Brandes

Q2 2020 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2020
Filed: Aug 12, 2020
US stock: $3.3B · prev $2.9B
Positions: 167 · prev 149
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%

Moves173 since the prior filing

+9.6 pp in · −9.6 pp out

New 25 +4.27 pp
Added 33 +5.29 pp
Trimmed 108 −9.23 pp
Exited 7 −0.40 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

CX Cemex S.A.B. de C.V. trimmed+0.73 pp trimmed+0.735.9%
EMBJ Embraer S.A. trimmed−1.98 pp trimmed−1.984.7%
CCJ Cameco Corporation trimmed+0.33 pp trimmed+0.332.8%
C Citigroup Inc. trimmed+0.08 pp trimmed+0.082.7%
MCK McKesson Corporation trimmed−0.18 pp trimmed−0.182.5%

Positions167 in this filing · 7 exited


CXCemex S.A.B. de C.V.	5.89%	67,171,429	$193M	trimmed−3%	+0.73 pp	25 q
EMBJEmbraer S.A.	4.66%	25,605,977	$153M	trimmed−0%	−1.98 pp	25 q
CCJCameco Corporation	2.81%	8,989,806	$92M	trimmed−3%	+0.33 pp	3 q
CCitigroup Inc.	2.68%	1,721,864	$88M	trimmed−2%	+0.08 pp	25 q
MCKMcKesson Corporation	2.50%	535,769	$82M	trimmed−5%	−0.18 pp	18 q
CAHCardinal Health, Inc.	2.47%	1,552,324	$81M	trimmed−8%	−0.35 pp	13 q
HALHalliburton Company	2.33%	5,896,514	$77M	added+14%	+1.09 pp	6 q
MRKMerck & Co., Inc.	2.25%	957,786	$74M	trimmed−13%	−0.71 pp	25 q
BABAAlibaba Group Holding Limited	2.24%	341,420	$74M	added0%	−0.08 pp	3 q
BACBank of America Corporation	2.24%	3,102,859	$74M	added+11%	+0.17 pp	25 q
CPACopa Holdings, S.A.	2.06%	1,336,376	$68M	added+32%	+0.45 pp	7 q
PFEPfizer Inc.	2.02%	2,033,999	$67M	trimmed−11%	−0.59 pp	25 q
BIDUBaidu, Inc.	1.99%	543,894	$65M	added+75%	+0.89 pp	3 q
NXPINXP Semiconductors N.V.	1.95%	560,626	$64M	trimmed−33%	−0.46 pp	7 q
WFCWells Fargo & Co.	1.86%	2,386,231	$61M	added+35%	+0.08 pp	25 q
CIThe Cigna Group	1.76%	308,690	$58M	trimmed−5%	−0.26 pp	7 q
BNYBank of New York Mellon Corporation	1.72%	1,457,662	$56M	trimmed−3%	−0.04 pp	25 q
99803EURLaboratory Crp Of Amer Hldgs	1.70%	337,174	$56M	trimmed−6%	+0.11 pp	15 q
CVSCvs Health Corporation	1.67%	845,922	$55M	trimmed−4%	−0.15 pp	14 q
EMREmerson Electric Co.	1.65%	876,065	$54M	trimmed−4%	+0.13 pp	20 q
MHKMohawk Industries, Inc.	1.61%	519,180	$53M	added+20%	+0.45 pp	7 q
STTState Street Corporation	1.60%	828,614	$53M	trimmed−4%	−0.01 pp	25 q
SNYSanofi	1.57%	1,008,325	$51M	trimmed−19%	−0.34 pp	25 q
FDXFedEx Corporation	1.52%	355,273	$50M	added+5%	+0.09 pp	6 q
CMCSAComcast Corp	1.51%	1,268,597	$49M	added+15%	+0.18 pp	11 q
YPFYPF Sociedad Anonima	1.49%	8,539,719	$49M	trimmed−3%	+0.20 pp	13 q
TXTTextron, Inc.	1.42%	1,413,598	$47M	added+19%	+0.31 pp	2 q
