Brandes

Q1 2018 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $4.7B · prev $4.9B
Positions: 138 · prev 161
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%

Moves166 since the prior filing

+3.8 pp in · −3.8 pp out

New 7 +0.18 pp
Added 27 +3.59 pp
Trimmed 102 −3.45 pp
Exited 30 −0.35 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions25% of US stock

EMBJ Embraer S.A. trimmed+0.67 pp trimmed+0.679.4%
CX Cemex S.A.B. de C.V. added+0.92 pp added+0.926.9%
C Citigroup Inc. trimmed−0.33 pp trimmed−0.333.3%
YPF YPF Sociedad Anonima added+0.28 pp added+0.283.0%
PFE Pfizer Inc. trimmed−0.06 pp trimmed−0.062.6%

Positions138 in this filing · 30 exited


EMBJEmbraer S.A.	9.42%	17,000,661	$441M	trimmed−6%	+0.67 pp	16 q
CXCemex S.A.B. de C.V.	6.92%	48,945,277	$324M	added+24%	+0.92 pp	16 q
CCitigroup Inc.	3.27%	2,266,400	$153M	trimmed−5%	−0.33 pp	16 q
YPFYPF Sociedad Anonima	2.98%	6,449,166	$139M	added+10%	+0.28 pp	4 q
PFEPfizer Inc.	2.65%	3,501,649	$124M	trimmed−6%	−0.06 pp	16 q
BACBank of America Corporation	2.44%	3,811,129	$114M	trimmed−7%	−0.01 pp	16 q
VIVTelefonica Brasil, S.A.	2.40%	7,310,269	$112M	trimmed−8%	+0.02 pp	16 q
SNYSanofi	2.32%	2,714,817	$109M	added+22%	+0.38 pp	16 q
BNYBank of New York Mellon Corporation	2.25%	2,048,175	$106M	trimmed−6%	−0.11 pp	16 q
WFCWells Fargo & Co.	2.21%	1,974,173	$103M	trimmed−4%	−0.32 pp	16 q
MCKMcKesson Corporation	2.18%	724,337	$102M	trimmed−1%	−0.12 pp	9 q
unresolvedExpress Scripts Hldg Co	2.10%	1,424,677	$98M	trimmed−17%	−0.49 pp	16 q
MRKMerck & Co., Inc.	2.06%	1,768,152	$96M	added+8%	+0.19 pp	16 q
unresolvedGlaxosmithkline PLC	1.99%	2,389,464	$93M	added+6%	+0.37 pp	16 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.94%	6,998,568	$91M	trimmed−20%	+0.21 pp	16 q
EMREmerson Electric Co.	1.80%	1,232,759	$84M	trimmed−7%	−0.07 pp	11 q
EENI S.p.A.	1.79%	2,375,472	$84M	trimmed−3%	+0.14 pp	16 q
BPBP p.l.c.	1.70%	1,967,620	$80M	trimmed−8%	−0.09 pp	16 q
MSFTMicrosoft Corp	1.69%	867,833	$79M	trimmed−8%	+0.06 pp	16 q
PNCPNC Financial Services Group	1.66%	514,334	$78M	trimmed−8%	+0.03 pp	16 q
STTState Street Corporation	1.64%	769,052	$77M	trimmed−6%	+0.02 pp	16 q
CAHCardinal Health, Inc.	1.61%	1,204,802	$76M	trimmed−4%	+0.06 pp	4 q
AIGAmerican International Group, Inc.	1.57%	1,354,096	$74M	added+9%	+0.08 pp	15 q
unresolvedCredit Suisse Group Spon ADR	1.46%	4,062,452	$68M	trimmed−5%	−0.08 pp	13 q
UBSUBS Group AG	1.43%	3,798,418	$67M	trimmed−9%	−0.12 pp	14 q
