Brandes

Q4 2017 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2017
Filed: Feb 12, 2018
US stock: $4.9B · prev $4.9B
Positions: 161 · prev 129
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%

Moves172 since the prior filing

+7.2 pp in · −7.3 pp out

New 45 +3.18 pp
Added 38 +4.06 pp
Trimmed 76 −2.08 pp
Exited 13 −5.21 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions24% of US stock

Positions161 in this filing · 13 exited


EMBJEmbraer S.A.	8.75%	18,089,729	$433M	added+3%	+0.69 pp	15 q
CXCemex S.A.B. de C.V.	6.00%	39,565,905	$297M	added+32%	+0.48 pp	15 q
CCitigroup Inc.	3.60%	2,393,425	$178M	trimmed−5%	−0.11 pp	15 q
PFEPfizer Inc.	2.71%	3,707,279	$134M	trimmed−3%	−0.06 pp	15 q
YPFYPF Sociedad Anonima	2.70%	5,839,600	$134M	added+13%	+0.35 pp	3 q
unresolvedExpress Scripts Hldg Co	2.59%	1,718,420	$128M	added+3%	+0.43 pp	15 q
WFCWells Fargo & Co.	2.53%	2,065,542	$125M	trimmed−2%	+0.17 pp	15 q
BACBank of America Corporation	2.45%	4,110,212	$121M	trimmed−18%	−0.12 pp	15 q
VIVTelefonica Brasil, S.A.	2.38%	7,954,253	$118M	trimmed−7%	−0.37 pp	15 q
BNYBank of New York Mellon Corporation	2.36%	2,171,411	$117M	trimmed−3%	−0.04 pp	15 q
MCKMcKesson Corporation	2.30%	730,069	$114M	trimmed−0%	+0.02 pp	8 q
SNYSanofi	1.94%	2,227,704	$96M	added+1%	−0.29 pp	15 q
EMREmerson Electric Co.	1.87%	1,331,236	$93M	trimmed−4%	+0.11 pp	10 q
MRKMerck & Co., Inc.	1.87%	1,641,916	$92M	added+3%	−0.21 pp	15 q
BPBP p.l.c.	1.79%	2,110,433	$89M	trimmed−6%	+0.07 pp	15 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.73%	8,697,493	$85M	trimmed−2%	−0.01 pp	15 q
EENI S.p.A.	1.65%	2,455,287	$81M	trimmed−4%	−0.06 pp	15 q
MSFTMicrosoft Corp	1.63%	942,973	$81M	trimmed−9%	+0.05 pp	15 q
PNCPNC Financial Services Group	1.63%	559,339	$81M	trimmed−5%	+0.01 pp	15 q
unresolvedGlaxosmithkline PLC	1.62%	2,262,946	$80M	added+6%	−0.14 pp	15 q
HMCHonda Motor Co., Ltd.	1.62%	2,352,896	$80M	trimmed−7%	+0.10 pp	15 q
STTState Street Corporation	1.62%	821,107	$80M	trimmed−3%	−0.02 pp	15 q
CAHCardinal Health, Inc.	1.55%	1,252,911	$77M	added+79%	+0.60 pp	3 q
UBSUBS Group AG	1.55%	4,167,469	$77M	trimmed−3%	+0.06 pp	13 q
unresolvedCredit Suisse Group Spon ADR	1.54%	4,266,806	$76M	trimmed−4%	+0.11 pp	12 q
unresolvedLeucadia National	1.50%	2,803,005	$74M	trimmed−3%	+0.02 pp	11 q
AIGAmerican International Group, Inc.	1.49%	1,239,144	$74M	trimmed−1%	−0.07 pp	14 q
AVALGrupo Aval Acciones Y Valores S.a.	1.36%	7,928,371	$67M	trimmed−0%	−0.09 pp	14 q
