Brandes

Q4 2020 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2020
Filed: Feb 11, 2021
US stock: $3.9B · prev $2.9B
Positions: 149 · prev 150
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%

Moves160 since the prior filing

+13.8 pp in · −13.7 pp out

New 12 +1.20 pp
Added 68 +12.56 pp
Trimmed 67 −11.22 pp
Exited 13 −2.51 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions24% of US stock

Positions149 in this filing · 13 exited


UBSUBS Group AG	6.36%	17,555,859	$247M	added×7.3	+5.43 pp	25 q
CXCemex S.A.B. de C.V.	6.35%	47,619,887	$247M	trimmed−18%	−1.30 pp	27 q
EMBJEmbraer S.A.	4.36%	24,641,463	$169M	added+2%	+0.66 pp	27 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	3.78%	1,933,734	$147M	added+78%	+1.67 pp	2 q
CCJCameco Corporation	3.37%	9,769,767	$131M	added+16%	+0.42 pp	5 q
CCitigroup Inc.	2.54%	1,620,410	$99M	added+6%	+0.26 pp	27 q
CPACopa Holdings, S.A.	2.45%	1,238,438	$95M	trimmed−5%	+0.18 pp	9 q
BACBank of America Corporation	2.12%	2,749,022	$82M	added0%	−0.17 pp	27 q
WFCWells Fargo & Co.	2.06%	2,691,565	$80M	added+23%	+0.29 pp	27 q
BIDUBaidu, Inc.	2.05%	362,268	$80M	trimmed−31%	−0.25 pp	5 q
MCKMcKesson Corporation	1.78%	397,624	$69M	trimmed−14%	−0.61 pp	20 q
MRKMerck & Co., Inc.	1.70%	817,223	$66M	trimmed−1%	−0.66 pp	27 q
PFEPfizer Inc.	1.69%	1,789,297	$66M	trimmed−1%	−0.60 pp	27 q
CAHCardinal Health, Inc.	1.60%	1,159,434	$62M	trimmed−15%	−0.62 pp	15 q
HCAHCA Healthcare, Inc.	1.56%	372,863	$61M	trimmed−4%	−0.12 pp	15 q
CMCSAComcast Corp	1.51%	1,144,443	$59M	added+3%	−0.27 pp	13 q
EMREmerson Electric Co.	1.50%	728,419	$58M	trimmed−4%	−0.22 pp	22 q
HALHalliburton Company	1.48%	3,013,528	$58M	trimmed−30%	−0.30 pp	8 q
CTVACorteva, Inc.	1.43%	1,445,565	$56M	trimmed−2%	−0.04 pp	3 q
CIThe Cigna Group	1.41%	269,205	$55M	trimmed−0%	−0.17 pp	9 q
BNYBank of New York Mellon Corporation	1.40%	1,301,404	$54M	added+2%	−0.12 pp	27 q
MHKMohawk Industries, Inc.	1.35%	366,909	$52M	trimmed−28%	−0.36 pp	9 q
TXTTextron, Inc.	1.35%	1,080,405	$52M	trimmed−12%	−0.18 pp	4 q
CVSCvs Health Corporation	1.33%	760,290	$52M	added+1%	−0.19 pp	16 q
STTState Street Corporation	1.33%	712,797	$52M	trimmed−1%	−0.15 pp	27 q
BABAAlibaba Group Holding Limited	1.30%	211,075	$50M	added+17%	−0.53 pp	5 q
ZTOZTO Express (Cayman) Inc.	1.26%	1,685,460	$49M	added×4.4	+0.86 pp	7 q
FDXFedEx Corporation	1.24%	184,719	$48M	trimmed−31%	−1.07 pp	8 q
AGROAdecoagro S.a.	1.23%	7,268,631	$48M	trimmed−13%	−0.11 pp	27 q
AIGAmerican International Group, Inc.	1.19%	1,236,259	$46M	trimmed−1%	0.00 pp	26 q
99803EURLaboratory Crp Of Amer Hldgs	1.19%	228,448	$46M	trimmed−22%	−0.71 pp	17 q
SWSmurfit Westrock plc	1.15%	3,218,988	$45M	added×8.6	+1.01 pp	11 q
CHNGChange Healthcare Inc.	1.13%	2,356,385	$44M	trimmed−2%	−0.07 pp	4 q
GDGeneral Dynamics Corporation	1.10%	288,773	$43M	added×6.7	+0.89 pp	3 q
ORIOld Republic International Corporation	1.04%	2,068,653	$40M	added×2.1	+0.55 pp	27 q
