Brandes

Q4 2016 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2016
Filed: Feb 9, 2017
US stock: $6.7B · prev $6.7B
Positions: 175 · prev 188
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%

Moves205 since the prior filing

+4.7 pp in · −4.7 pp out

New 22 +0.66 pp
Added 72 +4.00 pp
Trimmed 76 −2.86 pp
Exited 35 −1.80 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions175 in this filing · 35 exited


EMBJEmbraer S.A.	5.31%	18,378,369	$354M	trimmed−2%	+0.45 pp	11 q
CXCemex S.A.B. de C.V.	4.17%	34,573,982	$278M	trimmed−8%	−0.28 pp	11 q
CCitigroup Inc.	3.70%	4,147,538	$246M	trimmed−4%	+0.64 pp	11 q
STTState Street Corporation	2.78%	2,384,895	$185M	trimmed−12%	−0.04 pp	11 q
MSFTMicrosoft Corp	2.76%	2,956,505	$184M	trimmed−17%	−0.33 pp	11 q
BACBank of America Corporation	2.75%	8,288,648	$183M	trimmed−7%	+0.66 pp	11 q
WFCWells Fargo & Co.	2.70%	3,262,400	$180M	added+3%	+0.60 pp	11 q
BNYBank of New York Mellon Corporation	2.58%	3,628,601	$172M	trimmed−4%	+0.33 pp	11 q
PFEPfizer Inc.	2.57%	5,271,418	$171M	added+5%	+0.01 pp	11 q
TSUTIM Participacoes S.A.	2.52%	14,213,029	$168M	trimmed−15%	−0.54 pp	11 q
PNCPNC Financial Services Group	2.43%	1,384,972	$162M	trimmed−4%	+0.48 pp	11 q
MRKMerck & Co., Inc.	2.38%	2,690,441	$158M	trimmed−4%	−0.25 pp	11 q
VIVTelefonica Brasil, S.A.	2.29%	11,145,877	$152M	trimmed−4%	−0.27 pp	11 q
unresolvedExpress Scripts Hldg Co	2.26%	2,185,859	$150M	added+3%	+0.01 pp	11 q
MCKMcKesson Corporation	2.20%	1,045,486	$147M	added×19.0	+2.06 pp	4 q
EMREmerson Electric Co.	2.11%	2,523,236	$141M	trimmed−3%	−0.02 pp	6 q
WDCWestern Digital Corp.	2.10%	2,060,114	$140M	trimmed−6%	+0.18 pp	11 q
SNYSanofi	2.06%	3,387,715	$137M	trimmed−5%	+0.02 pp	11 q
AIGAmerican International Group, Inc.	2.01%	2,051,672	$134M	trimmed−4%	+0.12 pp	10 q
BPBP p.l.c.	1.94%	3,457,122	$129M	trimmed−7%	+0.02 pp	11 q
WTWWillis Towers Watson Public Limited Company	1.90%	1,034,395	$126M	added0%	−0.15 pp	4 q
unresolvedGlaxosmithkline PLC	1.82%	3,149,621	$121M	trimmed−11%	−0.46 pp	11 q
EENI S.p.A.	1.77%	3,656,168	$118M	trimmed−5%	+0.10 pp	11 q
GLWCorning Incorporated	1.69%	4,634,794	$112M	trimmed−28%	−0.60 pp	11 q
HMCHonda Motor Co., Ltd.	1.65%	3,774,843	$110M	trimmed−10%	−0.17 pp	11 q
unresolvedLeucadia National	1.62%	4,645,282	$108M	trimmed−3%	+0.25 pp	7 q
UBSUBS Group AG	1.46%	6,199,299	$97M	trimmed−4%	+0.15 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.35%	9,901,141	$90M	trimmed−40%	−0.78 pp	11 q
