Brandes

Q2 2016 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2016
Filed: Aug 8, 2016
US stock: $6.5B · prev $7.0B
Positions: 190 · prev 185
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%

Moves201 since the prior filing

+3.3 pp in · −3.3 pp out

New 28 +1.21 pp
Added 72 +2.04 pp
Trimmed 78 −1.13 pp
Exited 23 −2.16 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions17% of US stock

EMBJ Embraer S.A. added+0.50 pp added+0.504.9%
CX Cemex S.A.B. de C.V. trimmed−0.28 pp trimmed−0.283.8%
MSFT Microsoft Corp trimmed−0.17 pp trimmed−0.173.0%
C Citigroup Inc. trimmed+0.15 pp trimmed+0.152.8%
PFE Pfizer Inc. trimmed+0.46 pp trimmed+0.462.8%

Positions190 in this filing · 23 exited


EMBJEmbraer S.A.	4.88%	14,709,017	$319M	added+27%	+0.50 pp	9 q
CXCemex S.A.B. de C.V.	3.78%	40,152,003	$248M	trimmed−1%	−0.28 pp	9 q
MSFTMicrosoft Corp	2.97%	3,798,127	$194M	trimmed−5%	−0.17 pp	9 q
CCitigroup Inc.	2.84%	4,389,477	$186M	trimmed−3%	+0.15 pp	9 q
PFEPfizer Inc.	2.81%	5,231,096	$184M	trimmed−6%	+0.46 pp	9 q
unresolvedGlaxosmithkline PLC	2.80%	4,224,506	$183M	trimmed−6%	+0.21 pp	9 q
TSUTIM Participacoes S.A.	2.80%	17,388,983	$183M	added+1%	+0.07 pp	9 q
VIVTelefonica Brasil, S.A.	2.58%	12,190,145	$169M	trimmed−4%	+0.27 pp	9 q
MRKMerck & Co., Inc.	2.55%	2,891,914	$167M	trimmed−4%	+0.28 pp	9 q
unresolvedExpress Scripts Hldg Co	2.46%	2,126,580	$161M	trimmed−2%	+0.33 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	2.38%	26,016,378	$156M	trimmed−31%	−0.13 pp	9 q
SNYSanofi	2.30%	3,600,731	$151M	added+1%	+0.26 pp	9 q
BNYBank of New York Mellon Corporation	2.29%	3,853,681	$150M	trimmed−1%	+0.23 pp	9 q
STTState Street Corporation	2.21%	2,678,770	$144M	added+2%	+0.02 pp	9 q
GLWCorning Incorporated	2.11%	6,749,232	$138M	trimmed−4%	+0.01 pp	9 q
EMREmerson Electric Co.	2.10%	2,633,459	$137M	trimmed−3%	−0.01 pp	4 q
BPBP p.l.c.	2.04%	3,761,727	$134M	trimmed−1%	+0.40 pp	9 q
WFCWells Fargo & Co.	2.03%	2,813,371	$133M	added+14%	+0.32 pp	9 q
WTWWillis Towers Watson Public Limited Company	1.97%	1,040,026	$129M	trimmed−27%	−0.46 pp	2 q
EENI S.p.A.	1.86%	3,756,520	$122M	added0%	+0.24 pp	9 q
PNCPNC Financial Services Group	1.84%	1,477,118	$120M	trimmed−3%	0.00 pp	9 q
BACBank of America Corporation	1.83%	9,031,466	$120M	trimmed−1%	+0.07 pp	9 q
AIGAmerican International Group, Inc.	1.77%	2,185,014	$116M	trimmed−3%	+0.02 pp	8 q
HMCHonda Motor Co., Ltd.	1.67%	4,322,070	$109M	trimmed−1%	−0.04 pp	9 q
WDCWestern Digital Corp.	1.63%	2,252,186	$106M	trimmed−0%	+0.11 pp	9 q