CHLChina Mobile Limited	1.30%	1,274,695	$64M	trimmed−0%	−0.02 pp	15 q
HCAHCA Healthcare, Inc.	1.20%	675,835	$59M	trimmed−2%	+0.09 pp	3 q
BGGBriggs & Stratton Corp.	1.14%	2,221,027	$56M	trimmed−12%	−0.06 pp	15 q
WPPWpp PLC	1.04%	566,477	$51M	added+20%	+0.15 pp	2 q
NOKNokia Corporation	0.97%	10,247,013	$48M	added+39%	+0.07 pp	7 q
TIIAYTelecom Italia S/	0.94%	5,406,354	$47M	added+3%	−0.06 pp	15 q
MBTMobile TeleSystems Public Joint Stock Company	0.93%	4,514,050	$46M	added+1%	−0.02 pp	15 q
PEPPepsiCo, Inc.	0.92%	379,000	$45M	trimmed−2%	+0.04 pp	15 q
9990302DApache Corp	0.89%	1,045,120	$44M	trimmed−4%	−0.12 pp	15 q
ENICEnel Chile S.A.	0.89%	7,780,041	$44M	trimmed−1%	−0.07 pp	7 q
ERICEricsson	0.89%	6,564,858	$44M	trimmed−9%	+0.04 pp	15 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.80%	5,424,564	$39M	trimmed−3%	+0.07 pp	15 q
HSBCHSBC Holdings PLC	0.78%	743,033	$38M	trimmed−4%	0.00 pp	15 q
BCSBarclays PLC	0.77%	3,498,514	$38M	trimmed−0%	+0.03 pp	15 q
CLSCelestica, Inc.	0.77%	3,648,707	$38M	new	+0.77 pp	new
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.76%	1,589,286	$37M	trimmed−0%	0.00 pp	12 q
unresolvedAegon NV	0.75%	5,856,544	$37M	trimmed−27%	−0.20 pp	15 q
WKCWorld Kinect Corporation	0.74%	1,302,881	$37M	added×4.0	+0.51 pp	4 q
JOESt. Joe Company	0.72%	1,974,759	$36M	added+8%	+0.02 pp	15 q
ORANYOrange SP/	0.71%	2,018,246	$35M	trimmed−1%	+0.03 pp	15 q
PKXPOSCO Holdings Inc.	0.69%	437,255	$34M	trimmed−4%	+0.05 pp	15 q
CVXChevron Corporation	0.65%	257,591	$32M	trimmed−13%	−0.06 pp	15 q
SHGShinhan Financial Group Co Ltd	0.59%	625,450	$29M	trimmed−3%	+0.01 pp	15 q
unresolvedAvadel Pharmaceuticals PLC	0.55%	3,308,250	$27M	new	+0.55 pp	new
ACHAccendra Health, Inc.	0.55%	1,451,863	$27M	added×7.3	+0.43 pp	5 q
MDCM.D.C. Holdings, Inc.	0.54%	835,229	$27M	trimmed−30%	−0.21 pp	15 q
unresolvedTelecom Italia S P A New	0.51%	3,520,867	$25M	added+30%	+0.10 pp	11 q
EPCEdgewell Personal Care Company	0.50%	415,103	$25M	new	+0.50 pp	new
TTENTotalenergies SE -spon ADR	0.47%	417,224	$23M	trimmed−2%	+0.01 pp	13 q
CYDChina Yuchai International Ltd.	0.46%	948,550	$23M	trimmed−20%	−0.08 pp	15 q
UPBDUpbound Group, Inc.	0.45%	1,993,468	$22M	added+10%	+0.03 pp	15 q
INFYInfosys Limited	0.43%	1,315,147	$21M	added×2.4	+0.27 pp	4 q
AGROAdecoagro S.a.	0.42%	2,028,604	$21M	added+26%	+0.07 pp	15 q
TMHCTaylor Morrison Home Corporation	0.38%	765,527	$19M	new	+0.38 pp	new
AVTAvnet, Inc.	0.37%	458,139	$18M	added+15%	+0.05 pp	13 q
