Brandes

Q3 2020 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2020
Filed: Nov 12, 2020
US stock: $2.9B · prev $3.3B
Positions: 150 · prev 167
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%

Moves172 since the prior filing

+5.7 pp in · −5.7 pp out

New 9 +3.24 pp
Added 16 +2.44 pp
Trimmed 121 −4.24 pp
Exited 26 −1.43 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions150 in this filing · 26 exited


CXCemex S.A.B. de C.V.	7.65%	58,285,082	$221M	trimmed−13%	+1.76 pp	26 q
EMBJEmbraer S.A.	3.70%	24,259,929	$107M	trimmed−5%	−0.96 pp	26 q
CCJCameco Corporation	2.95%	8,439,128	$85M	trimmed−6%	+0.14 pp	4 q
MCKMcKesson Corporation	2.39%	464,458	$69M	trimmed−13%	−0.11 pp	19 q
MRKMerck & Co., Inc.	2.36%	824,313	$68M	trimmed−14%	+0.11 pp	26 q
FDXFedEx Corporation	2.31%	266,148	$67M	trimmed−25%	+0.79 pp	7 q
BIDUBaidu, Inc.	2.30%	526,418	$67M	trimmed−3%	+0.31 pp	4 q
BACBank of America Corporation	2.29%	2,747,685	$66M	trimmed−11%	+0.05 pp	26 q
PFEPfizer Inc.	2.29%	1,805,107	$66M	trimmed−11%	+0.27 pp	26 q
CCitigroup Inc.	2.28%	1,530,075	$66M	trimmed−11%	−0.40 pp	26 q
CPACopa Holdings, S.A.	2.27%	1,302,400	$66M	trimmed−3%	+0.21 pp	8 q
CAHCardinal Health, Inc.	2.22%	1,371,084	$64M	trimmed−12%	−0.25 pp	14 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	2.11%	1,089,058	$61M	new	+2.11 pp	new
99803EURLaboratory Crp Of Amer Hldgs	1.90%	291,335	$55M	trimmed−14%	+0.20 pp	16 q
BABAAlibaba Group Holding Limited	1.83%	180,411	$53M	trimmed−47%	−0.41 pp	4 q
CMCSAComcast Corp	1.78%	1,116,017	$52M	trimmed−12%	+0.27 pp	12 q
HALHalliburton Company	1.78%	4,275,707	$52M	trimmed−27%	−0.55 pp	7 q
WFCWells Fargo & Co.	1.77%	2,182,377	$51M	trimmed−9%	−0.09 pp	26 q
EMREmerson Electric Co.	1.72%	757,680	$50M	trimmed−14%	+0.07 pp	21 q
MHKMohawk Industries, Inc.	1.71%	506,591	$49M	trimmed−2%	+0.10 pp	8 q
HCAHCA Healthcare, Inc.	1.68%	388,907	$48M	trimmed−15%	+0.33 pp	14 q
CIThe Cigna Group	1.58%	269,692	$46M	trimmed−13%	−0.18 pp	8 q
TXTTextron, Inc.	1.53%	1,229,628	$44M	trimmed−13%	+0.11 pp	3 q
BNYBank of New York Mellon Corporation	1.52%	1,277,523	$44M	trimmed−12%	−0.20 pp	26 q
CVSCvs Health Corporation	1.52%	751,910	$44M	trimmed−11%	−0.15 pp	15 q
STTState Street Corporation	1.48%	721,382	$43M	trimmed−13%	−0.12 pp	26 q
CTVACorteva, Inc.	1.47%	1,474,141	$42M	added+25%	+0.51 pp	2 q
SNYSanofi	1.35%	781,480	$39M	trimmed−23%	−0.22 pp	26 q
AGROAdecoagro S.a.	1.34%	8,311,932	$39M	trimmed−5%	+0.19 pp	26 q
CHNGChange Healthcare Inc.	1.20%	2,393,746	$35M	trimmed−9%	+0.31 pp	3 q
