Brandes

Q1 2016 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2016
Filed: May 12, 2016
US stock: $7.0B · prev $6.8B
Positions: 185 · prev 176
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%

Moves196 since the prior filing

+8.5 pp in · −8.5 pp out

New 30 +2.59 pp
Added 89 +5.93 pp
Trimmed 56 −4.85 pp
Exited 21 −3.69 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

EMBJ Embraer S.A. added−0.46 pp added−0.464.4%
CX Cemex S.A.B. de C.V. added+1.34 pp added+1.344.1%
MSFT Microsoft Corp trimmed−0.21 pp trimmed−0.213.1%
TSU TIM Participacoes S.A. added+0.78 pp added+0.782.7%
C Citigroup Inc. added−0.43 pp added−0.432.7%

Positions185 in this filing · 21 exited


EMBJEmbraer S.A.	4.38%	11,622,996	$306M	added+4%	−0.46 pp	8 q
CXCemex S.A.B. de C.V.	4.06%	38,958,382	$284M	added+17%	+1.34 pp	8 q
MSFTMicrosoft Corp	3.14%	3,976,955	$220M	trimmed−4%	−0.21 pp	8 q
TSUTIM Participacoes S.A.	2.73%	17,273,085	$191M	added+10%	+0.78 pp	8 q
CCitigroup Inc.	2.69%	4,509,150	$188M	added+9%	−0.43 pp	8 q
unresolvedGlaxosmithkline PLC	2.59%	4,474,409	$181M	added+4%	+0.05 pp	8 q
PBR.APetroleo Brasileiro S.A.-Petrobras	2.51%	37,715,855	$175M	trimmed−37%	−0.59 pp	8 q
WTWWillis Towers Watson Public Limited Company	2.43%	1,429,209	$170M	new	+2.43 pp	new
PFEPfizer Inc.	2.35%	5,536,325	$164M	trimmed−2%	−0.31 pp	8 q
VIVTelefonica Brasil, S.A.	2.31%	12,678,723	$161M	added+7%	+0.71 pp	8 q
MRKMerck & Co., Inc.	2.27%	3,000,058	$159M	trimmed−0%	−0.06 pp	8 q
STTState Street Corporation	2.19%	2,619,897	$153M	added+10%	−0.12 pp	8 q
EXCExelon Corporation	2.15%	4,184,377	$150M	added+1%	+0.47 pp	8 q
unresolvedExpress Scripts Hldg Co	2.13%	2,168,388	$149M	added+6%	−0.48 pp	8 q
EMREmerson Electric Co.	2.11%	2,706,503	$147M	added+1%	+0.23 pp	3 q
GLWCorning Incorporated	2.10%	7,031,625	$147M	trimmed−2%	+0.19 pp	8 q
BNYBank of New York Mellon Corporation	2.06%	3,909,523	$144M	added+15%	+0.01 pp	8 q
SNYSanofi	2.04%	3,556,721	$143M	added+62%	+0.67 pp	8 q
TXTernium S.A.	1.89%	7,367,108	$132M	added+4%	+0.60 pp	7 q
PNCPNC Financial Services Group	1.84%	1,525,095	$129M	trimmed−2%	−0.32 pp	8 q
BACBank of America Corporation	1.76%	9,080,201	$123M	added+55%	+0.32 pp	8 q
AIGAmerican International Group, Inc.	1.75%	2,261,841	$122M	trimmed−2%	−0.33 pp	7 q
HMCHonda Motor Co., Ltd.	1.71%	4,372,513	$120M	added+1%	−0.32 pp	8 q
WFCWells Fargo & Co.	1.71%	2,467,937	$119M	trimmed−1%	−0.26 pp	8 q
BPBP p.l.c.	1.64%	3,809,374	$115M	added+16%	+0.14 pp	8 q
