Brandes

Q1 2019 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2019
Filed: May 9, 2019
US stock: $4.3B · prev $3.9B
Positions: 137 · prev 143
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%

Moves149 since the prior filing

+3.9 pp in · −3.8 pp out

New 6 +0.30 pp
Added 87 +3.61 pp
Trimmed 44 −2.09 pp
Exited 12 −1.67 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions137 in this filing · 12 exited


EMBJEmbraer S.A.	8.90%	19,931,834	$383M	added+11%	−1.32 pp	20 q
CXCemex S.A.B. de C.V.	6.71%	62,096,886	$289M	added+6%	−0.52 pp	20 q
NXPINXP Semiconductors N.V.	3.47%	1,690,904	$149M	added+1%	+0.35 pp	2 q
CCitigroup Inc.	2.98%	2,057,597	$128M	trimmed−0%	+0.24 pp	20 q
YPFYPF Sociedad Anonima	2.82%	8,648,492	$121M	added+7%	+0.06 pp	8 q
MRKMerck & Co., Inc.	2.69%	1,392,238	$116M	trimmed−4%	−0.13 pp	20 q
PFEPfizer Inc.	2.61%	2,645,699	$112M	trimmed−13%	−0.77 pp	20 q
SNYSanofi	2.40%	2,329,001	$103M	trimmed−1%	−0.21 pp	20 q
FLEXFlex Ltd.	2.22%	9,531,586	$95M	added×2.5	+1.48 pp	2 q
CAHCardinal Health, Inc.	2.16%	1,927,184	$93M	added+4%	+0.05 pp	8 q
WFCWells Fargo & Co.	2.15%	1,910,337	$92M	added0%	−0.09 pp	20 q
BACBank of America Corporation	2.13%	3,322,768	$92M	trimmed−1%	+0.03 pp	20 q
MCKMcKesson Corporation	2.10%	770,837	$90M	added+8%	+0.09 pp	13 q
BNYBank of New York Mellon Corporation	2.03%	1,733,106	$87M	trimmed−3%	−0.11 pp	20 q
unresolvedGlaxosmithkline PLC	2.03%	2,085,398	$87M	added+2%	+0.04 pp	20 q
EMREmerson Electric Co.	1.63%	1,021,980	$70M	trimmed−1%	+0.07 pp	15 q
VIVTelefonica Brasil, S.A.	1.63%	5,801,918	$70M	trimmed−11%	−0.36 pp	20 q
AIGAmerican International Group, Inc.	1.55%	1,548,936	$67M	added+3%	+0.05 pp	19 q
STTState Street Corporation	1.52%	991,533	$65M	added0%	−0.07 pp	20 q
EENI S.p.A.	1.48%	1,801,778	$63M	added0%	+0.04 pp	20 q
AVALGrupo Aval Acciones Y Valores S.a.	1.48%	8,177,123	$64M	trimmed−0%	+0.25 pp	19 q
99803EURLaboratory Crp Of Amer Hldgs	1.44%	406,103	$62M	added+17%	+0.33 pp	10 q
CHLChina Mobile Limited	1.37%	1,153,506	$59M	trimmed−11%	−0.21 pp	20 q
AGROAdecoagro S.a.	1.36%	8,466,425	$58M	added+9%	−0.02 pp	20 q
HCAHCA Healthcare, Inc.	1.28%	421,482	$55M	trimmed−1%	−0.07 pp	8 q
PNCPNC Financial Services Group	1.26%	443,116	$54M	added0%	−0.06 pp	20 q
CPACopa Holdings, S.A.	1.24%	663,719	$54M	added+50%	+0.35 pp	2 q
BGGBriggs & Stratton Corp.	1.23%	4,465,929	$53M	added+22%	+0.01 pp	20 q
UBSUBS Group AG	1.21%	4,290,391	$52M	added+19%	+0.07 pp	18 q
unresolvedCredit Suisse Group Spon ADR	1.17%	4,319,351	$50M	added+14%	+0.12 pp	17 q
NOKNokia Corporation	1.16%	8,727,646	$50M	trimmed−5%	−0.20 pp	12 q
BPBP p.l.c.	1.13%	1,112,485	$49M	trimmed−8%	−0.02 pp	20 q
WPPWpp PLC	1.12%	910,687	$48M	added+21%	+0.07 pp	7 q
