Brandes

Q4 2018 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2018
Filed: Feb 11, 2019
US stock: $3.9B · prev $4.4B
Positions: 143 · prev 141
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%

Moves154 since the prior filing

+8.7 pp in · −8.7 pp out

New 13 +6.70 pp
Added 66 +1.99 pp
Trimmed 64 −5.29 pp
Exited 11 −3.43 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 45% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions143 in this filing · 11 exited


EMBJEmbraer S.A.	10.22%	17,877,704	$401M	trimmed−1%	+2.14 pp	19 q
CXCemex S.A.B. de C.V.	7.23%	58,749,887	$284M	added+11%	−1.18 pp	19 q
PFEPfizer Inc.	3.38%	3,042,621	$133M	trimmed−9%	+0.06 pp	19 q
NXPINXP Semiconductors N.V.	3.12%	1,672,584	$123M	new	+3.12 pp	new
MRKMerck & Co., Inc.	2.82%	1,450,831	$111M	trimmed−15%	+0.09 pp	19 q
YPFYPF Sociedad Anonima	2.76%	8,103,849	$109M	added+3%	0.00 pp	7 q
CCitigroup Inc.	2.74%	2,064,655	$107M	trimmed−6%	−0.82 pp	19 q
SNYSanofi	2.61%	2,362,949	$103M	trimmed−13%	−0.12 pp	19 q
WFCWells Fargo & Co.	2.24%	1,906,769	$88M	trimmed−6%	−0.17 pp	19 q
BNYBank of New York Mellon Corporation	2.14%	1,787,143	$84M	trimmed−9%	−0.11 pp	19 q
CAHCardinal Health, Inc.	2.11%	1,858,636	$83M	trimmed−8%	−0.36 pp	7 q
BACBank of America Corporation	2.10%	3,352,647	$83M	trimmed−6%	−0.27 pp	19 q
MCKMcKesson Corporation	2.01%	715,108	$79M	trimmed−7%	−0.30 pp	12 q
unresolvedGlaxosmithkline PLC	1.99%	2,042,742	$78M	trimmed−9%	−0.05 pp	19 q
VIVTelefonica Brasil, S.A.	1.99%	6,543,868	$78M	trimmed−15%	+0.30 pp	19 q
STTState Street Corporation	1.59%	987,194	$62M	added+33%	+0.18 pp	19 q
CHLChina Mobile Limited	1.58%	1,291,547	$62M	trimmed−9%	+0.01 pp	19 q
EMREmerson Electric Co.	1.56%	1,027,468	$61M	trimmed−7%	−0.35 pp	14 q
AIGAmerican International Group, Inc.	1.50%	1,498,376	$59M	added+1%	−0.29 pp	18 q
EENI S.p.A.	1.44%	1,794,672	$57M	trimmed−8%	−0.23 pp	19 q
AGROAdecoagro S.a.	1.38%	7,791,909	$54M	added+1%	+0.10 pp	19 q
NOKNokia Corporation	1.36%	9,165,233	$53M	trimmed−6%	+0.14 pp	11 q
HCAHCA Healthcare, Inc.	1.35%	425,429	$53M	trimmed−26%	−0.46 pp	7 q
PNCPNC Financial Services Group	1.32%	442,816	$52M	trimmed−6%	−0.12 pp	19 q
AVALGrupo Aval Acciones Y Valores S.a.	1.23%	8,199,702	$48M	added+7%	−0.11 pp	18 q
BGGBriggs & Stratton Corp.	1.22%	3,672,694	$48M	added+44%	+0.11 pp	19 q
BPBP p.l.c.	1.15%	1,185,827	$45M	trimmed−9%	−0.19 pp	19 q
CIThe Cigna Group	1.14%	235,658	$45M	new	+1.14 pp	new
UBSUBS Group AG	1.14%	3,600,979	$45M	trimmed−9%	−0.27 pp	17 q
99803EURLaboratory Crp Of Amer Hldgs	1.11%	345,870	$44M	added×6.6	+0.90 pp	9 q
HMCHonda Motor Co., Ltd.	1.06%	1,576,830	$42M	trimmed−13%	−0.18 pp	19 q
unresolvedCredit Suisse Group Spon ADR	1.05%	3,787,027	$41M	trimmed−3%	−0.27 pp	16 q
WPPWpp PLC	1.05%	750,345	$41M	trimmed−10%	−0.33 pp	6 q
