Brandes

Q1 2017 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2017
Filed: Apr 17, 2017
US stock: $6.7B · prev $6.7B
Positions: 201 · prev 175
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%

Moves214 since the prior filing

+5.0 pp in · −5.0 pp out

New 49 +0.76 pp
Added 84 +4.26 pp
Trimmed 58 −1.88 pp
Exited 23 −3.17 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions20% of US stock

EMBJ Embraer S.A. added+0.79 pp added+0.796.1%
CX Cemex S.A.B. de C.V. trimmed+0.40 pp trimmed+0.404.6%
C Citigroup Inc. trimmed−0.11 pp trimmed−0.113.6%
PFE Pfizer Inc. added+0.49 pp added+0.493.1%
MSFT Microsoft Corp trimmed+0.05 pp trimmed+0.052.8%

Positions201 in this filing · 23 exited


EMBJEmbraer S.A.	6.10%	18,620,707	$411M	added+1%	+0.79 pp	12 q
CXCemex S.A.B. de C.V.	4.57%	33,959,097	$308M	trimmed−2%	+0.40 pp	12 q
CCitigroup Inc.	3.59%	4,042,386	$242M	trimmed−3%	−0.11 pp	12 q
PFEPfizer Inc.	3.06%	6,018,005	$206M	added+14%	+0.49 pp	12 q
MSFTMicrosoft Corp	2.81%	2,874,411	$189M	trimmed−3%	+0.05 pp	12 q
BACBank of America Corporation	2.79%	7,974,892	$188M	trimmed−4%	+0.04 pp	12 q
STTState Street Corporation	2.74%	2,321,440	$185M	trimmed−3%	−0.04 pp	12 q
WFCWells Fargo & Co.	2.63%	3,184,730	$177M	trimmed−2%	−0.07 pp	12 q
BNYBank of New York Mellon Corporation	2.48%	3,530,838	$167M	trimmed−3%	−0.10 pp	12 q
MCKMcKesson Corporation	2.47%	1,121,845	$166M	added+7%	+0.27 pp	5 q
MRKMerck & Co., Inc.	2.46%	2,606,115	$166M	trimmed−3%	+0.08 pp	12 q
VIVTelefonica Brasil, S.A.	2.45%	10,902,797	$165M	trimmed−2%	+0.16 pp	12 q
PNCPNC Financial Services Group	2.37%	1,328,547	$160M	trimmed−4%	−0.06 pp	12 q
unresolvedExpress Scripts Hldg Co	2.34%	2,392,377	$158M	added+9%	+0.08 pp	12 q
SNYSanofi	2.34%	3,490,226	$158M	added+3%	+0.28 pp	12 q
EMREmerson Electric Co.	2.13%	2,391,767	$143M	trimmed−5%	+0.02 pp	7 q
unresolvedGlaxosmithkline PLC	2.11%	3,363,788	$142M	added+7%	+0.29 pp	12 q
WTWWillis Towers Watson Public Limited Company	2.06%	1,058,483	$139M	added+2%	+0.16 pp	5 q
EENI S.p.A.	1.87%	3,858,112	$126M	added+6%	+0.10 pp	12 q
AIGAmerican International Group, Inc.	1.85%	1,997,857	$125M	trimmed−3%	−0.16 pp	11 q
BPBP p.l.c.	1.80%	3,507,691	$121M	trimmed−0%	−0.14 pp	12 q
unresolvedLeucadia National	1.74%	4,514,621	$117M	trimmed−3%	+0.12 pp	8 q
TSUTIM Participacoes S.A.	1.69%	7,111,225	$114M	trimmed−50%	−0.83 pp	12 q
HMCHonda Motor Co., Ltd.	1.64%	3,643,676	$110M	trimmed−3%	−0.01 pp	12 q
AMXNAmerica Movil-spn ADR Cl L	1.52%	6,904,653	$102M	added+3%	+0.19 pp	12 q
UBSUBS Group AG	1.50%	6,341,612	$101M	added+2%	+0.04 pp	10 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.42%	10,058,685	$96M	added+2%	+0.07 pp	12 q
