Brandes

Q2 2019 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2019
Filed: Aug 12, 2019
US stock: $4.5B · prev $4.3B
Positions: 143 · prev 137
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%

Moves147 since the prior filing

+7.4 pp in · −7.4 pp out

New 12 +0.28 pp
Added 23 +7.08 pp
Trimmed 106 −7.27 pp
Exited 6 −0.14 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions27% of US stock

EMBJ Embraer S.A. added+0.17 pp added+0.179.1%
CX Cemex S.A.B. de C.V. added−0.67 pp added−0.676.0%
UBS UBS Group AG added+4.28 pp added+4.285.5%
YPF YPF Sociedad Anonima trimmed+0.67 pp trimmed+0.673.5%
NXPI NXP Semiconductors N.V. trimmed−0.36 pp trimmed−0.363.1%

Positions143 in this filing · 6 exited


EMBJEmbraer S.A.	9.07%	20,024,471	$407M	added0%	+0.17 pp	21 q
CXCemex S.A.B. de C.V.	6.04%	63,869,750	$271M	added+3%	−0.67 pp	21 q
UBSUBS Group AG	5.49%	20,796,325	$246M	added×4.8	+4.28 pp	19 q
YPFYPF Sociedad Anonima	3.49%	8,612,028	$157M	trimmed−0%	+0.67 pp	9 q
NXPINXP Semiconductors N.V.	3.11%	1,430,215	$140M	trimmed−15%	−0.36 pp	3 q
CCitigroup Inc.	3.08%	1,977,706	$138M	trimmed−4%	+0.10 pp	21 q
MRKMerck & Co., Inc.	2.46%	1,317,523	$110M	trimmed−5%	−0.23 pp	21 q
PFEPfizer Inc.	2.42%	2,506,950	$109M	trimmed−5%	−0.19 pp	21 q
MCKMcKesson Corporation	2.21%	738,801	$99M	trimmed−4%	+0.11 pp	14 q
CPACopa Holdings, S.A.	2.14%	986,970	$96M	added+49%	+0.90 pp	3 q
BACBank of America Corporation	2.03%	3,145,911	$91M	trimmed−5%	−0.10 pp	21 q
SNYSanofi	2.01%	2,089,234	$90M	trimmed−10%	−0.39 pp	21 q
CAHCardinal Health, Inc.	2.00%	1,910,960	$90M	trimmed−1%	−0.16 pp	9 q
WFCWells Fargo & Co.	1.95%	1,846,486	$87M	trimmed−3%	−0.20 pp	21 q
FLEXFlex Ltd.	1.75%	8,192,301	$78M	trimmed−14%	−0.47 pp	3 q
AIGAmerican International Group, Inc.	1.72%	1,451,649	$77M	trimmed−6%	+0.17 pp	20 q
unresolvedGlaxosmithkline PLC	1.65%	1,854,212	$74M	trimmed−11%	−0.38 pp	21 q
BNYBank of New York Mellon Corporation	1.64%	1,663,305	$73M	trimmed−4%	−0.39 pp	21 q
99803EURLaboratory Crp Of Amer Hldgs	1.50%	388,711	$67M	trimmed−4%	+0.06 pp	11 q
EMREmerson Electric Co.	1.46%	979,525	$65M	trimmed−4%	−0.17 pp	16 q
AVALGrupo Aval Acciones Y Valores S.a.	1.44%	8,136,485	$65M	trimmed−1%	−0.04 pp	20 q
VIVTelefonica Brasil, S.A.	1.35%	4,661,438	$61M	trimmed−20%	−0.28 pp	21 q
AGROAdecoagro S.a.	1.34%	8,443,859	$60M	trimmed−0%	−0.02 pp	21 q
PNCPNC Financial Services Group	1.30%	424,614	$58M	trimmed−4%	+0.04 pp	21 q
HCAHCA Healthcare, Inc.	1.21%	403,000	$54M	trimmed−4%	−0.07 pp	9 q
STTState Street Corporation	1.20%	960,572	$54M	trimmed−3%	−0.32 pp	21 q
EENI S.p.A.	1.19%	1,617,431	$53M	trimmed−10%	−0.29 pp	21 q
WPPWpp PLC	1.14%	814,381	$51M	trimmed−11%	+0.02 pp	8 q
CHLChina Mobile Limited	1.05%	1,042,602	$47M	trimmed−10%	−0.32 pp	21 q
unresolvedCredit Suisse Group Spon ADR	1.04%	3,903,557	$47M	trimmed−10%	−0.13 pp	18 q
