Brandes

Q2 2017 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2017
Filed: Aug 8, 2017
US stock: $6.3B · prev $6.7B
Positions: 188 · prev 201
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%

Moves168 since the prior filing

+3.9 pp in · −3.9 pp out

New 16 +1.39 pp
Added 67 +2.48 pp
Trimmed 56 −2.94 pp
Exited 29 −0.92 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.0 years per position

Low
Moderate
High

Top 5 positions20% of US stock

EMBJ Embraer S.A. added−0.38 pp added−0.385.7%
CX Cemex S.A.B. de C.V. trimmed+0.64 pp trimmed+0.645.2%
C Citigroup Inc. trimmed+0.05 pp trimmed+0.053.6%
STT State Street Corporation trimmed+0.06 pp trimmed+0.062.8%
PFE Pfizer Inc. trimmed−0.33 pp trimmed−0.332.7%

Positions188 in this filing · 29 exited


EMBJEmbraer S.A.	5.72%	19,847,728	$362M	added+7%	−0.38 pp	13 q
CXCemex S.A.B. de C.V.	5.21%	34,943,148	$329M	trimmed−1%	+0.64 pp	13 q
CCitigroup Inc.	3.64%	3,436,446	$230M	trimmed−15%	+0.05 pp	13 q
STTState Street Corporation	2.80%	1,972,682	$177M	trimmed−15%	+0.06 pp	13 q
PFEPfizer Inc.	2.73%	5,134,710	$172M	trimmed−15%	−0.33 pp	13 q
SNYSanofi	2.62%	3,455,511	$166M	trimmed−1%	+0.28 pp	13 q
BACBank of America Corporation	2.59%	6,743,335	$164M	trimmed−15%	−0.20 pp	13 q
MCKMcKesson Corporation	2.55%	979,257	$161M	trimmed−13%	+0.08 pp	6 q
BNYBank of New York Mellon Corporation	2.41%	2,986,091	$152M	trimmed−15%	−0.07 pp	13 q
WFCWells Fargo & Co.	2.40%	2,735,804	$152M	trimmed−14%	−0.23 pp	13 q
VIVTelefonica Brasil, S.A.	2.38%	10,932,269	$151M	added0%	−0.07 pp	13 q
unresolvedGlaxosmithkline PLC	2.29%	3,361,346	$145M	trimmed−0%	+0.18 pp	13 q
unresolvedExpress Scripts Hldg Co	2.25%	2,233,243	$143M	trimmed−7%	−0.09 pp	13 q
MRKMerck & Co., Inc.	2.22%	2,190,048	$140M	trimmed−16%	−0.24 pp	13 q
PNCPNC Financial Services Group	2.20%	1,111,867	$139M	trimmed−16%	−0.17 pp	13 q
MSFTMicrosoft Corp	2.12%	1,947,379	$134M	trimmed−32%	−0.69 pp	13 q
BPBP p.l.c.	1.98%	3,609,737	$125M	added+1%	+0.18 pp	13 q
WTWWillis Towers Watson Public Limited Company	1.97%	856,813	$125M	trimmed−19%	−0.09 pp	6 q
EENI S.p.A.	1.86%	3,915,346	$118M	added+1%	−0.01 pp	13 q
EMREmerson Electric Co.	1.81%	1,919,432	$114M	trimmed−20%	−0.32 pp	8 q
UBSUBS Group AG	1.77%	6,589,750	$112M	added+4%	+0.27 pp	11 q
HMCHonda Motor Co., Ltd.	1.70%	3,915,546	$107M	added+7%	+0.06 pp	13 q
AIGAmerican International Group, Inc.	1.69%	1,704,503	$107M	trimmed−15%	−0.16 pp	12 q
unresolvedLeucadia National	1.60%	3,862,955	$101M	trimmed−14%	−0.14 pp	9 q
