Brandes

Q3 2017 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2017
Filed: Nov 15, 2017
US stock: $4.9B · prev $6.3B
Positions: 129 · prev 188
Options notional: $0
Documents: 1· 1 amendment

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%

Moves192 since the prior filing

+6.9 pp in · −6.8 pp out

New 5 +1.21 pp
Added 30 +5.72 pp
Trimmed 93 −5.42 pp
Exited 64 −1.39 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Revealed late, restated

restated 101 rows corrected by the filer · US stock −28.90%; later quarters recomputed 13F-HR/A · Nov 15, 2017 ↗

Positions129 in this filing · 64 exited


EMBJEmbraer S.A.	8.06%	17,549,776	$397M	trimmed−12%	+2.34 pp	14 q
CXCemex S.A.B. de C.V.	5.52%	29,922,721	$272M	trimmed−14%	+0.31 pp	14 q
CCitigroup Inc.	3.71%	2,512,793	$183M	trimmed−27%	+0.07 pp	14 q
PFEPfizer Inc.	2.77%	3,821,667	$136M	trimmed−26%	+0.04 pp	14 q
VIVTelefonica Brasil, S.A.	2.75%	8,546,055	$135M	trimmed−22%	+0.37 pp	14 q
BACBank of America Corporation	2.57%	4,983,445	$126M	trimmed−26%	−0.02 pp	14 q
BNYBank of New York Mellon Corporation	2.40%	2,228,819	$118M	trimmed−25%	−0.01 pp	14 q
WFCWells Fargo & Co.	2.36%	2,103,987	$116M	trimmed−23%	−0.04 pp	14 q
YPFYPF Sociedad Anonima	2.35%	5,187,643	$116M	added×3.4	+1.82 pp	2 q
MCKMcKesson Corporation	2.28%	730,251	$112M	trimmed−25%	−0.27 pp	7 q
SNYSanofi	2.23%	2,200,808	$110M	trimmed−36%	−0.39 pp	14 q
WTWWillis Towers Watson Public Limited Company	2.20%	702,851	$108M	trimmed−18%	+0.23 pp	7 q
unresolvedExpress Scripts Hldg Co	2.16%	1,675,423	$106M	trimmed−25%	−0.09 pp	14 q
MRKMerck & Co., Inc.	2.08%	1,598,786	$102M	trimmed−27%	−0.14 pp	14 q
EMREmerson Electric Co.	1.76%	1,382,184	$87M	trimmed−28%	−0.05 pp	9 q
unresolvedGlaxosmithkline PLC	1.76%	2,132,764	$87M	trimmed−37%	−0.53 pp	14 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.74%	8,863,873	$86M	trimmed−19%	+0.41 pp	14 q
BPBP p.l.c.	1.72%	2,206,173	$85M	trimmed−40%	−0.26 pp	14 q
EENI S.p.A.	1.71%	2,544,362	$84M	trimmed−35%	−0.15 pp	14 q
STTState Street Corporation	1.64%	844,053	$81M	trimmed−57%	−1.16 pp	14 q
PNCPNC Financial Services Group	1.62%	590,405	$80M	trimmed−47%	−0.58 pp	14 q
MSFTMicrosoft Corp	1.58%	1,040,640	$78M	trimmed−47%	−0.54 pp	14 q
AIGAmerican International Group, Inc.	1.56%	1,252,887	$77M	trimmed−27%	−0.13 pp	13 q
HMCHonda Motor Co., Ltd.	1.52%	2,536,748	$75M	trimmed−35%	−0.18 pp	14 q
UBSUBS Group AG	1.49%	4,285,970	$74M	trimmed−35%	−0.28 pp	12 q
unresolvedLeucadia National	1.48%	2,884,667	$73M	trimmed−25%	−0.12 pp	10 q
AVALGrupo Aval Acciones Y Valores S.a.	1.45%	7,949,566	$71M	added+3%	+0.39 pp	13 q
unresolvedCredit Suisse Group Spon ADR	1.43%	4,459,141	$70M	trimmed−34%	−0.14 pp	11 q