TXTernium S.A.	1.58%	5,441,515	$104M	trimmed−26%	−0.31 pp	8 q
CHLChina Mobile Limited	1.47%	1,661,170	$96M	trimmed−0%	+0.15 pp	9 q
XLNXXilinx Inc	1.39%	1,968,000	$91M	trimmed−3%	+0.02 pp	8 q
9990302DApache Corp	1.37%	1,616,412	$90M	trimmed−6%	+0.17 pp	9 q
CPACopa Holdings, S.A.	1.32%	1,592,785	$87M	added+2%	−0.25 pp	8 q
unresolvedLeucadia National	1.30%	4,903,665	$85M	trimmed−2%	+0.14 pp	5 q
AMXNAmerica Movil-spn ADR Cl L	1.25%	6,372,735	$82M	added+2%	−0.21 pp	9 q
ERICEricsson	1.21%	10,329,065	$79M	added+33%	+0.09 pp	9 q
PEPPepsiCo, Inc.	1.21%	750,679	$80M	trimmed−4%	+0.06 pp	9 q
EXCExelon Corporation	1.18%	2,133,458	$78M	trimmed−49%	−0.97 pp	9 q
UBSUBS Group AG	1.16%	5,840,117	$76M	added+20%	+0.05 pp	7 q
ARCOArcos Dorados Holdings Inc.	1.08%	14,820,196	$71M	trimmed−2%	+0.27 pp	7 q
AVALGrupo Aval Acciones Y Valores S.a.	1.04%	8,094,469	$68M	added+1%	+0.11 pp	8 q
unresolvedCredit Suisse Group Spon ADR	1.03%	6,299,201	$67M	added+13%	−0.10 pp	6 q
CAJPYCanon Inc S/	0.92%	2,094,154	$60M	trimmed−14%	−0.12 pp	9 q
HSBCHSBC Holdings PLC	0.90%	1,881,906	$59M	added+1%	+0.07 pp	9 q
unresolvedCrh PLC	0.89%	1,979,818	$59M	trimmed−26%	−0.18 pp	9 q
BGGBriggs & Stratton Corp.	0.88%	2,724,048	$58M	trimmed−3%	−0.08 pp	9 q
PKXPOSCO Holdings Inc.	0.88%	1,297,906	$58M	trimmed−11%	−0.10 pp	9 q
NOKNokia Corporation	0.84%	9,698,050	$55M	new	+0.84 pp	new
unresolvedCompanhia Paranaense Energ C	0.80%	5,623,551	$52M	added+2%	+0.16 pp	9 q
BCSBarclays PLC	0.75%	6,451,870	$49M	added+2%	−0.03 pp	9 q
unresolvedAegon NV	0.72%	11,761,239	$47M	added+19%	−0.06 pp	9 q
TIIAYTelecom Italia S/	0.69%	5,502,333	$45M	added+20%	−0.02 pp	9 q
SQMSociedad Quimica y Minera de Chile SA	0.67%	1,779,140	$44M	trimmed−44%	−0.26 pp	5 q
ORANYOrange SP/	0.65%	2,588,112	$42M	added+2%	+0.02 pp	9 q
CVXChevron Corporation	0.63%	391,185	$41M	trimmed−5%	+0.07 pp	9 q
SHGShinhan Financial Group Co Ltd	0.61%	1,223,305	$40M	trimmed−3%	−0.03 pp	9 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.60%	8,904,671	$39M	trimmed−1%	+0.01 pp	9 q
TTENTotalenergies SE -spon ADR	0.54%	728,598	$35M	added+8%	+0.10 pp	7 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.52%	2,336,789	$34M	added+1%	+0.06 pp	6 q
MDCM.D.C. Holdings, Inc.	0.51%	1,366,346	$33M	added0%	+0.02 pp	9 q
MBTMobile TeleSystems Public Joint Stock Company	0.50%	3,919,282	$33M	added+14%	+0.10 pp	9 q
JOESt. Joe Company	0.47%	1,741,776	$31M	trimmed−1%	+0.04 pp	9 q
TMToyota Motor Corporation	0.37%	241,763	$24M	trimmed−5%	−0.02 pp	9 q
unresolvedSyneron Medical Ltd	0.32%	2,723,535	$21M	added+9%	+0.06 pp	9 q