AMXNAmerica Movil-spn ADR Cl L	1.58%	6,001,380	$100M	trimmed−13%	+0.06 pp	13 q
unresolvedCredit Suisse Group Spon ADR	1.57%	6,781,049	$99M	added+8%	+0.19 pp	10 q
CHLChina Mobile Limited	1.46%	1,739,280	$92M	added+7%	+0.13 pp	13 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.33%	10,928,628	$84M	added+9%	−0.09 pp	13 q
HSBCHSBC Holdings PLC	1.23%	1,676,031	$78M	trimmed−1%	+0.22 pp	13 q
ERICEricsson	1.21%	10,690,454	$77M	trimmed−0%	+0.15 pp	13 q
WDCWestern Digital Corp.	1.13%	806,456	$71M	trimmed−21%	−0.12 pp	13 q
BGGBriggs & Stratton Corp.	1.11%	2,911,727	$70M	trimmed−3%	+0.11 pp	13 q
NOKNokia Corporation	1.11%	11,442,603	$70M	trimmed−0%	+0.19 pp	5 q
AVALGrupo Aval Acciones Y Valores S.a.	1.06%	7,729,144	$67M	added+1%	+0.08 pp	12 q
PEPPepsiCo, Inc.	1.03%	566,402	$65M	trimmed−17%	−0.10 pp	13 q
unresolvedAegon NV	1.02%	12,565,352	$64M	added+4%	+0.10 pp	13 q
TXTernium S.A.	1.02%	2,302,172	$65M	trimmed−6%	+0.08 pp	12 q
TIIAYTelecom Italia S/	0.99%	6,688,533	$63M	added+2%	+0.11 pp	13 q
EXCExelon Corporation	0.96%	1,684,307	$61M	trimmed−16%	−0.11 pp	13 q
BCSBarclays PLC	0.94%	5,602,988	$59M	added+1%	+0.01 pp	13 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.93%	8,754,048	$59M	added+2%	+0.12 pp	13 q
PKXPOSCO Holdings Inc.	0.93%	936,469	$59M	added+2%	+0.05 pp	13 q
ORANYOrange SP/	0.88%	3,495,736	$56M	added+2%	+0.09 pp	13 q
ENICEnel Chile S.A.	0.77%	8,821,556	$49M	added+61%	+0.32 pp	5 q
9990302DApache Corp	0.76%	1,002,417	$48M	trimmed−14%	−0.13 pp	13 q
TSUTIM Participacoes S.A.	0.73%	3,138,123	$46M	trimmed−56%	−0.96 pp	13 q
MDCM.D.C. Holdings, Inc.	0.72%	1,297,153	$46M	trimmed−17%	+0.02 pp	13 q
SHGShinhan Financial Group Co Ltd	0.69%	1,006,005	$44M	added+3%	+0.08 pp	13 q
JOESt. Joe Company	0.60%	2,034,434	$38M	added+9%	+0.13 pp	13 q
unresolvedSyneron Medical Ltd	0.60%	3,455,097	$38M	trimmed−6%	+0.02 pp	13 q
MBTMobile TeleSystems Public Joint Stock Company	0.59%	4,483,728	$38M	trimmed−1%	−0.15 pp	13 q
CVXChevron Corporation	0.58%	351,556	$37M	trimmed−0%	+0.02 pp	13 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.57%	1,832,486	$36M	added+3%	+0.06 pp	10 q
YPFYPF Sociedad Anonima	0.53%	1,517,279	$33M	new	+0.53 pp	new
TTENTotalenergies SE -spon ADR	0.52%	661,929	$33M	trimmed−1%	+0.02 pp	11 q
unresolvedTelecom Italia S P A New	0.42%	3,582,917	$27M	added+5%	+0.05 pp	9 q
UPBDUpbound Group, Inc.	0.38%	2,072,495	$24M	added+2%	+0.11 pp	13 q
AVTAvnet, Inc.	0.35%	563,629	$22M	added+9%	0.00 pp	11 q
CHKChesapeake Energy Corp	0.35%	4,394,087	$22M	added+24%	+0.04 pp	13 q
TMToyota Motor Corporation	0.35%	209,946	$22M	trimmed−0%	+0.01 pp	13 q