EENI S.p.A.	1.62%	3,749,592	$113M	added+12%	+0.16 pp	8 q
CPACopa Holdings, S.A.	1.57%	1,558,457	$110M	trimmed−6%	+0.34 pp	7 q
WDCWestern Digital Corp.	1.52%	2,256,715	$107M	trimmed−1%	−0.47 pp	8 q
AMXNAmerica Movil-spn ADR Cl L	1.46%	6,218,367	$102M	added+19%	+0.31 pp	8 q
XLNXXilinx Inc	1.37%	2,026,917	$96M	trimmed−7%	−0.13 pp	7 q
CHLChina Mobile Limited	1.32%	1,661,428	$92M	trimmed−0%	−0.05 pp	8 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	1.25%	13,222,682	$87M	trimmed−30%	−0.02 pp	8 q
9990302DApache Corp	1.20%	1,720,182	$84M	added+3%	+0.12 pp	8 q
unresolvedLeucadia National	1.16%	5,016,243	$81M	added+12%	+0.02 pp	4 q
PEPPepsiCo, Inc.	1.15%	781,756	$80M	trimmed−39%	−0.73 pp	8 q
unresolvedCredit Suisse Group Spon ADR	1.13%	5,567,313	$79M	added+89%	+0.19 pp	5 q
ERICEricsson	1.12%	7,787,284	$78M	added+1%	+0.03 pp	8 q
UBSUBS Group AG	1.11%	4,863,504	$78M	added+2%	−0.25 pp	6 q
unresolvedCrh PLC	1.07%	2,666,909	$75M	trimmed−2%	−0.08 pp	8 q
CAJPYCanon Inc S/	1.04%	2,439,331	$73M	added+1%	−0.03 pp	8 q
PKXPOSCO Holdings Inc.	0.98%	1,452,924	$69M	added+9%	+0.29 pp	8 q
BGGBriggs & Stratton Corp.	0.96%	2,807,569	$67M	trimmed−18%	+0.10 pp	8 q
AVALGrupo Aval Acciones Y Valores S.a.	0.93%	8,004,841	$65M	trimmed−1%	+0.12 pp	7 q
SQMSociedad Quimica y Minera de Chile SA	0.93%	3,155,194	$65M	trimmed−1%	+0.04 pp	4 q
AXIAYAxia Energia S/	0.89%	35,006,599	$62M	trimmed−4%	+0.17 pp	8 q
BSBRBanco Santander (Brasil) SA	0.88%	13,249,938	$62M	trimmed−38%	−0.34 pp	8 q
HSBCHSBC Holdings PLC	0.83%	1,855,715	$58M	added+5%	−0.19 pp	8 q
ARCOArcos Dorados Holdings Inc.	0.81%	15,182,089	$57M	trimmed−1%	+0.11 pp	6 q
unresolvedAegon NV	0.78%	9,905,135	$54M	added+5%	0.00 pp	8 q
BCSBarclays PLC	0.78%	6,298,213	$54M	added+31%	−0.13 pp	8 q
TIIAYTelecom Italia S/	0.71%	4,573,883	$49M	added+7%	−0.08 pp	8 q
unresolvedCompanhia Paranaense Energ C	0.64%	5,493,962	$45M	added+5%	+0.17 pp	8 q
SHGShinhan Financial Group Co Ltd	0.64%	1,261,356	$44M	added+4%	+0.04 pp	8 q
ORANYOrange SP/	0.63%	2,529,281	$44M	trimmed−17%	−0.11 pp	8 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.59%	9,027,801	$41M	trimmed−29%	−0.56 pp	8 q
CVXChevron Corporation	0.56%	413,314	$39M	added+3%	+0.03 pp	8 q
MDCM.D.C. Holdings, Inc.	0.49%	1,359,702	$34M	added+24%	+0.08 pp	8 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.46%	2,320,780	$32M	added+11%	+0.14 pp	5 q
TTENTotalenergies SE -spon ADR	0.44%	676,703	$31M	added×10.2	+0.40 pp	6 q
