Brandes

Q4 2019 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2019
Filed: Feb 12, 2020
US stock: $4.2B · prev $3.9B
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%

Moves147 since the prior filing

+6.2 pp in · −6.2 pp out

New 10 +2.71 pp
Added 33 +3.53 pp
Trimmed 97 −5.18 pp
Exited 7 −0.99 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions141 in this filing · 7 exited


EMBJEmbraer S.A.	9.52%	20,536,323	$400M	added+3%	+0.56 pp	23 q
CXCemex S.A.B. de C.V.	6.24%	69,362,624	$262M	trimmed−5%	−1.19 pp	23 q
CCitigroup Inc.	3.45%	1,815,237	$145M	trimmed−3%	+0.09 pp	23 q
NXPINXP Semiconductors N.V.	3.37%	1,113,954	$142M	trimmed−11%	−0.14 pp	5 q
MRKMerck & Co., Inc.	2.49%	1,150,578	$105M	trimmed−4%	−0.12 pp	23 q
YPFYPF Sociedad Anonima	2.41%	8,744,075	$101M	added+2%	+0.36 pp	11 q
BACBank of America Corporation	2.36%	2,821,233	$99M	trimmed−5%	+0.12 pp	23 q
MCKMcKesson Corporation	2.29%	695,918	$96M	trimmed−3%	−0.24 pp	16 q
WFCWells Fargo & Co.	2.21%	1,730,614	$93M	trimmed−3%	−0.12 pp	23 q
PFEPfizer Inc.	2.16%	2,318,174	$91M	trimmed−3%	−0.06 pp	23 q
CAHCardinal Health, Inc.	2.12%	1,760,297	$89M	trimmed−6%	−0.15 pp	11 q
SNYSanofi	1.96%	1,645,055	$83M	trimmed−10%	−0.23 pp	23 q
FLEXFlex Ltd.	1.91%	6,376,587	$80M	trimmed−0%	+0.18 pp	5 q
BNYBank of New York Mellon Corporation	1.84%	1,536,287	$77M	trimmed−3%	−0.02 pp	23 q
AGROAdecoagro S.a.	1.81%	9,107,465	$76M	trimmed−1%	+0.43 pp	23 q
BABAAlibaba Group Holding Limited	1.74%	345,185	$73M	new	+1.74 pp	new
unresolvedGlaxosmithkline PLC	1.69%	1,508,383	$71M	trimmed−6%	−0.09 pp	23 q
STTState Street Corporation	1.69%	895,793	$71M	trimmed−4%	+0.26 pp	23 q
CIThe Cigna Group	1.63%	334,797	$68M	added+14%	+0.47 pp	5 q
AIGAmerican International Group, Inc.	1.59%	1,301,808	$67M	trimmed−4%	−0.37 pp	22 q
CVSCvs Health Corporation	1.57%	888,060	$66M	added+9%	+0.24 pp	12 q
HALHalliburton Company	1.57%	2,698,924	$66M	trimmed−2%	+0.23 pp	4 q
EMREmerson Electric Co.	1.46%	802,452	$61M	trimmed−15%	−0.18 pp	18 q
99803EURLaboratory Crp Of Amer Hldgs	1.46%	363,692	$62M	trimmed−2%	−0.15 pp	13 q
PNCPNC Financial Services Group	1.45%	382,109	$61M	trimmed−6%	−0.03 pp	23 q
CPACopa Holdings, S.A.	1.40%	545,060	$59M	trimmed−2%	−0.01 pp	5 q
HCAHCA Healthcare, Inc.	1.33%	377,667	$56M	trimmed−3%	+0.12 pp	11 q
AVALGrupo Aval Acciones Y Valores S.a.	1.13%	5,468,758	$48M	trimmed−33%	−0.44 pp	22 q
WPPWpp PLC	1.05%	625,354	$44M	trimmed−9%	−0.06 pp	10 q
JEFJefferies Financial Group Inc.	1.04%	2,055,329	$44M	trimmed−4%	+0.02 pp	7 q
UBSUBS Group AG	1.04%	3,479,665	$44M	trimmed−11%	−0.10 pp	21 q
unresolvedCredit Suisse Group Spon ADR	1.03%	3,232,582	$43M	trimmed−8%	−0.08 pp	20 q
EENI S.p.A.	0.97%	1,314,714	$41M	trimmed−9%	−0.17 pp	23 q