SWSmurfit Westrock plc	1.01%	3,744,487	$45M	added×49.1	+0.99 pp	5 q
BGGBriggs & Stratton Corp.	0.99%	4,362,808	$45M	trimmed−2%	−0.24 pp	21 q
CIThe Cigna Group	0.96%	274,036	$43M	added+15%	+0.07 pp	3 q
JEFJefferies Financial Group Inc.	0.96%	2,230,165	$43M	trimmed−5%	−0.06 pp	5 q
CVSCvs Health Corporation	0.92%	757,518	$41M	added+1%	−0.02 pp	10 q
MSFTMicrosoft Corp	0.92%	307,611	$41M	trimmed−9%	−0.01 pp	21 q
BPBP p.l.c.	0.91%	978,634	$41M	trimmed−12%	−0.22 pp	21 q
HMCHonda Motor Co., Ltd.	0.89%	1,550,539	$40M	trimmed−10%	−0.19 pp	21 q
NOKNokia Corporation	0.89%	7,994,611	$40M	trimmed−8%	−0.27 pp	13 q
PEPPepsiCo, Inc.	0.88%	300,271	$39M	trimmed−5%	−0.02 pp	21 q
JOESt. Joe Company	0.80%	2,070,872	$36M	trimmed−6%	−0.04 pp	21 q
TMHCTaylor Morrison Home Corporation	0.80%	1,719,308	$36M	trimmed−19%	−0.08 pp	7 q
HALHalliburton Company	0.79%	1,567,209	$36M	added×10.4	+0.69 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.78%	3,758,896	$35M	trimmed−4%	+0.09 pp	21 q
CVXChevron Corporation	0.76%	273,375	$34M	trimmed−2%	−0.04 pp	21 q
CMCSAComcast Corp	0.69%	728,768	$31M	added0%	+0.01 pp	7 q
ENICEnel Chile S.A.	0.69%	6,466,045	$31M	added+18%	+0.03 pp	13 q
unresolvedCrh PLC	0.68%	932,882	$31M	trimmed−12%	−0.08 pp	6 q
TTENTotalenergies SE -spon ADR	0.65%	521,348	$29M	added+57%	+0.22 pp	19 q
EPCEdgewell Personal Care Company	0.63%	1,044,137	$28M	trimmed−0%	−0.44 pp	7 q
TIIAYTelecom Italia S/	0.62%	5,065,852	$28M	trimmed−2%	−0.14 pp	21 q
CLSCelestica, Inc.	0.61%	3,861,916	$27M	added+21%	−0.04 pp	7 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.57%	5,392,221	$26M	trimmed−5%	−0.08 pp	21 q
BCSBarclays PLC	0.56%	3,320,264	$25M	trimmed−9%	−0.12 pp	21 q
ORANYOrange SP/	0.53%	1,508,757	$24M	trimmed−12%	−0.12 pp	21 q
TAKTakeda Pharmaceutical Company Limited	0.53%	1,343,416	$24M	trimmed−9%	−0.17 pp	3 q
9990302DApache Corp	0.52%	799,500	$23M	trimmed−5%	−0.15 pp	21 q
WKCWorld Kinect Corporation	0.51%	638,656	$23M	trimmed−54%	−0.42 pp	10 q
unresolvedAegon NV	0.48%	4,313,246	$21M	trimmed−10%	−0.05 pp	21 q
HSBCHSBC Holdings PLC	0.48%	519,517	$22M	trimmed−10%	−0.06 pp	21 q
SHGShinhan Financial Group Co Ltd	0.47%	538,678	$21M	trimmed−9%	−0.04 pp	21 q
CYDChina Yuchai International Ltd.	0.47%	1,414,865	$21M	added+10%	0.00 pp	21 q
unresolvedAvadel Pharmaceuticals PLC	0.44%	6,784,790	$20M	trimmed−4%	+0.20 pp	7 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.40%	1,280,362	$18M	trimmed−4%	−0.04 pp	21 q
NTGRNETGEAR, Inc.	0.39%	688,571	$17M	added+86%	+0.11 pp	9 q
UTHRUnited Therapeutics Corp	0.39%	222,150	$17M	added×4.8	+0.26 pp	7 q
AMXNAmerica Movil-spn ADR Cl L	0.36%	1,103,666	$16M	added+3%	+0.01 pp	21 q
DOXAmdocs Limited	0.34%	247,934	$15M	added+5%	+0.04 pp	21 q
PKXPOSCO Holdings Inc.	0.32%	272,108	$14M	trimmed−5%	−0.05 pp	21 q
