Brandes

Q3 2018 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2018
Filed: Nov 9, 2018
US stock: $4.4B · prev $4.4B
Positions: 141 · 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%

Moves141 since the prior filing

+0.8 pp in · −0.8 pp out

New 4 +0.12 pp
Added 35 +0.67 pp
Trimmed 101 −0.77 pp
Exited 1 −0.06 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions141 in this filing · 1 exited


CXCemex S.A.B. de C.V.	8.41%	52,792,531	$372M	trimmed−2%	+0.45 pp	18 q
EMBJEmbraer S.A.	8.08%	18,005,367	$358M	added+12%	−1.10 pp	18 q
CCitigroup Inc.	3.56%	2,194,903	$157M	trimmed−1%	+0.20 pp	18 q
PFEPfizer Inc.	3.32%	3,340,003	$147M	trimmed−2%	+0.52 pp	18 q
YPFYPF Sociedad Anonima	2.76%	7,899,212	$122M	added+8%	+0.52 pp	6 q
MRKMerck & Co., Inc.	2.73%	1,705,255	$121M	trimmed−2%	+0.35 pp	18 q
SNYSanofi	2.73%	2,707,315	$121M	trimmed−5%	+0.16 pp	18 q
unresolvedExpress Scripts Hldg Co	2.64%	1,229,788	$117M	trimmed−12%	+0.21 pp	18 q
CAHCardinal Health, Inc.	2.47%	2,025,742	$109M	added+3%	+0.30 pp	6 q
WFCWells Fargo & Co.	2.41%	2,029,290	$107M	trimmed−1%	−0.16 pp	18 q
BACBank of America Corporation	2.37%	3,565,853	$105M	trimmed−2%	+0.06 pp	18 q
MCKMcKesson Corporation	2.31%	772,121	$102M	added+6%	+0.12 pp	11 q
BNYBank of New York Mellon Corporation	2.25%	1,953,927	$100M	trimmed−2%	−0.16 pp	18 q
unresolvedGlaxosmithkline PLC	2.04%	2,249,052	$90M	trimmed−4%	−0.09 pp	18 q
EMREmerson Electric Co.	1.91%	1,106,778	$85M	trimmed−4%	+0.11 pp	13 q
HCAHCA Healthcare, Inc.	1.81%	577,476	$80M	trimmed−4%	+0.41 pp	6 q
AIGAmerican International Group, Inc.	1.79%	1,490,233	$79M	added+4%	+0.08 pp	17 q
VIVTelefonica Brasil, S.A.	1.69%	7,671,657	$75M	added+6%	−0.25 pp	18 q
EENI S.p.A.	1.67%	1,958,703	$74M	trimmed−5%	−0.05 pp	18 q
CHLChina Mobile Limited	1.57%	1,419,114	$69M	added+2%	+0.18 pp	18 q
PNCPNC Financial Services Group	1.44%	469,022	$64M	trimmed−2%	−0.01 pp	18 q
STTState Street Corporation	1.41%	744,914	$62M	added0%	−0.15 pp	18 q
UBSUBS Group AG	1.41%	3,961,380	$62M	trimmed−3%	−0.01 pp	16 q
WPPWpp PLC	1.38%	831,087	$61M	added+4%	−0.04 pp	5 q
BPBP p.l.c.	1.34%	1,286,525	$59M	trimmed−6%	−0.05 pp	18 q
AVALGrupo Aval Acciones Y Valores S.a.	1.34%	7,653,628	$59M	trimmed−2%	−0.13 pp	17 q
unresolvedCredit Suisse Group Spon ADR	1.32%	3,914,903	$58M	trimmed−2%	−0.01 pp	15 q
JEFJefferies Financial Group Inc.	1.29%	2,608,995	$57M	trimmed−1%	−0.06 pp	2 q
AGROAdecoagro S.a.	1.28%	7,712,716	$57M	added+77%	+0.50 pp	18 q
HMCHonda Motor Co., Ltd.	1.24%	1,820,953	$55M	trimmed−0%	+0.03 pp	18 q
NOKNokia Corporation	1.22%	9,715,211	$54M	trimmed−3%	−0.08 pp	10 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.17%	4,937,055	$52M	trimmed−9%	+0.09 pp	18 q