VIVTelefonica Brasil, S.A.	0.97%	2,843,732	$41M	trimmed−17%	−0.19 pp	23 q
FDXFedEx Corporation	0.96%	266,838	$40M	added×12.2	+0.88 pp	4 q
PEPPepsiCo, Inc.	0.89%	273,371	$37M	trimmed−5%	−0.12 pp	23 q
MSFTMicrosoft Corp	0.87%	230,879	$36M	trimmed−4%	+0.01 pp	23 q
HMCHonda Motor Co., Ltd.	0.86%	1,271,121	$36M	trimmed−9%	−0.08 pp	23 q
MBTMobile TeleSystems Public Joint Stock Company	0.86%	3,542,787	$36M	trimmed−3%	+0.10 pp	23 q
CHLChina Mobile Limited	0.83%	823,862	$35M	trimmed−14%	−0.19 pp	23 q
JOESt. Joe Company	0.80%	1,686,098	$33M	trimmed−17%	−0.10 pp	23 q
TAKTakeda Pharmaceutical Company Limited	0.80%	1,713,349	$34M	trimmed−7%	−0.02 pp	5 q
EPCEdgewell Personal Care Company	0.79%	1,073,499	$33M	trimmed−1%	−0.12 pp	9 q
CMCSAComcast Corp	0.78%	733,645	$33M	added+2%	−0.06 pp	9 q
CVXChevron Corporation	0.77%	270,192	$33M	trimmed−0%	−0.06 pp	23 q
ENICEnel Chile S.A.	0.77%	6,778,695	$32M	trimmed−4%	0.00 pp	15 q
BPBP p.l.c.	0.73%	818,215	$31M	trimmed−7%	−0.13 pp	23 q
TTENTotalenergies SE -spon ADR	0.73%	557,297	$31M	trimmed−2%	−0.03 pp	21 q
BGGBriggs & Stratton Corp.	0.68%	4,294,293	$29M	trimmed−1%	0.00 pp	23 q
unresolvedAvadel Pharmaceuticals PLC	0.66%	3,651,948	$28M	trimmed−41%	0.00 pp	9 q
CLSCelestica, Inc.	0.63%	3,192,427	$26M	trimmed−12%	−0.06 pp	9 q
BCSBarclays PLC	0.62%	2,750,441	$26M	trimmed−8%	+0.05 pp	23 q
UTHRUnited Therapeutics Corp	0.61%	290,982	$26M	trimmed−2%	0.00 pp	9 q
CYDChina Yuchai International Ltd.	0.61%	1,930,265	$26M	added+26%	+0.10 pp	23 q
unresolvedCrh PLC	0.60%	628,220	$25M	trimmed−24%	−0.13 pp	8 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.58%	4,455,893	$24M	trimmed−7%	−0.05 pp	23 q
NOKNokia Corporation	0.57%	6,430,537	$24M	trimmed−11%	−0.37 pp	15 q
NTGRNETGEAR, Inc.	0.52%	895,171	$22M	added+2%	−0.21 pp	11 q
BIDUBaidu, Inc.	0.50%	166,147	$21M	new	+0.50 pp	new
PDLIPDL BioPharma, Inc.	0.45%	5,811,080	$19M	added+6%	+0.14 pp	12 q
SHGShinhan Financial Group Co Ltd	0.42%	464,799	$18M	trimmed−6%	−0.03 pp	23 q
ORANYOrange SP/	0.41%	1,170,554	$17M	trimmed−11%	−0.12 pp	23 q
ACWXiShares MSCI ACWI ex US ETF	0.40%	345,641	$17M	added×4.7	+0.31 pp	2 q
AMXNAmerica Movil-spn ADR Cl L	0.39%	1,021,370	$16M	trimmed−4%	−0.02 pp	23 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.39%	1,104,454	$16M	trimmed−7%	−0.01 pp	23 q
DOXAmdocs Limited	0.39%	228,220	$16M	trimmed−3%	−0.01 pp	23 q
HSBCHSBC Holdings PLC	0.38%	405,683	$16M	trimmed−13%	−0.08 pp	23 q
unresolvedAegon NV	0.36%	3,369,074	$15M	trimmed−13%	−0.05 pp	23 q
TXTernium S.A.	0.35%	670,071	$15M	added×5.5	+0.29 pp	2 q
ZTOZTO Express (Cayman) Inc.	0.35%	627,362	$15M	trimmed−1%	0.00 pp	3 q
TMHCTaylor Morrison Home Corporation	0.31%	589,680	$13M	trimmed−39%	−0.34 pp	9 q