EPCEdgewell Personal Care Company	1.02%	1,126,685	$39M	added0%	−0.06 pp	13 q
NTGRNETGEAR, Inc.	0.98%	925,974	$38M	added+4%	+0.03 pp	15 q
TFCTruist Financial Corporation	0.97%	795,353	$38M	added0%	−0.07 pp	27 q
YPFYPF Sociedad Anonima	0.97%	7,678,475	$38M	trimmed−7%	−0.04 pp	15 q
PNCPNC Financial Services Group	0.94%	247,827	$36M	trimmed−15%	−0.17 pp	27 q
JPMJPMorgan Chase & Co.	0.92%	284,426	$36M	added×7.8	+0.80 pp	27 q
CVXChevron Corporation	0.91%	413,275	$35M	added+16%	+0.02 pp	27 q
INGRIngredion Incorporated	0.91%	450,351	$35M	added+71%	+0.22 pp	5 q
AMATApplied Materials Inc	0.84%	374,075	$33M	trimmed−27%	−0.21 pp	9 q
SNYSanofi	0.83%	670,190	$32M	trimmed−14%	−0.52 pp	27 q
TAKTakeda Pharmaceutical Company Limited	0.78%	1,663,081	$30M	added+14%	−0.12 pp	9 q
DOXAmdocs Limited	0.77%	430,802	$30M	added×2.6	+0.44 pp	27 q
TAROTaro Pharmaceutical Indus	0.77%	412,210	$30M	added+21%	+0.12 pp	14 q
unresolvedCredit Suisse Group Spon ADR	0.74%	2,237,097	$29M	trimmed−1%	−0.04 pp	24 q
unresolvedGlaxosmithkline PLC	0.72%	759,162	$28M	added+4%	−0.23 pp	27 q
WPPWpp PLC	0.61%	434,888	$24M	trimmed−6%	−0.01 pp	14 q
EENI S.p.A.	0.60%	1,120,406	$23M	trimmed−5%	−0.03 pp	27 q
HPHelmerich & Payne, Inc.	0.60%	980,558	$23M	added+38%	+0.24 pp	3 q
ENICEnel Chile S.A.	0.58%	5,745,819	$22M	trimmed−2%	−0.12 pp	19 q
TTENTotalenergies SE -spon ADR	0.58%	526,453	$22M	trimmed−5%	−0.08 pp	25 q
CYDChina Yuchai International Ltd.	0.57%	1,372,258	$22M	trimmed−5%	−0.33 pp	27 q
BPBP p.l.c.	0.55%	1,018,447	$21M	added+2%	−0.05 pp	27 q
HMCHonda Motor Co., Ltd.	0.54%	748,952	$21M	added0%	−0.07 pp	27 q
unresolvedAvadel Pharmaceuticals PLC	0.51%	2,961,878	$20M	added+4%	+0.02 pp	13 q
TMHCTaylor Morrison Home Corporation	0.50%	737,195	$19M	trimmed−5%	−0.16 pp	13 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.49%	408,361	$19M	added+13%	−0.02 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.49%	1,728,804	$19M	added+1%	+0.07 pp	27 q
ACWXiShares MSCI ACWI ex US ETF	0.44%	318,136	$17M	trimmed−25%	−0.24 pp	6 q
ANATAmerican National Group, Inc.	0.42%	170,625	$16M	added+17%	+0.08 pp	2 q
unresolvedCrh PLC	0.42%	384,400	$16M	trimmed−3%	−0.07 pp	12 q
BCSBarclays PLC	0.39%	1,863,478	$15M	trimmed−2%	+0.06 pp	27 q
ABEVAmbev S.a.	0.38%	4,900,287	$15M	added+1%	0.00 pp	3 q
CHLChina Mobile Limited	0.35%	476,862	$13M	trimmed−18%	−0.29 pp	27 q
BUDAnheuser-Busch INBEV SA/NV	0.34%	187,577	$13M	trimmed−11%	−0.05 pp	3 q
NVSNovartis AG	0.34%	139,611	$13M	new	+0.34 pp	new
PKXPOSCO Holdings Inc.	0.34%	209,120	$13M	trimmed−5%	+0.02 pp	27 q
EGRXEagle Pharms Inc	0.32%	264,397	$12M	added+71%	+0.09 pp	12 q
GRFSGrifois, S.A.	0.32%	674,685	$12M	new	+0.32 pp	new
MUFGMitsubishi UFJ Financial Group, Inc.	0.31%	2,749,857	$12M	trimmed−4%	−0.09 pp	27 q
NOKNokia Corporation	0.28%	2,780,756	$11M	trimmed−4%	−0.11 pp	19 q
GTSTriple-s Management Corp	0.28%	501,924	$11M	trimmed−28%	−0.15 pp	10 q