AVALGrupo Aval Acciones Y Valores S.a.	1.42%	8,022,072	$67M	added+1%	+0.06 pp	15 q
HMCHonda Motor Co., Ltd.	1.39%	1,873,643	$65M	trimmed−20%	−0.23 pp	16 q
CHLChina Mobile Limited	1.38%	1,413,261	$65M	added+11%	+0.08 pp	16 q
HCAHCA Healthcare, Inc.	1.34%	646,780	$63M	trimmed−4%	+0.14 pp	4 q
unresolvedLeucadia National	1.30%	2,677,474	$61M	trimmed−4%	−0.20 pp	12 q
NOKNokia Corporation	1.20%	10,300,569	$56M	added+1%	+0.23 pp	8 q
WPPWpp PLC	1.14%	668,561	$53M	added+18%	+0.10 pp	3 q
ENICEnel Chile S.A.	1.06%	7,769,542	$50M	trimmed−0%	+0.17 pp	8 q
CLSCelestica, Inc.	0.94%	4,266,798	$44M	added+17%	+0.17 pp	2 q
BGGBriggs & Stratton Corp.	0.92%	2,021,117	$43M	trimmed−9%	−0.22 pp	16 q
ERICEricsson	0.88%	6,421,090	$41M	trimmed−2%	−0.01 pp	16 q
BCSBarclays PLC	0.87%	3,443,957	$41M	trimmed−2%	+0.10 pp	16 q
TIIAYTelecom Italia S/	0.87%	4,236,788	$41M	trimmed−22%	−0.07 pp	16 q
unresolvedAegon NV	0.82%	5,681,959	$38M	trimmed−3%	+0.07 pp	16 q
9990302DApache Corp	0.82%	994,369	$38M	trimmed−5%	−0.07 pp	16 q
PEPPepsiCo, Inc.	0.82%	351,456	$38M	trimmed−7%	−0.10 pp	16 q
WKCWorld Kinect Corporation	0.80%	1,531,623	$38M	added+18%	+0.06 pp	5 q
unresolvedAvadel Pharmaceuticals PLC	0.75%	4,808,493	$35M	added+45%	+0.20 pp	2 q
JOESt. Joe Company	0.75%	1,866,841	$35M	trimmed−5%	+0.03 pp	16 q
MBTMobile TeleSystems Public Joint Stock Company	0.73%	3,007,297	$34M	trimmed−33%	−0.20 pp	16 q
ORANYOrange SP/	0.73%	2,008,178	$34M	trimmed−1%	+0.02 pp	16 q
EPCEdgewell Personal Care Company	0.70%	672,428	$33M	added+62%	+0.20 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.70%	4,928,930	$33M	trimmed−9%	−0.10 pp	16 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.69%	1,589,601	$32M	added0%	−0.07 pp	13 q
unresolvedTelecom Italia S P A New	0.59%	3,338,574	$28M	trimmed−5%	+0.08 pp	12 q
SHGShinhan Financial Group Co Ltd	0.56%	618,774	$26M	trimmed−1%	−0.03 pp	16 q
CVXChevron Corporation	0.55%	224,794	$26M	trimmed−13%	−0.10 pp	16 q
ACHAccendra Health, Inc.	0.55%	1,665,984	$26M	added+15%	0.00 pp	6 q
HSBCHSBC Holdings PLC	0.54%	527,036	$25M	trimmed−31%	−0.24 pp	16 q
PKXPOSCO Holdings Inc.	0.48%	286,745	$23M	trimmed−34%	−0.21 pp	16 q
AGROAdecoagro S.a.	0.48%	2,984,887	$22M	added+47%	+0.06 pp	16 q
TTENTotalenergies SE -spon ADR	0.46%	372,141	$21M	trimmed−11%	−0.01 pp	14 q
CYDChina Yuchai International Ltd.	0.43%	854,357	$20M	trimmed−10%	−0.03 pp	16 q
MDCM.D.C. Holdings, Inc.	0.42%	699,333	$20M	trimmed−16%	−0.12 pp	16 q
