Energy Corp	0.74%	11,305,642	$51M	trimmed−4%	−0.52 pp	7 q
ORANYOrange SP/	0.74%	3,051,586	$51M	trimmed−14%	−0.05 pp	7 q
AXIAYAxia Energia S/	0.72%	36,465,599	$50M	trimmed−16%	−0.10 pp	7 q
ARCOArcos Dorados Holdings Inc.	0.70%	15,331,927	$48M	added+18%	+0.18 pp	5 q
unresolvedOmnivision Technologies Inc	0.69%	1,622,993	$47M	added0%	+0.07 pp	7 q
PKXPOSCO Holdings Inc.	0.69%	1,336,322	$47M	trimmed−6%	−0.04 pp	7 q
SHGShinhan Financial Group Co Ltd	0.60%	1,218,514	$41M	trimmed−6%	−0.06 pp	7 q
CVXChevron Corporation	0.53%	399,812	$36M	trimmed−1%	+0.06 pp	7 q
unresolvedCompanhia Paranaense Energ C	0.47%	5,257,275	$32M	added+1%	−0.18 pp	7 q
TMToyota Motor Corporation	0.47%	262,909	$32M	trimmed−3%	0.00 pp	7 q
JOESt. Joe Company	0.43%	1,603,497	$30M	trimmed−9%	−0.07 pp	7 q
MDCM.D.C. Holdings, Inc.	0.41%	1,100,981	$28M	added+20%	+0.06 pp	7 q
AGROAdecoagro S.a.	0.40%	2,238,635	$27M	trimmed−54%	−0.17 pp	7 q
ITRIItron Inc	0.35%	666,790	$24M	trimmed−0%	+0.04 pp	7 q
JPMJPMorgan Chase & Co.	0.34%	354,081	$23M	trimmed−1%	+0.02 pp	7 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.32%	2,095,051	$22M	added+6%	−0.04 pp	4 q
unresolvedIngram Micro Inc	0.30%	677,984	$21M	trimmed−17%	−0.03 pp	7 q
PMPhilip Morris International Inc.	0.26%	198,742	$17M	trimmed−3%	+0.02 pp	7 q
unresolvedEnersis S A	0.24%	1,345,070	$16M	trimmed−7%	−0.03 pp	4 q
UPBDUpbound Group, Inc.	0.24%	1,074,362	$16M	added+53%	−0.01 pp	7 q
AVTAvnet, Inc.	0.23%	371,737	$16M	added0%	0.00 pp	5 q
JNJJohnson & Johnson	0.23%	151,094	$16M	added+28%	+0.07 pp	2 q
PGProcter & Gamble Company	0.22%	189,864	$15M	trimmed−1%	+0.02 pp	7 q
DOXAmdocs Limited	0.22%	276,328	$15M	trimmed−3%	−0.02 pp	7 q
VARVarian Medical Systems, Inc.	0.21%	181,830	$15M	added+34%	+0.06 pp	7 q
CYDChina Yuchai International Ltd.	0.21%	1,364,060	$15M	trimmed−4%	−0.05 pp	7 q
ORCLOracle Corp	0.20%	374,557	$14M	added+1%	0.00 pp	7 q
unresolvedSyneron Medical Ltd	0.20%	1,745,669	$13M	added×3.1	+0.14 pp	7 q
BAXBaxter International Inc.	0.18%	315,373	$12M	added+1%	+0.03 pp	7 q
ORIOld Republic International Corporation	0.18%	678,875	$13M	trimmed−39%	−0.07 pp	7 q
DGXQuest Diagnostics Inc.	0.18%	168,985	$12M	trimmed−1%	+0.03 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.17%	424,303	$12M	trimmed−1%	+0.01 pp	7 q
unresolvedE M C Corp Mass	0.17%	461,994	$12M	trimmed−19%	−0.03 pp	7 q
VTYVerint Systems Inc	0.16%	274,959	$11M	added+84%	+0.07 pp	7 q
FITBFifth Third Bancorp	0.13%	444,307	$9M	trimmed−1%	+0.01 pp	7 q