AMXNAmerica Movil-spn ADR Cl L	1.33%	6,735,015	$88M	trimmed−1%	+0.11 pp	11 q
unresolvedCredit Suisse Group Spon ADR	1.26%	5,870,806	$84M	trimmed−10%	−0.03 pp	8 q
CHLChina Mobile Limited	1.24%	1,579,165	$83M	trimmed−1%	−0.23 pp	11 q
9990302DApache Corp	1.10%	1,154,128	$73M	trimmed−26%	−0.40 pp	11 q
EXCExelon Corporation	1.09%	2,047,438	$73M	trimmed−2%	+0.05 pp	11 q
PEPPepsiCo, Inc.	1.09%	694,118	$73M	trimmed−2%	−0.07 pp	11 q
HSBCHSBC Holdings PLC	1.01%	1,680,294	$68M	trimmed−8%	−0.02 pp	11 q
BGGBriggs & Stratton Corp.	0.97%	2,900,012	$65M	added+4%	+0.19 pp	11 q
CPACopa Holdings, S.A.	0.97%	684,593	$65M	trimmed−48%	−0.86 pp	10 q
AVALGrupo Aval Acciones Y Valores S.a.	0.96%	7,668,081	$64M	trimmed−1%	−0.12 pp	10 q
unresolvedAegon NV	0.95%	11,430,274	$63M	trimmed−9%	+0.23 pp	11 q
TXTernium S.A.	0.93%	2,569,145	$62M	trimmed−21%	−0.03 pp	10 q
BCSBarclays PLC	0.91%	5,533,602	$61M	trimmed−18%	+0.03 pp	11 q
ERICEricsson	0.86%	9,818,100	$57M	trimmed−9%	−0.31 pp	11 q
PKXPOSCO Holdings Inc.	0.85%	1,075,479	$57M	trimmed−15%	−0.11 pp	11 q
TIIAYTelecom Italia S/	0.82%	6,122,869	$54M	trimmed−10%	−0.02 pp	11 q
MBTMobile TeleSystems Public Joint Stock Company	0.78%	5,667,043	$52M	added+9%	+0.18 pp	11 q
NOKNokia Corporation	0.78%	10,751,994	$52M	added+11%	−0.06 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.77%	8,323,321	$51M	trimmed−6%	+0.10 pp	11 q
ORANYOrange SP/	0.72%	3,151,867	$48M	trimmed−0%	−0.02 pp	11 q
SHGShinhan Financial Group Co Ltd	0.65%	1,149,756	$43M	trimmed−5%	−0.01 pp	11 q
CVXChevron Corporation	0.63%	356,490	$42M	trimmed−7%	+0.04 pp	11 q
ARCOArcos Dorados Holdings Inc.	0.61%	7,482,978	$40M	trimmed−15%	−0.08 pp	9 q
MDCM.D.C. Holdings, Inc.	0.60%	1,546,218	$40M	added+11%	+0.09 pp	11 q
TTENTotalenergies SE -spon ADR	0.51%	672,020	$34M	trimmed−4%	+0.01 pp	9 q
JOESt. Joe Company	0.50%	1,750,409	$33M	added+2%	+0.03 pp	11 q
unresolvedSyneron Medical Ltd	0.46%	3,660,613	$31M	added+7%	+0.09 pp	11 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.44%	1,760,913	$29M	trimmed−1%	0.00 pp	8 q
JPMJPMorgan Chase & Co.	0.42%	327,431	$28M	added+2%	+0.10 pp	11 q
CAJPYCanon Inc S/	0.40%	941,720	$27M	trimmed−39%	−0.27 pp	11 q
IVCInvacare Corporation	0.38%	1,921,649	$25M	added+34%	+0.14 pp	9 q
TMToyota Motor Corporation	0.37%	212,896	$25M	trimmed−6%	−0.03 pp	11 q
unresolvedTelecom Italia S P A New	0.36%	3,292,668	$24M	trimmed−6%	0.00 pp	7 q
BBTTruist Financial Corporation	0.35%	494,381	$23M	trimmed−0%	+0.07 pp	11 q