AMXNAmerica Movil-spn ADR Cl L	0.40%	984,455	$19M	trimmed−4%	+0.04 pp	16 q
CCJCameco Corporation	0.35%	1,828,004	$17M	added+10%	+0.04 pp	6 q
INFYInfosys Limited	0.34%	899,264	$16M	trimmed−32%	−0.09 pp	5 q
UPBDUpbound Group, Inc.	0.34%	1,865,343	$16M	trimmed−6%	−0.11 pp	16 q
AVTAvnet, Inc.	0.33%	424,967	$16M	trimmed−7%	−0.04 pp	14 q
TMToyota Motor Corporation	0.33%	117,930	$15M	trimmed−11%	−0.01 pp	16 q
TMHCTaylor Morrison Home Corporation	0.32%	643,763	$15M	trimmed−16%	−0.06 pp	2 q
BBTTruist Financial Corporation	0.27%	240,140	$12M	trimmed−6%	+0.01 pp	16 q
RGPResources Connection	0.25%	735,283	$12M	trimmed−17%	−0.03 pp	15 q
unresolvedCompanhia Paranaense Energ C	0.24%	1,428,205	$11M	added+13%	+0.04 pp	16 q
OMCOmnicom Group Inc.	0.24%	151,869	$11M	trimmed−6%	0.00 pp	3 q
DOXAmdocs Limited	0.23%	160,768	$11M	trimmed−5%	0.00 pp	16 q
FNFabrinet	0.22%	331,353	$10M	added×2.3	+0.13 pp	2 q
CTSHCognizant Technology Solutions	0.20%	117,605	$9M	trimmed−8%	+0.02 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.20%	57,585	$9M	trimmed−8%	0.00 pp	6 q
ORIOld Republic International Corporation	0.19%	417,322	$9M	trimmed−12%	−0.02 pp	16 q
GOOGAlphabet Inc. Class C	0.18%	8,325	$9M	added+5%	+0.01 pp	5 q
CHKChesapeake Energy Corp	0.18%	2,777,245	$8M	trimmed−6%	−0.06 pp	16 q
ORCLOracle Corp	0.16%	166,976	$8M	trimmed−7%	−0.01 pp	16 q
BPOPPopular Inc	0.16%	182,958	$8M	trimmed−22%	−0.01 pp	2 q
UHALU-Haul Holding Company	0.15%	20,160	$7M	added+8%	+0.01 pp	4 q
JPMJPMorgan Chase & Co.	0.15%	64,122	$7M	trimmed−63%	−0.22 pp	16 q
BZHBeazer Homes USA, Inc. New	0.14%	396,917	$6M	trimmed−35%	−0.10 pp	16 q
CALMCal-Maine Foods Inc	0.14%	148,484	$6M	trimmed−19%	−0.02 pp	4 q
FCNFTI Consulting, Inc.	0.14%	140,299	$7M	trimmed−64%	−0.20 pp	11 q
JNJJohnson & Johnson	0.14%	51,706	$7M	trimmed−6%	−0.02 pp	11 q
unresolvedTwenty First Centy Fox Inc	0.14%	175,725	$6M	trimmed−8%	+0.01 pp	8 q
CMCSAComcast Corp	0.13%	172,295	$6M	added+48%	+0.04 pp	2 q
TAROTaro Pharmaceutical Indus	0.13%	60,054	$6M	trimmed−16%	−0.02 pp	3 q
AAPAdvance Auto Parts Inc	0.12%	47,989	$6M	trimmed−6%	+0.02 pp	3 q
GILDGilead Sciences Inc	0.10%	61,073	$5M	trimmed−7%	0.00 pp	5 q
AMGNAmgen Inc	0.09%	25,857	$4M	trimmed−6%	−0.01 pp	4 q
LLoews Corporation	0.09%	89,181	$4M	trimmed−9%	−0.01 pp	12 q
CVSCvs Health Corporation	0.08%	60,137	$4M	trimmed−0%	−0.01 pp	5 q
Chesapeake Energy Corpconvertible	0.08%	78,743	$4M	trimmed−1%	0.00 pp	6 q
