Brandes

Q3 2019 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2019
Filed: Nov 12, 2019
US stock: $3.9B · prev $4.5B
Positions: 138 · 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%

Moves154 since the prior filing

+4.4 pp in · −4.5 pp out

New 11 +0.29 pp
Added 20 +4.15 pp
Trimmed 107 −3.91 pp
Exited 16 −0.62 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.3 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions138 in this filing · 16 exited


EMBJEmbraer S.A.	8.96%	19,877,794	$346M	trimmed−1%	−0.11 pp	22 q
CXCemex S.A.B. de C.V.	7.43%	73,194,116	$288M	added+15%	+1.39 pp	22 q
NXPINXP Semiconductors N.V.	3.51%	1,245,368	$136M	trimmed−13%	+0.40 pp	4 q
CCitigroup Inc.	3.36%	1,879,412	$130M	trimmed−5%	+0.28 pp	22 q
MRKMerck & Co., Inc.	2.61%	1,198,069	$101M	trimmed−9%	+0.15 pp	22 q
MCKMcKesson Corporation	2.53%	715,339	$98M	trimmed−3%	+0.32 pp	15 q
WFCWells Fargo & Co.	2.33%	1,787,920	$90M	trimmed−3%	+0.38 pp	22 q
CAHCardinal Health, Inc.	2.27%	1,863,802	$88M	trimmed−2%	+0.27 pp	10 q
BACBank of America Corporation	2.24%	2,975,765	$87M	trimmed−5%	+0.21 pp	22 q
PFEPfizer Inc.	2.22%	2,391,062	$86M	trimmed−5%	−0.20 pp	22 q
SNYSanofi	2.19%	1,830,929	$85M	trimmed−12%	+0.18 pp	22 q
YPFYPF Sociedad Anonima	2.05%	8,589,460	$79M	trimmed−0%	−1.44 pp	10 q
AIGAmerican International Group, Inc.	1.96%	1,358,419	$76M	trimmed−6%	+0.24 pp	21 q
BNYBank of New York Mellon Corporation	1.86%	1,591,341	$72M	trimmed−4%	+0.22 pp	22 q
unresolvedGlaxosmithkline PLC	1.78%	1,612,195	$69M	trimmed−13%	+0.13 pp	22 q
FLEXFlex Ltd.	1.73%	6,383,801	$67M	trimmed−22%	−0.02 pp	4 q
EMREmerson Electric Co.	1.64%	947,082	$63M	trimmed−3%	+0.18 pp	17 q
99803EURLaboratory Crp Of Amer Hldgs	1.61%	371,688	$62M	trimmed−4%	+0.11 pp	12 q
AVALGrupo Aval Acciones Y Valores S.a.	1.57%	8,116,299	$61M	trimmed−0%	+0.13 pp	21 q
PNCPNC Financial Services Group	1.48%	408,145	$57M	trimmed−4%	+0.18 pp	22 q
STTState Street Corporation	1.43%	936,533	$55M	trimmed−3%	+0.23 pp	22 q
CPACopa Holdings, S.A.	1.41%	553,575	$55M	trimmed−44%	−0.73 pp	4 q
AGROAdecoagro S.a.	1.38%	9,166,520	$53M	added+9%	+0.04 pp	22 q
HALHalliburton Company	1.34%	2,753,493	$52M	added+76%	+0.55 pp	3 q
CVSCvs Health Corporation	1.33%	813,329	$51M	added+7%	+0.41 pp	11 q
HCAHCA Healthcare, Inc.	1.21%	389,453	$47M	trimmed−3%	0.00 pp	10 q
CIThe Cigna Group	1.16%	294,666	$45M	added+8%	+0.20 pp	4 q
VIVTelefonica Brasil, S.A.	1.16%	3,409,765	$45M	trimmed−27%	−0.19 pp	22 q
EENI S.p.A.	1.14%	1,449,390	$44M	trimmed−10%	−0.05 pp	22 q
UBSUBS Group AG	1.14%	3,889,779	$44M	trimmed−81%	−4.35 pp	20 q
unresolvedCredit Suisse Group Spon ADR	1.11%	3,518,809	$43M	trimmed−10%	+0.07 pp	19 q
WPPWpp PLC	1.11%	684,746	$43M	trimmed−16%	−0.03 pp	9 q
CHLChina Mobile Limited	1.02%	952,654	$39M	trimmed−9%	−0.03 pp	22 q