ENICEnel Chile S.A.	0.35%	5,187,806	$24M	added+5%	0.00 pp	3 q
AVTAvnet, Inc.	0.33%	459,414	$22M	added+5%	+0.06 pp	9 q
UPBDUpbound Group, Inc.	0.32%	1,910,232	$21M	added+30%	+0.04 pp	11 q
VTYVerint Systems Inc	0.32%	609,700	$21M	added+47%	+0.09 pp	11 q
CCJCameco Corporation	0.30%	1,885,782	$20M	new	+0.30 pp	new
AGROAdecoagro S.a.	0.28%	1,789,856	$19M	trimmed−4%	−0.04 pp	11 q
BZHBeazer Homes USA, Inc. New	0.26%	1,280,583	$17M	added+1%	+0.04 pp	11 q
CYDChina Yuchai International Ltd.	0.26%	1,271,834	$18M	trimmed−3%	+0.05 pp	11 q
JNJJohnson & Johnson	0.23%	131,352	$15M	added+4%	+0.01 pp	6 q
VARVarian Medical Systems, Inc.	0.22%	163,536	$15M	added+4%	−0.01 pp	11 q
DOXAmdocs Limited	0.22%	247,652	$14M	added+2%	+0.01 pp	11 q
CHKChesapeake Energy Corp	0.21%	1,977,426	$14M	added+4%	+0.03 pp	11 q
ORCLOracle Corp	0.20%	349,656	$13M	added+8%	+0.01 pp	11 q
DGXQuest Diagnostics Inc.	0.20%	141,713	$13M	added0%	+0.02 pp	9 q
unresolvedNortel Inversora S A	0.18%	390,903	$12M	trimmed−2%	+0.01 pp	11 q
AANAaron's Inc	0.17%	360,745	$12M	added+2%	+0.04 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.17%	369,626	$11M	added+3%	0.00 pp	11 q
CTSHCognizant Technology Solutions	0.17%	207,416	$12M	added+79%	+0.09 pp	2 q
unresolvedCompanhia Paranaense Energ C	0.17%	1,372,308	$12M	trimmed−61%	−0.40 pp	11 q
ACWXiShares MSCI ACWI ex US ETF	0.13%	210,495	$8M	new	+0.13 pp	new
FITBFifth Third Bancorp	0.12%	306,019	$8M	trimmed−41%	−0.04 pp	11 q
LLoews Corporation	0.12%	167,562	$8M	added+3%	+0.02 pp	7 q
ORIOld Republic International Corporation	0.12%	414,385	$8M	added+13%	+0.02 pp	11 q
unresolvedTwenty First Centy Fox Inc	0.12%	291,323	$8M	trimmed−1%	+0.01 pp	3 q
WMTWalmart Inc.	0.12%	117,486	$8M	added+5%	0.00 pp	7 q
CFGCitizens Financial Group, Inc.	0.11%	200,586	$7M	added+4%	+0.04 pp	9 q
FCNFTI Consulting, Inc.	0.11%	163,232	$7M	added+10%	+0.01 pp	6 q
FLEXFlex Ltd.	0.11%	519,558	$7M	trimmed−2%	0.00 pp	11 q
99803EURLaboratory Crp Of Amer Hldgs	0.10%	54,221	$7M	new	+0.10 pp	new
PGProcter & Gamble Company	0.10%	79,773	$7M	added+9%	0.00 pp	11 q
KBKB Financial Group Inc	0.07%	133,863	$5M	trimmed−6%	0.00 pp	11 q
BWBabcock & Wilcox Enterprises, Inc.	0.06%	230,451	$4M	added+44%	+0.02 pp	6 q
Chesapeake Energy Corpconvertible	0.06%	87,954	$4M	new	+0.06 pp	new
NWLINational Western Life Group, Inc. Class A	0.06%	12,377	$4M	added+5%	+0.02 pp	5 q
RFRegions Financial Corp.	0.06%	258,322	$4M	trimmed−65%	−0.05 pp	11 q
RGPResources Connection	0.06%	220,016	$4M	added+26%	+0.02 pp	10 q