JOESt. Joe Company	0.43%	1,753,426	$30M	added+9%	0.00 pp	8 q
MBTMobile TeleSystems Public Joint Stock Company	0.40%	3,428,775	$28M	added×3.7	+0.32 pp	8 q
TMToyota Motor Corporation	0.39%	254,124	$27M	trimmed−3%	−0.08 pp	8 q
unresolvedEnersis S A	0.35%	1,746,980	$24M	added+30%	+0.11 pp	5 q
AGROAdecoagro S.a.	0.34%	2,078,405	$24M	trimmed−7%	−0.06 pp	8 q
UPBDUpbound Group, Inc.	0.32%	1,412,081	$22M	added+31%	+0.08 pp	8 q
JPMJPMorgan Chase & Co.	0.29%	346,831	$21M	trimmed−2%	−0.05 pp	8 q
unresolvedTelecom Italia S P A New	0.29%	2,312,377	$20M	added×39.0	+0.28 pp	4 q
unresolvedSyneron Medical Ltd	0.26%	2,509,446	$18M	added+44%	+0.06 pp	8 q
AVTAvnet, Inc.	0.23%	365,237	$16M	trimmed−2%	0.00 pp	6 q
ITRIItron Inc	0.23%	387,033	$16M	trimmed−42%	−0.12 pp	8 q
JNJJohnson & Johnson	0.23%	146,253	$16M	trimmed−3%	0.00 pp	3 q
DOXAmdocs Limited	0.23%	270,625	$16M	trimmed−2%	+0.01 pp	8 q
ORCLOracle Corp	0.22%	369,055	$15M	trimmed−1%	+0.02 pp	8 q
PGProcter & Gamble Company	0.21%	181,367	$15M	trimmed−4%	−0.01 pp	8 q
VARVarian Medical Systems, Inc.	0.20%	177,421	$14M	trimmed−2%	−0.01 pp	8 q
unresolvedIngram Micro Inc	0.19%	364,069	$13M	trimmed−46%	−0.11 pp	8 q
CYDChina Yuchai International Ltd.	0.19%	1,330,084	$13M	trimmed−2%	−0.02 pp	8 q
BAXBaxter International Inc.	0.18%	310,615	$13M	trimmed−2%	0.00 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.17%	411,011	$12M	trimmed−3%	0.00 pp	8 q
unresolvedE M C Corp Mass	0.17%	446,204	$12M	trimmed−3%	0.00 pp	8 q
ORIOld Republic International Corporation	0.17%	646,158	$12M	trimmed−5%	−0.01 pp	8 q
DGXQuest Diagnostics Inc.	0.17%	162,685	$12M	trimmed−4%	−0.01 pp	6 q
VTYVerint Systems Inc	0.16%	339,012	$11M	added+23%	0.00 pp	8 q
BZHBeazer Homes USA, Inc. New	0.15%	1,223,908	$11M	added+84%	+0.04 pp	8 q
BBTTruist Financial Corporation	0.14%	293,157	$10M	added+50%	+0.03 pp	8 q
FLEXFlex Ltd.	0.14%	794,457	$10M	added+28%	+0.04 pp	8 q
AANAaron's Inc	0.13%	356,655	$9M	added+10%	+0.02 pp	2 q
FITBFifth Third Bancorp	0.13%	553,443	$9M	added+25%	0.00 pp	8 q
unresolvedNortel Inversora S A	0.13%	402,633	$9M	trimmed−2%	+0.03 pp	8 q
WMTWalmart Inc.	0.12%	123,481	$8M	added0%	+0.01 pp	4 q
CHKChesapeake Energy Corp	0.11%	1,936,594	$8M	trimmed−83%	−0.63 pp	8 q
LLoews Corporation	0.10%	185,211	$7M	added+1%	0.00 pp	4 q
MCKMcKesson Corporation	0.10%	42,931	$7M	new	+0.10 pp	new
RFRegions Financial Corp.	0.09%	767,963	$6M	added+2%	−0.02 pp	8 q
FCNFTI Consulting, Inc.	0.07%	133,472	$5M	added×3.8	+0.05 pp	3 q