CYDChina Yuchai International Ltd.	0.34%	1,157,611	$21M	added+3%	+0.03 pp	13 q
CCJCameco Corporation	0.33%	2,294,107	$21M	added+37%	+0.06 pp	3 q
JPMJPMorgan Chase & Co.	0.33%	225,749	$21M	trimmed−0%	+0.04 pp	13 q
IVCInvacare Corporation	0.32%	1,532,394	$20M	trimmed−24%	−0.04 pp	11 q
BZHBeazer Homes USA, Inc. New	0.30%	1,364,837	$19M	added+4%	+0.06 pp	13 q
BBTTruist Financial Corporation	0.29%	401,285	$18M	added+1%	+0.03 pp	13 q
CTSHCognizant Technology Solutions	0.27%	258,052	$17M	trimmed−2%	+0.04 pp	4 q
ORCLOracle Corp	0.27%	341,374	$17M	trimmed−6%	+0.03 pp	13 q
JNJJohnson & Johnson	0.26%	122,242	$16M	trimmed−8%	+0.02 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	0.26%	106,633	$16M	trimmed−0%	+0.03 pp	3 q
DOXAmdocs Limited	0.26%	253,336	$16M	added0%	+0.03 pp	13 q
AGROAdecoagro S.a.	0.25%	1,614,787	$16M	added0%	−0.02 pp	13 q
WKCWorld Kinect Corporation	0.24%	400,002	$15M	added+61%	+0.11 pp	2 q
BWBabcock & Wilcox Enterprises, Inc.	0.20%	1,056,642	$12M	added+8%	+0.06 pp	8 q
unresolvedNortel Inversora S A	0.20%	383,101	$13M	added0%	+0.04 pp	13 q
WMTWalmart Inc.	0.20%	166,842	$13M	trimmed−0%	+0.02 pp	9 q
GOOGAlphabet Inc. Class C	0.19%	11,995	$12M	added+1%	+0.03 pp	2 q
UHALU-Haul Holding Company	0.19%	32,184	$12M	new	+0.19 pp	new
CALMCal-Maine Foods Inc	0.19%	299,848	$12M	new	+0.19 pp	new
CSCOCisco Systems, Inc. (DE)	0.17%	352,449	$11M	trimmed−2%	−0.01 pp	13 q
unresolvedCompanhia Paranaense Energ C	0.17%	1,438,300	$11M	added+4%	−0.04 pp	13 q
HCAHCA Healthcare, Inc.	0.17%	126,824	$11M	new	+0.17 pp	new
AANAaron's Inc	0.16%	265,477	$10M	trimmed−27%	0.00 pp	7 q
FCNFTI Consulting, Inc.	0.15%	274,790	$10M	added+42%	+0.03 pp	8 q
ARCOArcos Dorados Holdings Inc.	0.14%	1,186,602	$9M	trimmed−84%	−0.73 pp	11 q
ORIOld Republic International Corporation	0.13%	410,666	$8M	added0%	+0.01 pp	13 q
unresolvedTwenty First Centy Fox Inc	0.13%	286,286	$8M	added+4%	0.00 pp	5 q
AMGNAmgen Inc	0.12%	45,736	$8M	new	+0.12 pp	new
AZNNAstrazeneca Plc-spons ADR	0.12%	231,588	$8M	trimmed−2%	+0.01 pp	2 q
CVSCvs Health Corporation	0.12%	94,408	$8M	added0%	+0.01 pp	2 q
GILDGilead Sciences Inc	0.12%	110,720	$8M	added+2%	+0.01 pp	2 q
LLoews Corporation	0.12%	167,804	$8M	added0%	0.00 pp	9 q
PGProcter & Gamble Company	0.11%	79,291	$7M	trimmed−0%	0.00 pp	13 q
FITBFifth Third Bancorp	0.10%	232,639	$6M	added+1%	+0.01 pp	13 q
INFYInfosys Limited	0.10%	410,074	$6M	added×2.4	+0.06 pp	2 q
FHIFederated Hermes, Inc.	0.09%	100,168	$6M	added+4%	+0.02 pp	3 q
Chesapeake Energy Corpconvertible	0.08%	98,102	$5M	trimmed−2%	−0.01 pp	3 q