JPMJPMorgan Chase & Co.	0.31%	325,503	$20M	trimmed−6%	+0.02 pp	9 q
AGROAdecoagro S.a.	0.31%	1,864,386	$20M	trimmed−10%	−0.03 pp	9 q
unresolvedTelecom Italia S P A New	0.30%	3,057,753	$20M	added+32%	+0.01 pp	5 q
BBTTruist Financial Corporation	0.28%	522,039	$19M	added+78%	+0.14 pp	9 q
UPBDUpbound Group, Inc.	0.27%	1,431,826	$18M	added+1%	−0.05 pp	9 q
ENICEnel Chile S.A.	0.26%	2,914,337	$17M	new	+0.26 pp	new
AVTAvnet, Inc.	0.25%	408,043	$17M	added+12%	+0.02 pp	7 q
JNJJohnson & Johnson	0.25%	133,128	$16M	trimmed−9%	+0.02 pp	4 q
ORCLOracle Corp	0.22%	347,921	$14M	trimmed−6%	0.00 pp	9 q
DOXAmdocs Limited	0.22%	245,871	$14M	trimmed−9%	−0.01 pp	9 q
CYDChina Yuchai International Ltd.	0.22%	1,319,330	$14M	trimmed−1%	+0.03 pp	9 q
ITRIItron Inc	0.21%	315,820	$14M	trimmed−18%	−0.02 pp	9 q
PGProcter & Gamble Company	0.21%	162,780	$14M	trimmed−10%	0.00 pp	9 q
VARVarian Medical Systems, Inc.	0.21%	169,029	$14M	trimmed−5%	+0.01 pp	9 q
unresolvedNortel Inversora S A	0.20%	397,814	$13M	trimmed−1%	+0.07 pp	9 q
VTYVerint Systems Inc	0.20%	397,386	$13M	added+17%	+0.04 pp	9 q
unresolvedIngram Micro Inc	0.19%	354,457	$12M	trimmed−3%	0.00 pp	9 q
IVCInvacare Corporation	0.18%	951,052	$12M	added×8.5	+0.16 pp	7 q
DGXQuest Diagnostics Inc.	0.18%	146,794	$12M	trimmed−10%	+0.01 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.16%	371,564	$11M	trimmed−10%	−0.01 pp	9 q
BZHBeazer Homes USA, Inc. New	0.15%	1,268,168	$10M	added+4%	0.00 pp	9 q
FITBFifth Third Bancorp	0.14%	530,963	$9M	trimmed−4%	+0.01 pp	9 q
CHKChesapeake Energy Corp	0.13%	1,916,513	$8M	trimmed−1%	+0.02 pp	9 q
WMTWalmart Inc.	0.13%	117,954	$9M	trimmed−4%	+0.01 pp	5 q
FLEXFlex Ltd.	0.13%	693,836	$8M	trimmed−13%	−0.01 pp	9 q
AANAaron's Inc	0.12%	358,493	$8M	added+1%	−0.01 pp	3 q
ORIOld Republic International Corporation	0.12%	395,643	$8M	trimmed−39%	−0.05 pp	9 q
LLoews Corporation	0.11%	174,836	$7M	trimmed−6%	+0.01 pp	5 q
MCKMcKesson Corporation	0.11%	39,287	$7M	trimmed−8%	+0.01 pp	2 q
unresolvedE M C Corp Mass	0.10%	244,973	$7M	trimmed−45%	−0.07 pp	9 q
RFRegions Financial Corp.	0.10%	785,874	$7M	added+2%	+0.01 pp	9 q
FCNFTI Consulting, Inc.	0.09%	147,700	$6M	added+11%	+0.02 pp	4 q
unresolvedTwenty First Centy Fox Inc	0.08%	187,197	$5M	new	+0.08 pp	new
CFGCitizens Financial Group, Inc.	0.06%	189,987	$4M	added+5%	+0.01 pp	7 q
KBKB Financial Group Inc	0.06%	144,073	$4M	trimmed−2%	0.00 pp	9 q
BAXBaxter International Inc.	0.05%	75,584	$3M	trimmed−76%	−0.13 pp	9 q
unresolvedCencosud S A	0.05%	385,861	$3M	trimmed−4%	+0.01 pp	6 q