KBKB Financial Group Inc	0.06%	146,931	$4M	added+2%	0.00 pp	8 q
CFFNCapitol Federal Financial, Inc.	0.05%	278,401	$4M	added+3%	0.00 pp	8 q
CFGCitizens Financial Group, Inc.	0.05%	180,851	$4M	added×5.0	+0.04 pp	6 q
DEODiageo plc	0.05%	29,515	$3M	trimmed−4%	0.00 pp	8 q
unresolvedCencosud S A	0.04%	401,656	$3M	trimmed−2%	0.00 pp	5 q
unresolvedCharter Finl Corp MD	0.04%	222,565	$3M	trimmed−15%	−0.01 pp	8 q
OSBCADNorbord Inc	0.04%	149,289	$3M	new	+0.04 pp	new
PC6APetrochina Co Ltd -adr	0.04%	38,471	$3M	added+7%	+0.01 pp	8 q
BBDBanco Bradesco S.A.	0.03%	251,883	$2M	trimmed−2%	+0.01 pp	3 q
HBCPHome Bancorp, Inc.	0.03%	89,404	$2M	trimmed−7%	−0.01 pp	8 q
unresolvedNatuzzi S P A	0.03%	1,225,547	$2M	trimmed−49%	−0.03 pp	8 q
TBNKTerritorial Bancorp Inc.	0.03%	81,831	$2M	added+1%	0.00 pp	8 q
AGCOAGCO Corporation	0.02%	35,025	$2M	added+2%	0.00 pp	6 q
BWBabcock & Wilcox Enterprises, Inc.	0.02%	50,975	$1M	added+4%	+0.01 pp	3 q
CRAICRA International, Inc.	0.02%	85,580	$2M	added+43%	0.00 pp	3 q
HWCCHouston Wire & Cable Co	0.02%	169,254	$1M	added+11%	+0.01 pp	8 q
IVCInvacare Corporation	0.02%	111,330	$1M	added+53%	0.00 pp	6 q
ISBCInvestors Bancorp, Inc.	0.02%	105,808	$1M	trimmed−0%	0.00 pp	8 q
NWLINational Western Life Group, Inc. Class A	0.02%	6,194	$1M	added+70%	+0.01 pp	2 q
unresolvedOcean Shore Hldg Co New	0.02%	94,863	$2M	added+1%	0.00 pp	8 q
OCFCOceanFirst Financial Corp	0.02%	63,560	$1M	added+94%	+0.01 pp	3 q
ORNOrion Group Holdings, Inc	0.02%	242,343	$1M	added+32%	+0.01 pp	8 q
RGPResources Connection	0.02%	93,440	$1M	added+35%	0.00 pp	7 q
unresolvedSunTrust Banks Inc	0.02%	45,942	$2M	trimmed−2%	−0.01 pp	8 q
WGOWinnebago Industries, Inc.	0.02%	64,232	$1M	added+10%	0.00 pp	5 q
ALEXAlexander & Baldwin, Inc.	0.01%	21,058	$772,000	added+18%	0.00 pp	8 q
ARWArrow Electronics, Inc.	0.01%	12,244	$789,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.01%	156,848	$754,000	added+10%	0.00 pp	8 q
BBDOBanco Bradesco S.A.	0.01%	48,048	$413,000	trimmed−2%	+0.01 pp	8 q
BCOThe Brink's Company	0.01%	16,796	$565,000	added0%	0.00 pp	5 q
CALYCallaway Golf Company	0.01%	58,772	$536,000	added+2%	0.00 pp	8 q
unresolvedFirst Conn Bancorp Inc MD	0.01%	52,226	$833,000	added+2%	0.00 pp	8 q
GEF.BGreif, Inc. Class B	0.01%	14,370	$672,000	added+2%	0.00 pp	3 q
ISCAInternational Speedway Corp	0.01%	28,300	$1M	added+1%	0.00 pp	8 q
MLRMiller Industries, Inc.	0.01%	29,446	$597,000	added+3%	0.00 pp	4 q
PMPhilip Morris International Inc.	0.01%	4,761	$467,000	trimmed−98%	−0.25 pp	8 q