ACHAccendra Health, Inc.	0.08%	150,584	$5M	added×6.1	+0.07 pp	3 q
RGPResources Connection	0.08%	364,565	$5M	added+51%	+0.02 pp	12 q
MOVMovado Group, Inc.	0.06%	142,429	$4M	added×16.4	+0.06 pp	2 q
NWLINational Western Life Group, Inc. Class A	0.06%	11,053	$4M	trimmed−11%	0.00 pp	7 q
BBDBanco Bradesco S.A.	0.05%	359,518	$3M	added+3%	0.00 pp	8 q
PDLIPDL BioPharma, Inc.	0.05%	1,107,310	$3M	added×18.9	+0.05 pp	2 q
TRKSpeedway Motorsports LLC	0.05%	184,254	$3M	added+39%	+0.01 pp	8 q
unresolvedCss Inds Inc	0.04%	91,134	$3M	added×2.8	+0.03 pp	2 q
CAHCardinal Health, Inc.	0.04%	31,619	$2M	new	+0.04 pp	new
CFGCitizens Financial Group, Inc.	0.04%	64,145	$2M	added+2%	+0.01 pp	11 q
DEODiageo plc	0.04%	18,793	$2M	added+8%	+0.01 pp	13 q
DGIIDigi International Inc	0.04%	243,296	$2M	new	+0.04 pp	new
NTGRNETGEAR, Inc.	0.04%	53,201	$2M	new	+0.04 pp	new
ORNOrion Group Holdings, Inc	0.04%	336,759	$3M	added+25%	+0.01 pp	13 q
PC6APetrochina Co Ltd -adr	0.04%	45,838	$3M	added+11%	0.00 pp	13 q
UTMDUtah Medical Products Inc	0.04%	39,130	$3M	new	+0.04 pp	new
ALEXAlexander & Baldwin, Inc.	0.03%	39,984	$2M	added+55%	+0.01 pp	13 q
HWCCHouston Wire & Cable Co	0.03%	356,165	$2M	added+23%	0.00 pp	13 q
ISCAInternational Speedway Corp	0.03%	58,443	$2M	trimmed−9%	−0.01 pp	13 q
OSBCADNorbord Inc	0.03%	58,841	$2M	added+2%	+0.01 pp	6 q
unresolvedTwenty First Centy Fox Inc	0.03%	41,187	$2M	trimmed−14%	0.00 pp	4 q
VREXVarex Imaging Corporation	0.03%	64,713	$2M	trimmed−1%	0.00 pp	2 q
VTYVerint Systems Inc	0.03%	40,064	$2M	trimmed−86%	−0.16 pp	13 q
ARWArrow Electronics, Inc.	0.02%	20,032	$2M	trimmed−1%	0.00 pp	6 q
KBKB Financial Group Inc	0.02%	30,073	$2M	trimmed−74%	−0.06 pp	13 q
KELYAKelly Services Inc	0.02%	49,434	$1M	new	+0.02 pp	new
NKSHNational Bankshares Inc/VA	0.02%	29,494	$1M	added×3.6	+0.02 pp	2 q
NRIMNorthrim BanCorp Inc	0.02%	50,765	$2M	added+19%	0.00 pp	2 q
GTSTriple-s Management Corp	0.02%	92,639	$2M	added+32%	0.00 pp	2 q
AVPAvon Products, Inc.	0.01%	247,436	$940,000	added+46%	0.00 pp	13 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.01%	112,494	$940,000	added+18%	0.00 pp	5 q
BTIBritish American Tobacco p.l.c.	0.01%	11,598	$795,000	added+20%	0.00 pp	3 q
MGAMagna International	0.01%	7,109	$329,000	held	—	2 q
QLTNovelion Therapeutics Inc	0.01%	34,828	$321,000	held	—	3 q
PMPhilip Morris International Inc.	0.01%	5,446	$640,000	added+14%	0.00 pp	13 q
SENEASeneca Foods Corp	0.01%	24,736	$768,000	new	+0.01 pp	new
TBNKTerritorial Bancorp Inc.	0.01%	27,000	$842,000	trimmed−1%	0.00 pp	13 q