AIGAmerican International Group, Inc.	1.35%	1,418,762	$44M	trimmed−2%	+0.13 pp	24 q
HCAHCA Healthcare, Inc.	1.35%	458,574	$45M	trimmed−2%	−0.12 pp	13 q
unresolvedGlaxosmithkline PLC	1.17%	938,966	$38M	trimmed−25%	−0.49 pp	25 q
AGROAdecoagro S.a.	1.15%	8,728,015	$38M	added+1%	−0.03 pp	25 q
EPCEdgewell Personal Care Company	1.14%	1,204,984	$38M	added+19%	+0.28 pp	11 q
UBSUBS Group AG	1.07%	3,059,144	$35M	trimmed−9%	−0.02 pp	23 q
PNCPNC Financial Services Group	1.06%	330,150	$35M	trimmed−2%	−0.07 pp	25 q
AMATApplied Materials Inc	1.05%	568,921	$34M	added+2%	+0.16 pp	7 q
NTGRNETGEAR, Inc.	1.05%	1,331,564	$34M	added+1%	0.00 pp	13 q
TFCTruist Financial Corporation	0.97%	852,764	$32M	added×4.5	+0.76 pp	25 q
CTVACorteva, Inc.	0.96%	1,176,381	$32M	new	+0.96 pp	new
unresolvedCredit Suisse Group Spon ADR	0.94%	2,983,835	$31M	trimmed−3%	+0.07 pp	22 q
TAKTakeda Pharmaceutical Company Limited	0.91%	1,670,809	$30M	trimmed−7%	−0.05 pp	7 q
TMHCTaylor Morrison Home Corporation	0.91%	1,554,688	$30M	added+8%	+0.35 pp	11 q
CHNGChange Healthcare Inc.	0.89%	2,621,587	$29M	trimmed−1%	−0.03 pp	2 q
CVXChevron Corporation	0.87%	320,308	$29M	trimmed−3%	+0.03 pp	25 q
TTENTotalenergies SE -spon ADR	0.83%	710,624	$27M	added+1%	−0.08 pp	23 q
EENI S.p.A.	0.82%	1,395,333	$27M	trimmed−5%	−0.20 pp	25 q
MSFTMicrosoft Corp	0.82%	133,165	$27M	trimmed−26%	−0.18 pp	25 q
ENICEnel Chile S.A.	0.77%	6,693,511	$25M	trimmed−6%	−0.06 pp	17 q
HMCHonda Motor Co., Ltd.	0.77%	988,292	$25M	trimmed−16%	−0.16 pp	25 q
CHLChina Mobile Limited	0.76%	741,809	$25M	trimmed−9%	−0.32 pp	25 q
BPBP p.l.c.	0.75%	1,060,270	$25M	added+6%	−0.10 pp	25 q
INGRIngredion Incorporated	0.74%	291,593	$24M	trimmed−4%	−0.07 pp	3 q
WPPWpp PLC	0.74%	620,660	$24M	trimmed−8%	−0.05 pp	12 q
CYDChina Yuchai International Ltd.	0.66%	1,512,288	$22M	trimmed−25%	−0.10 pp	25 q
TAROTaro Pharmaceutical Indus	0.66%	324,942	$22M	added+27%	+0.11 pp	12 q
NOKNokia Corporation	0.63%	4,711,669	$21M	trimmed−27%	−0.07 pp	17 q
unresolvedCrh PLC	0.55%	529,344	$18M	trimmed−9%	0.00 pp	10 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.51%	2,090,632	$17M	added+14%	+0.16 pp	25 q
ABEVAmbev S.a.	0.48%	5,922,688	$16M	new	+0.48 pp	new
PDLIPDL BioPharma, Inc.	0.47%	5,351,132	$16M	trimmed−7%	−0.10 pp	14 q
BCSBarclays PLC	0.45%	2,611,537	$15M	trimmed−1%	+0.03 pp	25 q
ZTOZTO Express (Cayman) Inc.	0.44%	396,376	$15M	trimmed−36%	−0.13 pp	5 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.43%	3,603,956	$14M	trimmed−11%	−0.09 pp	25 q
LIVNLivaNova PLC	0.42%	288,726	$14M	new	+0.42 pp	new