JPMJPMorgan Chase & Co.	0.37%	172,785	$18M	trimmed−4%	+0.02 pp	15 q
AMXNAmerica Movil-spn ADR Cl L	0.36%	1,025,624	$18M	trimmed−31%	−0.18 pp	15 q
FCNFTI Consulting, Inc.	0.34%	390,249	$17M	trimmed−4%	+0.05 pp	10 q
TMToyota Motor Corporation	0.34%	132,873	$17M	trimmed−3%	+0.01 pp	15 q
CCJCameco Corporation	0.31%	1,668,401	$15M	trimmed−31%	−0.16 pp	5 q
RGPResources Connection	0.28%	889,448	$14M	added×2.3	+0.17 pp	14 q
BBTTruist Financial Corporation	0.26%	256,049	$13M	trimmed−6%	0.00 pp	15 q
BZHBeazer Homes USA, Inc. New	0.24%	606,300	$12M	trimmed−55%	−0.28 pp	15 q
CHKChesapeake Energy Corp	0.24%	2,946,332	$12M	trimmed−42%	−0.20 pp	15 q
OMCOmnicom Group Inc.	0.24%	161,872	$12M	added+77%	+0.10 pp	2 q
DOXAmdocs Limited	0.23%	170,085	$11M	trimmed−2%	0.00 pp	15 q
ORIOld Republic International Corporation	0.21%	475,306	$10M	added+8%	+0.03 pp	15 q
unresolvedCompanhia Paranaense Energ C	0.20%	1,266,828	$10M	added+1%	−0.03 pp	15 q
99803EURLaboratory Crp Of Amer Hldgs	0.20%	62,400	$10M	trimmed−8%	−0.01 pp	5 q
CTSHCognizant Technology Solutions	0.18%	128,045	$9M	trimmed−6%	−0.02 pp	6 q
GOOGAlphabet Inc. Class C	0.17%	7,900	$8M	trimmed−9%	0.00 pp	4 q
ORCLOracle Corp	0.17%	178,736	$8M	trimmed−6%	−0.02 pp	15 q
BPOPPopular Inc	0.17%	233,079	$8M	new	+0.17 pp	new
CALMCal-Maine Foods Inc	0.16%	182,522	$8M	trimmed−27%	−0.05 pp	3 q
JNJJohnson & Johnson	0.16%	55,046	$8M	trimmed−6%	+0.01 pp	10 q
TAROTaro Pharmaceutical Indus	0.15%	71,163	$7M	added×3.3	+0.10 pp	2 q
UHALU-Haul Holding Company	0.14%	18,692	$7M	trimmed−6%	−0.01 pp	3 q
unresolvedTwenty First Centy Fox Inc	0.13%	190,807	$7M	trimmed−2%	+0.03 pp	7 q
TEOTelecom Argentina S.A.	0.12%	168,242	$6M	new	+0.12 pp	new
AAPAdvance Auto Parts Inc	0.10%	51,144	$5M	added+5%	0.00 pp	2 q
AMGNAmgen Inc	0.10%	27,438	$5M	trimmed−6%	−0.01 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.10%	131,161	$5M	trimmed−37%	−0.04 pp	15 q
GILDGilead Sciences Inc	0.10%	65,796	$5M	trimmed−6%	−0.02 pp	4 q
LLoews Corporation	0.10%	98,398	$5M	trimmed−5%	0.00 pp	11 q
CVSCvs Health Corporation	0.09%	60,383	$4M	added+1%	−0.01 pp	4 q
CMCSAComcast Corp	0.09%	116,178	$5M	new	+0.09 pp	new
ORNOrion Group Holdings, Inc	0.09%	555,252	$4M	added+31%	+0.03 pp	15 q
PGProcter & Gamble Company	0.09%	48,486	$4M	trimmed−6%	−0.01 pp	15 q
FNFabrinet	0.09%	146,858	$4M	new	+0.09 pp	new
Chesapeake Energy Corpconvertible	0.08%	79,597	$4M	trimmed−14%	−0.02 pp	5 q
FHIFederated Hermes, Inc.	0.08%	104,627	$4M	trimmed−39%	−0.02 pp	5 q