AIGAmerican International Group, Inc.	1.19%	1,247,097	$34M	trimmed−12%	−0.16 pp	25 q
PNCPNC Financial Services Group	1.11%	291,676	$32M	trimmed−12%	+0.05 pp	26 q
EPCEdgewell Personal Care Company	1.08%	1,123,052	$31M	trimmed−7%	−0.06 pp	12 q
AMATApplied Materials Inc	1.05%	512,037	$30M	trimmed−10%	0.00 pp	8 q
TFCTruist Financial Corporation	1.04%	791,517	$30M	trimmed−7%	+0.07 pp	26 q
YPFYPF Sociedad Anonima	1.01%	8,219,338	$29M	trimmed−4%	−0.48 pp	14 q
unresolvedGlaxosmithkline PLC	0.95%	727,808	$27M	trimmed−22%	−0.22 pp	26 q
NTGRNETGEAR, Inc.	0.95%	892,449	$28M	trimmed−33%	−0.10 pp	14 q
UBSUBS Group AG	0.93%	2,417,212	$27M	trimmed−21%	−0.14 pp	24 q
TAKTakeda Pharmaceutical Company Limited	0.90%	1,455,039	$26M	trimmed−13%	−0.01 pp	8 q
CYDChina Yuchai International Ltd.	0.90%	1,444,362	$26M	trimmed−4%	+0.24 pp	26 q
CVXChevron Corporation	0.89%	357,523	$26M	added+12%	+0.02 pp	26 q
unresolvedCredit Suisse Group Spon ADR	0.78%	2,260,997	$23M	trimmed−24%	−0.16 pp	23 q
ENICEnel Chile S.A.	0.70%	5,873,851	$20M	trimmed−12%	−0.07 pp	18 q
INGRIngredion Incorporated	0.69%	263,709	$20M	trimmed−10%	−0.05 pp	4 q
ACWXiShares MSCI ACWI ex US ETF	0.68%	425,318	$20M	added×22.4	+0.65 pp	5 q
TMHCTaylor Morrison Home Corporation	0.66%	776,469	$19M	trimmed−50%	−0.25 pp	12 q
TTENTotalenergies SE -spon ADR	0.66%	554,730	$19M	trimmed−22%	−0.17 pp	24 q
TAROTaro Pharmaceutical Indus	0.65%	341,766	$19M	added+5%	−0.01 pp	13 q
NXPINXP Semiconductors N.V.	0.65%	150,456	$19M	trimmed−73%	−1.30 pp	8 q
CHLChina Mobile Limited	0.64%	578,214	$19M	trimmed−22%	−0.12 pp	26 q
EENI S.p.A.	0.63%	1,179,398	$18M	trimmed−15%	−0.19 pp	26 q
WPPWpp PLC	0.62%	460,278	$18M	trimmed−26%	−0.12 pp	13 q
HMCHonda Motor Co., Ltd.	0.61%	747,544	$18M	trimmed−24%	−0.16 pp	26 q
BPBP p.l.c.	0.60%	995,388	$17M	trimmed−6%	−0.15 pp	26 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.51%	361,841	$15M	new	+0.51 pp	new
PDLIPDL BioPharma, Inc.	0.51%	4,723,376	$15M	trimmed−12%	+0.04 pp	15 q
unresolvedAvadel Pharmaceuticals PLC	0.49%	2,840,669	$14M	added+91%	+0.13 pp	12 q
unresolvedCrh PLC	0.49%	395,694	$14M	trimmed−25%	−0.06 pp	11 q
ORIOld Republic International Corporation	0.49%	970,039	$14M	added×3.7	+0.36 pp	26 q
TXTernium S.A.	0.47%	728,587	$14M	trimmed−0%	+0.13 pp	5 q
GTSTriple-s Management Corp	0.43%	697,551	$12M	trimmed−1%	+0.02 pp	9 q
LIVNLivaNova PLC	0.43%	278,419	$13M	trimmed−4%	+0.01 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.42%	1,720,216	$12M	trimmed−18%	−0.09 pp	26 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.40%	2,862,134	$11M	trimmed−21%	−0.03 pp	26 q