MBTMobile TeleSystems Public Joint Stock Company	0.27%	1,149,068	$10M	trimmed−3%	−0.09 pp	27 q
VIVTelefonica Brasil, S.A.	0.27%	1,203,082	$11M	trimmed−7%	−0.07 pp	27 q
ORANYOrange SP/	0.26%	837,133	$10M	added+10%	−0.01 pp	27 q
JNJJohnson & Johnson	0.25%	61,107	$10M	added+12%	−0.03 pp	22 q
SHGShinhan Financial Group Co Ltd	0.25%	332,458	$10M	trimmed−2%	−0.02 pp	27 q
PKEPark Aerospace Corp.	0.23%	661,847	$9M	added+38%	+0.05 pp	2 q
DRQInnovex International, Inc.	0.22%	280,608	$8M	new	+0.22 pp	new
unresolvedAegon NV	0.20%	1,948,312	$8M	trimmed−5%	+0.02 pp	27 q
AVTAvnet, Inc.	0.20%	219,815	$8M	added+11%	+0.02 pp	25 q
OMCOmnicom Group Inc.	0.18%	112,759	$7M	added+23%	+0.02 pp	14 q
TMToyota Motor Corporation	0.17%	42,245	$7M	trimmed−4%	−0.03 pp	27 q
WKCWorld Kinect Corporation	0.17%	215,458	$7M	added+39%	+0.06 pp	16 q
LIVNLivaNova PLC	0.17%	100,025	$7M	trimmed−64%	−0.26 pp	3 q
UHALU-Haul Holding Company	0.15%	12,590	$6M	added+3%	0.00 pp	15 q
ORCLOracle Corp	0.14%	83,697	$5M	added+6%	−0.02 pp	27 q
CSCOCisco Systems, Inc. (DE)	0.12%	102,749	$5M	added+10%	−0.01 pp	27 q
CTSHCognizant Technology Solutions	0.12%	57,506	$5M	trimmed−30%	−0.08 pp	18 q
NWLINational Western Life Group, Inc. Class A	0.12%	22,261	$5M	added×4.4	+0.09 pp	21 q
UTHRUnited Therapeutics Corp	0.12%	32,537	$5M	trimmed−46%	−0.09 pp	13 q
GOOGAlphabet Inc. Class C	0.10%	2,230	$4M	trimmed−29%	−0.06 pp	16 q
EEMiShares MSCI Emerging Markets ETF	0.10%	77,137	$4M	added×21.4	+0.09 pp	7 q
MUMicron Technology, Inc.	0.10%	55,781	$4M	added+67%	+0.05 pp	2 q
AEBAAllete Inc	0.09%	55,663	$3M	added+10%	0.00 pp	3 q
WLKWestlake Corporation	0.09%	44,163	$4M	added+6%	0.00 pp	5 q
HP5AEquity Commonwealth	0.08%	108,621	$3M	added×11.1	+0.07 pp	3 q
LLoews Corporation	0.08%	72,145	$3M	added+14%	0.00 pp	23 q
MSFTMicrosoft Corp	0.08%	14,563	$3M	added0%	−0.03 pp	27 q
MAAMid-America Apartment Communities, Inc.	0.08%	25,395	$3M	new	+0.08 pp	new
JCIJohnson Controls International plc	0.08%	67,441	$3M	added0%	−0.02 pp	10 q
FLEXFlex Ltd.	0.08%	179,881	$3M	trimmed−44%	−0.04 pp	9 q
FOXFox Corporation Class B	0.07%	100,700	$3M	added+7%	−0.02 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	0.07%	119,935	$3M	trimmed−1%	0.00 pp	13 q
PEPPepsiCo, Inc.	0.07%	17,810	$3M	added0%	−0.02 pp	27 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	24,320	$3M	trimmed−12%	−0.01 pp	11 q
ACWIiShares MSCI ACWI ETF	0.06%	26,801	$2M	new	+0.06 pp	new
CLSCelestica, Inc.	0.05%	232,478	$2M	added+17%	0.00 pp	13 q
CBDNCia Brasileira De Dis- ADR	0.05%	136,287	$2M	trimmed−10%	−0.01 pp	4 q
LNSRLENSAR, Inc.	0.05%	297,840	$2M	new	+0.05 pp	new
ONON Semiconductor Corp	0.05%	55,396	$2M	trimmed−5%	+0.01 pp	4 q
AMXNAmerica Movil-spn ADR Cl L	0.04%	116,210	$2M	trimmed−8%	−0.01 pp	27 q
CFGCitizens Financial Group, Inc.	0.04%	40,676	$1M	trimmed−0%	0.00 pp	5 q
FFIVF5, Inc.	0.04%	9,177	$2M	added+3%	0.00 pp	4 q