VOXXVOXX International Corporation Class A	0.01%	42,617	$349,000	held	—	6 q
WTWWillis Towers Watson Public Limited Company	0.01%	11,100	$371,000	held	—	2 q
unresolvedChina Cord Blood Corp	0.01%	39,542	$375,000	held	—	2 q
ARCARC Document Solutions, Inc.	0.00%	26,532	$110,000	held	—	4 q
ALSKAlaska Communications Systems	0.00%	67,331	$148,000	held	—	10 q
unresolvedAtwood Oceanics Inc	0.00%	12,283	$100,000	held	—	2 q
unresolvedAvid Technology Inc	0.00%	23,793	$125,000	held	—	2 q
AWREAware Inc	0.00%	22,443	$116,000	held	—	4 q
unresolvedBravo Brio Restaurant Group	0.00%	30,339	$140,000	held	—	3 q
unresolvedBridgepoint Ed Inc	0.00%	12,891	$190,000	held	—	4 q
CTGComputer Task Group, Inc.	0.00%	26,736	$149,000	held	—	6 q
CRD.BCrawford & Company Class B	0.00%	11,667	$109,000	held	—	2 q
DXPEDXP Enterprises Inc	0.00%	8,079	$279,000	held	—	3 q
MSNEmerson Radio Corp.	0.00%	16,000	$22,000	held	—	3 q
FBPFirst BanCorp.	0.00%	19,506	$113,000	held	—	6 q
GALTGalectin Therapeutics Inc.	0.00%	28,500	$70,000	held	—	2 q
96666EURGold Resource Corp	0.00%	20,659	$84,000	held	—	8 q
GTEGran Tierra Energy Inc.	0.00%	126,553	$283,000	added+75%	0.00 pp	7 q
HNRGHallador Energy Company	0.00%	13,346	$104,000	held	—	5 q
unresolvedHarte-hanks Inc.	0.00%	70,540	$73,000	held	—	4 q
HOSHornbeck Offshore Services, Inc.	0.00%	15,958	$45,000	held	—	2 q
unresolvedHovnanian Enterprises Inc	0.00%	56,630	$159,000	held	—	8 q
unresolvedIconix Brand Group Inc	0.00%	13,378	$92,000	held	—	4 q
IPIIntrepid Potash, Inc	0.00%	30,500	$69,000	held	—	2 q
LTBRLightbridge Corp.	0.00%	14,000	$24,000	new	0.00 pp	new
MGICMagic Software Enterprises Ltd	0.00%	18,210	$145,000	held	—	5 q
unresolvedManitowoc Inc	0.00%	10,300	$62,000	held	—	2 q
MNManning & Napier, Inc.	0.00%	17,505	$76,000	held	—	3 q
LSAKLesaka Technologies, Inc.	0.00%	17,862	$176,000	held	—	2 q
NOGNorthern Oil and Gas, Inc.	0.00%	36,921	$52,000	held	—	2 q
OFGOfg Bancorp	0.00%	10,521	$105,000	held	—	2 q
unresolvedPeregrine Pharmaceuticals In	0.00%	89,100	$54,000	held	—	2 q
COOLPolarityte Inc	0.00%	10,500	$243,000	held	—	2 q
POTPotash Corp Of Saskatchewan	0.00%	18,081	$295,000	held	—	2 q
QUIKQuickLogic Corp	0.00%	53,700	$78,000	held	—	2 q
unresolvedRoadrunner Trnsn Svcs Hldg I	0.00%	18,833	$137,000	held	—	2 q
unresolvedSequential Brnds Group Inc N	0.00%	31,795	$127,000	held	—	2 q
TGLLTransglobe Energy Corp	0.00%	140,598	$188,000	held	—	5 q
TATravelCenters of America LLC	0.00%	17,813	$73,000	held	—	2 q
TZOOTravelzoo	0.00%	14,637	$160,000	held	—	2 q