unresolvedCharter Finl Corp MD	0.05%	222,190	$3M	trimmed−0%	+0.01 pp	9 q
DEODiageo plc	0.05%	27,101	$3M	trimmed−8%	0.00 pp	9 q
BBDBanco Bradesco S.A.	0.04%	327,133	$3M	added+18%	+0.01 pp	4 q
CRAICRA International, Inc.	0.04%	112,833	$3M	added+32%	+0.02 pp	4 q
OSBCADNorbord Inc	0.04%	145,712	$3M	trimmed−2%	0.00 pp	2 q
PC6APetrochina Co Ltd -adr	0.04%	38,902	$3M	added+1%	0.00 pp	9 q
NWLINational Western Life Group, Inc. Class A	0.03%	10,100	$2M	added+63%	+0.01 pp	3 q
RGPResources Connection	0.03%	135,628	$2M	added+45%	+0.01 pp	8 q
unresolvedSunTrust Banks Inc	0.03%	45,301	$2M	trimmed−1%	+0.01 pp	9 q
TBNKTerritorial Bancorp Inc.	0.03%	81,959	$2M	added0%	0.00 pp	9 q
WGOWinnebago Industries, Inc.	0.03%	77,059	$2M	added+20%	+0.01 pp	6 q
AGCOAGCO Corporation	0.02%	34,323	$2M	trimmed−2%	0.00 pp	7 q
ARWArrow Electronics, Inc.	0.02%	18,930	$1M	added+55%	+0.01 pp	2 q
BWBabcock & Wilcox Enterprises, Inc.	0.02%	98,172	$1M	added+93%	0.00 pp	4 q
HBCPHome Bancorp, Inc.	0.02%	40,148	$1M	trimmed−55%	−0.01 pp	9 q
HWCCHouston Wire & Cable Co	0.02%	226,939	$1M	added+34%	0.00 pp	9 q
ISBCInvestors Bancorp, Inc.	0.02%	118,576	$1M	added+12%	0.00 pp	9 q
OCFCOceanFirst Financial Corp	0.02%	69,433	$1M	added+9%	0.00 pp	4 q
ORNOrion Group Holdings, Inc	0.02%	243,513	$1M	added0%	0.00 pp	9 q
TRKSpeedway Motorsports LLC	0.02%	65,949	$1M	added+35%	+0.01 pp	4 q
BLDTopBuild Corp.	0.02%	35,881	$1M	added+47%	+0.01 pp	3 q
ACNBACNB Corp	0.01%	19,075	$479,000	added+49%	+0.01 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.01%	24,179	$874,000	added+15%	0.00 pp	9 q
AVPAvon Products, Inc.	0.01%	153,475	$580,000	trimmed−2%	0.00 pp	9 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.01%	76,583	$440,000	new	+0.01 pp	new
CALYCallaway Golf Company	0.01%	53,178	$543,000	trimmed−10%	0.00 pp	9 q
unresolvedCliffs Nat Res Inc	0.01%	58,500	$332,000	added+95%	+0.01 pp	2 q
BVNCompania de Minas Buenaventura S.A.	0.01%	28,000	$335,000	new	+0.01 pp	new
unresolvedFirst Conn Bancorp Inc MD	0.01%	55,223	$914,000	added+6%	0.00 pp	9 q
ISCAInternational Speedway Corp	0.01%	28,475	$953,000	added+1%	0.00 pp	9 q
MLRMiller Industries, Inc.	0.01%	29,561	$608,000	added0%	0.00 pp	5 q
unresolvedOcean Shore Hldg Co New	0.01%	54,380	$922,000	trimmed−43%	−0.01 pp	9 q
PAHCPhibro Animal Health Corporation Class A	0.01%	42,718	$797,000	new	+0.01 pp	new
PMPhilip Morris International Inc.	0.01%	4,776	$486,000	added0%	0.00 pp	9 q
unresolvedQlt Inc	0.01%	297,334	$422,000	added+33%	0.00 pp	5 q
SPSP Plus Corporation	0.01%	16,520	$373,000	held	—	5 q
