Brandes

Q2 2018 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2018
Filed: Aug 10, 2018
US stock: $4.4B · prev $4.7B
Positions: 138 · prev 138
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%

Moves144 since the prior filing

+4.9 pp in · −4.8 pp out

New 8 +1.58 pp
Added 33 +3.34 pp
Trimmed 95 −3.33 pp
Exited 8 −1.52 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions26% of US stock

EMBJ Embraer S.A. trimmed−0.24 pp trimmed−0.249.2%
CX Cemex S.A.B. de C.V. added+1.04 pp added+1.048.0%
C Citigroup Inc. trimmed+0.09 pp trimmed+0.093.4%
PFE Pfizer Inc. trimmed+0.15 pp trimmed+0.152.8%
SNY Sanofi added+0.25 pp added+0.252.6%

Positions138 in this filing · 8 exited


EMBJEmbraer S.A.	9.18%	16,141,413	$407M	trimmed−5%	−0.24 pp	17 q
CXCemex S.A.B. de C.V.	7.96%	53,750,845	$353M	added+10%	+1.04 pp	17 q
CCitigroup Inc.	3.36%	2,227,586	$149M	trimmed−2%	+0.09 pp	17 q
PFEPfizer Inc.	2.80%	3,423,062	$124M	trimmed−2%	+0.15 pp	17 q
SNYSanofi	2.57%	2,851,133	$114M	added+5%	+0.25 pp	17 q
WFCWells Fargo & Co.	2.57%	2,058,431	$114M	added+4%	+0.36 pp	17 q
unresolvedExpress Scripts Hldg Co	2.43%	1,394,914	$108M	trimmed−2%	+0.33 pp	17 q
BNYBank of New York Mellon Corporation	2.41%	1,984,023	$107M	trimmed−3%	+0.16 pp	17 q
MRKMerck & Co., Inc.	2.38%	1,738,819	$106M	trimmed−2%	+0.32 pp	17 q
BACBank of America Corporation	2.31%	3,636,641	$103M	trimmed−5%	−0.13 pp	17 q
YPFYPF Sociedad Anonima	2.24%	7,312,564	$99M	added+13%	−0.74 pp	5 q
MCKMcKesson Corporation	2.19%	727,626	$97M	added0%	+0.01 pp	10 q
CAHCardinal Health, Inc.	2.17%	1,968,288	$96M	added+63%	+0.56 pp	5 q
unresolvedGlaxosmithkline PLC	2.13%	2,344,725	$95M	trimmed−2%	+0.14 pp	17 q
VIVTelefonica Brasil, S.A.	1.94%	7,237,947	$86M	trimmed−1%	−0.46 pp	17 q
EMREmerson Electric Co.	1.80%	1,152,896	$80M	trimmed−6%	0.00 pp	12 q
EENI S.p.A.	1.72%	2,058,961	$76M	trimmed−13%	−0.07 pp	17 q
AIGAmerican International Group, Inc.	1.71%	1,428,292	$76M	added+5%	+0.14 pp	16 q
STTState Street Corporation	1.56%	742,602	$69M	trimmed−3%	−0.08 pp	17 q
AVALGrupo Aval Acciones Y Valores S.a.	1.47%	7,848,515	$65M	trimmed−2%	+0.05 pp	16 q
PNCPNC Financial Services Group	1.45%	476,449	$64M	trimmed−7%	−0.21 pp	17 q
WPPWpp PLC	1.42%	800,581	$63M	added+20%	+0.28 pp	4 q
UBSUBS Group AG	1.42%	4,101,567	$63M	added+8%	−0.01 pp	15 q
HCAHCA Healthcare, Inc.	1.40%	604,320	$62M	trimmed−7%	+0.06 pp	5 q
BPBP p.l.c.	1.39%	1,347,836	$62M	trimmed−32%	−0.31 pp	17 q
CHLChina Mobile Limited	1.39%	1,385,319	$61M	trimmed−2%	+0.01 pp	17 q
JEFJefferies Financial Group Inc.	1.35%	2,642,753	$60M	new	+1.35 pp	new
unresolvedCredit Suisse Group Spon ADR	1.33%	3,980,007	$59M	trimmed−2%	−0.13 pp	14 q
MSFTMicrosoft Corp	1.31%	587,503	$58M	trimmed−32%	−0.38 pp	17 q