GTSTriple-s Management Corp	0.41%	706,879	$13M	trimmed−12%	+0.01 pp	8 q
BUDAnheuser-Busch INBEV SA/NV	0.39%	261,445	$13M	new	+0.39 pp	new
VIVTelefonica Brasil, S.A.	0.39%	1,454,015	$13M	trimmed−12%	−0.16 pp	25 q
DOXAmdocs Limited	0.37%	198,532	$12M	trimmed−12%	−0.06 pp	25 q
unresolvedAvadel Pharmaceuticals PLC	0.36%	1,483,627	$12M	trimmed−9%	−0.10 pp	11 q
ORANYOrange SP/	0.36%	987,144	$12M	trimmed−7%	−0.09 pp	25 q
MBTMobile TeleSystems Public Joint Stock Company	0.35%	1,259,431	$12M	trimmed−45%	−0.26 pp	25 q
TXTernium S.A.	0.34%	730,076	$11M	trimmed−2%	+0.03 pp	4 q
FLEXFlex Ltd.	0.34%	1,074,139	$11M	trimmed−38%	−0.17 pp	7 q
AVALGrupo Aval Acciones Y Valores S.a.	0.32%	2,407,589	$10M	trimmed−17%	−0.12 pp	24 q
SHGShinhan Financial Group Co Ltd	0.30%	409,750	$10M	trimmed−13%	−0.08 pp	25 q
JNJJohnson & Johnson	0.29%	66,856	$9M	trimmed−13%	−0.06 pp	20 q
PKXPOSCO Holdings Inc.	0.29%	256,951	$10M	trimmed−6%	−0.02 pp	25 q
UTHRUnited Therapeutics Corp	0.28%	76,363	$9M	trimmed−74%	−0.69 pp	11 q
OLNOlin Corp.	0.26%	744,502	$9M	new	+0.26 pp	new
CLSCelestica, Inc.	0.25%	1,223,868	$8M	trimmed−7%	+0.09 pp	11 q
unresolvedAegon NV	0.23%	2,621,092	$8M	trimmed−18%	−0.05 pp	25 q
TMToyota Motor Corporation	0.23%	58,880	$7M	trimmed−11%	−0.05 pp	25 q
AVTAvnet, Inc.	0.20%	235,019	$7M	trimmed−9%	−0.03 pp	23 q
HRIHerc Holdings Inc.	0.20%	216,560	$7M	new	+0.20 pp	new
KOPKoppers Holdings, Inc.	0.20%	355,286	$7M	new	+0.20 pp	new
GOOGAlphabet Inc. Class C	0.19%	4,522	$6M	trimmed−35%	−0.09 pp	14 q
CTSHCognizant Technology Solutions	0.19%	108,640	$6M	trimmed−15%	−0.02 pp	16 q
OMCOmnicom Group Inc.	0.19%	115,391	$6M	trimmed−14%	−0.07 pp	12 q
JOESt. Joe Company	0.19%	313,020	$6M	trimmed−11%	−0.02 pp	25 q
ORCLOracle Corp	0.18%	109,777	$6M	trimmed−15%	−0.04 pp	25 q
BHFBrighthouse Financial, Inc.	0.17%	201,292	$6M	new	+0.17 pp	new
GDGeneral Dynamics Corporation	0.16%	34,597	$5M	new	+0.16 pp	new
MTWThe Manitowoc Company, Inc.	0.16%	496,845	$5M	new	+0.16 pp	new
WKCWorld Kinect Corporation	0.16%	205,590	$5M	added+1%	−0.02 pp	14 q
UHALU-Haul Holding Company	0.15%	16,346	$5M	trimmed−12%	−0.04 pp	13 q
ALEXAlexander & Baldwin, Inc.	0.14%	379,117	$5M	new	+0.14 pp	new
CADECadence Bancorp	0.14%	531,352	$5M	new	+0.14 pp	new
CSCOCisco Systems, Inc. (DE)	0.14%	100,282	$5M	trimmed−14%	−0.02 pp	25 q
JPMJPMorgan Chase & Co.	0.14%	47,580	$4M	trimmed−13%	−0.03 pp	25 q
KLICKulicke & Soffa Industries Inc	0.13%	199,677	$4M	new	+0.13 pp	new
ORIOld Republic International Corporation	0.13%	259,201	$4M	trimmed−14%	−0.03 pp	25 q