ZTOZTO Express (Cayman) Inc.	0.40%	385,378	$12M	trimmed−3%	−0.04 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	0.39%	211,638	$11M	trimmed−19%	0.00 pp	2 q
NOKNokia Corporation	0.39%	2,901,242	$11M	trimmed−38%	−0.24 pp	18 q
ABEVAmbev S.a.	0.38%	4,857,682	$11M	trimmed−18%	−0.10 pp	2 q
HPHelmerich & Payne, Inc.	0.36%	708,011	$10M	added×55.6	+0.35 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.36%	1,189,340	$10M	trimmed−6%	+0.01 pp	26 q
ANATAmerican National Group, Inc.	0.34%	145,678	$10M	new	+0.34 pp	new
VIVTelefonica Brasil, S.A.	0.34%	1,299,913	$10M	trimmed−11%	−0.05 pp	26 q
BCSBarclays PLC	0.33%	1,898,835	$10M	trimmed−27%	−0.12 pp	26 q
DOXAmdocs Limited	0.33%	164,474	$9M	trimmed−17%	−0.04 pp	26 q
PKXPOSCO Holdings Inc.	0.32%	219,607	$9M	trimmed−15%	+0.03 pp	26 q
AVALGrupo Aval Acciones Y Valores S.a.	0.30%	1,899,876	$9M	trimmed−21%	−0.02 pp	25 q
JNJJohnson & Johnson	0.28%	54,516	$8M	trimmed−18%	−0.01 pp	21 q
ORANYOrange SP/	0.27%	759,634	$8M	trimmed−23%	−0.09 pp	26 q
SHGShinhan Financial Group Co Ltd	0.27%	339,081	$8M	trimmed−17%	−0.03 pp	26 q
EGRXEagle Pharms Inc	0.23%	154,924	$7M	added×21.8	+0.22 pp	11 q
GDGeneral Dynamics Corporation	0.21%	43,423	$6M	added+26%	+0.05 pp	2 q
OLNOlin Corp.	0.21%	479,680	$6M	trimmed−36%	−0.05 pp	2 q
UTHRUnited Therapeutics Corp	0.21%	59,792	$6M	trimmed−22%	−0.07 pp	12 q
CTSHCognizant Technology Solutions	0.20%	81,659	$6M	trimmed−25%	+0.01 pp	17 q
TMToyota Motor Corporation	0.20%	44,025	$6M	trimmed−25%	−0.03 pp	26 q
BHFBrighthouse Financial, Inc.	0.19%	201,292	$5M	held	—	2 q
unresolvedAegon NV	0.18%	2,044,478	$5M	trimmed−22%	−0.05 pp	26 q
AVTAvnet, Inc.	0.18%	197,516	$5M	trimmed−16%	−0.02 pp	24 q
PKEPark Aerospace Corp.	0.18%	478,674	$5M	new	+0.18 pp	new
GOOGAlphabet Inc. Class C	0.16%	3,125	$5M	trimmed−31%	−0.03 pp	15 q
OMCOmnicom Group Inc.	0.16%	91,468	$5M	trimmed−21%	−0.03 pp	13 q
ORCLOracle Corp	0.16%	78,916	$5M	trimmed−28%	−0.02 pp	26 q
UHALU-Haul Holding Company	0.15%	12,187	$4M	trimmed−25%	0.00 pp	14 q
JOESt. Joe Company	0.15%	206,916	$4M	trimmed−34%	−0.04 pp	26 q
MTWThe Manitowoc Company, Inc.	0.14%	496,845	$4M	held	—	2 q
SWSmurfit Westrock plc	0.14%	373,357	$4M	added+31%	+0.06 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.13%	93,506	$4M	trimmed−7%	−0.01 pp	26 q
JPMJPMorgan Chase & Co.	0.12%	36,320	$3M	trimmed−24%	−0.02 pp	26 q
FLEXFlex Ltd.	0.12%	322,252	$4M	trimmed−70%	−0.22 pp	8 q