BGGBriggs & Stratton Corp.	1.11%	2,550,049	$49M	added+1%	+0.11 pp	18 q
9990302DApache Corp	1.02%	944,465	$45M	trimmed−3%	−0.01 pp	18 q
MSFTMicrosoft Corp	0.93%	360,050	$41M	trimmed−39%	−0.38 pp	18 q
EPCEdgewell Personal Care Company	0.91%	869,544	$40M	trimmed−1%	−0.08 pp	4 q
PEPPepsiCo, Inc.	0.87%	343,973	$38M	trimmed−1%	+0.02 pp	18 q
CLSCelestica, Inc.	0.84%	3,324,891	$37M	trimmed−17%	−0.27 pp	4 q
WKCWorld Kinect Corporation	0.83%	1,331,014	$37M	trimmed−6%	+0.18 pp	7 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.80%	5,728,701	$35M	trimmed−3%	+0.05 pp	18 q
TIIAYTelecom Italia S/	0.77%	5,711,477	$34M	added+19%	−0.02 pp	18 q
unresolvedAegon NV	0.74%	5,106,677	$33M	trimmed−4%	+0.03 pp	18 q
BCSBarclays PLC	0.72%	3,558,902	$32M	added+5%	−0.05 pp	18 q
ORANYOrange SP/	0.69%	1,923,079	$31M	trimmed−3%	−0.05 pp	18 q
JOESt. Joe Company	0.65%	1,707,116	$29M	trimmed−1%	−0.04 pp	18 q
unresolvedAvadel Pharmaceuticals PLC	0.63%	6,335,548	$28M	added+27%	−0.06 pp	4 q
CVXChevron Corporation	0.61%	222,666	$27M	trimmed−1%	−0.03 pp	18 q
ENICEnel Chile S.A.	0.59%	5,198,008	$26M	trimmed−9%	−0.04 pp	10 q
CMCSAComcast Corp	0.56%	703,900	$25M	trimmed−1%	+0.03 pp	4 q
ACHAccendra Health, Inc.	0.56%	1,493,060	$25M	trimmed−1%	−0.01 pp	8 q
TMHCTaylor Morrison Home Corporation	0.53%	1,290,037	$23M	added+23%	+0.04 pp	4 q
SHGShinhan Financial Group Co Ltd	0.52%	573,793	$23M	trimmed−4%	0.00 pp	18 q
unresolvedTelecom Italia S P A New	0.52%	4,243,207	$23M	added+18%	−0.01 pp	14 q
HSBCHSBC Holdings PLC	0.51%	516,204	$23M	trimmed−1%	−0.04 pp	18 q
TTENTotalenergies SE -spon ADR	0.51%	352,905	$23M	trimmed−3%	+0.01 pp	16 q
MBTMobile TeleSystems Public Joint Stock Company	0.47%	2,420,268	$21M	added+10%	+0.03 pp	18 q
ERICEricsson	0.45%	2,280,462	$20M	trimmed−55%	−0.43 pp	18 q
PKXPOSCO Holdings Inc.	0.39%	264,903	$17M	trimmed−3%	−0.07 pp	18 q
CYDChina Yuchai International Ltd.	0.35%	907,455	$16M	trimmed−2%	−0.10 pp	18 q
AMXNAmerica Movil-spn ADR Cl L	0.32%	882,440	$14M	trimmed−6%	−0.03 pp	18 q
unresolvedShire PLC	0.31%	76,860	$14M	added×2.4	+0.19 pp	2 q
TMToyota Motor Corporation	0.31%	110,456	$14M	trimmed−3%	−0.02 pp	18 q
AVTAvnet, Inc.	0.29%	285,678	$13M	trimmed−11%	−0.02 pp	16 q
unresolvedCrh PLC	0.24%	325,593	$11M	added+26%	+0.03 pp	3 q
PDLIPDL BioPharma, Inc.	0.23%	3,936,719	$10M	added×14.4	+0.22 pp	7 q
BBTTruist Financial Corporation	0.22%	200,903	$10M	trimmed−6%	−0.02 pp	18 q
MDCM.D.C. Holdings, Inc.	0.22%	325,363	$10M	trimmed−39%	−0.15 pp	18 q
OMCOmnicom Group Inc.	0.22%	145,479	$10M	trimmed−2%	−0.03 pp	5 q
DOXAmdocs Limited	0.22%	150,630	$10M	trimmed−5%	−0.02 pp	18 q
