Brandes

Q1 2020 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2020
Filed: May 12, 2020
US stock: $2.9B · prev $4.2B
Positions: 149 · 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%

Moves156 since the prior filing

+5.9 pp in · −5.9 pp out

New 16 +2.33 pp
Added 68 +3.59 pp
Trimmed 64 −5.42 pp
Exited 8 −0.49 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions20% of US stock

EMBJ Embraer S.A. added−2.88 pp added−2.886.6%
CX Cemex S.A.B. de C.V. added−1.08 pp added−1.085.2%
MRK Merck & Co., Inc. trimmed+0.47 pp trimmed+0.473.0%
CAH Cardinal Health, Inc. trimmed+0.70 pp trimmed+0.702.8%
MCK McKesson Corporation trimmed+0.39 pp trimmed+0.392.7%

Positions149 in this filing · 8 exited


EMBJEmbraer S.A.	6.64%	25,635,518	$190M	added+25%	−2.88 pp	24 q
CXCemex S.A.B. de C.V.	5.16%	69,558,633	$147M	added0%	−1.08 pp	24 q
MRKMerck & Co., Inc.	2.96%	1,098,489	$85M	trimmed−5%	+0.47 pp	24 q
CAHCardinal Health, Inc.	2.82%	1,681,762	$81M	trimmed−4%	+0.70 pp	12 q
MCKMcKesson Corporation	2.68%	566,671	$77M	trimmed−19%	+0.39 pp	17 q
PFEPfizer Inc.	2.61%	2,288,463	$75M	trimmed−1%	+0.45 pp	24 q
CCitigroup Inc.	2.60%	1,763,939	$74M	trimmed−3%	−0.85 pp	24 q
CCJCameco Corporation	2.48%	9,281,621	$71M	added×8.5	+2.25 pp	2 q
NXPINXP Semiconductors N.V.	2.41%	830,629	$69M	trimmed−25%	−0.96 pp	6 q
BABAAlibaba Group Holding Limited	2.32%	340,185	$66M	trimmed−1%	+0.58 pp	2 q
BACBank of America Corporation	2.07%	2,783,658	$59M	trimmed−1%	−0.29 pp	24 q
CIThe Cigna Group	2.02%	326,400	$58M	trimmed−3%	+0.39 pp	6 q
SNYSanofi	1.91%	1,249,104	$55M	trimmed−24%	−0.05 pp	24 q
CVSCvs Health Corporation	1.82%	878,509	$52M	trimmed−1%	+0.25 pp	13 q
WFCWells Fargo & Co.	1.78%	1,768,065	$51M	added+2%	−0.43 pp	24 q
BNYBank of New York Mellon Corporation	1.76%	1,495,398	$50M	trimmed−3%	−0.08 pp	24 q
unresolvedGlaxosmithkline PLC	1.66%	1,248,743	$47M	trimmed−17%	−0.03 pp	24 q
STTState Street Corporation	1.61%	861,520	$46M	trimmed−4%	−0.08 pp	24 q
CPACopa Holdings, S.A.	1.61%	1,012,642	$46M	added+86%	+0.21 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	1.59%	360,351	$46M	trimmed−1%	+0.13 pp	14 q
EMREmerson Electric Co.	1.52%	914,476	$44M	added+14%	+0.06 pp	19 q
HCAHCA Healthcare, Inc.	1.47%	467,702	$42M	added+24%	+0.14 pp	12 q
FDXFedEx Corporation	1.43%	336,823	$41M	added+26%	+0.47 pp	5 q
CMCSAComcast Corp	1.33%	1,101,358	$38M	added+50%	+0.55 pp	10 q
YPFYPF Sociedad Anonima	1.29%	8,839,828	$37M	added+1%	−1.12 pp	12 q
HALHalliburton Company	1.24%	5,165,962	$35M	added+91%	−0.33 pp	5 q
AIGAmerican International Group, Inc.	1.22%	1,442,325	$35M	added+11%	−0.37 pp	23 q
AGROAdecoagro S.a.	1.18%	8,661,005	$34M	trimmed−5%	−0.63 pp	24 q
MHKMohawk Industries, Inc.	1.16%	433,283	$33M	added×19.1	+1.09 pp	6 q
PNCPNC Financial Services Group	1.13%	336,803	$32M	trimmed−12%	−0.32 pp	24 q
TXTTextron, Inc.	1.11%	1,185,635	$32M	new	+1.11 pp	new
BIDUBaidu, Inc.	1.10%	310,500	$31M	added+87%	+0.60 pp	2 q