NTGRNETGEAR, Inc.	0.08%	65,066	$4M	trimmed−7%	0.00 pp	4 q
PGProcter & Gamble Company	0.08%	49,997	$4M	added+3%	−0.01 pp	16 q
unresolvedCrh PLC	0.06%	87,949	$3M	new	+0.06 pp	new
MSTRStrategy Inc Class A	0.06%	20,509	$3M	trimmed−5%	0.00 pp	2 q
PC6APetrochina Co Ltd -adr	0.06%	42,934	$3M	trimmed−2%	0.00 pp	16 q
UTHRUnited Therapeutics Corp	0.06%	26,930	$3M	added+96%	+0.02 pp	2 q
DGIIDigi International Inc	0.05%	219,372	$2M	trimmed−33%	−0.01 pp	4 q
EVTCEvertec, Inc.	0.05%	149,751	$2M	trimmed−33%	−0.01 pp	2 q
FITBFifth Third Bancorp	0.05%	78,980	$3M	trimmed−12%	0.00 pp	16 q
HWCCHouston Wire & Cable Co	0.05%	322,798	$2M	trimmed−34%	−0.02 pp	16 q
ORNOrion Group Holdings, Inc	0.05%	370,338	$2M	trimmed−33%	−0.04 pp	16 q
PDLIPDL BioPharma, Inc.	0.05%	820,741	$2M	trimmed−25%	−0.01 pp	5 q
unresolvedCss Inds Inc	0.04%	105,215	$2M	trimmed−3%	−0.02 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.04%	47,256	$2M	trimmed−64%	−0.06 pp	16 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	86,276	$2M	trimmed−3%	0.00 pp	2 q
IVCInvacare Corporation	0.04%	94,811	$2M	trimmed−58%	−0.04 pp	14 q
NWLINational Western Life Group, Inc. Class A	0.04%	6,693	$2M	trimmed−26%	−0.02 pp	10 q
OPKOpko Health Inc.	0.04%	664,840	$2M	new	+0.04 pp	new
unresolvedTwenty First Centy Fox Inc	0.04%	46,840	$2M	trimmed−1%	+0.01 pp	7 q
WHRWhirlpool Corp.	0.04%	11,481	$2M	trimmed−1%	0.00 pp	2 q
ALEXAlexander & Baldwin, Inc.	0.03%	55,416	$1M	added+8%	0.00 pp	16 q
ARWArrow Electronics, Inc.	0.03%	19,252	$1M	trimmed−32%	−0.02 pp	9 q
EGRXEagle Pharms Inc	0.03%	25,219	$1M	new	+0.03 pp	new
SCHLScholastic Corp	0.03%	33,978	$1M	trimmed−22%	−0.01 pp	2 q
SENEASeneca Foods Corp	0.03%	45,462	$1M	trimmed−26%	−0.01 pp	4 q
TRKSpeedway Motorsports LLC	0.03%	70,833	$1M	trimmed−59%	−0.04 pp	11 q
GTSTriple-s Management Corp	0.03%	61,739	$2M	trimmed−22%	−0.01 pp	5 q
AMAGAMAG Pharmaceuticals, Inc.	0.02%	50,424	$1M	new	+0.02 pp	new
ANATAmerican National Insurance	0.02%	8,955	$1M	new	+0.02 pp	new
FHIFederated Hermes, Inc.	0.02%	25,250	$843,000	trimmed−76%	−0.06 pp	6 q
NKSHNational Bankshares Inc/VA	0.02%	23,723	$1M	trimmed−31%	−0.01 pp	5 q
NRIMNorthrim BanCorp Inc	0.02%	30,426	$1M	trimmed−30%	−0.01 pp	5 q
PDCOPatterson Companies, Inc.	0.02%	51,448	$1M	trimmed−16%	−0.02 pp	2 q
TBNKTerritorial Bancorp Inc.	0.02%	32,159	$954,000	trimmed−32%	−0.01 pp	16 q
VTYVerint Systems Inc	0.02%	26,493	$1M	trimmed−30%	−0.01 pp	16 q