JEFJefferies Financial Group Inc.	1.04%	2,347,531	$41M	trimmed−10%	−0.25 pp	3 q
EPCEdgewell Personal Care Company	0.98%	1,026,209	$38M	added+18%	+0.07 pp	5 q
PEPPepsiCo, Inc.	0.90%	318,697	$35M	trimmed−7%	+0.03 pp	19 q
CPACopa Holdings, S.A.	0.89%	441,530	$35M	new	+0.89 pp	new
MSFTMicrosoft Corp	0.88%	338,416	$34M	trimmed−6%	−0.05 pp	19 q
CVXChevron Corporation	0.76%	274,789	$30M	added+23%	+0.15 pp	19 q
CLSCelestica, Inc.	0.74%	3,186,303	$29M	trimmed−4%	−0.10 pp	5 q
WKCWorld Kinect Corporation	0.74%	1,359,004	$29M	added+2%	−0.09 pp	8 q
FLEXFlex Ltd.	0.74%	3,808,044	$29M	new	+0.74 pp	new
JOESt. Joe Company	0.73%	2,168,077	$29M	added+27%	+0.08 pp	19 q
ORANYOrange SP/	0.71%	1,719,384	$28M	trimmed−11%	+0.02 pp	19 q
TMHCTaylor Morrison Home Corporation	0.71%	1,752,126	$28M	added+36%	+0.18 pp	5 q
MBTMobile TeleSystems Public Joint Stock Company	0.69%	3,886,078	$27M	added+61%	+0.22 pp	19 q
ENICEnel Chile S.A.	0.67%	5,307,427	$26M	added+2%	+0.08 pp	11 q
unresolvedCrh PLC	0.64%	957,884	$25M	added×2.9	+0.40 pp	4 q
CMCSAComcast Corp	0.62%	712,390	$24M	added+1%	+0.06 pp	5 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.62%	5,001,141	$24M	trimmed−13%	−0.18 pp	19 q
BCSBarclays PLC	0.61%	3,177,243	$24M	trimmed−11%	−0.11 pp	19 q
TIIAYTelecom Italia S/	0.61%	4,336,020	$24M	trimmed−24%	−0.16 pp	19 q
9990302DApache Corp	0.57%	851,034	$22M	trimmed−10%	−0.45 pp	19 q
HSBCHSBC Holdings PLC	0.56%	530,232	$22M	added+1%	+0.05 pp	19 q
unresolvedAegon NV	0.54%	4,589,397	$21M	trimmed−10%	−0.20 pp	19 q
SHGShinhan Financial Group Co Ltd	0.48%	528,433	$19M	trimmed−8%	−0.04 pp	19 q
unresolvedAvadel Pharmaceuticals PLC	0.47%	7,119,054	$18M	added+12%	−0.16 pp	5 q
unresolvedTelecom Italia S P A New	0.45%	3,599,977	$18M	trimmed−15%	−0.07 pp	15 q
TTENTotalenergies SE -spon ADR	0.45%	338,066	$18M	trimmed−4%	−0.06 pp	17 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.44%	1,492,129	$17M	trimmed−70%	−0.73 pp	19 q
TAKTakeda Pharmaceutical Company Limited	0.43%	1,013,882	$17M	new	+0.43 pp	new
CYDChina Yuchai International Ltd.	0.41%	1,296,674	$16M	added+43%	+0.06 pp	19 q
PKXPOSCO Holdings Inc.	0.40%	285,002	$16M	added+8%	+0.01 pp	19 q
unresolvedShire PLC	0.37%	84,348	$15M	added+10%	+0.06 pp	3 q
AMXNAmerica Movil-spn ADR Cl L	0.36%	988,271	$14M	added+12%	+0.04 pp	19 q
PDLIPDL BioPharma, Inc.	0.33%	4,463,103	$13M	added+13%	+0.10 pp	8 q
TMToyota Motor Corporation	0.31%	104,983	$12M	trimmed−5%	0.00 pp	19 q
ACWXiShares MSCI ACWI ex US ETF	0.28%	259,851	$11M	added×21.0	+0.27 pp	2 q
OMCOmnicom Group Inc.	0.28%	150,358	$11M	added+3%	+0.06 pp	6 q
AVTAvnet, Inc.	0.27%	296,427	$11M	added+4%	−0.02 pp	17 q
DOXAmdocs Limited	0.25%	167,931	$10M	added+11%	+0.03 pp	19 q
BZHBeazer Homes USA, Inc. New	0.24%	999,019	$9M	added+35%	+0.06 pp	19 q
BBTTruist Financial Corporation	0.23%	207,251	$9M	added+3%	+0.01 pp	19 q