UBSUBS Group AG	1.09%	3,365,856	$31M	trimmed−3%	+0.05 pp	22 q
CHLChina Mobile Limited	1.08%	818,425	$31M	trimmed−1%	+0.25 pp	24 q
NTGRNETGEAR, Inc.	1.05%	1,319,753	$30M	added+47%	+0.53 pp	12 q
EENI S.p.A.	1.02%	1,470,958	$29M	added+12%	+0.05 pp	24 q
MSFTMicrosoft Corp	1.00%	180,302	$28M	trimmed−22%	+0.13 pp	24 q
UTHRUnited Therapeutics Corp	0.97%	292,396	$28M	added0%	+0.36 pp	10 q
TAKTakeda Pharmaceutical Company Limited	0.96%	1,798,239	$27M	added+5%	+0.16 pp	6 q
HMCHonda Motor Co., Ltd.	0.93%	1,178,618	$26M	trimmed−7%	+0.07 pp	24 q
CHNGChange Healthcare Inc.	0.92%	2,642,417	$26M	new	+0.92 pp	new
TTENTotalenergies SE -spon ADR	0.91%	701,394	$26M	added+26%	+0.18 pp	22 q
AMATApplied Materials Inc	0.89%	555,468	$25M	added×5.2	+0.74 pp	6 q
unresolvedCredit Suisse Group Spon ADR	0.87%	3,070,686	$25M	trimmed−5%	−0.16 pp	21 q
EPCEdgewell Personal Care Company	0.86%	1,016,601	$24M	trimmed−5%	+0.07 pp	10 q
BPBP p.l.c.	0.85%	997,457	$24M	added+22%	+0.12 pp	24 q
CVXChevron Corporation	0.84%	330,521	$24M	added+22%	+0.07 pp	24 q
ENICEnel Chile S.A.	0.83%	7,137,660	$24M	added+5%	+0.06 pp	16 q
INGRIngredion Incorporated	0.81%	305,267	$23M	added×6.3	+0.70 pp	2 q
WPPWpp PLC	0.79%	672,361	$23M	added+8%	−0.26 pp	11 q
CYDChina Yuchai International Ltd.	0.76%	2,023,064	$22M	added+5%	+0.15 pp	24 q
PEPPepsiCo, Inc.	0.75%	177,799	$21M	trimmed−35%	−0.14 pp	24 q
NOKNokia Corporation	0.70%	6,439,155	$20M	added0%	+0.13 pp	16 q
MBTMobile TeleSystems Public Joint Stock Company	0.61%	2,274,848	$17M	trimmed−36%	−0.25 pp	24 q
PDLIPDL BioPharma, Inc.	0.57%	5,733,572	$16M	trimmed−1%	+0.12 pp	13 q
ZTOZTO Express (Cayman) Inc.	0.57%	616,906	$16M	trimmed−2%	+0.22 pp	4 q
TMHCTaylor Morrison Home Corporation	0.56%	1,445,516	$16M	added×2.5	+0.25 pp	10 q
unresolvedCrh PLC	0.55%	580,340	$16M	trimmed−8%	−0.05 pp	9 q
VIVTelefonica Brasil, S.A.	0.55%	1,651,039	$16M	trimmed−42%	−0.42 pp	24 q
TAROTaro Pharmaceutical Indus	0.55%	256,655	$16M	added×3.2	+0.38 pp	11 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.52%	4,030,421	$15M	trimmed−10%	−0.06 pp	24 q
FLEXFlex Ltd.	0.51%	1,734,395	$15M	trimmed−73%	−1.40 pp	6 q
unresolvedAvadel Pharmaceuticals PLC	0.46%	1,638,838	$13M	trimmed−55%	−0.20 pp	10 q
ORANYOrange SP/	0.45%	1,059,117	$13M	trimmed−10%	+0.04 pp	24 q
AVALGrupo Aval Acciones Y Valores S.a.	0.44%	2,894,378	$13M	trimmed−47%	−0.69 pp	23 q
DOXAmdocs Limited	0.43%	225,194	$12M	trimmed−1%	+0.04 pp	24 q
BCSBarclays PLC	0.42%	2,644,286	$12M	trimmed−4%	−0.20 pp	24 q
GTSTriple-s Management Corp	0.40%	805,182	$11M	added×2.5	+0.26 pp	7 q
SHGShinhan Financial Group Co Ltd	0.38%	471,690	$11M	added+1%	−0.04 pp	24 q
AMXNAmerica Movil-spn ADR Cl L	0.35%	849,711	$10M	trimmed−17%	−0.04 pp	24 q
JNJJohnson & Johnson	0.35%	76,727	$10M	added+48%	+0.17 pp	19 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.35%	1,841,827	$10M	added+67%	−0.04 pp	24 q