unresolvedQlt Inc	0.01%	224,071	$446,000	held	—	4 q
SPSP Plus Corporation	0.01%	16,520	$397,000	held	—	4 q
TRKSpeedway Motorsports LLC	0.01%	48,730	$967,000	added+56%	0.00 pp	3 q
STRLSterling Infrastructure, Inc.	0.01%	93,458	$481,000	added+3%	0.00 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	24,183	$634,000	added+20%	0.00 pp	3 q
BLDTopBuild Corp.	0.01%	24,353	$724,000	added+13%	0.00 pp	2 q
GTSTriple-s Management Corp	0.01%	29,234	$727,000	added0%	0.00 pp	4 q
UBNKUnited Financial Bancorp, Inc.	0.01%	46,581	$587,000	added+3%	0.00 pp	8 q
UTMDUtah Medical Products Inc	0.01%	9,570	$599,000	trimmed−33%	0.00 pp	2 q
unresolvedXura Inc	0.01%	22,002	$433,000	new	+0.01 pp	new
ACNBACNB Corp	0.00%	12,840	$287,000	held	—	2 q
AACGATA Creativity Global	0.00%	25,000	$130,000	held	—	2 q
AAVAdvantage Oil & Gas Ltd	0.00%	21,400	$117,000	held	—	4 q
ALSKAlaska Communications Systems	0.00%	35,321	$63,000	trimmed−56%	0.00 pp	5 q
AREXQApproach Resources Inc	0.00%	23,337	$27,000	new	0.00 pp	new
BTIBritish American Tobacco p.l.c.	0.00%	2,646	$309,000	trimmed−10%	0.00 pp	7 q
unresolvedC D I Corp	0.00%	10,817	$68,000	new	0.00 pp	new
CENXCentury Aluminum Co	0.00%	22,200	$157,000	new	0.00 pp	new
unresolvedChina New Borun Corp	0.00%	51,163	$72,000	new	0.00 pp	new
unresolvedCliffs Nat Res Inc	0.00%	30,000	$90,000	new	0.00 pp	new
SIDCompanhia Siderurgica Nacional S.A. (CSN)	0.00%	90,000	$177,000	new	0.00 pp	new
CTGComputer Task Group, Inc.	0.00%	11,885	$61,000	new	0.00 pp	new
CRD.BCrawford & Company Class B	0.00%	13,710	$89,000	new	0.00 pp	new
DNRDenbury Resources, Inc.	0.00%	17,960	$40,000	new	0.00 pp	new
EXKEndeavour Silver Corp.	0.00%	47,699	$117,000	added+100%	0.00 pp	5 q
EZPWEzcorp Inc	0.00%	16,124	$48,000	new	0.00 pp	new
FHIFederated Hermes, Inc.	0.00%	7,530	$217,000	new	0.00 pp	new
unresolvedFemale Health Co	0.00%	14,331	$27,000	held	—	3 q
FBPFirst BanCorp.	0.00%	11,964	$35,000	new	0.00 pp	new
FTEKFuel Tech, Inc.	0.00%	11,568	$20,000	held	—	3 q
unresolvedGlobal Power Equipment Grp I	0.00%	21,431	$43,000	new	0.00 pp	new
96666EURGold Resource Corp	0.00%	37,675	$88,000	added×2.5	0.00 pp	3 q
GSVGold Standard Ventures Corp.	0.00%	103,000	$107,000	new	0.00 pp	new
GTEGran Tierra Energy Inc.	0.00%	62,160	$154,000	held	—	2 q
HMYHarmony Gold Mining Company Limited	0.00%	56,300	$205,000	new	0.00 pp	new
unresolvedHigher One Hldgs Inc	0.00%	50,381	$197,000	added×3.3	0.00 pp	3 q