ACWXiShares MSCI ACWI ex US ETF	0.13%	228,506	$9M	added×13.2	+0.12 pp	2 q
EEMiShares MSCI Emerging Markets ETF	0.12%	259,768	$8M	added×18.5	+0.11 pp	2 q
AANAaron's Inc	0.11%	323,957	$7M	new	+0.11 pp	new
BBTTruist Financial Corporation	0.11%	195,127	$7M	trimmed−1%	+0.01 pp	7 q
BZHBeazer Homes USA, Inc. New	0.11%	664,486	$8M	added×3.5	+0.07 pp	7 q
RFRegions Financial Corp.	0.11%	754,622	$7M	trimmed−2%	+0.01 pp	7 q
WMTWalmart Inc.	0.11%	123,012	$8M	added+8%	0.00 pp	3 q
LLoews Corporation	0.10%	183,092	$7M	trimmed−1%	0.00 pp	3 q
unresolvedNortel Inversora S A	0.10%	410,833	$7M	trimmed−2%	−0.01 pp	7 q
FLEXFlex Ltd.	0.10%	621,451	$7M	trimmed−45%	−0.07 pp	7 q
MBTMobile TeleSystems Public Joint Stock Company	0.08%	934,941	$6M	trimmed−2%	−0.02 pp	7 q
KBKB Financial Group Inc	0.06%	144,397	$4M	trimmed−10%	−0.01 pp	7 q
unresolvedNatuzzi S P A	0.06%	2,408,232	$4M	trimmed−0%	−0.01 pp	7 q
CFFNCapitol Federal Financial, Inc.	0.05%	271,267	$3M	added0%	0.00 pp	7 q
unresolvedCharter Finl Corp MD	0.05%	263,281	$3M	added+7%	0.00 pp	7 q
DEODiageo plc	0.05%	30,700	$3M	trimmed−4%	0.00 pp	7 q
unresolvedCencosud S A	0.04%	410,625	$3M	trimmed−9%	0.00 pp	4 q
HBCPHome Bancorp, Inc.	0.04%	96,581	$3M	added+9%	+0.01 pp	7 q
TTENTotalenergies SE -spon ADR	0.04%	66,293	$3M	added+4%	0.00 pp	5 q
ACWIiShares MSCI ACWI ETF	0.03%	34,281	$2M	new	+0.03 pp	new
PC6APetrochina Co Ltd -adr	0.03%	36,072	$2M	trimmed−12%	−0.01 pp	7 q
unresolvedSunTrust Banks Inc	0.03%	46,934	$2M	trimmed−1%	0.00 pp	7 q
TBNKTerritorial Bancorp Inc.	0.03%	81,386	$2M	trimmed−6%	0.00 pp	7 q
AGCOAGCO Corporation	0.02%	34,442	$2M	added0%	0.00 pp	5 q
BBDBanco Bradesco S.A.	0.02%	257,490	$1M	added+4%	0.00 pp	2 q
CRAICRA International, Inc.	0.02%	59,942	$1M	added×5.3	+0.02 pp	2 q
FCNFTI Consulting, Inc.	0.02%	35,562	$1M	added×5.9	+0.02 pp	2 q
IVCInvacare Corporation	0.02%	72,728	$1M	added+27%	+0.01 pp	5 q
ISBCInvestors Bancorp, Inc.	0.02%	106,129	$1M	trimmed−0%	0.00 pp	7 q
unresolvedOcean Shore Hldg Co New	0.02%	94,197	$2M	added+6%	0.00 pp	7 q
RGPResources Connection	0.02%	69,334	$1M	added+22%	+0.01 pp	6 q
WGOWinnebago Industries, Inc.	0.02%	58,312	$1M	added+36%	+0.01 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.01%	17,826	$629,000	added+34%	0.00 pp	7 q
AVPAvon Products, Inc.	0.01%	142,666	$577,000	added+8%	0.00 pp	7 q
BWBabcock & Wilcox Enterprises, Inc.	0.01%	49,040	$1M	added×2.6	+0.01 pp	2 q
BCOThe Brink's Company	0.01%	16,766	$484,000	trimmed−93%	−0.09 pp	4 q
CALYCallaway Golf Company	0.01%	57,524	$542,000	added+16%	0.00 pp	7 q