unresolvedUrban One Inc	0.00%	41,948	$94,000	new	0.00 pp	new
EGYVaalco Energy, Inc.	0.00%	29,500	$28,000	held	—	2 q
WTIW&T Offshore, Inc.	0.00%	20,200	$40,000	held	—	2 q
WSTLWestell Techs Inc A New	0.00%	10,650	$33,000	new	0.00 pp	new
unresolvedWestport Innovations Inc US	0.00%	28,600	$67,000	new	0.00 pp	new
WITWipro Limited	0.00%	27,004	$140,000	held	—	2 q
ZAGGZAGG Inc (Delaware)	0.00%	19,621	$170,000	held	—	3 q
CWCOConsolidated Water Co Inc	0.00%	10,623	$132,000	held	—	2 q
unresolvedLiniu Technology Group	0.00%	119,800	$62,000	new	0.00 pp	new
unresolvedOcean Rig Udw Inc	0.00%	109,565	$17,000	held	—	2 q
unresolvedMagicjack Vocaltec Ltd	0.00%	16,263	$117,000	held	—	5 q
unresolvedPerion Network Ltd	0.00%	56,351	$111,000	held	—	4 q
ANWAegean Marine Petroleum Netw	0.00%	13,339	$78,000	held	—	4 q
CMRECostamare Inc.	0.00%	26,033	$190,000	added+18%	0.00 pp	2 q
CAJPYCanon Inc S/	—	−968,618	—	exited	−0.45 pp	—
VARVarian Medical Systems, Inc.	—	−166,487	—	exited	−0.23 pp	—
DGXQuest Diagnostics Inc.	—	−78,932	—	exited	−0.12 pp	—
SWSmurfit Westrock plc	—	−67,280	—	exited	−0.03 pp	—
STRLSterling Infrastructure, Inc.	—	−183,160	—	exited	−0.03 pp	—
SF9Sanderson Farms Inc	—	−14,196	—	exited	−0.02 pp	—
BLDTopBuild Corp.	—	−28,242	—	exited	−0.02 pp	—
unresolvedCencosud S A	—	−44,616	—	exited	−0.01 pp	—
NWFLNorwood Financial Corp	—	−15,349	—	exited	−0.01 pp	—
ACTGAcacia Research Corporation	—	−13,200	—	exited	0.00 pp	—
unresolvedApricus Biosciences Inc	—	−18,000	—	exited	0.00 pp	—
unresolvedCiber Inc	—	−365,077	—	exited	0.00 pp	—
CLDCloud Peak Energy Inc	—	−28,800	—	exited	0.00 pp	—
BVNCompania de Minas Buenaventura S.A.	—	−13,000	—	exited	0.00 pp	—
UUUUEnergy Fuels Inc.	—	−30,000	—	exited	0.00 pp	—
ERFEnerplus Corporation	—	−23,700	—	exited	0.00 pp	—
GNWGenworth Financial, Inc.	—	−24,200	—	exited	0.00 pp	—
unresolvedHarvest Natural Resources In	—	−25,000	—	exited	0.00 pp	—
unresolvedLayne Christensen Co	—	−15,000	—	exited	0.00 pp	—
unresolvedMast Therapeutics Inc	—	−260,000	—	exited	0.00 pp	—
NLNKNewLink Genetics Corporation	—	−9,173	—	exited	0.00 pp	—
unresolvedOragenics Inc	—	−13,000	—	exited	0.00 pp	—
unresolvedRadio One Inc	—	−41,948	—	exited	0.00 pp	—
unresolvedTrc Cos Inc	—	−12,722	—	exited	0.00 pp	—
unresolvedWestell Technologies Inc	—	−42,600	—	exited	0.00 pp	—
unresolvedEnsco PLC	—	−13,000	—	exited	0.00 pp	—
unresolvedIao Kun Group Hldg Co Ltd	—	−28,500	—	exited	0.00 pp	—
ASPSAltisource Portfolio Solutions S.A.	—	−8,400	—	exited	0.00 pp	—
OTIVOn Track Innovations Ltd	—	−30,000	—	exited	0.00 pp	—