CNHCnh Industrial N.v.	0.11%	504,494	$4M	new	+0.11 pp	new
PEPPepsiCo, Inc.	0.10%	23,688	$3M	trimmed−87%	−0.65 pp	25 q
WHRWhirlpool Corp.	0.10%	24,740	$3M	added+2%	+0.03 pp	11 q
JCIJohnson Controls International plc	0.10%	94,393	$3M	trimmed−8%	0.00 pp	8 q
AMGNAmgen Inc	0.09%	12,897	$3M	trimmed−41%	−0.06 pp	13 q
WLKWestlake Corporation	0.09%	54,656	$3M	trimmed−12%	+0.01 pp	3 q
STNGScorpio Tankers Inc.	0.09%	236,355	$3M	new	+0.09 pp	new
FOXFox Corporation Class B	0.08%	102,909	$3M	trimmed−15%	−0.02 pp	6 q
MDCM.D.C. Holdings, Inc.	0.08%	76,813	$3M	trimmed−20%	0.00 pp	25 q
SWSmurfit Westrock plc	0.08%	284,578	$3M	trimmed−5%	+0.02 pp	9 q
TIFTiffany & Co.	0.08%	20,637	$3M	added+27%	+0.01 pp	2 q
AEBAAllete Inc	0.07%	43,815	$2M	new	+0.07 pp	new
GILDGilead Sciences Inc	0.07%	29,729	$2M	trimmed−57%	−0.11 pp	14 q
LLoews Corporation	0.07%	64,864	$2M	trimmed−12%	−0.02 pp	21 q
DSSIDiamond S Shipping Inc	0.07%	300,238	$2M	new	+0.07 pp	new
AMXNAmerica Movil-spn ADR Cl L	0.06%	142,516	$2M	trimmed−83%	−0.29 pp	25 q
CBDNCia Brasileira De Dis- ADR	0.06%	159,528	$2M	added+35%	+0.01 pp	2 q
ACHAccendra Health, Inc.	0.05%	198,788	$2M	trimmed−2%	−0.01 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	31,291	$2M	trimmed−20%	−0.02 pp	9 q
CFGCitizens Financial Group, Inc.	0.04%	45,743	$1M	added+1%	+0.01 pp	3 q
FFIVF5, Inc.	0.04%	9,695	$1M	trimmed−2%	0.00 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	69,698	$1M	trimmed−1%	0.00 pp	11 q
MSTRStrategy Inc Class A	0.04%	12,018	$1M	trimmed−0%	−0.01 pp	11 q
NWLINational Western Life Group, Inc. Class A	0.04%	6,518	$1M	trimmed−6%	0.00 pp	19 q
ONON Semiconductor Corp	0.04%	67,073	$1M	added+1%	+0.01 pp	2 q
PC6APetrochina Co Ltd -adr	0.04%	41,665	$1M	trimmed−17%	−0.02 pp	25 q
PINCNPremier Inc-class A	0.04%	40,457	$1M	trimmed−1%	−0.01 pp	4 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	226,462	$1M	trimmed−25%	−0.01 pp	9 q
AVNWAviat Networks, Inc.	0.03%	53,495	$976,000	new	+0.03 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.03%	19,021	$822,000	trimmed−65%	−0.04 pp	4 q
DGXQuest Diagnostics Inc.	0.03%	9,597	$1M	trimmed−3%	0.00 pp	9 q
REVGREV Group, Inc.	0.03%	187,970	$1M	new	+0.03 pp	new
SQMSociedad Quimica y Minera de Chile SA	0.03%	41,350	$1M	trimmed−5%	0.00 pp	2 q
ARWArrow Electronics, Inc.	0.02%	7,726	$531,000	trimmed−5%	+0.01 pp	18 q
GILGildan Activewear Inc.	0.02%	40,848	$633,000	new	+0.02 pp	new
MDPediatrix Medical Group, Inc.	0.02%	44,981	$769,000	trimmed−1%	0.00 pp	11 q
NPKNational Presto Industries, Inc.	0.02%	6,970	$609,000	added+2%	0.00 pp	4 q