NOKNokia Corporation	1.30%	10,026,898	$58M	trimmed−3%	+0.10 pp	9 q
HMCHonda Motor Co., Ltd.	1.21%	1,829,538	$54M	trimmed−2%	−0.18 pp	17 q
CLSCelestica, Inc.	1.11%	4,013,059	$49M	trimmed−6%	+0.17 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.08%	5,397,664	$48M	trimmed−23%	−0.86 pp	17 q
9990302DApache Corp	1.03%	976,066	$46M	trimmed−2%	+0.21 pp	17 q
BGGBriggs & Stratton Corp.	1.00%	2,529,341	$45M	added+25%	+0.08 pp	17 q
EPCEdgewell Personal Care Company	0.99%	874,314	$44M	added+30%	+0.29 pp	3 q
ERICEricsson	0.88%	5,084,324	$39M	trimmed−21%	0.00 pp	17 q
PEPPepsiCo, Inc.	0.85%	347,387	$38M	trimmed−1%	+0.03 pp	17 q
TIIAYTelecom Italia S/	0.79%	4,796,685	$35M	added+13%	−0.08 pp	17 q
AGROAdecoagro S.a.	0.78%	4,365,626	$35M	added+46%	+0.30 pp	17 q
BCSBarclays PLC	0.77%	3,390,286	$34M	trimmed−2%	−0.10 pp	17 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.75%	5,876,369	$33M	added+19%	+0.05 pp	17 q
ORANYOrange SP/	0.74%	1,980,453	$33M	trimmed−1%	+0.01 pp	17 q
unresolvedAegon NV	0.71%	5,304,448	$31M	trimmed−7%	−0.11 pp	17 q
unresolvedAvadel Pharmaceuticals PLC	0.69%	4,970,106	$30M	added+3%	−0.06 pp	3 q
JOESt. Joe Company	0.69%	1,717,333	$31M	trimmed−8%	−0.06 pp	17 q
WKCWorld Kinect Corporation	0.65%	1,413,685	$29M	trimmed−8%	−0.15 pp	6 q
CVXChevron Corporation	0.64%	223,863	$28M	trimmed−0%	+0.09 pp	17 q
ENICEnel Chile S.A.	0.63%	5,684,482	$28M	trimmed−27%	−0.43 pp	9 q
ACHAccendra Health, Inc.	0.57%	1,506,692	$25M	trimmed−10%	+0.02 pp	7 q
HSBCHSBC Holdings PLC	0.55%	515,319	$24M	trimmed−3%	+0.01 pp	17 q
CMCSAComcast Corp	0.53%	713,178	$23M	added×4.1	+0.40 pp	3 q
unresolvedTelecom Italia S P A New	0.53%	3,587,479	$24M	added+7%	−0.06 pp	13 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.52%	1,147,419	$23M	trimmed−28%	−0.17 pp	14 q
SHGShinhan Financial Group Co Ltd	0.52%	600,466	$23M	trimmed−3%	−0.04 pp	17 q
TTENTotalenergies SE -spon ADR	0.50%	362,828	$22M	trimmed−3%	+0.04 pp	15 q
TMHCTaylor Morrison Home Corporation	0.49%	1,047,473	$22M	added+63%	+0.17 pp	3 q
PKXPOSCO Holdings Inc.	0.46%	274,091	$20M	trimmed−4%	−0.02 pp	17 q
CYDChina Yuchai International Ltd.	0.45%	929,658	$20M	added+9%	+0.02 pp	17 q
MBTMobile TeleSystems Public Joint Stock Company	0.44%	2,195,199	$19M	trimmed−27%	−0.29 pp	17 q
MDCM.D.C. Holdings, Inc.	0.37%	535,322	$16M	trimmed−23%	−0.05 pp	17 q
AMXNAmerica Movil-spn ADR Cl L	0.35%	941,576	$16M	trimmed−4%	−0.05 pp	17 q
TMToyota Motor Corporation	0.33%	114,020	$15M	trimmed−3%	0.00 pp	17 q
AVTAvnet, Inc.	0.31%	322,774	$14M	trimmed−24%	−0.02 pp	15 q
CHKChesapeake Energy Corp	0.30%	2,525,430	$13M	trimmed−9%	+0.12 pp	17 q
UPBDUpbound Group, Inc.	0.30%	896,854	$13M	trimmed−52%	−0.04 pp	17 q
OMCOmnicom Group Inc.	0.25%	148,249	$11M	trimmed−2%	+0.01 pp	4 q