unresolvedCredit Suisse Group Spon ADR	1.38%	6,262,011	$93M	added+7%	+0.12 pp	9 q
CHLChina Mobile Limited	1.33%	1,624,586	$90M	added+3%	+0.09 pp	12 q
WDCWestern Digital Corp.	1.25%	1,020,413	$84M	trimmed−50%	−0.85 pp	12 q
PEPPepsiCo, Inc.	1.13%	678,897	$76M	trimmed−2%	+0.04 pp	12 q
EXCExelon Corporation	1.07%	2,000,773	$72M	trimmed−2%	−0.02 pp	12 q
ERICEricsson	1.06%	10,712,458	$71M	added+9%	+0.20 pp	12 q
HSBCHSBC Holdings PLC	1.01%	1,674,778	$68M	trimmed−0%	0.00 pp	12 q
BGGBriggs & Stratton Corp.	1.00%	2,987,091	$67M	added+3%	+0.03 pp	12 q
AVALGrupo Aval Acciones Y Valores S.a.	0.98%	7,690,216	$66M	added0%	+0.02 pp	11 q
TXTernium S.A.	0.94%	2,440,068	$64M	trimmed−5%	+0.01 pp	11 q
BCSBarclays PLC	0.93%	5,559,628	$62M	trimmed−0%	+0.02 pp	12 q
unresolvedAegon NV	0.92%	12,039,754	$62M	added+5%	−0.03 pp	12 q
NOKNokia Corporation	0.92%	11,469,670	$62M	added+7%	+0.14 pp	4 q
9990302DApache Corp	0.89%	1,169,745	$60M	added+1%	−0.21 pp	12 q
PKXPOSCO Holdings Inc.	0.88%	919,650	$59M	trimmed−14%	+0.03 pp	12 q
TIIAYTelecom Italia S/	0.88%	6,586,432	$59M	added+8%	+0.06 pp	12 q
ARCOArcos Dorados Holdings Inc.	0.87%	7,262,116	$58M	trimmed−3%	+0.26 pp	10 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.81%	8,623,872	$55M	added+4%	+0.04 pp	12 q
ORANYOrange SP/	0.79%	3,418,629	$53M	added+8%	+0.07 pp	12 q
MBTMobile TeleSystems Public Joint Stock Company	0.74%	4,539,827	$50M	trimmed−20%	−0.04 pp	12 q
MDCM.D.C. Holdings, Inc.	0.70%	1,571,687	$47M	added+2%	+0.10 pp	12 q
SHGShinhan Financial Group Co Ltd	0.61%	979,494	$41M	trimmed−15%	−0.04 pp	12 q
unresolvedSyneron Medical Ltd	0.58%	3,680,764	$39M	added+1%	+0.12 pp	12 q
CVXChevron Corporation	0.56%	351,733	$38M	trimmed−1%	−0.07 pp	12 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.51%	1,781,128	$34M	added+1%	+0.07 pp	9 q
TTENTotalenergies SE -spon ADR	0.50%	667,670	$34M	trimmed−1%	−0.01 pp	10 q
JOESt. Joe Company	0.47%	1,859,213	$32M	added+6%	−0.03 pp	12 q
CAJPYCanon Inc S/	0.45%	968,618	$30M	added+3%	+0.05 pp	12 q
ENICEnel Chile S.A.	0.45%	5,492,331	$30M	added+6%	+0.10 pp	4 q
unresolvedTelecom Italia S P A New	0.37%	3,401,306	$25M	added+3%	+0.01 pp	8 q
IVCInvacare Corporation	0.36%	2,018,749	$24M	added+5%	−0.02 pp	10 q
AVTAvnet, Inc.	0.35%	515,602	$24M	added+12%	+0.02 pp	10 q
TMToyota Motor Corporation	0.34%	210,466	$23M	trimmed−1%	−0.03 pp	12 q
CHKChesapeake Energy Corp	0.31%	3,549,065	$21M	added+79%	+0.10 pp	12 q
CYDChina Yuchai International Ltd.	0.31%	1,127,027	$21M	trimmed−11%	+0.05 pp	12 q
JPMJPMorgan Chase & Co.	0.29%	226,112	$20M	trimmed−31%	−0.13 pp	12 q
CCJCameco Corporation	0.27%	1,669,615	$18M	trimmed−11%	−0.03 pp	2 q
UPBDUpbound Group, Inc.	0.27%	2,023,427	$18M	added+6%	−0.05 pp	12 q