CFGCitizens Financial Group, Inc.	0.01%	36,374	$953,000	added+10%	0.00 pp	5 q
unresolvedFirst Conn Bancorp Inc MD	0.01%	51,153	$890,000	added+28%	0.00 pp	7 q
GEF.BGreif, Inc. Class B	0.01%	14,108	$604,000	added×2.2	+0.01 pp	2 q
HWCCHouston Wire & Cable Co	0.01%	152,100	$803,000	added+61%	0.00 pp	7 q
ISCAInternational Speedway Corp	0.01%	27,982	$944,000	added+1%	0.00 pp	7 q
MLRMiller Industries, Inc.	0.01%	28,608	$623,000	added+15%	0.00 pp	3 q
NWLINational Western Life Group, Inc. Class A	0.01%	3,640	$917,000	new	+0.01 pp	new
OCFCOceanFirst Financial Corp	0.01%	32,823	$657,000	added+29%	0.00 pp	2 q
ORNOrion Group Holdings, Inc	0.01%	183,964	$767,000	added+28%	0.00 pp	7 q
ACHAccendra Health, Inc.	0.01%	15,190	$547,000	held	—	3 q
unresolvedQlt Inc	0.01%	224,071	$596,000	added+23%	0.00 pp	3 q
GWXState Street SPDR S&P International Small Cap ETF	0.01%	25,071	$708,000	new	+0.01 pp	new
SPSP Plus Corporation	0.01%	16,520	$395,000	held	—	3 q
SENEASeneca Foods Corp	0.01%	19,765	$573,000	trimmed−11%	0.00 pp	7 q
TRKSpeedway Motorsports LLC	0.01%	31,272	$648,000	added×2.3	+0.01 pp	2 q
STRLSterling Infrastructure, Inc.	0.01%	91,157	$554,000	trimmed−44%	0.00 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	20,207	$460,000	trimmed−3%	0.00 pp	2 q
TECDTech Data Corp	0.01%	8,223	$546,000	added0%	0.00 pp	3 q
unresolvedTelecom Italia S P A New	0.01%	59,361	$611,000	trimmed−8%	0.00 pp	3 q
BLDTopBuild Corp.	0.01%	21,496	$662,000	new	+0.01 pp	new
GTSTriple-s Management Corp	0.01%	29,199	$698,000	added×2.4	+0.01 pp	3 q
UBNKUnited Financial Bancorp, Inc.	0.01%	45,125	$581,000	added+30%	0.00 pp	7 q
UTMDUtah Medical Products Inc	0.01%	14,193	$831,000	new	+0.01 pp	new
ACNBACNB Corp	0.00%	12,840	$273,000	new	0.00 pp	new
AACGATA Creativity Global	0.00%	25,000	$161,000	new	0.00 pp	new
AAVAdvantage Oil & Gas Ltd	0.00%	21,400	$109,000	held	—	3 q
ALSKAlaska Communications Systems	0.00%	80,331	$141,000	trimmed−2%	0.00 pp	4 q
BBDOBanco Bradesco S.A.	0.00%	48,797	$255,000	trimmed−10%	0.00 pp	7 q
BTIBritish American Tobacco p.l.c.	0.00%	2,925	$323,000	trimmed−10%	−0.01 pp	6 q
unresolvedCambium Learning Grp Inc	0.00%	26,000	$126,000	held	—	4 q
unresolvedChicopee Bancorp Inc	0.00%	11,727	$203,000	new	0.00 pp	new
CYTKCytokinetics Inc.	0.00%	18,300	$191,000	held	—	4 q
EXKEndeavour Silver Corp.	0.00%	23,853	$34,000	added+39%	0.00 pp	4 q
EXELExelixis Inc	0.00%	14,000	$79,000	trimmed−45%	0.00 pp	3 q
unresolvedFemale Health Co	0.00%	14,331	$21,000	trimmed−29%	0.00 pp	2 q