JEFJefferies Financial Group Inc.	1.02%	2,134,634	$39M	trimmed−4%	+0.06 pp	6 q
PEPPepsiCo, Inc.	1.01%	286,269	$39M	trimmed−5%	+0.13 pp	22 q
HMCHonda Motor Co., Ltd.	0.94%	1,394,627	$36M	trimmed−10%	+0.05 pp	22 q
NOKNokia Corporation	0.94%	7,219,542	$37M	trimmed−10%	+0.05 pp	14 q
EPCEdgewell Personal Care Company	0.91%	1,088,094	$35M	added+4%	+0.28 pp	8 q
JOESt. Joe Company	0.90%	2,027,198	$35M	trimmed−2%	+0.10 pp	22 q
BPBP p.l.c.	0.86%	876,162	$33M	trimmed−12%	−0.05 pp	22 q
MSFTMicrosoft Corp	0.86%	240,255	$33M	trimmed−22%	−0.06 pp	22 q
CMCSAComcast Corp	0.84%	716,687	$32M	trimmed−2%	+0.15 pp	8 q
CVXChevron Corporation	0.83%	271,151	$32M	trimmed−1%	+0.07 pp	22 q
TAKTakeda Pharmaceutical Company Limited	0.82%	1,843,235	$32M	added+37%	+0.29 pp	4 q
ENICEnel Chile S.A.	0.77%	7,034,306	$30M	added+9%	+0.08 pp	14 q
MBTMobile TeleSystems Public Joint Stock Company	0.76%	3,642,998	$30M	trimmed−3%	−0.02 pp	22 q
TTENTotalenergies SE -spon ADR	0.76%	566,805	$29M	added+9%	+0.11 pp	20 q
unresolvedCrh PLC	0.73%	825,530	$28M	trimmed−12%	+0.05 pp	7 q
NTGRNETGEAR, Inc.	0.73%	873,927	$28M	added+27%	+0.34 pp	10 q
CLSCelestica, Inc.	0.69%	3,615,297	$27M	trimmed−6%	+0.08 pp	8 q
BGGBriggs & Stratton Corp.	0.68%	4,354,072	$26M	trimmed−0%	−0.31 pp	22 q
unresolvedAvadel Pharmaceuticals PLC	0.66%	6,182,836	$26M	trimmed−9%	+0.22 pp	8 q
TMHCTaylor Morrison Home Corporation	0.65%	964,066	$25M	trimmed−44%	−0.15 pp	8 q
TIIAYTelecom Italia S/	0.65%	4,477,482	$25M	trimmed−12%	+0.03 pp	22 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.63%	4,816,017	$24M	trimmed−11%	+0.06 pp	22 q
UTHRUnited Therapeutics Corp	0.61%	297,113	$24M	added+34%	+0.22 pp	8 q
BCSBarclays PLC	0.57%	2,995,153	$22M	trimmed−12%	+0.01 pp	22 q
ORANYOrange SP/	0.53%	1,321,560	$21M	trimmed−12%	0.00 pp	22 q
CYDChina Yuchai International Ltd.	0.51%	1,530,104	$20M	added+8%	+0.04 pp	22 q
HSBCHSBC Holdings PLC	0.46%	467,093	$18M	trimmed−10%	−0.02 pp	22 q
SHGShinhan Financial Group Co Ltd	0.45%	495,873	$17M	trimmed−8%	−0.02 pp	22 q
unresolvedAegon NV	0.41%	3,870,335	$16M	trimmed−10%	−0.07 pp	22 q
AMXNAmerica Movil-spn ADR Cl L	0.41%	1,058,963	$16M	trimmed−4%	+0.05 pp	22 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.40%	1,186,359	$16M	trimmed−7%	0.00 pp	22 q
DOXAmdocs Limited	0.40%	236,225	$16M	trimmed−5%	+0.06 pp	22 q
ZTOZTO Express (Cayman) Inc.	0.35%	634,489	$14M	added+50%	+0.17 pp	2 q
PKXPOSCO Holdings Inc.	0.32%	265,850	$13M	trimmed−2%	0.00 pp	22 q
AVTAvnet, Inc.	0.31%	266,500	$12M	trimmed−7%	+0.02 pp	20 q
PDLIPDL BioPharma, Inc.	0.31%	5,465,156	$12M	added+31%	+0.02 pp	11 q
TMToyota Motor Corporation	0.28%	79,512	$11M	trimmed−11%	+0.03 pp	22 q
BBTTruist Financial Corporation	0.27%	198,351	$11M	trimmed−5%	+0.04 pp	22 q
OMCOmnicom Group Inc.	0.27%	135,792	$11M	trimmed−4%	+0.01 pp	9 q