HMCHonda Motor Co., Ltd.	1.08%	1,716,893	$47M	added+9%	+0.02 pp	20 q
EPCEdgewell Personal Care Company	1.07%	1,045,172	$46M	added+2%	+0.09 pp	6 q
JEFJefferies Financial Group Inc.	1.02%	2,339,094	$44M	trimmed−0%	−0.02 pp	4 q
CVSCvs Health Corporation	0.94%	752,361	$41M	added×12.1	+0.84 pp	9 q
MSFTMicrosoft Corp	0.93%	338,175	$40M	trimmed−0%	+0.05 pp	20 q
WKCWorld Kinect Corporation	0.93%	1,387,647	$40M	added+2%	+0.19 pp	9 q
PEPPepsiCo, Inc.	0.90%	315,323	$39M	trimmed−1%	0.00 pp	20 q
CIThe Cigna Group	0.89%	237,283	$38M	added+1%	−0.25 pp	2 q
TMHCTaylor Morrison Home Corporation	0.88%	2,122,674	$38M	added+21%	+0.17 pp	6 q
JOESt. Joe Company	0.84%	2,194,578	$36M	added+1%	+0.11 pp	20 q
CVXChevron Corporation	0.80%	279,235	$34M	added+2%	+0.04 pp	20 q
unresolvedCrh PLC	0.76%	1,056,718	$33M	added+10%	+0.12 pp	5 q
TIIAYTelecom Italia S/	0.76%	5,175,176	$33M	added+19%	+0.15 pp	20 q
TAKTakeda Pharmaceutical Company Limited	0.70%	1,477,015	$30M	added+46%	+0.27 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.69%	3,922,879	$30M	added+1%	0.00 pp	20 q
BCSBarclays PLC	0.68%	3,653,430	$29M	added+12%	+0.07 pp	20 q
CMCSAComcast Corp	0.68%	726,904	$29M	added+2%	+0.06 pp	6 q
9990302DApache Corp	0.67%	837,721	$29M	trimmed−2%	+0.10 pp	20 q
ENICEnel Chile S.A.	0.66%	5,466,099	$28M	added+3%	−0.01 pp	12 q
CLSCelestica, Inc.	0.65%	3,184,965	$28M	trimmed−0%	−0.09 pp	6 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.65%	5,654,449	$28M	added+13%	+0.03 pp	20 q
ORANYOrange SP/	0.65%	1,705,954	$28M	trimmed−1%	−0.06 pp	20 q
HSBCHSBC Holdings PLC	0.54%	571,738	$23M	added+5%	−0.02 pp	20 q
unresolvedAegon NV	0.53%	4,769,621	$23M	added+4%	−0.01 pp	20 q
SHGShinhan Financial Group Co Ltd	0.51%	592,121	$22M	added+12%	+0.03 pp	20 q
CYDChina Yuchai International Ltd.	0.47%	1,289,103	$20M	trimmed−1%	+0.06 pp	20 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.44%	1,332,558	$19M	trimmed−11%	0.00 pp	20 q
unresolvedTelecom Italia S P A New	0.44%	3,297,246	$19M	trimmed−8%	−0.01 pp	16 q
TTENTotalenergies SE -spon ADR	0.43%	331,554	$18M	trimmed−2%	−0.02 pp	18 q
PDLIPDL BioPharma, Inc.	0.38%	4,345,083	$16M	trimmed−3%	+0.05 pp	9 q
PKXPOSCO Holdings Inc.	0.37%	285,411	$16M	added0%	−0.03 pp	20 q
AMXNAmerica Movil-spn ADR Cl L	0.35%	1,068,338	$15M	added+8%	−0.01 pp	20 q
AVTAvnet, Inc.	0.32%	318,529	$14M	added+7%	+0.05 pp	18 q
DOXAmdocs Limited	0.30%	237,031	$13M	added+41%	+0.05 pp	20 q
NTGRNETGEAR, Inc.	0.28%	370,137	$12M	added×4.9	+0.18 pp	8 q
TMToyota Motor Corporation	0.28%	101,667	$12M	trimmed−3%	−0.03 pp	20 q
OMCOmnicom Group Inc.	0.27%	159,046	$12M	added+6%	−0.01 pp	7 q
CTSHCognizant Technology Solutions	0.25%	146,834	$11M	added+29%	+0.07 pp	11 q