PKXPOSCO Holdings Inc.	0.31%	274,182	$9M	added+10%	+0.01 pp	24 q
TXTernium S.A.	0.31%	744,345	$9M	added+11%	−0.04 pp	3 q
unresolvedAegon NV	0.28%	3,202,094	$8M	trimmed−5%	−0.08 pp	24 q
GOOGAlphabet Inc. Class C	0.28%	6,983	$8M	trimmed−4%	+0.05 pp	13 q
TMToyota Motor Corporation	0.28%	66,272	$8M	trimmed−10%	+0.03 pp	24 q
OMCOmnicom Group Inc.	0.26%	134,140	$7M	added0%	0.00 pp	11 q
BGGBriggs & Stratton Corp.	0.25%	3,974,692	$7M	trimmed−7%	−0.43 pp	24 q
EGRXEagle Pharms Inc	0.24%	150,601	$7M	added×29.0	+0.23 pp	9 q
AVTAvnet, Inc.	0.23%	258,748	$6M	trimmed−1%	−0.03 pp	22 q
ORCLOracle Corp	0.22%	129,326	$6M	added+3%	+0.06 pp	24 q
CTSHCognizant Technology Solutions	0.21%	128,264	$6M	trimmed−1%	+0.02 pp	15 q
JOESt. Joe Company	0.21%	352,209	$6M	trimmed−79%	−0.59 pp	24 q
TFCTruist Financial Corporation	0.21%	190,059	$6M	trimmed−2%	−0.05 pp	24 q
UHALU-Haul Holding Company	0.19%	18,673	$5M	trimmed−1%	+0.02 pp	12 q
GILDGilead Sciences Inc	0.18%	69,207	$5M	trimmed−13%	+0.06 pp	13 q
WKCWorld Kinect Corporation	0.18%	204,341	$5M	added+35%	+0.02 pp	13 q
JPMJPMorgan Chase & Co.	0.17%	54,770	$5M	added+5%	0.00 pp	24 q
CLSCelestica, Inc.	0.16%	1,313,448	$5M	trimmed−59%	−0.47 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.16%	117,162	$5M	added+33%	+0.06 pp	24 q
ORIOld Republic International Corporation	0.16%	301,493	$5M	added+2%	0.00 pp	24 q
AMGNAmgen Inc	0.15%	21,795	$4M	trimmed−0%	+0.02 pp	12 q
FOXFox Corporation Class B	0.10%	120,385	$3M	added+3%	0.00 pp	5 q
JCIJohnson Controls International plc	0.10%	102,515	$3M	trimmed−2%	0.00 pp	7 q
LLoews Corporation	0.09%	74,106	$3M	trimmed−2%	0.00 pp	20 q
JEFJefferies Financial Group Inc.	0.08%	163,715	$2M	trimmed−92%	−0.96 pp	8 q
MDCM.D.C. Holdings, Inc.	0.08%	95,538	$2M	added+12%	0.00 pp	24 q
WLKWestlake Corporation	0.08%	62,230	$2M	added+1%	−0.02 pp	2 q
ACWXiShares MSCI ACWI ex US ETF	0.07%	53,834	$2M	trimmed−84%	−0.33 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	39,052	$2M	trimmed−1%	+0.02 pp	8 q
TIFTiffany & Co.	0.07%	16,289	$2M	new	+0.07 pp	new
WHRWhirlpool Corp.	0.07%	24,266	$2M	trimmed−11%	−0.03 pp	10 q
ACHAccendra Health, Inc.	0.06%	202,756	$2M	trimmed−5%	+0.03 pp	14 q
PC6APetrochina Co Ltd -adr	0.06%	50,020	$2M	added+45%	+0.02 pp	24 q
SWSmurfit Westrock plc	0.06%	298,421	$2M	added+4%	−0.01 pp	8 q
CBDNCia Brasileira De Dis- ADR	0.05%	118,427	$1M	new	+0.05 pp	new
EEMiShares MSCI Emerging Markets ETF	0.05%	44,866	$2M	trimmed−51%	−0.05 pp	4 q
MSTRStrategy Inc Class A	0.05%	12,062	$1M	added×2.2	+0.03 pp	10 q
PINCNPremier Inc-class A	0.05%	40,721	$1M	added×2.5	+0.04 pp	3 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.05%	302,605	$1M	trimmed−9%	0.00 pp	8 q
FFIVF5, Inc.	0.04%	9,875	$1M	new	+0.04 pp	new
IPGThe Interpublic Group of Companies, Inc.	0.04%	70,618	$1M	trimmed−8%	0.00 pp	10 q
NWLINational Western Life Group, Inc. Class A	0.04%	6,921	$1M	added×3.7	+0.03 pp	18 q
CFGCitizens Financial Group, Inc.	0.03%	45,391	$854,000	added×3.5	+0.02 pp	2 q