CHLChina Mobile Limited	1.32%	1,280,496	$65M	trimmed−26%	−0.14 pp	14 q
BGGBriggs & Stratton Corp.	1.20%	2,520,594	$59M	trimmed−13%	+0.09 pp	14 q
HCAHCA Healthcare, Inc.	1.11%	686,968	$55M	added×5.4	+0.94 pp	2 q
9990302DApache Corp	1.01%	1,087,870	$50M	added+9%	+0.25 pp	14 q
TIIAYTelecom Italia S/	1.00%	5,259,052	$49M	trimmed−21%	+0.01 pp	14 q
WDCWestern Digital Corp.	1.00%	568,153	$49M	trimmed−30%	−0.13 pp	14 q
ENICEnel Chile S.A.	0.96%	7,880,735	$47M	trimmed−11%	+0.19 pp	6 q
unresolvedAegon NV	0.95%	8,066,439	$47M	trimmed−36%	−0.07 pp	14 q
CAHCardinal Health, Inc.	0.95%	698,546	$47M	added×22.1	+0.91 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.95%	4,485,823	$47M	added0%	+0.36 pp	14 q
NOKNokia Corporation	0.90%	7,379,990	$44M	trimmed−36%	−0.21 pp	6 q
WPPWpp PLC	0.89%	472,017	$44M	new	+0.89 pp	new
PEPPepsiCo, Inc.	0.88%	387,380	$43M	trimmed−32%	−0.15 pp	14 q
ERICEricsson	0.85%	7,245,014	$42M	trimmed−32%	−0.36 pp	14 q
HSBCHSBC Holdings PLC	0.78%	775,643	$38M	trimmed−54%	−0.45 pp	14 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.76%	1,589,596	$38M	trimmed−13%	+0.19 pp	11 q
MDCM.D.C. Holdings, Inc.	0.75%	1,107,366	$37M	trimmed−15%	+0.03 pp	14 q
BCSBarclays PLC	0.74%	3,514,811	$36M	trimmed−38%	−0.20 pp	14 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.73%	5,600,024	$36M	trimmed−36%	−0.20 pp	14 q
CVXChevron Corporation	0.71%	297,735	$35M	trimmed−15%	+0.13 pp	14 q
JOESt. Joe Company	0.70%	1,831,742	$35M	trimmed−10%	+0.10 pp	14 q
ORANYOrange SP/	0.68%	2,029,753	$33M	trimmed−42%	−0.20 pp	14 q
unresolvedSyneron Medical Ltd	0.65%	2,901,971	$32M	trimmed−16%	+0.05 pp	14 q
PKXPOSCO Holdings Inc.	0.64%	453,392	$31M	trimmed−52%	−0.29 pp	14 q
SHGShinhan Financial Group Co Ltd	0.58%	643,882	$29M	trimmed−36%	−0.11 pp	14 q
AMXNAmerica Movil-spn ADR Cl L	0.54%	1,495,542	$27M	trimmed−75%	−1.04 pp	14 q
CYDChina Yuchai International Ltd.	0.54%	1,184,497	$26M	added+2%	+0.20 pp	14 q
BZHBeazer Homes USA, Inc. New	0.52%	1,362,038	$26M	trimmed−0%	+0.22 pp	14 q
CCJCameco Corporation	0.47%	2,404,969	$23M	added+5%	+0.14 pp	4 q
TTENTotalenergies SE -spon ADR	0.46%	425,726	$23M	trimmed−36%	−0.06 pp	12 q
CHKChesapeake Energy Corp	0.44%	5,065,181	$22M	added+15%	+0.09 pp	14 q
UPBDUpbound Group, Inc.	0.42%	1,818,996	$21M	trimmed−12%	+0.04 pp	14 q
IVCInvacare Corporation	0.41%	1,276,880	$20M	trimmed−17%	+0.09 pp	12 q
unresolvedTelecom Italia S P A New	0.41%	2,705,147	$20M	trimmed−25%	−0.01 pp	10 q
TXTernium S.A.	0.40%	634,456	$20M	trimmed−72%	−0.62 pp	13 q
JPMJPMorgan Chase & Co.	0.35%	179,143	$17M	trimmed−21%	+0.02 pp	14 q
AGROAdecoagro S.a.	0.35%	1,610,288	$17M	trimmed−0%	+0.10 pp	14 q
TMToyota Motor Corporation	0.33%	137,015	$16M	trimmed−35%	−0.02 pp	14 q