AGROAdecoagro S.a.	0.27%	1,613,407	$18M	trimmed−10%	−0.01 pp	12 q
BBTTruist Financial Corporation	0.26%	399,086	$18M	trimmed−19%	−0.09 pp	12 q
BZHBeazer Homes USA, Inc. New	0.24%	1,312,875	$16M	added+3%	−0.02 pp	12 q
JNJJohnson & Johnson	0.24%	132,387	$16M	added+1%	+0.01 pp	7 q
ORCLOracle Corp	0.24%	362,856	$16M	added+4%	+0.04 pp	12 q
CTSHCognizant Technology Solutions	0.23%	262,862	$16M	added+27%	+0.06 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.23%	106,836	$15M	added+97%	+0.13 pp	2 q
VARVarian Medical Systems, Inc.	0.23%	166,487	$15M	added+2%	+0.01 pp	12 q
DOXAmdocs Limited	0.23%	252,362	$15M	added+2%	+0.01 pp	12 q
unresolvedCompanhia Paranaense Energ C	0.21%	1,376,618	$14M	added0%	+0.04 pp	12 q
VTYVerint Systems Inc	0.19%	292,642	$13M	trimmed−52%	−0.13 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.18%	359,137	$12M	trimmed−3%	+0.01 pp	12 q
WMTWalmart Inc.	0.18%	167,292	$12M	added+42%	+0.06 pp	8 q
AANAaron's Inc	0.16%	363,275	$11M	added+1%	−0.01 pp	6 q
GOOGAlphabet Inc. Class C	0.16%	11,866	$11M	new	+0.16 pp	new
unresolvedNortel Inversora S A	0.16%	382,750	$11M	trimmed−2%	−0.02 pp	12 q
BWBabcock & Wilcox Enterprises, Inc.	0.14%	973,934	$9M	added×4.2	+0.08 pp	7 q
unresolvedTwenty First Centy Fox Inc	0.13%	275,910	$9M	trimmed−5%	+0.01 pp	4 q
WKCWorld Kinect Corporation	0.13%	248,805	$9M	new	+0.13 pp	new
FCNFTI Consulting, Inc.	0.12%	193,327	$8M	added+18%	+0.01 pp	7 q
LLoews Corporation	0.12%	167,671	$8M	added0%	0.00 pp	8 q
ORIOld Republic International Corporation	0.12%	410,136	$8M	trimmed−1%	0.00 pp	12 q
DGXQuest Diagnostics Inc.	0.12%	78,932	$8M	trimmed−44%	−0.08 pp	10 q
AZNNAstrazeneca Plc-spons ADR	0.11%	236,779	$7M	new	+0.11 pp	new
CVSCvs Health Corporation	0.11%	94,271	$7M	new	+0.11 pp	new
GILDGilead Sciences Inc	0.11%	108,756	$7M	new	+0.11 pp	new
PGProcter & Gamble Company	0.11%	79,376	$7M	trimmed−1%	+0.01 pp	12 q
Chesapeake Energy Corpconvertible	0.09%	100,140	$6M	added+14%	+0.03 pp	2 q
FITBFifth Third Bancorp	0.09%	231,326	$6M	trimmed−24%	−0.03 pp	12 q
KBKB Financial Group Inc	0.08%	116,360	$5M	trimmed−13%	+0.01 pp	12 q
FHIFederated Hermes, Inc.	0.07%	96,136	$4M	added×3.0	+0.06 pp	2 q
NWLINational Western Life Group, Inc. Class A	0.06%	12,434	$4M	added0%	0.00 pp	6 q
RGPResources Connection	0.06%	241,099	$4M	added+10%	0.00 pp	11 q
BBDBanco Bradesco S.A.	0.05%	317,775	$3M	trimmed−2%	+0.01 pp	7 q
INFYInfosys Limited	0.04%	174,212	$3M	new	+0.04 pp	new
ISCAInternational Speedway Corp	0.04%	64,298	$2M	added+1%	0.00 pp	12 q
PC6APetrochina Co Ltd -adr	0.04%	41,164	$3M	added+4%	0.00 pp	12 q
TRKSpeedway Motorsports LLC	0.04%	132,806	$3M	added+22%	0.00 pp	7 q
CFGCitizens Financial Group, Inc.	0.03%	63,159	$2M	trimmed−69%	−0.08 pp	10 q