WKCWorld Kinect Corporation	0.25%	237,488	$9M	trimmed−63%	−0.26 pp	11 q
GOOGAlphabet Inc. Class C	0.23%	7,313	$9M	trimmed−5%	+0.05 pp	11 q
MDCM.D.C. Holdings, Inc.	0.23%	210,284	$9M	trimmed−10%	+0.06 pp	22 q
UHALU-Haul Holding Company	0.20%	19,485	$8M	trimmed−4%	+0.03 pp	10 q
CTSHCognizant Technology Solutions	0.20%	125,836	$8M	trimmed−4%	+0.01 pp	13 q
ORIOld Republic International Corporation	0.19%	306,756	$7M	trimmed−7%	+0.03 pp	22 q
JNJJohnson & Johnson	0.18%	52,923	$7M	trimmed−4%	+0.01 pp	17 q
ORCLOracle Corp	0.18%	128,813	$7M	trimmed−21%	−0.03 pp	22 q
unresolvedTelecom Italia S P A New	0.18%	1,319,265	$7M	trimmed−10%	+0.01 pp	18 q
JPMJPMorgan Chase & Co.	0.16%	53,551	$6M	trimmed−5%	+0.02 pp	22 q
AMATApplied Materials Inc	0.14%	109,998	$5M	trimmed−5%	+0.02 pp	4 q
TAROTaro Pharmaceutical Indus	0.14%	55,065	$5M	trimmed−2%	0.00 pp	9 q
GILDGilead Sciences Inc	0.13%	79,855	$5M	trimmed−4%	0.00 pp	11 q
WHRWhirlpool Corp.	0.12%	28,917	$5M	trimmed−4%	+0.02 pp	8 q
JCIJohnson Controls International plc	0.12%	108,044	$5M	trimmed−4%	+0.02 pp	5 q
AMGNAmgen Inc	0.11%	22,467	$4M	trimmed−5%	+0.01 pp	10 q
LLoews Corporation	0.10%	77,872	$4M	trimmed−5%	0.00 pp	18 q
ACWXiShares MSCI ACWI ex US ETF	0.09%	74,193	$3M	new	+0.09 pp	new
FDXFedEx Corporation	0.08%	21,952	$3M	added0%	0.00 pp	3 q
MHKMohawk Industries, Inc.	0.08%	23,913	$3M	trimmed−2%	0.00 pp	4 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.07%	143,597	$3M	trimmed−18%	−0.03 pp	19 q
FOXFox Corporation Class B	0.07%	91,054	$3M	trimmed−4%	−0.01 pp	3 q
CHKChesapeake Energy Corp	0.06%	1,751,420	$2M	trimmed−1%	−0.02 pp	22 q
ACHAccendra Health, Inc.	0.06%	384,057	$2M	trimmed−2%	+0.03 pp	12 q
SWSmurfit Westrock plc	0.06%	216,407	$2M	trimmed−94%	−0.95 pp	6 q
SPBSpectrum Brands Holdings, Inc.	0.06%	42,827	$2M	new	+0.06 pp	new
TXTernium S.A.	0.06%	121,600	$2M	new	+0.06 pp	new
CSCOCisco Systems, Inc. (DE)	0.05%	42,970	$2M	trimmed−4%	0.00 pp	22 q
PC6APetrochina Co Ltd -adr	0.05%	38,882	$2M	added+20%	+0.01 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	43,180	$2M	trimmed−3%	+0.01 pp	6 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.05%	359,172	$2M	trimmed−3%	+0.01 pp	6 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	80,115	$2M	trimmed−3%	0.00 pp	8 q
LBBath & Body Works, Inc.	0.03%	61,817	$1M	trimmed−6%	−0.01 pp	8 q
MDPediatrix Medical Group, Inc.	0.03%	49,620	$1M	added0%	0.00 pp	8 q
DGXQuest Diagnostics Inc.	0.03%	11,158	$1M	trimmed−5%	0.00 pp	6 q
WTMWhite Mountains Insurance Group Ltd.	0.03%	912	$985,000	trimmed−14%	+0.01 pp	6 q
ARWArrow Electronics, Inc.	0.02%	10,274	$766,000	trimmed−15%	0.00 pp	15 q
MSTRStrategy Inc Class A	0.02%	5,375	$797,000	trimmed−8%	0.00 pp	8 q
SCHLScholastic Corp	0.02%	20,600	$778,000	trimmed−16%	0.00 pp	8 q
VSMVersum Materials, Inc.	0.02%	11,805	$625,000	new	+0.02 pp	new