AVTAvnet, Inc.	0.32%	400,129	$16M	trimmed−29%	−0.03 pp	12 q
unresolvedNortel Inversora S A	0.30%	375,179	$15M	trimmed−2%	+0.10 pp	14 q
FCNFTI Consulting, Inc.	0.29%	406,475	$14M	added+48%	+0.14 pp	9 q
BBTTruist Financial Corporation	0.26%	272,561	$13M	trimmed−32%	−0.03 pp	14 q
unresolvedCompanhia Paranaense Energ C	0.23%	1,257,523	$11M	trimmed−13%	+0.06 pp	14 q
WKCWorld Kinect Corporation	0.23%	326,958	$11M	trimmed−18%	−0.01 pp	3 q
DOXAmdocs Limited	0.23%	173,507	$11M	trimmed−32%	−0.03 pp	14 q
CALMCal-Maine Foods Inc	0.21%	248,625	$10M	trimmed−17%	+0.02 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.21%	67,876	$10M	trimmed−36%	−0.05 pp	4 q
CTSHCognizant Technology Solutions	0.20%	136,684	$10M	trimmed−47%	−0.07 pp	5 q
ORCLOracle Corp	0.19%	190,339	$9M	trimmed−44%	−0.08 pp	14 q
ORIOld Republic International Corporation	0.18%	440,546	$9M	added+7%	+0.05 pp	14 q
GOOGAlphabet Inc. Class C	0.17%	8,634	$8M	trimmed−28%	−0.02 pp	3 q
AZNNAstrazeneca Plc-spons ADR	0.17%	241,197	$8M	added+4%	+0.05 pp	3 q
INFYInfosys Limited	0.16%	542,757	$8M	added+32%	+0.06 pp	3 q
WMTWalmart Inc.	0.16%	98,423	$8M	trimmed−41%	−0.04 pp	10 q
UHALU-Haul Holding Company	0.15%	19,902	$7M	trimmed−38%	−0.04 pp	2 q
JNJJohnson & Johnson	0.15%	58,510	$8M	trimmed−52%	−0.11 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.14%	206,690	$7M	trimmed−41%	−0.03 pp	14 q
OMCOmnicom Group Inc.	0.14%	91,311	$7M	new	+0.14 pp	new
EXCExelon Corporation	0.12%	158,058	$6M	trimmed−91%	−0.84 pp	14 q
GILDGilead Sciences Inc	0.12%	70,262	$6M	trimmed−37%	0.00 pp	3 q
ACHAccendra Health, Inc.	0.12%	199,515	$6M	added+32%	+0.04 pp	4 q
AMGNAmgen Inc	0.11%	29,224	$5M	trimmed−36%	−0.01 pp	2 q
RGPResources Connection	0.11%	381,108	$5M	added+5%	+0.03 pp	13 q
AAPAdvance Auto Parts Inc	0.10%	48,528	$5M	new	+0.10 pp	new
CVSCvs Health Corporation	0.10%	59,942	$5M	trimmed−37%	−0.02 pp	3 q
Chesapeake Energy Corpconvertible	0.10%	92,280	$5M	trimmed−6%	+0.02 pp	4 q
FHIFederated Hermes, Inc.	0.10%	170,140	$5M	added+70%	+0.01 pp	4 q
LLoews Corporation	0.10%	103,453	$5M	trimmed−38%	−0.02 pp	10 q
PGProcter & Gamble Company	0.10%	51,752	$5M	trimmed−35%	−0.01 pp	14 q
unresolvedTwenty First Centy Fox Inc	0.10%	194,362	$5M	trimmed−32%	−0.03 pp	6 q
FITBFifth Third Bancorp	0.09%	159,894	$4M	trimmed−31%	−0.01 pp	14 q
BBDBanco Bradesco S.A.	0.08%	356,666	$4M	trimmed−1%	+0.03 pp	9 q
MOVMovado Group, Inc.	0.08%	142,374	$4M	trimmed−0%	+0.02 pp	3 q
NWLINational Western Life Group, Inc. Class A	0.08%	11,024	$4M	trimmed−0%	+0.02 pp	8 q
PDLIPDL BioPharma, Inc.	0.08%	1,112,679	$4M	added0%	+0.03 pp	3 q
TRKSpeedway Motorsports LLC	0.08%	184,098	$4M	trimmed−0%	+0.03 pp	9 q
ORNOrion Group Holdings, Inc	0.06%	423,018	$3M	added+26%	+0.02 pp	14 q