GOOGAlphabet Inc. Class C	0.24%	8,773	$10M	added+9%	+0.03 pp	9 q
unresolvedAvadel Pharmaceuticals PLC	0.24%	7,052,720	$10M	trimmed−1%	−0.23 pp	6 q
BBTTruist Financial Corporation	0.24%	223,606	$10M	added+8%	+0.01 pp	20 q
ORCLOracle Corp	0.23%	182,631	$10M	added+7%	+0.03 pp	20 q
TAROTaro Pharmaceutical Indus	0.22%	65,264	$9M	trimmed−5%	+0.02 pp	7 q
UHALU-Haul Holding Company	0.19%	22,470	$8M	added+6%	+0.01 pp	8 q
JNJJohnson & Johnson	0.19%	57,572	$8M	added+6%	+0.01 pp	15 q
MDCM.D.C. Holdings, Inc.	0.18%	266,835	$8M	added+9%	+0.02 pp	20 q
ORIOld Republic International Corporation	0.18%	370,600	$8M	added+4%	−0.01 pp	20 q
JPMJPMorgan Chase & Co.	0.15%	63,520	$6M	added+7%	0.00 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.15%	154,753	$6M	added+68%	+0.06 pp	4 q
CHKChesapeake Energy Corp	0.14%	1,881,804	$6M	added0%	+0.04 pp	20 q
GILDGilead Sciences Inc	0.14%	92,722	$6M	added+11%	+0.01 pp	9 q
UTHRUnited Therapeutics Corp	0.13%	46,102	$5M	added+5%	+0.01 pp	6 q
AMGNAmgen Inc	0.12%	26,286	$5M	added+9%	0.00 pp	8 q
AMATApplied Materials Inc	0.12%	129,023	$5M	added+9%	+0.02 pp	2 q
JCIJohnson Controls International plc	0.11%	125,794	$5M	added+13%	+0.03 pp	3 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.10%	187,320	$4M	trimmed−29%	−0.04 pp	17 q
FDXFedEx Corporation	0.10%	24,476	$4M	new	+0.10 pp	new
HALHalliburton Company	0.10%	150,228	$4M	new	+0.10 pp	new
LLoews Corporation	0.10%	91,321	$4M	added+6%	0.00 pp	16 q
WHRWhirlpool Corp.	0.09%	30,743	$4M	added+2%	+0.01 pp	6 q
MHKMohawk Industries, Inc.	0.07%	24,692	$3M	trimmed−1%	0.00 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.06%	50,181	$3M	added+9%	+0.01 pp	20 q
DISThe Walt Disney Company	0.05%	18,312	$2M	new	+0.05 pp	new
FITBFifth Third Bancorp	0.05%	82,891	$2M	added+8%	0.00 pp	20 q
FOXFox Corporation Class B	0.05%	54,168	$2M	new	+0.05 pp	new
PC6APetrochina Co Ltd -adr	0.05%	30,539	$2M	trimmed−2%	0.00 pp	20 q
FHIFederated Hermes, Inc.	0.04%	65,110	$2M	trimmed−14%	−0.01 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	83,675	$2M	added+36%	+0.01 pp	6 q
LBBath & Body Works, Inc.	0.04%	67,220	$2M	added0%	0.00 pp	6 q
ACHAccendra Health, Inc.	0.04%	403,502	$2M	trimmed−64%	−0.14 pp	10 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	303,918	$2M	added+1%	0.00 pp	4 q
EGRXEagle Pharms Inc	0.03%	21,978	$1M	added+3%	+0.01 pp	5 q
MDPediatrix Medical Group, Inc.	0.03%	49,707	$1M	added+77%	+0.01 pp	6 q
NWLINational Western Life Group, Inc. Class A	0.03%	4,122	$1M	added×2.3	+0.02 pp	14 q
DGXQuest Diagnostics Inc.	0.03%	11,976	$1M	added×2.2	+0.02 pp	4 q
SENEASeneca Foods Corp	0.03%	44,948	$1M	added+64%	+0.01 pp	8 q
ARWArrow Electronics, Inc.	0.02%	12,495	$963,000	trimmed−3%	0.00 pp	13 q