GOOGAlphabet Inc. Class C	0.21%	7,799	$9M	trimmed−4%	+0.01 pp	7 q
CCJCameco Corporation	0.21%	810,554	$9M	trimmed−0%	0.00 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	0.21%	52,417	$9M	trimmed−6%	−0.02 pp	8 q
FNFabrinet	0.20%	193,564	$9M	trimmed−27%	−0.02 pp	4 q
CHKChesapeake Energy Corp	0.19%	1,884,926	$8M	trimmed−25%	−0.11 pp	18 q
CTSHCognizant Technology Solutions	0.19%	107,201	$8M	trimmed−6%	−0.01 pp	9 q
ORCLOracle Corp	0.19%	164,074	$8M	trimmed−5%	+0.02 pp	18 q
BZHBeazer Homes USA, Inc. New	0.18%	738,142	$8M	added+23%	−0.02 pp	18 q
ORIOld Republic International Corporation	0.18%	351,603	$8M	trimmed−2%	+0.02 pp	18 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.17%	358,764	$8M	trimmed−69%	−0.35 pp	15 q
UPBDUpbound Group, Inc.	0.17%	514,405	$7M	trimmed−43%	−0.13 pp	18 q
unresolvedTwenty First Centy Fox Inc	0.17%	160,825	$7M	trimmed−6%	−0.02 pp	10 q
UHALU-Haul Holding Company	0.16%	19,411	$7M	trimmed−4%	0.00 pp	6 q
unresolvedCompanhia Paranaense Energ C	0.16%	1,343,258	$7M	trimmed−3%	−0.01 pp	18 q
JNJJohnson & Johnson	0.16%	52,829	$7M	trimmed−3%	+0.01 pp	13 q
JPMJPMorgan Chase & Co.	0.15%	57,534	$6M	trimmed−5%	+0.01 pp	18 q
TAROTaro Pharmaceutical Indus	0.15%	44,851	$7M	added+2%	−0.02 pp	5 q
RGPResources Connection	0.14%	367,542	$6M	trimmed−29%	−0.06 pp	17 q
INFYInfosys Limited	0.13%	579,899	$6M	trimmed−31%	−0.10 pp	7 q
GILDGilead Sciences Inc	0.12%	70,771	$5M	added+14%	+0.02 pp	7 q
AMGNAmgen Inc	0.11%	23,160	$5M	trimmed−8%	+0.01 pp	6 q
CVSCvs Health Corporation	0.11%	60,282	$5M	trimmed−4%	+0.02 pp	7 q
LLoews Corporation	0.09%	83,562	$4M	trimmed−4%	0.00 pp	14 q
PGProcter & Gamble Company	0.09%	49,200	$4M	trimmed−3%	0.00 pp	18 q
JCIJohnson Controls International plc	0.09%	107,772	$4M	new	+0.09 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	76,867	$3M	added×2.5	+0.05 pp	2 q
UTHRUnited Therapeutics Corp	0.08%	28,764	$4M	trimmed−3%	0.00 pp	4 q
AAPAdvance Auto Parts Inc	0.07%	18,593	$3M	trimmed−58%	−0.07 pp	5 q
PC6APetrochina Co Ltd -adr	0.06%	33,465	$3M	trimmed−9%	0.00 pp	18 q
CSCOCisco Systems, Inc. (DE)	0.05%	44,382	$2M	trimmed−3%	+0.01 pp	18 q
FITBFifth Third Bancorp	0.05%	74,234	$2M	trimmed−3%	0.00 pp	18 q
NTGRNETGEAR, Inc.	0.05%	38,371	$2M	trimmed−4%	−0.01 pp	6 q
unresolvedTwenty First Centy Fox Inc	0.05%	44,706	$2M	trimmed−3%	0.00 pp	9 q
WHRWhirlpool Corp.	0.05%	20,329	$2M	added+11%	−0.01 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	86,248	$2M	trimmed−4%	−0.01 pp	4 q
LBBath & Body Works, Inc.	0.04%	56,344	$2M	trimmed−3%	−0.01 pp	4 q
FHIFederated Hermes, Inc.	0.03%	52,122	$1M	added+29%	+0.01 pp	8 q