unresolvedFibrocell Science Inc	0.00%	22,600	$103,000	held	—	4 q
FTEKFuel Tech, Inc.	0.00%	11,568	$22,000	trimmed−25%	0.00 pp	2 q
96666EURGold Resource Corp	0.00%	15,148	$25,000	added+12%	0.00 pp	2 q
GTEGran Tierra Energy Inc.	0.00%	62,160	$135,000	new	0.00 pp	new
HGGGHhgregg Inc	0.00%	20,600	$75,000	new	0.00 pp	new
unresolvedHigher One Hldgs Inc	0.00%	15,408	$50,000	added+41%	0.00 pp	2 q
unresolvedHovnanian Enterprises Inc	0.00%	20,044	$36,000	added+60%	0.00 pp	2 q
ESINQItt Educational Svcs Inc	0.00%	10,995	$41,000	new	0.00 pp	new
ISNSImage Sensing Systems Inc	0.00%	16,600	$61,000	held	—	2 q
unresolvedMcDermott Int'l Inc.	0.00%	33,000	$111,000	held	—	3 q
MVISMicrovision Inc	0.00%	45,000	$129,000	held	—	4 q
unresolvedPain Therapeutics Inc	0.00%	18,141	$32,000	trimmed−4%	0.00 pp	2 q
RIGLRigel Pharmaceuticals Inc. (New)	0.00%	25,000	$76,000	held	—	4 q
SKMSK Telecom Co., Ltd.	0.00%	13,993	$282,000	trimmed−9%	−0.01 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,267	$258,000	new	0.00 pp	new
SBSAQSpanish Brdcstng Sys A	0.00%	13,209	$43,000	held	—	3 q
unresolvedTelecommunication Sys Inc	0.00%	37,100	$184,000	held	—	7 q
EGYVaalco Energy, Inc.	0.00%	22,765	$36,000	new	0.00 pp	new
unresolvedWarren Res Inc	0.00%	21,354	$4,000	added+3%	0.00 pp	4 q
unresolvedFrontline Ltd	0.00%	25,000	$75,000	trimmed−53%	0.00 pp	4 q
unresolvedOutfront Media Inc	—	−380,584	—	exited	−0.12 pp	—
unresolvedComcast Corp. Spl Cl A	—	−104,736	—	exited	−0.10 pp	—
PBCTPeople's United Financial Inc	—	−71,104	—	exited	−0.02 pp	—
MASMasco Corporation	—	−31,850	—	exited	−0.01 pp	—
unresolvedNational Western Life Ins Co	—	−3,613	—	exited	−0.01 pp	—
unresolvedSykes Enterprises Incorporated	—	−21,926	—	exited	−0.01 pp	—
unresolvedBooks-a-million Inc	—	−35,000	—	exited	0.00 pp	—
unresolvedCape Bancorp Inc	—	−13,310	—	exited	0.00 pp	—
unresolvedCentrais Eletricas Brasileir	—	−20,210	—	exited	0.00 pp	—
unresolvedLiberator Medical Hldgs Inc	—	−13,606	—	exited	0.00 pp	—
unresolvedLifevantage Corp	—	−59,747	—	exited	0.00 pp	—
TAPMolson Coors Beverage Company Class B	—	−2,730	—	exited	0.00 pp	—
unresolvedRadio One Inc	—	−10,151	—	exited	0.00 pp	—
unresolvedSigma Designs Inc	—	−30,700	—	exited	0.00 pp	—
SVMSilvercorp Metals Inc.	—	−33,656	—	exited	0.00 pp	—
CLUBTown Sports International	—	−12,037	—	exited	0.00 pp	—
EXXIEnergy Xxi Ltd	—	−10,794	—	exited	0.00 pp	—
UTSIUTStarcom Holdings Corp (Cayman Islands)	—	−42,789	—	exited	0.00 pp	—
unresolvedPerion Network Ltd	—	−12,446	—	exited	0.00 pp	—