GOOGAlphabet Inc. Class C	0.21%	8,072	$8M	added+4%	0.00 pp	8 q
ORCLOracle Corp	0.20%	170,171	$8M	added+4%	+0.01 pp	19 q
unresolvedTwenty First Centy Fox Inc	0.20%	163,020	$8M	added+1%	+0.03 pp	11 q
TAROTaro Pharmaceutical Indus	0.20%	68,517	$8M	added+53%	+0.05 pp	6 q
EEMiShares MSCI Emerging Markets ETF	0.19%	187,459	$7M	added×13.2	+0.18 pp	2 q
ORIOld Republic International Corporation	0.19%	357,784	$7M	added+2%	+0.01 pp	19 q
UHALU-Haul Holding Company	0.18%	21,200	$7M	added+9%	+0.02 pp	7 q
CTSHCognizant Technology Solutions	0.18%	113,741	$7M	added+6%	−0.01 pp	10 q
JNJJohnson & Johnson	0.18%	54,520	$7M	added+3%	+0.02 pp	14 q
ACHAccendra Health, Inc.	0.18%	1,133,917	$7M	trimmed−24%	−0.38 pp	9 q
MDCM.D.C. Holdings, Inc.	0.16%	227,250	$6M	trimmed−30%	−0.06 pp	19 q
FNFabrinet	0.16%	120,683	$6M	trimmed−38%	−0.04 pp	5 q
JPMJPMorgan Chase & Co.	0.15%	59,466	$6M	added+3%	0.00 pp	19 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.14%	262,077	$5M	trimmed−27%	−0.03 pp	16 q
GILDGilead Sciences Inc	0.13%	83,756	$5M	added+18%	+0.01 pp	8 q
AMGNAmgen Inc	0.12%	24,048	$5M	added+4%	+0.01 pp	7 q
PGProcter & Gamble Company	0.12%	50,876	$5M	added+3%	+0.03 pp	19 q
UTHRUnited Therapeutics Corp	0.12%	43,875	$5M	added+53%	+0.04 pp	5 q
AMATApplied Materials Inc	0.10%	117,971	$4M	new	+0.10 pp	new
CVSCvs Health Corporation	0.10%	62,197	$4M	added+3%	−0.01 pp	8 q
CHKChesapeake Energy Corp	0.10%	1,879,091	$4M	trimmed−0%	−0.09 pp	19 q
unresolvedCompanhia Paranaense Energ C	0.10%	481,815	$4M	trimmed−64%	−0.06 pp	19 q
LLoews Corporation	0.10%	86,261	$4M	added+3%	+0.01 pp	15 q
NTGRNETGEAR, Inc.	0.10%	76,188	$4M	added+99%	+0.05 pp	7 q
GWXState Street SPDR S&P International Small Cap ETF	0.10%	145,082	$4M	new	+0.10 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	91,859	$3M	added+20%	+0.01 pp	3 q
WHRWhirlpool Corp.	0.08%	30,128	$3M	added+48%	+0.03 pp	5 q
JCIJohnson Controls International plc	0.08%	110,961	$3M	added+3%	−0.01 pp	2 q
ACWIiShares MSCI ACWI ETF	0.07%	40,182	$3M	new	+0.07 pp	new
MHKMohawk Industries, Inc.	0.07%	24,841	$3M	new	+0.07 pp	new
unresolvedTwenty First Centy Fox Inc	0.06%	48,596	$2M	added+9%	+0.01 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.05%	45,870	$2M	added+3%	0.00 pp	19 q
FHIFederated Hermes, Inc.	0.05%	75,650	$2M	added+45%	+0.02 pp	9 q
FITBFifth Third Bancorp	0.05%	76,675	$2M	added+3%	0.00 pp	19 q
PC6APetrochina Co Ltd -adr	0.05%	31,103	$2M	trimmed−7%	−0.01 pp	19 q
LBBath & Body Works, Inc.	0.04%	67,129	$2M	added+19%	0.00 pp	5 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	300,500	$2M	trimmed−5%	+0.01 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	0.03%	61,649	$1M	trimmed−29%	−0.01 pp	5 q
ARWArrow Electronics, Inc.	0.02%	12,872	$888,000	added×2.2	+0.01 pp	12 q
EGRXEagle Pharms Inc	0.02%	21,310	$858,000	added×5.8	+0.01 pp	4 q