ACNBACNB Corp	0.01%	16,862	$493,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.01%	236,633	$672,000	trimmed−33%	−0.01 pp	16 q
GTEGran Tierra Energy Inc.	0.01%	151,959	$424,000	held	—	10 q
LBBath & Body Works, Inc.	0.01%	15,476	$591,000	added+71%	0.00 pp	2 q
MDPediatrix Medical Group, Inc.	0.01%	5,621	$313,000	trimmed−7%	0.00 pp	2 q
MOVMovado Group, Inc.	0.01%	16,225	$623,000	trimmed−87%	−0.07 pp	5 q
BBDBanco Bradesco S.A.	0.00%	14,084	$167,000	trimmed−96%	−0.07 pp	11 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.00%	15,284	$121,000	new	0.00 pp	new
QLTNovelion Therapeutics Inc	0.00%	34,828	$122,000	held	—	6 q
TEOTelecom Argentina S.A.	—	−168,242	—	exited	−0.12 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−75,333	—	exited	−0.07 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−66,867	—	exited	−0.07 pp	—
ISCAInternational Speedway Corp	—	−76,197	—	exited	−0.06 pp	—
GWXState Street SPDR S&P International Small Cap ETF	—	−33,913	—	exited	−0.02 pp	—
ACWIiShares MSCI ACWI ETF	—	−8,875	—	exited	−0.01 pp	—
unresolvedAeterna Zentaris Inc	—	−34,000	—	exited	0.00 pp	—
AMSCAmerican Superconductor Corp	—	−12,500	—	exited	0.00 pp	—
unresolvedAmpio Pharmaceuticals Inc	—	−50,000	—	exited	0.00 pp	—
unresolvedApricus Biosciences Inc	—	−35,000	—	exited	0.00 pp	—
unresolvedAptose Biosciences Inc	—	−42,400	—	exited	0.00 pp	—
CGIPCeladon Group Inc	—	−13,000	—	exited	0.00 pp	—
unresolvedCormedix Inc	—	−85,000	—	exited	0.00 pp	—
DESTDestination Maternity Corporation	—	−19,000	—	exited	0.00 pp	—
unresolvedEnergy Focus Inc	—	−10,700	—	exited	0.00 pp	—
ENPHEnphase Energy, Inc.	—	−46,000	—	exited	0.00 pp	—
unresolvedFuelcell Energy Inc	—	−41,500	—	exited	0.00 pp	—
HOSHornbeck Offshore Services, Inc.	—	−26,000	—	exited	0.00 pp	—
INFIQInfinity Pharms Inc	—	−27,500	—	exited	0.00 pp	—
IMIIntermolecular Inc	—	−37,500	—	exited	0.00 pp	—
unresolvedInterpace Diagnostics Group	—	−91,000	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−856	—	exited	0.00 pp	—
unresolvedSenomyx	—	−35,000	—	exited	0.00 pp	—
unresolvedStreamline Health Solutions	—	−43,500	—	exited	0.00 pp	—
TUESTuesday Morning Corp	—	−18,500	—	exited	0.00 pp	—
unresolvedWestport Innovations Inc US	—	−28,600	—	exited	0.00 pp	—
WYYWidePoint Corporation	—	−55,600	—	exited	0.00 pp	—
LINUFLiniu Technology Grp Ord	—	−19,967	—	exited	0.00 pp	—
ESEAEuroseas Ltd.(Marshall Islands)	—	−20,000	—	exited	0.00 pp	—
unresolvedSeanergy Maritime Hldgs Corp	—	−60,000	—	exited	0.00 pp	—