MSFTMicrosoft Corp	0.11%	14,543	$3M	trimmed−89%	−0.71 pp	26 q
ACHAccendra Health, Inc.	0.11%	124,827	$3M	trimmed−37%	+0.06 pp	16 q
WKCWorld Kinect Corporation	0.11%	155,457	$3M	trimmed−24%	−0.05 pp	15 q
CNHCnh Industrial N.v.	0.11%	415,152	$3M	trimmed−18%	0.00 pp	2 q
JCIJohnson Controls International plc	0.10%	67,425	$3M	trimmed−29%	0.00 pp	9 q
AEBAAllete Inc	0.09%	50,541	$3M	added+15%	+0.02 pp	2 q
FOXFox Corporation Class B	0.09%	94,093	$3M	trimmed−9%	+0.01 pp	7 q
PEPPepsiCo, Inc.	0.09%	17,754	$2M	trimmed−25%	−0.01 pp	26 q
WLKWestlake Corporation	0.09%	41,493	$3M	trimmed−24%	0.00 pp	4 q
LLoews Corporation	0.08%	63,460	$2M	trimmed−2%	+0.01 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	27,604	$2M	trimmed−12%	+0.03 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	0.07%	120,735	$2M	added+73%	+0.03 pp	12 q
CBDNCia Brasileira De Dis- ADR	0.06%	150,953	$2M	trimmed−5%	0.00 pp	3 q
AMXNAmerica Movil-spn ADR Cl L	0.05%	126,023	$2M	trimmed−12%	−0.01 pp	26 q
CLSCelestica, Inc.	0.05%	198,974	$1M	trimmed−84%	−0.20 pp	12 q
GILDGilead Sciences Inc	0.05%	21,799	$1M	trimmed−27%	−0.02 pp	15 q
MUMicron Technology, Inc.	0.05%	33,455	$2M	new	+0.05 pp	new
AVNWAviat Networks, Inc.	0.04%	53,495	$1M	held	—	2 q
CFGCitizens Financial Group, Inc.	0.04%	40,801	$1M	trimmed−11%	0.00 pp	4 q
FFIVF5, Inc.	0.04%	8,945	$1M	trimmed−8%	0.00 pp	3 q
MSTRStrategy Inc Class A	0.04%	8,344	$1M	trimmed−31%	0.00 pp	12 q
ONON Semiconductor Corp	0.04%	58,365	$1M	trimmed−13%	0.00 pp	3 q
PC6APetrochina Co Ltd -adr	0.04%	39,222	$1M	trimmed−6%	0.00 pp	26 q
PINCNPremier Inc-class A	0.04%	35,543	$1M	trimmed−12%	0.00 pp	5 q
WHRWhirlpool Corp.	0.04%	6,303	$1M	trimmed−75%	−0.06 pp	12 q
IBAIndustrias Bachoco SAB De C.V.	0.03%	23,705	$908,000	added×2.0	+0.02 pp	2 q
NWLINational Western Life Group, Inc. Class A	0.03%	5,088	$929,000	trimmed−22%	−0.01 pp	20 q
DGXQuest Diagnostics Inc.	0.03%	7,720	$884,000	trimmed−20%	0.00 pp	10 q
GILGildan Activewear Inc.	0.02%	29,712	$585,000	trimmed−27%	0.00 pp	2 q
MDPediatrix Medical Group, Inc.	0.02%	37,682	$614,000	trimmed−16%	0.00 pp	12 q
RTNRaytheon Company	0.02%	11,964	$688,000	new	+0.02 pp	new
TSUTIM Participacoes S.A.	0.02%	52,903	$610,000	added×4.2	+0.02 pp	2 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	683	$532,000	trimmed−12%	0.00 pp	10 q
ARWArrow Electronics, Inc.	0.01%	4,180	$329,000	trimmed−46%	−0.01 pp	19 q
HP5AEquity Commonwealth	0.01%	9,826	$262,000	trimmed−11%	0.00 pp	2 q
GHMGraham Corporation	0.01%	14,502	$185,000	trimmed−54%	0.00 pp	3 q