INFYInfosys Limited	0.02%	101,031	$962,000	trimmed−83%	−0.11 pp	8 q
MDPediatrix Medical Group, Inc.	0.02%	28,034	$925,000	added×3.0	+0.01 pp	5 q
MSTRStrategy Inc Class A	0.02%	6,320	$807,000	trimmed−4%	0.00 pp	5 q
UPBDUpbound Group, Inc.	0.02%	37,289	$604,000	trimmed−93%	−0.15 pp	19 q
RGPResources Connection	0.02%	61,829	$878,000	trimmed−83%	−0.12 pp	18 q
SENEASeneca Foods Corp	0.02%	27,432	$774,000	trimmed−21%	−0.01 pp	7 q
SWSmurfit Westrock plc	0.02%	65,162	$875,000	added×2.9	+0.01 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	988	$847,000	added×2.1	+0.01 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.01%	14,546	$267,000	trimmed−14%	0.00 pp	19 q
ANATAmerican National Insurance	0.01%	3,236	$412,000	trimmed−3%	0.00 pp	4 q
unresolvedCss Inds Inc	0.01%	53,431	$479,000	added+17%	0.00 pp	8 q
CTBCooper Tire & Rubber Co.	0.01%	8,697	$281,000	trimmed−20%	0.00 pp	3 q
DGIIDigi International Inc	0.01%	51,744	$522,000	added+5%	0.00 pp	7 q
GTEGran Tierra Energy Inc.	0.01%	142,493	$309,000	added+48%	0.00 pp	13 q
HWCCHouston Wire & Cable Co	0.01%	82,634	$419,000	trimmed−4%	−0.01 pp	19 q
ISCAInternational Speedway Corp	0.01%	10,096	$443,000	new	+0.01 pp	new
KELYAKelly Services Inc	0.01%	12,184	$250,000	new	+0.01 pp	new
NWLINational Western Life Group, Inc. Class A	0.01%	1,827	$549,000	trimmed−4%	0.00 pp	13 q
NRIMNorthrim BanCorp Inc	0.01%	6,671	$219,000	trimmed−5%	0.00 pp	8 q
ORNOrion Group Holdings, Inc	0.01%	117,674	$505,000	added+47%	0.00 pp	19 q
PDCOPatterson Companies, Inc.	0.01%	10,536	$207,000	trimmed−10%	0.00 pp	5 q
DGXQuest Diagnostics Inc.	0.01%	5,479	$456,000	added×2.8	+0.01 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	1,285	$321,000	new	+0.01 pp	new
SCHLScholastic Corp	0.01%	9,299	$374,000	trimmed−36%	−0.01 pp	5 q
TRKSpeedway Motorsports LLC	0.01%	16,084	$262,000	trimmed−5%	0.00 pp	14 q
TBNKTerritorial Bancorp Inc.	0.01%	8,035	$209,000	trimmed−5%	0.00 pp	19 q
TOLToll Brothers, Inc.	0.01%	11,916	$392,000	new	+0.01 pp	new
GTSTriple-s Management Corp	0.01%	20,796	$362,000	trimmed−8%	0.00 pp	2 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.00%	25,258	$134,000	trimmed−4%	0.00 pp	4 q
IVCInvacare Corporation	0.00%	40,736	$175,000	added×2.1	−0.01 pp	17 q
unresolvedExpress Scripts Hldg Co	—	−1,229,788	—	exited	−2.64 pp	—
ERICEricsson	—	−2,280,462	—	exited	−0.45 pp	—
CCJCameco Corporation	—	−810,554	—	exited	−0.21 pp	—
AAPAdvance Auto Parts Inc	—	−18,593	—	exited	−0.07 pp	—
Chesapeake Energy Corpconvertible	—	−18,173	—	exited	−0.02 pp	—
EVTCEvertec, Inc.	—	−12,917	—	exited	−0.01 pp	—
NKSHNational Bankshares Inc/VA	—	−5,466	—	exited	−0.01 pp	—
BPOPPopular Inc	—	−8,348	—	exited	−0.01 pp	—
VTYVerint Systems Inc	—	−6,800	—	exited	−0.01 pp	—
CALMCal-Maine Foods Inc	—	−4,343	—	exited	0.00 pp	—
QLTNovelion Therapeutics Inc	—	−34,828	—	exited	0.00 pp	—