IVCInvacare Corporation	0.08%	225,773	$4M	trimmed−82%	−0.33 pp	13 q
MOVMovado Group, Inc.	0.08%	128,015	$4M	trimmed−10%	0.00 pp	4 q
NTGRNETGEAR, Inc.	0.08%	69,966	$4M	added+27%	+0.03 pp	3 q
BBDBanco Bradesco S.A.	0.07%	331,680	$3M	trimmed−7%	−0.01 pp	10 q
HWCCHouston Wire & Cable Co	0.07%	485,911	$3M	added+36%	+0.03 pp	15 q
EEMiShares MSCI Emerging Markets ETF	0.07%	75,333	$4M	new	+0.07 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.07%	66,867	$3M	new	+0.07 pp	new
TRKSpeedway Motorsports LLC	0.07%	172,939	$3M	trimmed−6%	−0.01 pp	10 q
unresolvedCss Inds Inc	0.06%	108,543	$3M	added+19%	+0.01 pp	4 q
DGIIDigi International Inc	0.06%	328,035	$3M	added+30%	+0.01 pp	3 q
EVTCEvertec, Inc.	0.06%	222,986	$3M	new	+0.06 pp	new
ISCAInternational Speedway Corp	0.06%	76,197	$3M	added+31%	+0.02 pp	15 q
MSTRStrategy Inc Class A	0.06%	21,700	$3M	new	+0.06 pp	new
NWLINational Western Life Group, Inc. Class A	0.06%	8,996	$3M	trimmed−18%	−0.02 pp	9 q
PDLIPDL BioPharma, Inc.	0.06%	1,100,518	$3M	trimmed−1%	−0.02 pp	4 q
PC6APetrochina Co Ltd -adr	0.06%	43,694	$3M	trimmed−6%	0.00 pp	15 q
ARWArrow Electronics, Inc.	0.05%	28,292	$2M	added+44%	+0.02 pp	8 q
FITBFifth Third Bancorp	0.05%	89,338	$3M	trimmed−44%	−0.04 pp	15 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	89,364	$2M	new	+0.04 pp	new
PDCOPatterson Companies, Inc.	0.04%	60,949	$2M	new	+0.04 pp	new
SCHLScholastic Corp	0.04%	43,702	$2M	new	+0.04 pp	new
SENEASeneca Foods Corp	0.04%	61,092	$2M	added+15%	0.00 pp	3 q
GTSTriple-s Management Corp	0.04%	79,061	$2M	trimmed−21%	−0.01 pp	4 q
UTHRUnited Therapeutics Corp	0.04%	13,713	$2M	new	+0.04 pp	new
WHRWhirlpool Corp.	0.04%	11,576	$2M	new	+0.04 pp	new
ALEXAlexander & Baldwin, Inc.	0.03%	51,405	$1M	trimmed−3%	−0.02 pp	15 q
NKSHNational Bankshares Inc/VA	0.03%	34,291	$2M	added+16%	0.00 pp	4 q
NRIMNorthrim BanCorp Inc	0.03%	43,604	$1M	trimmed−17%	−0.01 pp	4 q
TBNKTerritorial Bancorp Inc.	0.03%	47,218	$1M	added+76%	+0.01 pp	15 q
unresolvedTwenty First Centy Fox Inc	0.03%	47,256	$2M	trimmed−20%	0.00 pp	6 q
VTYVerint Systems Inc	0.03%	37,674	$2M	trimmed−6%	0.00 pp	15 q
AVPAvon Products, Inc.	0.02%	353,984	$761,000	added+43%	+0.01 pp	15 q
GWXState Street SPDR S&P International Small Cap ETF	0.02%	33,913	$1M	new	+0.02 pp	new
GTEGran Tierra Energy Inc.	0.01%	151,959	$410,000	held	—	9 q
ACWIiShares MSCI ACWI ETF	0.01%	8,875	$640,000	new	+0.01 pp	new
LBBath & Body Works, Inc.	0.01%	9,040	$544,000	new	+0.01 pp	new
MDPediatrix Medical Group, Inc.	0.01%	6,062	$324,000	new	+0.01 pp	new