PKXPOSCO Holdings Inc.	0.30%	249,743	$13M	trimmed−6%	−0.02 pp	23 q
AVTAvnet, Inc.	0.26%	260,808	$11M	trimmed−2%	−0.05 pp	21 q
OMCOmnicom Group Inc.	0.26%	133,577	$11M	trimmed−2%	−0.01 pp	10 q
TFCTruist Financial Corporation	0.26%	194,903	$11M	trimmed−2%	−0.01 pp	23 q
TMToyota Motor Corporation	0.25%	73,412	$10M	trimmed−8%	−0.03 pp	23 q
GOOGAlphabet Inc. Class C	0.23%	7,294	$10M	trimmed−0%	0.00 pp	12 q
CCJCameco Corporation	0.23%	1,095,366	$10M	new	+0.23 pp	new
CTSHCognizant Technology Solutions	0.19%	130,194	$8M	added+3%	−0.01 pp	14 q
JNJJohnson & Johnson	0.18%	51,995	$8M	trimmed−2%	0.00 pp	18 q
UHALU-Haul Holding Company	0.17%	18,848	$7M	trimmed−3%	−0.03 pp	11 q
JPMJPMorgan Chase & Co.	0.17%	52,389	$7M	trimmed−2%	+0.01 pp	23 q
TAROTaro Pharmaceutical Indus	0.17%	79,942	$7M	added+45%	+0.03 pp	10 q
ORIOld Republic International Corporation	0.16%	297,008	$7M	trimmed−3%	−0.03 pp	23 q
ORCLOracle Corp	0.16%	125,631	$7M	trimmed−2%	−0.02 pp	23 q
WKCWorld Kinect Corporation	0.16%	150,888	$7M	trimmed−36%	−0.09 pp	12 q
AMATApplied Materials Inc	0.15%	106,230	$6M	trimmed−3%	+0.01 pp	5 q
GTSTriple-s Management Corp	0.14%	317,279	$6M	added×13.0	+0.13 pp	6 q
AMGNAmgen Inc	0.13%	21,892	$5M	trimmed−3%	+0.02 pp	11 q
GILDGilead Sciences Inc	0.12%	79,395	$5M	trimmed−1%	−0.01 pp	12 q
ACWIiShares MSCI ACWI ETF	0.12%	65,091	$5M	added×14.8	+0.11 pp	2 q
INGRIngredion Incorporated	0.11%	48,333	$4M	new	+0.11 pp	new
CSCOCisco Systems, Inc. (DE)	0.10%	87,792	$4M	added×2.0	+0.05 pp	23 q
FOXFox Corporation Class B	0.10%	116,615	$4M	added+28%	+0.03 pp	4 q
EEMiShares MSCI Emerging Markets ETF	0.10%	92,269	$4M	added×13.6	+0.09 pp	3 q
WLKWestlake Corporation	0.10%	61,484	$4M	new	+0.10 pp	new
WHRWhirlpool Corp.	0.10%	27,251	$4M	trimmed−6%	−0.02 pp	9 q
JCIJohnson Controls International plc	0.10%	104,619	$4M	trimmed−3%	−0.02 pp	6 q
LLoews Corporation	0.09%	75,521	$4M	trimmed−3%	−0.01 pp	19 q
MDCM.D.C. Holdings, Inc.	0.08%	85,286	$3M	trimmed−59%	−0.15 pp	23 q
unresolvedCia Brasileira de Distribuicao Grupo Pao	0.07%	130,433	$3M	trimmed−9%	0.00 pp	20 q
MHKMohawk Industries, Inc.	0.07%	22,715	$3M	trimmed−5%	−0.01 pp	5 q
SWSmurfit Westrock plc	0.07%	287,443	$3M	added+33%	+0.01 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	39,353	$2M	trimmed−9%	0.00 pp	7 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.05%	332,507	$2M	trimmed−7%	0.00 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	76,947	$2M	trimmed−4%	0.00 pp	9 q
PC6APetrochina Co Ltd -adr	0.04%	34,617	$2M	trimmed−11%	−0.01 pp	23 q
MDPediatrix Medical Group, Inc.	0.03%	46,761	$1M	trimmed−6%	0.00 pp	9 q
ACHAccendra Health, Inc.	0.03%	213,572	$1M	trimmed−44%	−0.03 pp	13 q