BBTTruist Financial Corporation	0.24%	213,576	$11M	trimmed−11%	−0.03 pp	17 q
DOXAmdocs Limited	0.24%	158,770	$11M	trimmed−1%	+0.01 pp	17 q
INFYInfosys Limited	0.23%	420,215	$10M	trimmed−53%	−0.11 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.23%	55,917	$10M	trimmed−3%	+0.03 pp	7 q
FNFabrinet	0.22%	266,663	$10M	trimmed−20%	0.00 pp	3 q
unresolvedCrh PLC	0.21%	258,034	$9M	added×2.9	+0.15 pp	2 q
CCJCameco Corporation	0.21%	810,845	$9M	trimmed−56%	−0.14 pp	7 q
GOOGAlphabet Inc. Class C	0.20%	8,152	$9M	trimmed−2%	+0.02 pp	6 q
BZHBeazer Homes USA, Inc. New	0.20%	598,792	$9M	added+51%	+0.06 pp	17 q
CTSHCognizant Technology Solutions	0.20%	114,149	$9M	trimmed−3%	0.00 pp	8 q
RGPResources Connection	0.20%	519,750	$9M	trimmed−29%	−0.05 pp	16 q
unresolvedTwenty First Centy Fox Inc	0.19%	170,277	$8M	trimmed−3%	+0.05 pp	9 q
unresolvedCompanhia Paranaense Energ C	0.17%	1,383,391	$8M	trimmed−3%	−0.07 pp	17 q
ORCLOracle Corp	0.17%	172,254	$8M	added+3%	+0.01 pp	17 q
TAROTaro Pharmaceutical Indus	0.17%	43,921	$8M	trimmed−27%	+0.04 pp	4 q
UHALU-Haul Holding Company	0.16%	20,127	$7M	trimmed−0%	+0.01 pp	5 q
ORIOld Republic International Corporation	0.16%	359,316	$7M	trimmed−14%	−0.03 pp	17 q
JNJJohnson & Johnson	0.15%	54,647	$7M	added+6%	+0.01 pp	12 q
AAPAdvance Auto Parts Inc	0.14%	44,186	$6M	trimmed−8%	+0.02 pp	4 q
JPMJPMorgan Chase & Co.	0.14%	60,489	$6M	trimmed−6%	−0.01 pp	17 q
unresolvedShire PLC	0.12%	32,141	$5M	new	+0.12 pp	new
AMGNAmgen Inc	0.10%	25,118	$5M	trimmed−3%	+0.01 pp	5 q
Chesapeake Energy Corpconvertible	0.10%	78,308	$4M	trimmed−1%	+0.02 pp	7 q
GILDGilead Sciences Inc	0.10%	61,897	$4M	added+1%	0.00 pp	6 q
BPOPPopular Inc	0.10%	98,090	$4M	trimmed−46%	−0.06 pp	3 q
CVSCvs Health Corporation	0.09%	62,516	$4M	added+4%	+0.01 pp	6 q
LLoews Corporation	0.09%	86,750	$4M	trimmed−3%	0.00 pp	13 q
PGProcter & Gamble Company	0.09%	50,959	$4M	added+2%	+0.01 pp	17 q
UTHRUnited Therapeutics Corp	0.08%	29,775	$3M	added+11%	+0.02 pp	3 q
NTGRNETGEAR, Inc.	0.06%	39,862	$2M	trimmed−39%	−0.02 pp	5 q
OPKOpko Health Inc.	0.06%	590,197	$3M	trimmed−11%	+0.02 pp	2 q
PC6APetrochina Co Ltd -adr	0.06%	36,629	$3M	trimmed−15%	0.00 pp	17 q
WHRWhirlpool Corp.	0.06%	18,339	$3M	added+60%	+0.02 pp	3 q
FITBFifth Third Bancorp	0.05%	76,595	$2M	trimmed−3%	0.00 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	0.05%	90,023	$2M	added+4%	+0.01 pp	3 q
LBBath & Body Works, Inc.	0.05%	58,156	$2M	added×3.8	+0.04 pp	3 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.05%	335,020	$2M	new	+0.05 pp	new
unresolvedTwenty First Centy Fox Inc	0.05%	45,933	$2M	trimmed−2%	+0.01 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.04%	45,884	$2M	trimmed−3%	0.00 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	31,258	$1M	new	+0.03 pp	new