OSBCADNorbord Inc	0.05%	141,410	$4M	trimmed−2%	−0.01 pp	4 q
BBDBanco Bradesco S.A.	0.04%	323,069	$3M	trimmed−1%	0.00 pp	6 q
ISCAInternational Speedway Corp	0.04%	63,748	$2M	added+46%	+0.02 pp	11 q
ORNOrion Group Holdings, Inc	0.04%	254,745	$3M	added+5%	+0.02 pp	11 q
PC6APetrochina Co Ltd -adr	0.04%	39,586	$3M	trimmed−1%	0.00 pp	11 q
TRKSpeedway Motorsports LLC	0.04%	108,504	$2M	added+20%	+0.02 pp	6 q
unresolvedSunTrust Banks Inc	0.04%	43,942	$2M	trimmed−3%	+0.01 pp	11 q
unresolvedCencosud S A	0.03%	211,619	$2M	trimmed−44%	−0.02 pp	8 q
DEODiageo plc	0.03%	18,102	$2M	trimmed−31%	−0.02 pp	11 q
HWCCHouston Wire & Cable Co	0.03%	279,354	$2M	added+13%	+0.01 pp	11 q
ISBCInvestors Bancorp, Inc.	0.03%	163,478	$2M	added+26%	+0.01 pp	11 q
EEMiShares MSCI Emerging Markets ETF	0.03%	61,989	$2M	added×3.7	+0.02 pp	2 q
SWSmurfit Westrock plc	0.03%	120,466	$2M	new	+0.03 pp	new
unresolvedTwenty First Centy Fox Inc	0.03%	50,772	$2M	added+37%	+0.01 pp	2 q
ALEXAlexander & Baldwin, Inc.	0.02%	25,561	$1M	added+6%	+0.01 pp	11 q
ARWArrow Electronics, Inc.	0.02%	20,051	$1M	added+6%	0.00 pp	4 q
CRAICRA International, Inc.	0.02%	43,055	$2M	trimmed−31%	0.00 pp	6 q
unresolvedCharter Finl Corp MD	0.02%	84,891	$1M	added+3%	0.00 pp	11 q
STRLSterling Infrastructure, Inc.	0.02%	183,310	$2M	added+4%	0.00 pp	11 q
BLDTopBuild Corp.	0.02%	28,260	$1M	added+7%	+0.01 pp	5 q
ACNBACNB Corp	0.01%	26,421	$826,000	added+39%	0.00 pp	5 q
AVPAvon Products, Inc.	0.01%	160,224	$807,000	added+6%	0.00 pp	11 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.01%	92,681	$627,000	added+9%	0.00 pp	3 q
BTIBritish American Tobacco p.l.c.	0.01%	4,563	$514,000	new	+0.01 pp	new
FHIFederated Hermes, Inc.	0.01%	32,243	$912,000	new	+0.01 pp	new
unresolvedFirst Conn Bancorp Inc MD	0.01%	36,697	$832,000	trimmed−33%	0.00 pp	11 q
HBCPHome Bancorp, Inc.	0.01%	23,944	$925,000	trimmed−39%	−0.01 pp	11 q
ACWIiShares MSCI ACWI ETF	0.01%	15,349	$908,000	added×2.2	0.00 pp	2 q
NWFLNorwood Financial Corp	0.01%	10,427	$346,000	held	—	4 q
OCFCOceanFirst Financial Corp	0.01%	27,521	$826,000	trimmed−59%	−0.01 pp	6 q
ACHAccendra Health, Inc.	0.01%	24,732	$873,000	new	+0.01 pp	new
PMPhilip Morris International Inc.	0.01%	4,727	$432,000	added+5%	0.00 pp	11 q
GWXState Street SPDR S&P International Small Cap ETF	0.01%	19,505	$566,000	new	+0.01 pp	new
SPSP Plus Corporation	0.01%	16,520	$465,000	held	—	7 q
TBNKTerritorial Bancorp Inc.	0.01%	27,371	$899,000	added+5%	0.00 pp	11 q