PC6APetrochina Co Ltd -adr	0.06%	46,393	$3M	added+1%	+0.02 pp	14 q
UTMDUtah Medical Products Inc	0.06%	39,022	$3M	trimmed−0%	+0.02 pp	2 q
ALEXAlexander & Baldwin, Inc.	0.05%	53,018	$2M	added+33%	+0.02 pp	14 q
unresolvedCss Inds Inc	0.05%	91,050	$3M	trimmed−0%	+0.01 pp	3 q
DGIIDigi International Inc	0.05%	252,638	$3M	added+4%	+0.01 pp	2 q
KELYAKelly Services Inc	0.05%	97,369	$2M	added+97%	+0.03 pp	2 q
NTGRNETGEAR, Inc.	0.05%	55,029	$3M	added+3%	+0.01 pp	2 q
GTSTriple-s Management Corp	0.05%	100,588	$2M	added+9%	+0.03 pp	3 q
TAROTaro Pharmaceutical Indus	0.05%	21,836	$2M	new	+0.05 pp	new
CFGCitizens Financial Group, Inc.	0.04%	46,576	$2M	trimmed−27%	0.00 pp	12 q
HWCCHouston Wire & Cable Co	0.04%	356,085	$2M	trimmed−0%	+0.01 pp	14 q
ISCAInternational Speedway Corp	0.04%	58,359	$2M	trimmed−0%	+0.01 pp	14 q
NRIMNorthrim BanCorp Inc	0.04%	52,556	$2M	added+4%	+0.02 pp	3 q
SENEASeneca Foods Corp	0.04%	53,164	$2M	added×2.1	+0.03 pp	2 q
ARWArrow Electronics, Inc.	0.03%	19,595	$2M	trimmed−2%	+0.01 pp	7 q
NKSHNational Bankshares Inc/VA	0.03%	29,499	$1M	added0%	+0.01 pp	3 q
PLTPlantronics Inc	0.03%	28,424	$1M	new	+0.03 pp	new
unresolvedTwenty First Centy Fox Inc	0.03%	59,250	$2M	added+44%	0.00 pp	5 q
VREXVarex Imaging Corporation	0.03%	41,093	$1M	trimmed−37%	0.00 pp	3 q
VTYVerint Systems Inc	0.03%	39,988	$2M	trimmed−0%	0.00 pp	14 q
TBNKTerritorial Bancorp Inc.	0.02%	26,840	$848,000	trimmed−1%	+0.01 pp	14 q
AVPAvon Products, Inc.	0.01%	248,335	$579,000	added0%	0.00 pp	14 q
GTEGran Tierra Energy Inc.	0.01%	151,959	$346,000	added+20%	+0.01 pp	8 q
QLTNovelion Therapeutics Inc	0.00%	34,828	$245,000	held	—	4 q
TSUTIM Participacoes S.A.	—	−3,138,123	—	exited	−0.73 pp	—
BWBabcock & Wilcox Enterprises, Inc.	—	−1,056,642	—	exited	−0.20 pp	—
AANAaron's Inc	—	−265,477	—	exited	−0.16 pp	—
ARCOArcos Dorados Holdings Inc.	—	−1,186,602	—	exited	−0.14 pp	—
DEODiageo plc	—	−18,793	—	exited	−0.04 pp	—
OSBCADNorbord Inc	—	−58,841	—	exited	−0.03 pp	—
KBKB Financial Group Inc	—	−30,073	—	exited	−0.02 pp	—
BBVABanco Bilbao Vizcaya Argentaria, S.A.	—	−112,494	—	exited	−0.01 pp	—
BTIBritish American Tobacco p.l.c.	—	−11,598	—	exited	−0.01 pp	—
MGAMagna International	—	−7,109	—	exited	−0.01 pp	—
PMPhilip Morris International Inc.	—	−5,446	—	exited	−0.01 pp	—
VOXXVOXX International Corporation Class A	—	−42,617	—	exited	−0.01 pp	—
WTWWillis Towers Watson Public Limited Company	—	−11,100	—	exited	−0.01 pp	—
unresolvedChina Cord Blood Corp	—	−39,542	—	exited	−0.01 pp	—
ARCARC Document Solutions, Inc.	—	−26,532	—	exited	0.00 pp	—
ALSKAlaska Communications Systems	—	−67,331	—	exited	0.00 pp	—
unresolvedAtwood Oceanics Inc	—	−12,283	—	exited	0.00 pp	—