STRLSterling Infrastructure, Inc.	0.01%	176,893	$868,000	added+89%	0.00 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	28,926	$759,000	added+20%	0.00 pp	4 q
UBNKUnited Financial Bancorp, Inc.	0.01%	46,916	$609,000	added+1%	0.00 pp	9 q
unresolvedXura Inc	0.01%	36,086	$882,000	added+64%	0.00 pp	2 q
ACTGAcacia Research Corporation	0.00%	26,200	$115,000	new	0.00 pp	new
ALSKAlaska Communications Systems	0.00%	35,321	$60,000	held	—	6 q
AREXQApproach Resources Inc	0.00%	68,337	$144,000	added×2.9	0.00 pp	2 q
unresolvedAralez Pharmaceuticals Inc	0.00%	15,473	$51,000	new	0.00 pp	new
BBDOBanco Bradesco S.A.	0.00%	30,314	$245,000	trimmed−43%	−0.01 pp	9 q
unresolvedBiolase Inc	0.00%	23,093	$27,000	new	0.00 pp	new
unresolvedBravo Brio Restaurant Group	0.00%	12,723	$104,000	new	0.00 pp	new
unresolvedC D I Corp	0.00%	10,817	$66,000	held	—	2 q
CFFNCapitol Federal Financial, Inc.	0.00%	16,123	$225,000	trimmed−94%	−0.05 pp	9 q
unresolvedChina New Borun Corp	0.00%	51,163	$78,000	held	—	2 q
CLDCloud Peak Energy Inc	0.00%	70,171	$145,000	new	0.00 pp	new
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	13,112	$117,000	trimmed−100%	−1.25 pp	9 q
CTGComputer Task Group, Inc.	0.00%	16,828	$84,000	added+42%	0.00 pp	2 q
CRD.BCrawford & Company Class B	0.00%	13,710	$116,000	held	—	2 q
EXKEndeavour Silver Corp.	0.00%	23,849	$94,000	trimmed−50%	0.00 pp	6 q
ERFEnerplus Corporation	0.00%	43,700	$287,000	new	0.00 pp	new
EZPWEzcorp Inc	0.00%	15,150	$115,000	trimmed−6%	0.00 pp	2 q
unresolvedFemale Health Co	0.00%	14,331	$18,000	held	—	4 q
FBPFirst BanCorp.	0.00%	18,002	$71,000	added+50%	0.00 pp	2 q
GEOSGeospace Technologies Corporation	0.00%	16,456	$269,000	new	0.00 pp	new
96666EURGold Resource Corp	0.00%	68,513	$246,000	added+82%	0.00 pp	4 q
GTEGran Tierra Energy Inc.	0.00%	62,160	$210,000	held	—	3 q
HNRGHallador Energy Company	0.00%	11,790	$54,000	new	0.00 pp	new
HMYHarmony Gold Mining Company Limited	0.00%	56,300	$203,000	held	—	2 q
HESHess Corporation	0.00%	3,456	$208,000	new	0.00 pp	new
unresolvedHigher One Hldgs Inc	0.00%	46,021	$235,000	trimmed−9%	0.00 pp	4 q
unresolvedHovnanian Enterprises Inc	0.00%	59,621	$100,000	added+42%	0.00 pp	4 q
ESINQItt Educational Svcs Inc	0.00%	44,503	$85,000	added×2.0	0.00 pp	3 q
unresolvedLayne Christensen Co	0.00%	28,000	$227,000	held	—	2 q
LQDTLiquidity Services, Inc.	0.00%	15,374	$121,000	added+29%	0.00 pp	2 q
MGICMagic Software Enterprises Ltd	0.00%	13,786	$91,000	new	0.00 pp	new
unresolvedMcDermott Int'l Inc.	0.00%	27,000	$133,000	new	0.00 pp	new
unresolvedNatuzzi S P A	0.00%	39,782	$58,000	trimmed−97%	−0.03 pp	9 q