DGIIDigi International Inc	0.02%	51,691	$655,000	trimmed−0%	+0.01 pp	8 q
INFYInfosys Limited	0.02%	92,108	$1M	trimmed−9%	0.00 pp	9 q
MSTRStrategy Inc Class A	0.02%	6,412	$925,000	added+1%	0.00 pp	6 q
UPBDUpbound Group, Inc.	0.02%	36,998	$772,000	trimmed−1%	0.00 pp	20 q
RGPResources Connection	0.02%	57,960	$959,000	trimmed−6%	0.00 pp	19 q
SWSmurfit Westrock plc	0.02%	76,247	$943,000	added+17%	0.00 pp	4 q
GTSTriple-s Management Corp	0.02%	31,802	$726,000	added+53%	+0.01 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	1,063	$984,000	added+8%	0.00 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.01%	13,482	$343,000	trimmed−7%	0.00 pp	20 q
unresolvedCss Inds Inc	0.01%	60,026	$359,000	added+12%	0.00 pp	9 q
CTBCooper Tire & Rubber Co.	0.01%	8,722	$261,000	added0%	0.00 pp	4 q
GTEGran Tierra Energy Inc.	0.01%	175,956	$399,000	added+23%	0.00 pp	14 q
HWCCHouston Wire & Cable Co	0.01%	83,190	$527,000	added+1%	0.00 pp	20 q
ISCAInternational Speedway Corp	0.01%	10,082	$440,000	trimmed−0%	0.00 pp	2 q
KELYAKelly Services Inc	0.01%	12,063	$266,000	trimmed−1%	0.00 pp	2 q
NRIMNorthrim BanCorp Inc	0.01%	7,228	$249,000	added+8%	0.00 pp	9 q
ORNOrion Group Holdings, Inc	0.01%	136,157	$397,000	added+16%	0.00 pp	20 q
PDCOPatterson Companies, Inc.	0.01%	11,074	$242,000	added+5%	0.00 pp	6 q
SCHLScholastic Corp	0.01%	9,920	$394,000	added+7%	0.00 pp	6 q
TRKSpeedway Motorsports LLC	0.01%	16,171	$234,000	added+1%	0.00 pp	15 q
TBNKTerritorial Bancorp Inc.	0.01%	8,016	$216,000	trimmed−0%	0.00 pp	20 q
TOLToll Brothers, Inc.	0.01%	11,922	$432,000	added0%	0.00 pp	2 q
ARLOArlo Technologies, Inc.	0.00%	27,144	$112,000	new	0.00 pp	new
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.00%	24,594	$141,000	trimmed−3%	0.00 pp	5 q
BZHBeazer Homes USA, Inc. New	0.00%	11,297	$130,000	trimmed−99%	−0.24 pp	20 q
FOXAFox Corporation Class A	0.00%	5,840	$214,000	new	0.00 pp	new
IVCInvacare Corporation	0.00%	25,519	$214,000	trimmed−37%	0.00 pp	18 q
unresolvedShire PLC	—	−84,348	—	exited	−0.37 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−259,851	—	exited	−0.28 pp	—
unresolvedTwenty First Centy Fox Inc	—	−163,020	—	exited	−0.20 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−187,459	—	exited	−0.19 pp	—
FNFabrinet	—	−120,683	—	exited	−0.16 pp	—
PGProcter & Gamble Company	—	−50,876	—	exited	−0.12 pp	—
unresolvedCompanhia Paranaense Energ C	—	−481,815	—	exited	−0.10 pp	—
GWXState Street SPDR S&P International Small Cap ETF	—	−145,082	—	exited	−0.10 pp	—
ACWIiShares MSCI ACWI ETF	—	−40,182	—	exited	−0.07 pp	—
unresolvedTwenty First Centy Fox Inc	—	−48,596	—	exited	−0.06 pp	—
ANATAmerican National Insurance	—	−3,236	—	exited	−0.01 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,285	—	exited	−0.01 pp	—