ACWIiShares MSCI ACWI ETF	0.03%	11,811	$739,000	trimmed−82%	−0.09 pp	3 q
ONON Semiconductor Corp	0.03%	66,302	$825,000	new	+0.03 pp	new
DGXQuest Diagnostics Inc.	0.03%	9,909	$796,000	trimmed−6%	0.00 pp	8 q
SQMSociedad Quimica y Minera de Chile SA	0.03%	43,534	$982,000	new	+0.03 pp	new
WTMWhite Mountains Insurance Group Ltd.	0.03%	812	$739,000	trimmed−7%	+0.01 pp	8 q
MDPediatrix Medical Group, Inc.	0.02%	45,579	$531,000	trimmed−3%	−0.01 pp	10 q
NPKNational Presto Industries, Inc.	0.02%	6,803	$482,000	added+9%	+0.01 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.02%	1,913	$493,000	new	+0.02 pp	new
SCHLScholastic Corp	0.02%	19,798	$505,000	added+8%	0.00 pp	10 q
ANATAmerican National Insurance	0.01%	4,058	$334,000	added+25%	0.00 pp	4 q
ARWArrow Electronics, Inc.	0.01%	8,152	$423,000	trimmed−6%	−0.01 pp	17 q
CALMCal-Maine Foods Inc	0.01%	8,664	$381,000	added+74%	0.00 pp	2 q
CTBCooper Tire & Rubber Co.	0.01%	10,836	$177,000	added+32%	0.00 pp	2 q
EBMTEagle Bancorp Montana, Inc	0.01%	12,879	$209,000	added+19%	0.00 pp	3 q
FSTRFoster (Lb) Co	0.01%	18,521	$229,000	new	+0.01 pp	new
GHMGraham Corporation	0.01%	16,735	$216,000	new	+0.01 pp	new
GBXThe Greenbrier Companies, Inc.	0.01%	13,118	$233,000	added+19%	0.00 pp	4 q
HOGHarley-Davidson, Inc.	0.01%	16,682	$316,000	new	+0.01 pp	new
HURCHurco Cos Inc	0.01%	8,229	$239,000	added+18%	0.00 pp	3 q
KELYAKelly Services Inc	0.01%	15,378	$195,000	new	+0.01 pp	new
NRIMNorthrim BanCorp Inc	0.01%	7,588	$205,000	added+19%	0.00 pp	13 q
ORNOrion Group Holdings, Inc	0.01%	64,863	$169,000	added+18%	0.00 pp	24 q
PAHCPhibro Animal Health Corporation Class A	0.01%	17,019	$411,000	added+5%	0.00 pp	4 q
RGPResources Connection	0.01%	25,203	$276,000	added+21%	0.00 pp	23 q
SF9Sanderson Farms Inc	0.01%	1,936	$239,000	new	+0.01 pp	new
SXTSensient Technology Corporation	0.01%	7,050	$307,000	added+37%	0.00 pp	3 q
TOLToll Brothers, Inc.	0.01%	12,910	$249,000	added+61%	0.00 pp	6 q
WMKWeis Markets, Inc.	0.01%	5,379	$224,000	new	+0.01 pp	new
ARLOArlo Technologies, Inc.	0.00%	21,984	$53,000	added+12%	0.00 pp	5 q
DGIIDigi International Inc	0.00%	12,076	$115,000	new	0.00 pp	new
GTEGran Tierra Energy Inc.	0.00%	220,444	$55,000	held	—	18 q
HWCCHouston Wire & Cable Co	0.00%	44,087	$97,000	added+28%	0.00 pp	24 q
IVCInvacare Corporation	0.00%	18,169	$135,000	added+15%	0.00 pp	22 q
UPBDUpbound Group, Inc.	0.00%	10,005	$141,000	new	0.00 pp	new
HSBCHSBC Holdings PLC	—	−405,683	—	exited	−0.38 pp	—
unresolvedCia Brasileira de Distribuicao Grupo Pao	—	−130,433	—	exited	−0.07 pp	—
LBBath & Body Works, Inc.	—	−55,063	—	exited	−0.02 pp	—
NKSHNational Bankshares Inc/VA	—	−4,988	—	exited	−0.01 pp	—
SENEASeneca Foods Corp	—	−6,028	—	exited	−0.01 pp	—
unresolvedCss Inds Inc	—	−24,082	—	exited	0.00 pp	—
IWNiShares Russell 2000 Value ETF	—	−129	—	exited	0.00 pp	—
TBNKTerritorial Bancorp Inc.	—	−6,626	—	exited	0.00 pp	—