AVTAvnet, Inc.	0.29%	286,650	$13M	trimmed−10%	−0.03 pp	19 q
PDLIPDL BioPharma, Inc.	0.29%	4,171,971	$13M	trimmed−4%	−0.09 pp	10 q
OMCOmnicom Group Inc.	0.26%	142,101	$12M	trimmed−11%	−0.01 pp	8 q
TMToyota Motor Corporation	0.25%	89,614	$11M	trimmed−12%	−0.03 pp	21 q
BBTTruist Financial Corporation	0.23%	209,240	$10M	trimmed−6%	−0.01 pp	21 q
ORCLOracle Corp	0.21%	163,113	$9M	trimmed−11%	−0.02 pp	21 q
CTSHCognizant Technology Solutions	0.19%	131,474	$8M	trimmed−10%	−0.06 pp	12 q
GOOGAlphabet Inc. Class C	0.18%	7,679	$8M	trimmed−12%	−0.06 pp	10 q
ZTOZTO Express (Cayman) Inc.	0.18%	423,432	$8M	new	+0.18 pp	new
UHALU-Haul Holding Company	0.17%	20,338	$8M	trimmed−9%	−0.02 pp	9 q
JNJJohnson & Johnson	0.17%	55,167	$8M	trimmed−4%	−0.02 pp	16 q
MDCM.D.C. Holdings, Inc.	0.17%	234,370	$8M	trimmed−12%	−0.01 pp	21 q
unresolvedTelecom Italia S P A New	0.17%	1,473,126	$8M	trimmed−55%	−0.27 pp	17 q
ORIOld Republic International Corporation	0.16%	330,739	$7M	trimmed−11%	−0.02 pp	21 q
JPMJPMorgan Chase & Co.	0.14%	56,473	$6M	trimmed−11%	−0.01 pp	21 q
TAROTaro Pharmaceutical Indus	0.14%	55,905	$6M	trimmed−14%	−0.08 pp	8 q
GILDGilead Sciences Inc	0.13%	83,200	$6M	trimmed−10%	−0.01 pp	10 q
AMATApplied Materials Inc	0.12%	115,208	$5M	trimmed−11%	0.00 pp	3 q
AMGNAmgen Inc	0.10%	23,568	$4M	trimmed−10%	−0.02 pp	9 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.10%	175,126	$4M	trimmed−7%	0.00 pp	18 q
LLoews Corporation	0.10%	81,551	$4M	trimmed−11%	0.00 pp	17 q
WHRWhirlpool Corp.	0.10%	30,036	$4M	trimmed−2%	+0.01 pp	7 q
JCIJohnson Controls International plc	0.10%	113,037	$5M	trimmed−10%	−0.01 pp	4 q
CHKChesapeake Energy Corp	0.08%	1,765,505	$3M	trimmed−6%	−0.06 pp	21 q
FDXFedEx Corporation	0.08%	21,922	$4M	trimmed−10%	−0.02 pp	2 q
FOXFox Corporation Class B	0.08%	94,916	$3M	added+75%	+0.03 pp	2 q
MHKMohawk Industries, Inc.	0.08%	24,404	$4M	trimmed−1%	+0.01 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.05%	44,921	$2M	trimmed−10%	−0.01 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	82,549	$2M	trimmed−1%	0.00 pp	7 q
LBBath & Body Works, Inc.	0.04%	65,488	$2M	trimmed−3%	0.00 pp	7 q
PC6APetrochina Co Ltd -adr	0.04%	32,330	$2M	added+6%	−0.01 pp	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	44,349	$2M	trimmed−71%	−0.11 pp	5 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	368,559	$2M	added+21%	0.00 pp	5 q
MDPediatrix Medical Group, Inc.	0.03%	49,612	$1M	trimmed−0%	0.00 pp	7 q
ACHAccendra Health, Inc.	0.03%	392,368	$1M	trimmed−3%	−0.01 pp	11 q
DGXQuest Diagnostics Inc.	0.03%	11,695	$1M	trimmed−2%	0.00 pp	5 q
ARWArrow Electronics, Inc.	0.02%	12,097	$862,000	trimmed−3%	0.00 pp	14 q
EXFExfo Inc	0.02%	202,210	$778,000	new	+0.02 pp	new
MSTRStrategy Inc Class A	0.02%	5,814	$833,000	trimmed−9%	0.00 pp	7 q
NWLINational Western Life Group, Inc. Class A	0.02%	3,598	$925,000	trimmed−13%	−0.01 pp	15 q