DEODiageo plc	0.03%	17,471	$2M	trimmed−3%	0.00 pp	12 q
HWCCHouston Wire & Cable Co	0.03%	289,248	$2M	added+4%	0.00 pp	12 q
ORNOrion Group Holdings, Inc	0.03%	270,149	$2M	added+6%	−0.01 pp	12 q
SWSmurfit Westrock plc	0.03%	67,280	$2M	trimmed−44%	0.00 pp	2 q
STRLSterling Infrastructure, Inc.	0.03%	183,160	$2M	trimmed−0%	+0.01 pp	12 q
unresolvedTwenty First Centy Fox Inc	0.03%	47,718	$2M	trimmed−6%	0.00 pp	3 q
VREXVarex Imaging Corporation	0.03%	65,059	$2M	new	+0.03 pp	new
ALEXAlexander & Baldwin, Inc.	0.02%	25,761	$1M	added+1%	0.00 pp	12 q
ARWArrow Electronics, Inc.	0.02%	20,206	$1M	added+1%	0.00 pp	5 q
OSBCADNorbord Inc	0.02%	57,592	$2M	trimmed−59%	−0.03 pp	5 q
NRIMNorthrim BanCorp Inc	0.02%	42,607	$1M	new	+0.02 pp	new
SF9Sanderson Farms Inc	0.02%	14,196	$1M	new	+0.02 pp	new
BLDTopBuild Corp.	0.02%	28,242	$1M	trimmed−0%	0.00 pp	6 q
GTSTriple-s Management Corp	0.02%	70,138	$1M	new	+0.02 pp	new
AVPAvon Products, Inc.	0.01%	168,968	$744,000	added+5%	0.00 pp	12 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.01%	95,152	$724,000	added+1%	0.00 pp	4 q
BTIBritish American Tobacco p.l.c.	0.01%	9,680	$642,000	added+6%	0.00 pp	2 q
unresolvedCss Inds Inc	0.01%	32,121	$961,000	new	+0.01 pp	new
unresolvedCencosud S A	0.01%	44,616	$414,000	trimmed−79%	−0.02 pp	9 q
NWFLNorwood Financial Corp	0.01%	15,349	$643,000	added+47%	0.00 pp	5 q
QLTNovelion Therapeutics Inc	0.01%	34,828	$374,000	trimmed−10%	+0.01 pp	2 q
ACHAccendra Health, Inc.	0.01%	24,732	$856,000	held	—	2 q
PMPhilip Morris International Inc.	0.01%	4,795	$541,000	added+1%	0.00 pp	12 q
TBNKTerritorial Bancorp Inc.	0.01%	27,346	$853,000	trimmed−0%	0.00 pp	12 q
ARCARC Document Solutions, Inc.	0.00%	26,532	$92,000	added+27%	0.00 pp	3 q
ACTGAcacia Research Corporation	0.00%	13,200	$76,000	held	—	4 q
ALSKAlaska Communications Systems	0.00%	67,331	$125,000	added+56%	0.00 pp	9 q
unresolvedApricus Biosciences Inc	0.00%	18,000	$38,000	new	0.00 pp	new
unresolvedAtwood Oceanics Inc	0.00%	12,283	$117,000	new	0.00 pp	new
unresolvedAvid Technology Inc	0.00%	23,793	$111,000	new	0.00 pp	new
AWREAware Inc	0.00%	22,443	$105,000	added+20%	0.00 pp	3 q
unresolvedBravo Brio Restaurant Group	0.00%	30,339	$155,000	added×2.7	0.00 pp	2 q
unresolvedBridgepoint Ed Inc	0.00%	12,891	$138,000	added+15%	0.00 pp	3 q
unresolvedCiber Inc	0.00%	365,077	$146,000	added×6.3	0.00 pp	3 q
CLDCloud Peak Energy Inc	0.00%	28,800	$132,000	held	—	4 q
BVNCompania de Minas Buenaventura S.A.	0.00%	13,000	$157,000	held	—	4 q
CTGComputer Task Group, Inc.	0.00%	26,736	$148,000	added+87%	0.00 pp	5 q
CRD.BCrawford & Company Class B	0.00%	11,667	$117,000	new	0.00 pp	new