DGXQuest Diagnostics Inc.	0.03%	10,522	$1M	trimmed−6%	0.00 pp	7 q
ARWArrow Electronics, Inc.	0.02%	8,716	$739,000	trimmed−15%	0.00 pp	16 q
LBBath & Body Works, Inc.	0.02%	55,063	$997,000	trimmed−11%	−0.01 pp	9 q
MSTRStrategy Inc Class A	0.02%	5,585	$797,000	added+4%	0.00 pp	9 q
SCHLScholastic Corp	0.02%	18,261	$702,000	trimmed−11%	0.00 pp	9 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	877	$978,000	trimmed−4%	−0.01 pp	7 q
ANATAmerican National Insurance	0.01%	3,243	$382,000	added+20%	0.00 pp	3 q
CALMCal-Maine Foods Inc	0.01%	4,986	$213,000	new	+0.01 pp	new
CFGCitizens Financial Group, Inc.	0.01%	13,049	$530,000	new	+0.01 pp	new
CTBCooper Tire & Rubber Co.	0.01%	8,233	$237,000	new	+0.01 pp	new
EBMTEagle Bancorp Montana, Inc	0.01%	10,848	$232,000	added+4%	+0.01 pp	2 q
EGRXEagle Pharms Inc	0.01%	5,188	$312,000	added+1%	0.00 pp	8 q
GTEGran Tierra Energy Inc.	0.01%	220,444	$284,000	held	—	17 q
GBXThe Greenbrier Companies, Inc.	0.01%	10,996	$357,000	trimmed−1%	0.00 pp	3 q
HURCHurco Cos Inc	0.01%	6,976	$268,000	added+3%	0.00 pp	2 q
NKSHNational Bankshares Inc/VA	0.01%	4,988	$224,000	trimmed−21%	0.00 pp	2 q
NPKNational Presto Industries, Inc.	0.01%	6,253	$553,000	added+49%	0.00 pp	2 q
NWLINational Western Life Group, Inc. Class A	0.01%	1,870	$544,000	trimmed−2%	0.00 pp	17 q
NRIMNorthrim BanCorp Inc	0.01%	6,396	$245,000	added+1%	0.00 pp	12 q
ORNOrion Group Holdings, Inc	0.01%	54,834	$285,000	added+1%	0.00 pp	23 q
PAHCPhibro Animal Health Corporation Class A	0.01%	16,189	$402,000	added+1%	0.00 pp	3 q
PINCNPremier Inc-class A	0.01%	16,614	$629,000	added+8%	0.00 pp	2 q
RGPResources Connection	0.01%	20,887	$341,000	added+26%	0.00 pp	22 q
SENEASeneca Foods Corp	0.01%	6,028	$246,000	trimmed−58%	0.00 pp	11 q
SXTSensient Technology Corporation	0.01%	5,156	$341,000	added+36%	0.00 pp	2 q
TOLToll Brothers, Inc.	0.01%	7,999	$316,000	trimmed−0%	0.00 pp	5 q
ARLOArlo Technologies, Inc.	0.00%	19,629	$83,000	trimmed−0%	0.00 pp	4 q
unresolvedCss Inds Inc	0.00%	24,082	$106,000	trimmed−3%	0.00 pp	12 q
HWCCHouston Wire & Cable Co	0.00%	34,541	$152,000	added0%	0.00 pp	23 q
IVCInvacare Corporation	0.00%	15,797	$142,000	added+2%	0.00 pp	21 q
IWNiShares Russell 2000 Value ETF	0.00%	129	$17,000	new	0.00 pp	new
TBNKTerritorial Bancorp Inc.	0.00%	6,626	$205,000	new	0.00 pp	new
TIIAYTelecom Italia S/	—	−4,477,482	—	exited	−0.65 pp	—
unresolvedTelecom Italia S P A New	—	−1,319,265	—	exited	−0.18 pp	—
CHKChesapeake Energy Corp	—	−1,751,420	—	exited	−0.06 pp	—
SPBSpectrum Brands Holdings, Inc.	—	−42,827	—	exited	−0.06 pp	—
VSMVersum Materials, Inc.	—	−11,805	—	exited	−0.02 pp	—
DGIIDigi International Inc	—	−20,261	—	exited	−0.01 pp	—
ISCAInternational Speedway Corp	—	−5,776	—	exited	−0.01 pp	—