RGPResources Connection	0.02%	44,715	$716,000	trimmed−23%	0.00 pp	20 q
SCHLScholastic Corp	0.02%	24,635	$819,000	added×2.5	+0.01 pp	7 q
SENEASeneca Foods Corp	0.02%	34,938	$972,000	trimmed−22%	−0.01 pp	9 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	1,055	$1M	trimmed−1%	0.00 pp	5 q
ALEXAlexander & Baldwin, Inc.	0.01%	10,458	$242,000	trimmed−22%	0.00 pp	21 q
ANATAmerican National Insurance	0.01%	3,525	$411,000	new	+0.01 pp	new
unresolvedCss Inds Inc	0.01%	51,753	$253,000	trimmed−14%	0.00 pp	10 q
CTBCooper Tire & Rubber Co.	0.01%	8,454	$267,000	trimmed−3%	0.00 pp	5 q
DGIIDigi International Inc	0.01%	44,436	$563,000	trimmed−14%	−0.01 pp	9 q
EGRXEagle Pharms Inc	0.01%	7,393	$412,000	trimmed−66%	−0.02 pp	6 q
FHIFederated Hermes, Inc.	0.01%	7,716	$251,000	trimmed−88%	−0.03 pp	11 q
GTEGran Tierra Energy Inc.	0.01%	175,956	$280,000	held	—	15 q
GBXThe Greenbrier Companies, Inc.	0.01%	12,510	$380,000	new	+0.01 pp	new
HWCCHouston Wire & Cable Co	0.01%	71,512	$375,000	trimmed−14%	0.00 pp	21 q
ISCAInternational Speedway Corp	0.01%	7,263	$326,000	trimmed−28%	0.00 pp	3 q
EEMiShares MSCI Emerging Markets ETF	0.01%	10,003	$429,000	new	+0.01 pp	new
MFCManulife Financial Corp.	0.01%	16,514	$300,000	new	+0.01 pp	new
OSBCADNorbord Inc	0.01%	20,178	$501,000	new	+0.01 pp	new
NRIMNorthrim BanCorp Inc	0.01%	8,932	$319,000	added+24%	0.00 pp	10 q
ORNOrion Group Holdings, Inc	0.01%	117,230	$314,000	trimmed−14%	0.00 pp	21 q
PAHCPhibro Animal Health Corporation Class A	0.01%	8,715	$277,000	new	+0.01 pp	new
PGProcter & Gamble Company	0.01%	2,268	$249,000	new	+0.01 pp	new
UPBDUpbound Group, Inc.	0.01%	8,476	$226,000	trimmed−77%	−0.01 pp	21 q
TOLToll Brothers, Inc.	0.01%	10,144	$371,000	trimmed−15%	0.00 pp	3 q
GTSTriple-s Management Corp	0.01%	16,393	$391,000	trimmed−48%	−0.01 pp	4 q
UTMDUtah Medical Products Inc	0.01%	2,468	$236,000	new	+0.01 pp	new
ARLOArlo Technologies, Inc.	0.00%	23,455	$94,000	trimmed−14%	0.00 pp	2 q
AVAAvista Corporation	0.00%	4,886	$218,000	new	0.00 pp	new
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.00%	24,675	$137,000	added0%	0.00 pp	6 q
CALMCal-Maine Foods Inc	0.00%	5,100	$213,000	new	0.00 pp	new
FOXAFox Corporation Class A	0.00%	5,840	$214,000	held	—	2 q
IVCInvacare Corporation	0.00%	21,001	$109,000	trimmed−18%	0.00 pp	19 q
PDCOPatterson Companies, Inc.	0.00%	8,820	$202,000	trimmed−20%	−0.01 pp	7 q
TRKSpeedway Motorsports LLC	0.00%	11,693	$217,000	trimmed−28%	−0.01 pp	16 q
DISThe Walt Disney Company	—	−18,312	—	exited	−0.05 pp	—
FITBFifth Third Bancorp	—	−82,891	—	exited	−0.05 pp	—
INFYInfosys Limited	—	−92,108	—	exited	−0.02 pp	—
KELYAKelly Services Inc	—	−12,063	—	exited	−0.01 pp	—
TBNKTerritorial Bancorp Inc.	—	−8,016	—	exited	−0.01 pp	—
BZHBeazer Homes USA, Inc. New	—	−11,297	—	exited	0.00 pp	—