ARCARC Document Solutions, Inc.	0.00%	20,915	$106,000	added+22%	0.00 pp	2 q
ACTGAcacia Research Corporation	0.00%	13,200	$86,000	trimmed−50%	0.00 pp	3 q
ALSKAlaska Communications Systems	0.00%	43,217	$71,000	added+16%	0.00 pp	8 q
AWREAware Inc	0.00%	18,696	$114,000	added+15%	0.00 pp	2 q
unresolvedBravo Brio Restaurant Group	0.00%	11,357	$43,000	new	0.00 pp	new
unresolvedBridgepoint Ed Inc	0.00%	11,245	$114,000	added+9%	0.00 pp	2 q
unresolvedCiber Inc	0.00%	57,818	$37,000	added+8%	0.00 pp	2 q
CLDCloud Peak Energy Inc	0.00%	28,800	$162,000	trimmed−58%	−0.01 pp	3 q
BVNCompania de Minas Buenaventura S.A.	0.00%	13,000	$147,000	trimmed−54%	−0.01 pp	3 q
CTGComputer Task Group, Inc.	0.00%	14,335	$60,000	added+6%	0.00 pp	4 q
DXPEDXP Enterprises Inc	0.00%	9,478	$329,000	new	0.00 pp	new
MSNEmerson Radio Corp.	0.00%	16,000	$17,000	new	0.00 pp	new
ERFEnerplus Corporation	0.00%	23,700	$225,000	trimmed−46%	0.00 pp	3 q
FBPFirst BanCorp.	0.00%	15,604	$103,000	added+24%	0.00 pp	4 q
GNWGenworth Financial, Inc.	0.00%	24,200	$92,000	new	0.00 pp	new
96666EURGold Resource Corp	0.00%	16,936	$74,000	trimmed−69%	−0.01 pp	6 q
GTEGran Tierra Energy Inc.	0.00%	62,160	$188,000	held	—	5 q
HNRGHallador Energy Company	0.00%	13,967	$127,000	added+15%	0.00 pp	3 q
unresolvedHarte-hanks Inc.	0.00%	45,339	$68,000	added+18%	0.00 pp	2 q
unresolvedHarvest Natural Resources In	0.00%	25,000	$155,000	new	0.00 pp	new
unresolvedHovnanian Enterprises Inc	0.00%	47,110	$129,000	added+16%	0.00 pp	6 q
unresolvedIconix Brand Group Inc	0.00%	11,130	$104,000	added+4%	0.00 pp	2 q
unresolvedLayne Christensen Co	0.00%	15,000	$163,000	trimmed−46%	0.00 pp	4 q
MGICMagic Software Enterprises Ltd	0.00%	10,989	$73,000	added+5%	0.00 pp	3 q
MNManning & Napier, Inc.	0.00%	10,400	$79,000	new	0.00 pp	new
unresolvedNatuzzi S P A	0.00%	24,604	$56,000	trimmed−12%	0.00 pp	11 q
NWBONorthwest Biothrputcs Inc	0.00%	65,000	$23,000	new	0.00 pp	new
QLTNovelion Therapeutics Inc	0.00%	38,582	$325,000	new	0.00 pp	new
PGFPengrowth Energy Corp	0.00%	93,000	$132,000	trimmed−39%	0.00 pp	3 q
PZNPzena Investment Management, Inc. Class A	0.00%	10,002	$111,000	new	0.00 pp	new
unresolvedRadio One Inc	0.00%	26,261	$76,000	added+18%	0.00 pp	2 q
SENEASeneca Foods Corp	0.00%	5,418	$217,000	new	0.00 pp	new
unresolvedTrc Cos Inc	0.00%	11,406	$121,000	added+7%	0.00 pp	3 q
TGLLTransglobe Energy Corp	0.00%	16,100	$27,000	held	—	3 q
VOXXVOXX International Corporation Class A	0.00%	37,784	$178,000	added+67%	0.00 pp	4 q