DXPEDXP Enterprises Inc	0.00%	8,079	$306,000	trimmed−15%	0.00 pp	2 q
MSNEmerson Radio Corp.	0.00%	16,000	$22,000	held	—	2 q
UUUUEnergy Fuels Inc.	0.00%	30,000	$65,000	new	0.00 pp	new
ERFEnerplus Corporation	0.00%	23,700	$191,000	held	—	4 q
FBPFirst BanCorp.	0.00%	19,506	$110,000	added+25%	0.00 pp	5 q
GALTGalectin Therapeutics Inc.	0.00%	28,500	$66,000	new	0.00 pp	new
GNWGenworth Financial, Inc.	0.00%	24,200	$100,000	held	—	2 q
96666EURGold Resource Corp	0.00%	20,659	$93,000	added+22%	0.00 pp	7 q
GTEGran Tierra Energy Inc.	0.00%	72,480	$191,000	added+17%	0.00 pp	6 q
HNRGHallador Energy Company	0.00%	13,346	$107,000	trimmed−4%	0.00 pp	4 q
unresolvedHarte-hanks Inc.	0.00%	70,540	$99,000	added+56%	0.00 pp	3 q
unresolvedHarvest Natural Resources In	0.00%	25,000	$166,000	held	—	2 q
HOSHornbeck Offshore Services, Inc.	0.00%	15,958	$71,000	new	0.00 pp	new
unresolvedHovnanian Enterprises Inc	0.00%	56,630	$129,000	added+20%	0.00 pp	7 q
unresolvedIconix Brand Group Inc	0.00%	13,378	$101,000	added+20%	0.00 pp	3 q
IPIIntrepid Potash, Inc	0.00%	30,500	$52,000	new	0.00 pp	new
unresolvedLayne Christensen Co	0.00%	15,000	$133,000	held	—	5 q
MGICMagic Software Enterprises Ltd	0.00%	18,210	$142,000	added+66%	0.00 pp	4 q
MGAMagna International	0.00%	7,109	$307,000	new	0.00 pp	new
unresolvedManitowoc Inc	0.00%	10,300	$59,000	new	0.00 pp	new
MNManning & Napier, Inc.	0.00%	17,505	$100,000	added+68%	0.00 pp	2 q
unresolvedMast Therapeutics Inc	0.00%	260,000	$32,000	new	0.00 pp	new
MOVMovado Group, Inc.	0.00%	8,706	$217,000	new	0.00 pp	new
NKSHNational Bankshares Inc/VA	0.00%	8,198	$308,000	new	0.00 pp	new
LSAKLesaka Technologies, Inc.	0.00%	17,862	$218,000	new	0.00 pp	new
NLNKNewLink Genetics Corporation	0.00%	9,173	$221,000	new	0.00 pp	new
NOGNorthern Oil and Gas, Inc.	0.00%	36,921	$96,000	new	0.00 pp	new
OFGOfg Bancorp	0.00%	10,521	$124,000	new	0.00 pp	new
unresolvedOragenics Inc	0.00%	13,000	$6,000	new	0.00 pp	new
PDLIPDL BioPharma, Inc.	0.00%	58,578	$133,000	new	0.00 pp	new
unresolvedPeregrine Pharmaceuticals In	0.00%	89,100	$58,000	new	0.00 pp	new
COOLPolarityte Inc	0.00%	10,500	$144,000	new	0.00 pp	new
POTPotash Corp Of Saskatchewan	0.00%	18,081	$309,000	new	0.00 pp	new
QUIKQuickLogic Corp	0.00%	53,700	$96,000	new	0.00 pp	new
unresolvedRadio One Inc	0.00%	41,948	$138,000	added+60%	0.00 pp	3 q
unresolvedRoadrunner Trnsn Svcs Hldg I	0.00%	18,833	$129,000	new	0.00 pp	new
unresolvedSequential Brnds Group Inc N	0.00%	31,795	$124,000	new	0.00 pp	new
unresolvedTrc Cos Inc	0.00%	12,722	$222,000	added+12%	0.00 pp	4 q
TGLLTransglobe Energy Corp	0.00%	140,598	$219,000	added×8.7	0.00 pp	4 q
TATravelCenters of America LLC	0.00%	17,813	$109,000	new	0.00 pp	new