NGDNew Gold Inc.	0.00%	50,600	$222,000	new	0.00 pp	new
NEMNewmont Corporation	0.00%	6,800	$266,000	new	0.00 pp	new
NOGNorthern Oil and Gas, Inc.	0.00%	16,083	$74,000	held	—	2 q
NWFLNorwood Financial Corp	0.00%	10,427	$292,000	added+20%	0.00 pp	2 q
unresolvedPain Therapeutics Inc	0.00%	78,758	$172,000	added×2.1	0.00 pp	4 q
PGFPengrowth Energy Corp	0.00%	153,000	$282,000	new	0.00 pp	new
SKMSK Telecom Co., Ltd.	0.00%	14,743	$308,000	added+5%	0.00 pp	5 q
unresolvedSilicon Graphics Intl Corp	0.00%	12,400	$62,000	trimmed−62%	0.00 pp	2 q
unresolvedTrc Cos Inc	0.00%	14,288	$90,000	new	0.00 pp	new
TGLLTransglobe Energy Corp	0.00%	16,100	$29,000	new	0.00 pp	new
TZOOTravelzoo	0.00%	11,308	$91,000	new	0.00 pp	new
UNXLUni-Pixel, Inc.	0.00%	110,600	$163,000	new	0.00 pp	new
VOXXVOXX International Corporation Class A	0.00%	21,480	$60,000	added+61%	0.00 pp	2 q
VALEVale S.a.	0.00%	48,700	$246,000	new	0.00 pp	new
ZAGGZAGG Inc (Delaware)	0.00%	12,193	$64,000	new	0.00 pp	new
SG5Troops Inc	0.00%	22,252	$89,000	held	—	2 q
unresolvedMagicjack Vocaltec Ltd	0.00%	14,361	$90,000	new	0.00 pp	new
OTIVOn Track Innovations Ltd	0.00%	40,000	$37,000	held	—	2 q
unresolvedDryships Inc	0.00%	31,634	$18,000	new	0.00 pp	new
AXIAYAxia Energia S/	—	−35,006,599	—	exited	−0.89 pp	—
BSBRBanco Santander (Brasil) SA	—	−13,249,938	—	exited	−0.88 pp	—
unresolvedEnersis S A	—	−1,746,980	—	exited	−0.35 pp	—
BCOThe Brink's Company	—	−16,796	—	exited	−0.01 pp	—
GEF.BGreif, Inc. Class B	—	−14,370	—	exited	−0.01 pp	—
GTSTriple-s Management Corp	—	−29,234	—	exited	−0.01 pp	—
UTMDUtah Medical Products Inc	—	−9,570	—	exited	−0.01 pp	—
AACGATA Creativity Global	—	−25,000	—	exited	0.00 pp	—
AAVAdvantage Oil & Gas Ltd	—	−21,400	—	exited	0.00 pp	—
BTIBritish American Tobacco p.l.c.	—	−2,646	—	exited	0.00 pp	—
CENXCentury Aluminum Co	—	−22,200	—	exited	0.00 pp	—
SIDCompanhia Siderurgica Nacional S.A. (CSN)	—	−90,000	—	exited	0.00 pp	—
DNRDenbury Resources, Inc.	—	−17,960	—	exited	0.00 pp	—
FHIFederated Hermes, Inc.	—	−7,530	—	exited	0.00 pp	—
FTEKFuel Tech, Inc.	—	−11,568	—	exited	0.00 pp	—
unresolvedGlobal Power Equipment Grp I	—	−21,431	—	exited	0.00 pp	—
GSVGold Standard Ventures Corp.	—	−103,000	—	exited	0.00 pp	—
ISNSImage Sensing Systems Inc	—	−16,600	—	exited	0.00 pp	—
unresolvedMacatawa Bk Corp	—	−13,062	—	exited	0.00 pp	—
MATMattel, Inc.	—	−6,300	—	exited	0.00 pp	—
TECDTech Data Corp	—	−3,640	—	exited	0.00 pp	—
EGYVaalco Energy, Inc.	—	−41,797	—	exited	0.00 pp	—
unresolvedWarren Res Inc	—	−21,354	—	exited	0.00 pp	—