SCHLScholastic Corp	0.02%	18,026	$540,000	trimmed−9%	0.00 pp	11 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	776	$689,000	trimmed−4%	−0.01 pp	9 q
AANAaron's Inc	0.01%	4,596	$209,000	new	+0.01 pp	new
ANATAmerican National Insurance	0.01%	4,362	$314,000	added+7%	0.00 pp	5 q
CALMCal-Maine Foods Inc	0.01%	4,983	$222,000	trimmed−42%	0.00 pp	3 q
CTBCooper Tire & Rubber Co.	0.01%	10,131	$280,000	trimmed−7%	0.00 pp	3 q
EBMTEagle Bancorp Montana, Inc	0.01%	11,521	$200,000	trimmed−11%	0.00 pp	4 q
EGRXEagle Pharms Inc	0.01%	7,091	$340,000	trimmed−95%	−0.23 pp	10 q
HP5AEquity Commonwealth	0.01%	11,004	$354,000	new	+0.01 pp	new
FSTRFoster (Lb) Co	0.01%	17,320	$221,000	trimmed−6%	0.00 pp	2 q
GHMGraham Corporation	0.01%	31,511	$401,000	added+88%	0.00 pp	2 q
GBXThe Greenbrier Companies, Inc.	0.01%	11,799	$268,000	trimmed−10%	0.00 pp	5 q
HOGHarley-Davidson, Inc.	0.01%	14,132	$336,000	trimmed−15%	0.00 pp	2 q
HPHelmerich & Payne, Inc.	0.01%	12,737	$248,000	new	+0.01 pp	new
IBAIndustrias Bachoco SAB De C.V.	0.01%	11,833	$416,000	new	+0.01 pp	new
KELYAKelly Services Inc	0.01%	15,371	$243,000	trimmed−0%	0.00 pp	2 q
NRIMNorthrim BanCorp Inc	0.01%	8,625	$217,000	added+14%	0.00 pp	14 q
ORNOrion Group Holdings, Inc	0.01%	60,621	$190,000	trimmed−7%	0.00 pp	25 q
PAHCPhibro Animal Health Corporation Class A	0.01%	14,928	$392,000	trimmed−12%	0.00 pp	5 q
RGPResources Connection	0.01%	27,405	$328,000	added+9%	0.00 pp	24 q
SF9Sanderson Farms Inc	0.01%	1,807	$209,000	trimmed−7%	0.00 pp	2 q
SXTSensient Technology Corporation	0.01%	8,548	$446,000	added+21%	0.00 pp	4 q
TOLToll Brothers, Inc.	0.01%	12,021	$392,000	trimmed−7%	0.00 pp	7 q
ARLOArlo Technologies, Inc.	0.00%	20,735	$53,000	trimmed−6%	0.00 pp	6 q
DGIIDigi International Inc	0.00%	13,284	$155,000	added+10%	0.00 pp	2 q
GTEGran Tierra Energy Inc.	0.00%	220,444	$76,000	held	—	19 q
HWCCHouston Wire & Cable Co	0.00%	40,818	$96,000	trimmed−7%	0.00 pp	25 q
IVCInvacare Corporation	0.00%	13,908	$89,000	trimmed−23%	0.00 pp	23 q
EEMiShares MSCI Emerging Markets ETF	0.00%	2,391	$96,000	trimmed−95%	−0.05 pp	5 q
TSUTIM Participacoes S.A.	0.00%	12,473	$161,000	new	0.00 pp	new
BGGBriggs & Stratton Corp.	—	−3,974,692	—	exited	−0.25 pp	—
JEFJefferies Financial Group Inc.	—	−163,715	—	exited	−0.08 pp	—
ACWIiShares MSCI ACWI ETF	—	−11,811	—	exited	−0.03 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,913	—	exited	−0.02 pp	—
HURCHurco Cos Inc	—	−8,229	—	exited	−0.01 pp	—
WMKWeis Markets, Inc.	—	−5,379	—	exited	−0.01 pp	—
UPBDUpbound Group, Inc.	—	−10,005	—	exited	0.00 pp	—