unresolvedAeterna Zentaris Inc	0.00%	34,000	$80,000	new	0.00 pp	new
AMSCAmerican Superconductor Corp	0.00%	12,500	$45,000	new	0.00 pp	new
unresolvedAmpio Pharmaceuticals Inc	0.00%	50,000	$204,000	new	0.00 pp	new
unresolvedApricus Biosciences Inc	0.00%	35,000	$64,000	new	0.00 pp	new
unresolvedAptose Biosciences Inc	0.00%	42,400	$95,000	new	0.00 pp	new
CGIPCeladon Group Inc	0.00%	13,000	$83,000	new	0.00 pp	new
unresolvedCormedix Inc	0.00%	85,000	$43,000	new	0.00 pp	new
DESTDestination Maternity Corporation	0.00%	19,000	$56,000	new	0.00 pp	new
unresolvedEnergy Focus Inc	0.00%	10,700	$26,000	new	0.00 pp	new
ENPHEnphase Energy, Inc.	0.00%	46,000	$111,000	new	0.00 pp	new
unresolvedFuelcell Energy Inc	0.00%	41,500	$71,000	new	0.00 pp	new
HOSHornbeck Offshore Services, Inc.	0.00%	26,000	$81,000	new	0.00 pp	new
INFIQInfinity Pharms Inc	0.00%	27,500	$56,000	new	0.00 pp	new
IMIIntermolecular Inc	0.00%	37,500	$51,000	new	0.00 pp	new
unresolvedInterpace Diagnostics Group	0.00%	91,000	$93,000	new	0.00 pp	new
QLTNovelion Therapeutics Inc	0.00%	34,828	$109,000	held	—	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	856	$228,000	new	0.00 pp	new
unresolvedSenomyx	0.00%	35,000	$46,000	new	0.00 pp	new
unresolvedStreamline Health Solutions	0.00%	43,500	$74,000	new	0.00 pp	new
TUESTuesday Morning Corp	0.00%	18,500	$51,000	new	0.00 pp	new
unresolvedWestport Innovations Inc US	0.00%	28,600	$108,000	new	0.00 pp	new
WYYWidePoint Corporation	0.00%	55,600	$36,000	new	0.00 pp	new
LINUFLiniu Technology Grp Ord	0.00%	19,967	$41,000	new	0.00 pp	new
ESEAEuroseas Ltd.(Marshall Islands)	0.00%	20,000	$34,000	new	0.00 pp	new
unresolvedSeanergy Maritime Hldgs Corp	0.00%	60,000	$62,000	new	0.00 pp	new
WTWWillis Towers Watson Public Limited Company	—	−702,851	—	exited	−2.20 pp	—
WDCWestern Digital Corp.	—	−568,153	—	exited	−1.00 pp	—
unresolvedSyneron Medical Ltd	—	−2,901,971	—	exited	−0.65 pp	—
TXTernium S.A.	—	−634,456	—	exited	−0.40 pp	—
unresolvedNortel Inversora S A	—	−375,179	—	exited	−0.30 pp	—
AZNNAstrazeneca Plc-spons ADR	—	−241,197	—	exited	−0.17 pp	—
WMTWalmart Inc.	—	−98,423	—	exited	−0.16 pp	—
EXCExelon Corporation	—	−158,058	—	exited	−0.12 pp	—
UTMDUtah Medical Products Inc	—	−39,022	—	exited	−0.06 pp	—
KELYAKelly Services Inc	—	−97,369	—	exited	−0.05 pp	—
CFGCitizens Financial Group, Inc.	—	−46,576	—	exited	−0.04 pp	—
PLTPlantronics Inc	—	−28,424	—	exited	−0.03 pp	—
VREXVarex Imaging Corporation	—	−41,093	—	exited	−0.03 pp	—