unresolvedWalter Invt Mgmt Corp	0.00%	11,800	$56,000	new	0.00 pp	new
ZAGGZAGG Inc (Delaware)	0.00%	10,499	$75,000	new	0.00 pp	new
unresolvedEnsco PLC	0.00%	13,462	$131,000	new	0.00 pp	new
unresolvedMagicjack Vocaltec Ltd	0.00%	13,639	$93,000	added+19%	0.00 pp	3 q
unresolvedPerion Network Ltd	0.00%	72,623	$103,000	added+17%	0.00 pp	2 q
OTIVOn Track Innovations Ltd	0.00%	30,000	$52,000	held	—	4 q
ANWAegean Marine Petroleum Netw	0.00%	11,932	$121,000	added+5%	0.00 pp	2 q
XLNXXilinx Inc	—	−1,384,231	—	exited	−1.13 pp	—
unresolvedCrh PLC	—	−720,639	—	exited	−0.36 pp	—
unresolvedIngram Micro Inc	—	−350,238	—	exited	−0.19 pp	—
AGCOAGCO Corporation	—	−34,241	—	exited	−0.03 pp	—
WGOWinnebago Industries, Inc.	—	−76,539	—	exited	−0.03 pp	—
unresolvedCliffs Nat Res Inc	—	−58,500	—	exited	−0.01 pp	—
MLRMiller Industries, Inc.	—	−29,271	—	exited	−0.01 pp	—
unresolvedOcean Shore Hldg Co New	—	−31,170	—	exited	−0.01 pp	—
unresolvedQlt Inc	—	−323,953	—	exited	−0.01 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−28,870	—	exited	−0.01 pp	—
UBNKUnited Financial Bancorp, Inc.	—	−46,446	—	exited	−0.01 pp	—
AROCArchrock Inc	—	−13,900	—	exited	0.00 pp	—
CFFNCapitol Federal Financial, Inc.	—	−16,123	—	exited	0.00 pp	—
unresolvedChina New Borun Corp	—	−20,912	—	exited	0.00 pp	—
DNRDenbury Resources, Inc.	—	−15,000	—	exited	0.00 pp	—
unresolvedEldorado Gold (C$)	—	−30,000	—	exited	0.00 pp	—
unresolvedGafisa S A	—	−22,000	—	exited	0.00 pp	—
GEOSGeospace Technologies Corporation	—	−15,547	—	exited	0.00 pp	—
unresolvedHarvest Natural Resources In	—	−100,000	—	exited	0.00 pp	—
KROKronos Worldwide, Inc.	—	−21,900	—	exited	0.00 pp	—
MROMarathon Oil Corporation	—	−12,100	—	exited	0.00 pp	—
unresolvedMcDermott Int'l Inc.	—	−20,000	—	exited	0.00 pp	—
unresolvedMonster Worldwide Inc	—	−26,763	—	exited	0.00 pp	—
NGDNew Gold Inc.	—	−50,600	—	exited	0.00 pp	—
NEMNewmont Corporation	—	−6,800	—	exited	0.00 pp	—
unresolvedNova Lifestyle Inc	—	−25,000	—	exited	0.00 pp	—
unresolvedPain Therapeutics Inc	—	−53,200	—	exited	0.00 pp	—
unresolvedPenn West Petroleum Ltd	—	−40,000	—	exited	0.00 pp	—
unresolvedRepros Therapeutics Inc	—	−18,000	—	exited	0.00 pp	—
SS1ARadius Recycling Inc	—	−9,805	—	exited	0.00 pp	—
unresolvedSummer Infant Inc	—	−17,700	—	exited	0.00 pp	—
SYMCGen Digital Inc.	—	−10,100	—	exited	0.00 pp	—
unresolvedThreshold Pharmaceutical Inc	—	−140,000	—	exited	0.00 pp	—
SG5Troops Inc	—	−22,252	—	exited	0.00 pp	—
CRNTCeragon Networks Ltd	—	−53,600	—	exited	0.00 pp	—