SENEASeneca Foods Corp	0.03%	34,931	$1M	trimmed−12%	+0.01 pp	6 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.03%	316,739	$2M	trimmed−5%	−0.02 pp	2 q
Chesapeake Energy Corpconvertible	0.02%	18,173	$980,000	trimmed−77%	−0.08 pp	8 q
HWCCHouston Wire & Cable Co	0.02%	86,367	$665,000	trimmed−12%	0.00 pp	18 q
MSTRStrategy Inc Class A	0.02%	6,611	$930,000	trimmed−2%	0.00 pp	4 q
SCHLScholastic Corp	0.02%	14,587	$681,000	trimmed−4%	0.00 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.01%	16,818	$382,000	trimmed−5%	0.00 pp	18 q
ANATAmerican National Insurance	0.01%	3,352	$433,000	added+2%	0.00 pp	3 q
ARWArrow Electronics, Inc.	0.01%	5,779	$426,000	trimmed−4%	0.00 pp	11 q
unresolvedCss Inds Inc	0.01%	45,731	$651,000	added+10%	−0.01 pp	7 q
CTBCooper Tire & Rubber Co.	0.01%	10,896	$308,000	added+1%	0.00 pp	2 q
DGIIDigi International Inc	0.01%	49,391	$664,000	trimmed−28%	−0.01 pp	6 q
EGRXEagle Pharms Inc	0.01%	3,658	$254,000	trimmed−69%	−0.01 pp	3 q
EVTCEvertec, Inc.	0.01%	12,917	$311,000	trimmed−39%	0.00 pp	4 q
GTEGran Tierra Energy Inc.	0.01%	96,419	$368,000	trimmed−37%	0.00 pp	12 q
IVCInvacare Corporation	0.01%	19,635	$286,000	added+70%	+0.01 pp	16 q
EEMiShares MSCI Emerging Markets ETF	0.01%	14,219	$610,000	new	+0.01 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.01%	12,402	$591,000	new	+0.01 pp	new
MDPediatrix Medical Group, Inc.	0.01%	9,390	$438,000	added+7%	0.00 pp	4 q
NKSHNational Bankshares Inc/VA	0.01%	5,466	$248,000	trimmed−5%	0.00 pp	7 q
NWLINational Western Life Group, Inc. Class A	0.01%	1,908	$609,000	trimmed−5%	0.00 pp	12 q
NRIMNorthrim BanCorp Inc	0.01%	7,034	$292,000	trimmed−6%	0.00 pp	7 q
ORNOrion Group Holdings, Inc	0.01%	80,295	$606,000	trimmed−24%	−0.01 pp	18 q
PDCOPatterson Companies, Inc.	0.01%	11,679	$286,000	trimmed−6%	0.00 pp	4 q
BPOPPopular Inc	0.01%	8,348	$428,000	trimmed−91%	−0.09 pp	4 q
SWSmurfit Westrock plc	0.01%	22,828	$459,000	added+28%	0.00 pp	2 q
TRKSpeedway Motorsports LLC	0.01%	16,944	$302,000	trimmed−6%	0.00 pp	13 q
TBNKTerritorial Bancorp Inc.	0.01%	8,499	$251,000	trimmed−2%	0.00 pp	18 q
GTSTriple-s Management Corp	0.01%	22,671	$428,000	new	+0.01 pp	new
VTYVerint Systems Inc	0.01%	6,800	$341,000	trimmed−25%	0.00 pp	18 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	466	$436,000	added+13%	0.00 pp	2 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.00%	26,419	$166,000	added+10%	0.00 pp	3 q
CALMCal-Maine Foods Inc	0.00%	4,343	$210,000	trimmed−6%	0.00 pp	6 q
QLTNovelion Therapeutics Inc	0.00%	34,828	$103,000	held	—	8 q
DGXQuest Diagnostics Inc.	0.00%	1,949	$210,000	added+6%	0.00 pp	2 q
OPKOpko Health Inc.	—	−590,197	—	exited	−0.06 pp	—