ANATAmerican National Insurance	0.01%	2,701	$334,000	trimmed−23%	0.00 pp	2 q
DGIIDigi International Inc	0.01%	20,261	$276,000	trimmed−54%	0.00 pp	10 q
EGRXEagle Pharms Inc	0.01%	5,131	$290,000	trimmed−31%	0.00 pp	7 q
GTEGran Tierra Energy Inc.	0.01%	220,444	$276,000	added+25%	0.00 pp	16 q
GBXThe Greenbrier Companies, Inc.	0.01%	11,089	$334,000	trimmed−11%	0.00 pp	2 q
HURCHurco Cos Inc	0.01%	6,780	$218,000	new	+0.01 pp	new
ISCAInternational Speedway Corp	0.01%	5,776	$260,000	trimmed−20%	0.00 pp	4 q
EEMiShares MSCI Emerging Markets ETF	0.01%	6,804	$278,000	trimmed−32%	0.00 pp	2 q
ACWIiShares MSCI ACWI ETF	0.01%	4,391	$324,000	new	+0.01 pp	new
NKSHNational Bankshares Inc/VA	0.01%	6,285	$252,000	new	+0.01 pp	new
NPKNational Presto Industries, Inc.	0.01%	4,190	$373,000	new	+0.01 pp	new
NWLINational Western Life Group, Inc. Class A	0.01%	1,909	$512,000	trimmed−47%	−0.01 pp	16 q
NRIMNorthrim BanCorp Inc	0.01%	6,332	$251,000	trimmed−29%	0.00 pp	11 q
ORNOrion Group Holdings, Inc	0.01%	54,421	$245,000	trimmed−54%	0.00 pp	22 q
PAHCPhibro Animal Health Corporation Class A	0.01%	15,962	$340,000	added+83%	0.00 pp	2 q
PINCNPremier Inc-class A	0.01%	15,376	$445,000	new	+0.01 pp	new
RGPResources Connection	0.01%	16,549	$281,000	trimmed−63%	−0.01 pp	21 q
SENEASeneca Foods Corp	0.01%	14,254	$444,000	trimmed−59%	−0.01 pp	10 q
SXTSensient Technology Corporation	0.01%	3,780	$259,000	new	+0.01 pp	new
TOLToll Brothers, Inc.	0.01%	8,003	$329,000	trimmed−21%	0.00 pp	4 q
GTSTriple-s Management Corp	0.01%	24,405	$327,000	added+42%	0.00 pp	5 q
ARLOArlo Technologies, Inc.	0.00%	19,679	$67,000	trimmed−16%	0.00 pp	3 q
unresolvedCss Inds Inc	0.00%	24,769	$98,000	trimmed−52%	−0.01 pp	11 q
EBMTEagle Bancorp Montana, Inc	0.00%	10,462	$183,000	new	0.00 pp	new
HWCCHouston Wire & Cable Co	0.00%	34,460	$163,000	trimmed−52%	−0.01 pp	22 q
IVCInvacare Corporation	0.00%	15,479	$116,000	trimmed−26%	0.00 pp	20 q
9990302DApache Corp	—	−799,500	—	exited	−0.52 pp	—
EXFExfo Inc	—	−202,210	—	exited	−0.02 pp	—
ALEXAlexander & Baldwin, Inc.	—	−10,458	—	exited	−0.01 pp	—
CTBCooper Tire & Rubber Co.	—	−8,454	—	exited	−0.01 pp	—
FHIFederated Hermes, Inc.	—	−7,716	—	exited	−0.01 pp	—
MFCManulife Financial Corp.	—	−16,514	—	exited	−0.01 pp	—
OSBCADNorbord Inc	—	−20,178	—	exited	−0.01 pp	—
PGProcter & Gamble Company	—	−2,268	—	exited	−0.01 pp	—
UPBDUpbound Group, Inc.	—	−8,476	—	exited	−0.01 pp	—
UTMDUtah Medical Products Inc	—	−2,468	—	exited	−0.01 pp	—
AVAAvista Corporation	—	−4,886	—	exited	0.00 pp	—
BBVABanco Bilbao Vizcaya Argentaria, S.A.	—	−24,675	—	exited	0.00 pp	—
CALMCal-Maine Foods Inc	—	−5,100	—	exited	0.00 pp	—
FOXAFox Corporation Class A	—	−5,840	—	exited	0.00 pp	—
PDCOPatterson Companies, Inc.	—	−8,820	—	exited	0.00 pp	—
TRKSpeedway Motorsports LLC	—	−11,693	—	exited	0.00 pp	—