unresolvedHovnanian Enterprises Inc	0.00%	42,059	$66,000	added×2.1	0.00 pp	3 q
ESINQItt Educational Svcs Inc	0.00%	22,082	$68,000	added×2.0	0.00 pp	2 q
ISNSImage Sensing Systems Inc	0.00%	16,600	$46,000	held	—	3 q
unresolvedLayne Christensen Co	0.00%	28,000	$201,000	new	0.00 pp	new
LQDTLiquidity Services, Inc.	0.00%	11,899	$62,000	new	0.00 pp	new
unresolvedMacatawa Bk Corp	0.00%	13,062	$82,000	new	0.00 pp	new
MATMattel, Inc.	0.00%	6,300	$212,000	new	0.00 pp	new
NOGNorthern Oil and Gas, Inc.	0.00%	16,083	$64,000	new	0.00 pp	new
NWFLNorwood Financial Corp	0.00%	8,675	$237,000	new	0.00 pp	new
unresolvedPain Therapeutics Inc	0.00%	37,719	$84,000	added×2.1	0.00 pp	3 q
SKMSK Telecom Co., Ltd.	0.00%	14,050	$283,000	added0%	0.00 pp	4 q
unresolvedSilicon Graphics Intl Corp	0.00%	32,400	$231,000	new	0.00 pp	new
TECDTech Data Corp	0.00%	3,640	$279,000	trimmed−56%	−0.01 pp	4 q
VOXXVOXX International Corporation Class A	0.00%	13,310	$59,000	new	0.00 pp	new
EGYVaalco Energy, Inc.	0.00%	41,797	$39,000	added+84%	0.00 pp	2 q
unresolvedWarren Res Inc	0.00%	21,354	$4,000	held	—	5 q
SG5Troops Inc	0.00%	22,252	$78,000	new	0.00 pp	new
OTIVOn Track Innovations Ltd	0.00%	40,000	$39,000	new	0.00 pp	new
unresolvedWillis Group Holdings Public	—	−3,783,806	—	exited	−2.69 pp	—
unresolvedOmnivision Technologies Inc	—	−1,622,993	—	exited	−0.69 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−228,506	—	exited	−0.13 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−259,768	—	exited	−0.12 pp	—
ACWIiShares MSCI ACWI ETF	—	−34,281	—	exited	−0.03 pp	—
ACHAccendra Health, Inc.	—	−15,190	—	exited	−0.01 pp	—
GWXState Street SPDR S&P International Small Cap ETF	—	−25,071	—	exited	−0.01 pp	—
SENEASeneca Foods Corp	—	−19,765	—	exited	−0.01 pp	—
unresolvedCambium Learning Grp Inc	—	−26,000	—	exited	0.00 pp	—
unresolvedChicopee Bancorp Inc	—	−11,727	—	exited	0.00 pp	—
CYTKCytokinetics Inc.	—	−18,300	—	exited	0.00 pp	—
EXELExelixis Inc	—	−14,000	—	exited	0.00 pp	—
unresolvedFibrocell Science Inc	—	−22,600	—	exited	0.00 pp	—
HGGGHhgregg Inc	—	−20,600	—	exited	0.00 pp	—
unresolvedMcDermott Int'l Inc.	—	−33,000	—	exited	0.00 pp	—
MVISMicrovision Inc	—	−45,000	—	exited	0.00 pp	—
RIGLRigel Pharmaceuticals Inc. (New)	—	−25,000	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,267	—	exited	0.00 pp	—
SBSAQSpanish Brdcstng Sys A	—	−13,209	—	exited	0.00 pp	—
unresolvedTelecommunication Sys Inc	—	−37,100	—	exited	0.00 pp	—
unresolvedFrontline Ltd	—	−25,000	—	exited	0.00 pp	—