HDBHDFC Bank Limited	0.01%	5,086	$254,000	new	+0.01 pp	new
HOGHarley-Davidson, Inc.	0.01%	8,294	$204,000	trimmed−41%	0.00 pp	3 q
EEMiShares MSCI Emerging Markets ETF	0.01%	3,599	$159,000	added+51%	+0.01 pp	6 q
NPKNational Presto Industries, Inc.	0.01%	3,968	$325,000	trimmed−43%	−0.01 pp	5 q
PAHCPhibro Animal Health Corporation Class A	0.01%	18,640	$324,000	added+25%	0.00 pp	6 q
PBHPrestige Consumer Healthcare Inc.	0.01%	6,096	$222,000	new	+0.01 pp	new
SCHLScholastic Corp	0.01%	15,990	$336,000	trimmed−11%	−0.01 pp	12 q
SXTSensient Technology Corporation	0.01%	4,760	$275,000	trimmed−44%	0.00 pp	5 q
VREXVarex Imaging Corporation	0.01%	12,815	$163,000	new	+0.01 pp	new
ARLOArlo Technologies, Inc.	0.00%	11,680	$61,000	trimmed−44%	0.00 pp	7 q
GTEGran Tierra Energy Inc.	0.00%	220,444	$51,000	held	—	20 q
HWCCHouston Wire & Cable Co	0.00%	15,854	$40,000	trimmed−61%	0.00 pp	26 q
ORNOrion Group Holdings, Inc	0.00%	25,588	$70,000	trimmed−58%	−0.01 pp	26 q
RGPResources Connection	0.00%	11,490	$133,000	trimmed−58%	−0.01 pp	25 q
HRIHerc Holdings Inc.	—	−216,560	—	exited	−0.20 pp	—
KOPKoppers Holdings, Inc.	—	−355,286	—	exited	−0.20 pp	—
ALEXAlexander & Baldwin, Inc.	—	−379,117	—	exited	−0.14 pp	—
CADECadence Bancorp	—	−531,352	—	exited	−0.14 pp	—
KLICKulicke & Soffa Industries Inc	—	−199,677	—	exited	−0.13 pp	—
AMGNAmgen Inc	—	−12,897	—	exited	−0.09 pp	—
STNGScorpio Tankers Inc.	—	−236,355	—	exited	−0.09 pp	—
MDCM.D.C. Holdings, Inc.	—	−76,813	—	exited	−0.08 pp	—
TIFTiffany & Co.	—	−20,637	—	exited	−0.08 pp	—
DSSIDiamond S Shipping Inc	—	−300,238	—	exited	−0.07 pp	—
TKCTurkcell Iletisim Hizmetleri A.s.	—	−226,462	—	exited	−0.04 pp	—
REVGREV Group, Inc.	—	−187,970	—	exited	−0.03 pp	—
SQMSociedad Quimica y Minera de Chile SA	—	−41,350	—	exited	−0.03 pp	—
AANAaron's Inc	—	−4,596	—	exited	−0.01 pp	—
ANATAmerican National Insurance	—	−4,362	—	exited	−0.01 pp	—
CALMCal-Maine Foods Inc	—	−4,983	—	exited	−0.01 pp	—
CTBCooper Tire & Rubber Co.	—	−10,131	—	exited	−0.01 pp	—
EBMTEagle Bancorp Montana, Inc	—	−11,521	—	exited	−0.01 pp	—
FSTRFoster (Lb) Co	—	−17,320	—	exited	−0.01 pp	—
GBXThe Greenbrier Companies, Inc.	—	−11,799	—	exited	−0.01 pp	—
KELYAKelly Services Inc	—	−15,371	—	exited	−0.01 pp	—
NRIMNorthrim BanCorp Inc	—	−8,625	—	exited	−0.01 pp	—
SF9Sanderson Farms Inc	—	−1,807	—	exited	−0.01 pp	—
TOLToll Brothers, Inc.	—	−12,021	—	exited	−0.01 pp	—
DGIIDigi International Inc	—	−13,284	—	exited	0.00 pp	—
IVCInvacare Corporation	—	−13,908	—	exited	0.00 pp	—