TZOOTravelzoo	0.00%	14,637	$141,000	new	0.00 pp	new
VOXXVOXX International Corporation Class A	0.00%	42,617	$222,000	added+13%	0.00 pp	5 q
EGYVaalco Energy, Inc.	0.00%	29,500	$27,000	new	0.00 pp	new
WTIW&T Offshore, Inc.	0.00%	20,200	$56,000	new	0.00 pp	new
WTWWillis Towers Watson Public Limited Company	0.00%	11,100	$173,000	new	0.00 pp	new
unresolvedWestell Technologies Inc	0.00%	42,600	$30,000	new	0.00 pp	new
WITWipro Limited	0.00%	13,502	$138,000	new	0.00 pp	new
ZAGGZAGG Inc (Delaware)	0.00%	19,621	$141,000	added+87%	0.00 pp	2 q
unresolvedChina Cord Blood Corp	0.00%	39,542	$263,000	new	0.00 pp	new
CWCOConsolidated Water Co Inc	0.00%	10,623	$124,000	new	0.00 pp	new
unresolvedEnsco PLC	0.00%	13,000	$116,000	trimmed−3%	0.00 pp	2 q
unresolvedIao Kun Group Hldg Co Ltd	0.00%	28,500	$8,000	new	0.00 pp	new
unresolvedOcean Rig Udw Inc	0.00%	109,565	$31,000	new	0.00 pp	new
ASPSAltisource Portfolio Solutions S.A.	0.00%	8,400	$309,000	new	0.00 pp	new
unresolvedMagicjack Vocaltec Ltd	0.00%	16,263	$139,000	added+19%	0.00 pp	4 q
unresolvedPerion Network Ltd	0.00%	56,351	$100,000	trimmed−22%	0.00 pp	3 q
OTIVOn Track Innovations Ltd	0.00%	30,000	$50,000	held	—	5 q
ANWAegean Marine Petroleum Netw	0.00%	13,339	$161,000	added+12%	0.00 pp	3 q
CMRECostamare Inc.	0.00%	22,033	$147,000	new	0.00 pp	new
GLWCorning Incorporated	—	−4,634,794	—	exited	−1.69 pp	—
CPACopa Holdings, S.A.	—	−684,593	—	exited	−0.97 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−210,495	—	exited	−0.13 pp	—
FLEXFlex Ltd.	—	−519,558	—	exited	−0.11 pp	—
RFRegions Financial Corp.	—	−258,322	—	exited	−0.06 pp	—
unresolvedSunTrust Banks Inc	—	−43,942	—	exited	−0.04 pp	—
ISBCInvestors Bancorp, Inc.	—	−163,478	—	exited	−0.03 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−61,989	—	exited	−0.03 pp	—
CRAICRA International, Inc.	—	−43,055	—	exited	−0.02 pp	—
unresolvedCharter Finl Corp MD	—	−84,891	—	exited	−0.02 pp	—
ACNBACNB Corp	—	−26,421	—	exited	−0.01 pp	—
unresolvedFirst Conn Bancorp Inc MD	—	−36,697	—	exited	−0.01 pp	—
HBCPHome Bancorp, Inc.	—	−23,944	—	exited	−0.01 pp	—
ACWIiShares MSCI ACWI ETF	—	−15,349	—	exited	−0.01 pp	—
OCFCOceanFirst Financial Corp	—	−27,521	—	exited	−0.01 pp	—
GWXState Street SPDR S&P International Small Cap ETF	—	−19,505	—	exited	−0.01 pp	—
SPSP Plus Corporation	—	−16,520	—	exited	−0.01 pp	—
unresolvedNatuzzi S P A	—	−24,604	—	exited	0.00 pp	—
NWBONorthwest Biothrputcs Inc	—	−65,000	—	exited	0.00 pp	—
PGFPengrowth Energy Corp	—	−93,000	—	exited	0.00 pp	—
PZNPzena Investment Management, Inc. Class A	—	−10,002	—	exited	0.00 pp	—
SENEASeneca Foods Corp	—	−5,418	—	exited	0.00 pp	—
unresolvedWalter Invt Mgmt Corp	—	−11,800	—	exited	0.00 pp	—