unresolvedCss Inds Inc	0.02%	41,558	$702,000	trimmed−61%	−0.02 pp	6 q
DGIIDigi International Inc	0.02%	68,871	$909,000	trimmed−69%	−0.03 pp	5 q
EGRXEagle Pharms Inc	0.02%	11,985	$907,000	trimmed−52%	−0.01 pp	2 q
FHIFederated Hermes, Inc.	0.02%	40,429	$943,000	added+60%	0.00 pp	7 q
HWCCHouston Wire & Cable Co	0.02%	97,627	$830,000	trimmed−70%	−0.03 pp	17 q
MSTRStrategy Inc Class A	0.02%	6,751	$862,000	trimmed−67%	−0.04 pp	3 q
ORNOrion Group Holdings, Inc	0.02%	105,820	$874,000	trimmed−71%	−0.03 pp	17 q
SCHLScholastic Corp	0.02%	15,196	$673,000	trimmed−55%	−0.01 pp	3 q
SENEASeneca Foods Corp	0.02%	39,750	$1M	trimmed−13%	−0.01 pp	5 q
ALEXAlexander & Baldwin, Inc.	0.01%	17,653	$415,000	trimmed−68%	−0.02 pp	17 q
ANATAmerican National Insurance	0.01%	3,276	$392,000	trimmed−63%	−0.01 pp	2 q
ARWArrow Electronics, Inc.	0.01%	6,049	$455,000	trimmed−69%	−0.02 pp	10 q
CTBCooper Tire & Rubber Co.	0.01%	10,833	$285,000	new	+0.01 pp	new
EVTCEvertec, Inc.	0.01%	21,120	$461,000	trimmed−86%	−0.04 pp	3 q
GTEGran Tierra Energy Inc.	0.01%	151,959	$524,000	held	—	11 q
MDPediatrix Medical Group, Inc.	0.01%	8,758	$379,000	added+56%	0.00 pp	3 q
NKSHNational Bankshares Inc/VA	0.01%	5,782	$268,000	trimmed−76%	−0.01 pp	6 q
NWLINational Western Life Group, Inc. Class A	0.01%	2,002	$615,000	trimmed−70%	−0.03 pp	11 q
NRIMNorthrim BanCorp Inc	0.01%	7,469	$295,000	trimmed−75%	−0.01 pp	6 q
PDLIPDL BioPharma, Inc.	0.01%	272,811	$638,000	trimmed−67%	−0.04 pp	6 q
PDCOPatterson Companies, Inc.	0.01%	12,479	$283,000	trimmed−76%	−0.01 pp	3 q
SWSmurfit Westrock plc	0.01%	17,773	$284,000	new	+0.01 pp	new
TRKSpeedway Motorsports LLC	0.01%	17,960	$312,000	trimmed−75%	−0.02 pp	12 q
TBNKTerritorial Bancorp Inc.	0.01%	8,703	$270,000	trimmed−73%	−0.01 pp	17 q
VTYVerint Systems Inc	0.01%	9,068	$402,000	trimmed−66%	−0.01 pp	17 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	414	$375,000	new	+0.01 pp	new
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.00%	23,926	$167,000	added+57%	0.00 pp	2 q
CALMCal-Maine Foods Inc	0.00%	4,618	$212,000	trimmed−97%	−0.14 pp	5 q
IVCInvacare Corporation	0.00%	11,525	$214,000	trimmed−88%	−0.04 pp	15 q
QLTNovelion Therapeutics Inc	0.00%	34,828	$128,000	held	—	7 q
DGXQuest Diagnostics Inc.	0.00%	1,839	$202,000	new	0.00 pp	new
unresolvedLeucadia National	—	−2,677,474	—	exited	−1.30 pp	—
FCNFTI Consulting, Inc.	—	−140,299	—	exited	−0.14 pp	—
GTSTriple-s Management Corp	—	−61,739	—	exited	−0.03 pp	—
AMAGAMAG Pharmaceuticals, Inc.	—	−50,424	—	exited	−0.02 pp	—
ACNBACNB Corp	—	−16,862	—	exited	−0.01 pp	—
AVPAvon Products, Inc.	—	−236,633	—	exited	−0.01 pp	—
MOVMovado Group, Inc.	—	−16,225	—	exited	−0.01 pp	—
BBDBanco Bradesco S.A.	—	−15,492	—	exited	0.00 pp	—