GWXState Street SPDR S&P International Small Cap ETF	0.04%	44,751	$2M	new	+0.04 pp	new
TXTernium S.A.	0.04%	48,371	$1M	trimmed−93%	−0.43 pp	6 q
GILDGilead Sciences Inc	0.03%	23,159	$1M	added+6%	−0.02 pp	16 q
PC6APetrochina Co Ltd -adr	0.03%	32,244	$996,000	trimmed−18%	−0.01 pp	27 q
PINCNPremier Inc-class A	0.03%	35,459	$1M	trimmed−0%	−0.01 pp	6 q
TIMBTim S.a.	0.03%	72,936	$1M	new	+0.03 pp	new
EXFExfo Inc	0.02%	173,882	$613,000	new	+0.02 pp	new
MDPediatrix Medical Group, Inc.	0.02%	37,321	$896,000	trimmed−1%	0.00 pp	13 q
DGXQuest Diagnostics Inc.	0.02%	7,613	$901,000	trimmed−1%	−0.01 pp	11 q
RTNRaytheon Company	0.02%	12,119	$865,000	added+1%	0.00 pp	2 q
RCIRogers Communications, Inc.	0.02%	12,486	$585,000	new	+0.02 pp	new
WTMWhite Mountains Insurance Group Ltd.	0.02%	682	$681,000	trimmed−0%	0.00 pp	11 q
ARWArrow Electronics, Inc.	0.01%	3,637	$353,000	trimmed−13%	0.00 pp	20 q
GILGildan Activewear Inc.	0.01%	8,390	$235,000	trimmed−72%	−0.01 pp	3 q
GHMGraham Corporation	0.01%	20,173	$318,000	added+39%	0.00 pp	4 q
HDBHDFC Bank Limited	0.01%	5,981	$431,000	added+18%	0.00 pp	2 q
HOGHarley-Davidson, Inc.	0.01%	6,120	$227,000	trimmed−26%	0.00 pp	4 q
IBAIndustrias Bachoco SAB De C.V.	0.01%	11,571	$513,000	trimmed−51%	−0.02 pp	3 q
MFCManulife Financial Corp.	0.01%	11,186	$198,000	new	+0.01 pp	new
NPKNational Presto Industries, Inc.	0.01%	5,307	$465,000	added+34%	0.00 pp	6 q
NTRNutrien Ltd.	0.01%	10,457	$495,000	new	+0.01 pp	new
ORNOrion Group Holdings, Inc	0.01%	50,477	$260,000	added+97%	+0.01 pp	27 q
PAHCPhibro Animal Health Corporation Class A	0.01%	25,574	$487,000	added+37%	0.00 pp	7 q
PBHPrestige Consumer Healthcare Inc.	0.01%	13,204	$462,000	added×2.2	0.00 pp	2 q
RGPResources Connection	0.01%	18,124	$226,000	added+58%	+0.01 pp	26 q
SCHLScholastic Corp	0.01%	17,044	$414,000	added+7%	0.00 pp	13 q
SXTSensient Technology Corporation	0.01%	3,773	$279,000	trimmed−21%	0.00 pp	6 q
VREXVarex Imaging Corporation	0.01%	15,017	$248,000	added+17%	0.00 pp	2 q
ARLOArlo Technologies, Inc.	0.00%	11,680	$92,000	held	—	8 q
GTEGran Tierra Energy Inc.	0.00%	220,444	$80,000	held	—	21 q
HWCCHouston Wire & Cable Co	0.00%	22,841	$66,000	added+44%	0.00 pp	27 q
NXPINXP Semiconductors N.V.	—	−150,456	—	exited	−0.65 pp	—
PDLIPDL BioPharma, Inc.	—	−4,723,376	—	exited	−0.51 pp	—
AVALGrupo Aval Acciones Y Valores S.a.	—	−1,899,876	—	exited	−0.30 pp	—
OLNOlin Corp.	—	−479,680	—	exited	−0.21 pp	—
BHFBrighthouse Financial, Inc.	—	−201,292	—	exited	−0.19 pp	—
JOESt. Joe Company	—	−206,916	—	exited	−0.15 pp	—
MTWThe Manitowoc Company, Inc.	—	−496,845	—	exited	−0.14 pp	—
ACHAccendra Health, Inc.	—	−124,827	—	exited	−0.11 pp	—
CNHCnh Industrial N.v.	—	−415,152	—	exited	−0.11 pp	—
AVNWAviat Networks, Inc.	—	−53,495	—	exited	−0.04 pp	—
MSTRStrategy Inc Class A	—	−8,344	—	exited	−0.04 pp	—
WHRWhirlpool Corp.	—	−6,303	—	exited	−0.04 pp	—
TSUTIM Participacoes S.A.	—	−52,903	—	exited	−0.02 pp	—