unresolvedAvid Technology Inc	—	−23,793	—	exited	0.00 pp	—
AWREAware Inc	—	−22,443	—	exited	0.00 pp	—
unresolvedBravo Brio Restaurant Group	—	−30,339	—	exited	0.00 pp	—
unresolvedBridgepoint Ed Inc	—	−12,891	—	exited	0.00 pp	—
CTGComputer Task Group, Inc.	—	−26,736	—	exited	0.00 pp	—
CRD.BCrawford & Company Class B	—	−11,667	—	exited	0.00 pp	—
DXPEDXP Enterprises Inc	—	−8,079	—	exited	0.00 pp	—
MSNEmerson Radio Corp.	—	−16,000	—	exited	0.00 pp	—
FBPFirst BanCorp.	—	−19,506	—	exited	0.00 pp	—
GALTGalectin Therapeutics Inc.	—	−28,500	—	exited	0.00 pp	—
96666EURGold Resource Corp	—	−20,659	—	exited	0.00 pp	—
HNRGHallador Energy Company	—	−13,346	—	exited	0.00 pp	—
unresolvedHarte-hanks Inc.	—	−70,540	—	exited	0.00 pp	—
HOSHornbeck Offshore Services, Inc.	—	−15,958	—	exited	0.00 pp	—
unresolvedHovnanian Enterprises Inc	—	−56,630	—	exited	0.00 pp	—
unresolvedIconix Brand Group Inc	—	−13,378	—	exited	0.00 pp	—
IPIIntrepid Potash, Inc	—	−30,500	—	exited	0.00 pp	—
LTBRLightbridge Corp.	—	−14,000	—	exited	0.00 pp	—
MGICMagic Software Enterprises Ltd	—	−18,210	—	exited	0.00 pp	—
unresolvedManitowoc Inc	—	−10,300	—	exited	0.00 pp	—
MNManning & Napier, Inc.	—	−17,505	—	exited	0.00 pp	—
LSAKLesaka Technologies, Inc.	—	−17,862	—	exited	0.00 pp	—
NOGNorthern Oil and Gas, Inc.	—	−36,921	—	exited	0.00 pp	—
OFGOfg Bancorp	—	−10,521	—	exited	0.00 pp	—
unresolvedPeregrine Pharmaceuticals In	—	−89,100	—	exited	0.00 pp	—
COOLPolarityte Inc	—	−10,500	—	exited	0.00 pp	—
POTPotash Corp Of Saskatchewan	—	−18,081	—	exited	0.00 pp	—
QUIKQuickLogic Corp	—	−53,700	—	exited	0.00 pp	—
unresolvedRoadrunner Trnsn Svcs Hldg I	—	−18,833	—	exited	0.00 pp	—
unresolvedSequential Brnds Group Inc N	—	−31,795	—	exited	0.00 pp	—
TGLLTransglobe Energy Corp	—	−140,598	—	exited	0.00 pp	—
TATravelCenters of America LLC	—	−17,813	—	exited	0.00 pp	—
TZOOTravelzoo	—	−14,637	—	exited	0.00 pp	—
unresolvedUrban One Inc	—	−41,948	—	exited	0.00 pp	—
EGYVaalco Energy, Inc.	—	−29,500	—	exited	0.00 pp	—
WTIW&T Offshore, Inc.	—	−20,200	—	exited	0.00 pp	—
WSTLWestell Techs Inc A New	—	−10,650	—	exited	0.00 pp	—
unresolvedWestport Innovations Inc US	—	−28,600	—	exited	0.00 pp	—
WITWipro Limited	—	−27,004	—	exited	0.00 pp	—
ZAGGZAGG Inc (Delaware)	—	−19,621	—	exited	0.00 pp	—
CWCOConsolidated Water Co Inc	—	−10,623	—	exited	0.00 pp	—
unresolvedLiniu Technology Group	—	−119,800	—	exited	0.00 pp	—
unresolvedOcean Rig Udw Inc	—	−109,565	—	exited	0.00 pp	—
unresolvedMagicjack Vocaltec Ltd	—	−16,263	—	exited	0.00 pp	—
unresolvedPerion Network Ltd	—	−56,351	—	exited	0.00 pp	—
ANWAegean Marine Petroleum Netw	—	−13,339	—	exited	0.00 pp	—
CMRECostamare Inc.	—	−26,033	—	exited	0.00 pp	—