Brandes

Q1 2021 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2021
Filed: May 12, 2021
US stock: $4.2B · prev $3.9B
Positions: 160 · 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%

Moves170 since the prior filing

+9.3 pp in · −9.3 pp out

New 24 +3.18 pp
Added 82 +6.08 pp
Trimmed 51 −5.94 pp
Exited 13 −3.36 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions24% of US stock

UBS UBS Group AG trimmed+0.06 pp trimmed+0.066.4%
EMBJ Embraer S.A. trimmed+1.41 pp trimmed+1.415.8%
CX Cemex S.A.B. de C.V. trimmed−0.76 pp trimmed−0.765.6%
FMX Fomento Economico Mexicano, S.a.b. De C.v. added−0.03 pp added−0.033.8%
C Citigroup Inc. added+0.29 pp added+0.292.8%

Positions160 in this filing · 13 exited


UBSUBS Group AG	6.42%	17,441,523	$271M	trimmed−1%	+0.06 pp	26 q
EMBJEmbraer S.A.	5.77%	24,501,183	$244M	trimmed−1%	+1.41 pp	28 q
CXCemex S.A.B. de C.V.	5.59%	32,875,161	$236M	trimmed−31%	−0.76 pp	28 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	3.75%	2,075,138	$158M	added+7%	−0.03 pp	3 q
CCitigroup Inc.	2.83%	1,640,109	$120M	added+1%	+0.29 pp	28 q
BACBank of America Corporation	2.67%	2,894,560	$113M	added+5%	+0.55 pp	28 q
WFCWells Fargo & Co.	2.57%	2,759,121	$109M	added+3%	+0.51 pp	28 q
CCJCameco Corporation	2.14%	5,619,893	$90M	trimmed−42%	−1.23 pp	6 q
MCKMcKesson Corporation	1.88%	404,472	$79M	added+2%	+0.10 pp	21 q
MRKMerck & Co., Inc.	1.82%	1,000,518	$77M	added+22%	+0.12 pp	28 q
CAHCardinal Health, Inc.	1.73%	1,172,270	$73M	added+1%	+0.13 pp	16 q
CPACopa Holdings, S.A.	1.67%	874,081	$71M	trimmed−29%	−0.78 pp	10 q
CIThe Cigna Group	1.61%	276,431	$68M	added+3%	+0.20 pp	10 q
HCAHCA Healthcare, Inc.	1.61%	360,826	$68M	trimmed−3%	+0.05 pp	16 q
MHKMohawk Industries, Inc.	1.60%	346,162	$68M	trimmed−6%	+0.25 pp	10 q
PFEPfizer Inc.	1.59%	1,862,910	$67M	added+4%	−0.10 pp	28 q
CVSCvs Health Corporation	1.55%	859,742	$65M	added+13%	+0.22 pp	17 q
CMCSAComcast Corp	1.54%	1,183,933	$65M	added+3%	+0.03 pp	14 q
AIGAmerican International Group, Inc.	1.51%	1,348,641	$64M	added+9%	+0.32 pp	27 q
BNYBank of New York Mellon Corporation	1.50%	1,325,498	$63M	added+2%	+0.10 pp	28 q
STTState Street Corporation	1.47%	719,671	$62M	added+1%	+0.14 pp	28 q
CTVACorteva, Inc.	1.41%	1,271,116	$60M	trimmed−12%	−0.02 pp	4 q
ZTOZTO Express (Cayman) Inc.	1.39%	2,066,968	$59M	added+23%	+0.13 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	1.38%	229,637	$58M	added+1%	+0.19 pp	18 q
FDXFedEx Corporation	1.36%	200,291	$57M	added+8%	+0.12 pp	9 q
TXTTextron, Inc.	1.33%	1,015,702	$56M	trimmed−6%	−0.02 pp	5 q
EPCEdgewell Personal Care Company	1.32%	1,391,960	$56M	added+24%	+0.30 pp	14 q
GDGeneral Dynamics Corporation	1.29%	300,132	$55M	added+4%	+0.19 pp	4 q
CHNGChange Healthcare Inc.	1.24%	2,347,682	$52M	trimmed−0%	+0.11 pp	5 q
EMREmerson Electric Co.	1.19%	553,200	$50M	trimmed−24%	−0.31 pp	23 q
ORIOld Republic International Corporation	1.14%	2,173,453	$48M	added+5%	+0.10 pp	28 q
TFCTruist Financial Corporation	1.14%	816,762	$48M	added+3%	+0.17 pp	28 q
CVXChevron Corporation	1.13%	452,406	$48M	added+9%	+0.22 pp	28 q
JPMJPMorgan Chase & Co.	1.13%	309,627	$48M	added+9%	+0.21 pp	28 q
HALHalliburton Company	1.10%	2,162,210	$46M	trimmed−28%	−0.38 pp	9 q
PNCPNC Financial Services Group	1.04%	248,180	$44M	added0%	+0.10 pp	28 q
INGRIngredion Incorporated	1.00%	460,494	$42M	added+2%	+0.09 pp	6 q
OMFOneMain Holdings, Inc.	0.95%	744,281	$40M	new	+0.95 pp	new
SWSmurfit Westrock plc	0.90%	2,596,194	$38M	trimmed−19%	−0.25 pp	12 q
AGROAdecoagro S.a.	0.89%	4,736,762	$37M	trimmed−35%	−0.34 pp	28 q
SNYSanofi	0.86%	742,090	$36M	added+11%	+0.03 pp	28 q
DOXAmdocs Limited	0.83%	444,728	$35M	added+3%	+0.06 pp	28 q
NTGRNETGEAR, Inc.	0.82%	856,253	$35M	trimmed−8%	−0.16 pp	16 q
TAKTakeda Pharmaceutical Company Limited	0.76%	1,760,848	$32M	added+6%	−0.02 pp	10 q
unresolvedGlaxosmithkline PLC	0.74%	865,277	$31M	added+14%	+0.02 pp	28 q
YPFYPF Sociedad Anonima	0.73%	7,460,474	$31M	trimmed−3%	−0.24 pp	16 q
TAROTaro Pharmaceutical Indus	0.72%	405,474	$30M	trimmed−2%	−0.05 pp	15 q
VIVTelefonica Brasil, S.A.	0.71%	3,769,298	$30M	added×3.1	+0.44 pp	28 q
EXEExpand Energy Corporation	0.69%	680,593	$29M	new	+0.69 pp	new
WPPWpp PLC	0.68%	440,057	$29M	added+1%	+0.07 pp	15 q
unresolvedAvadel Pharmaceuticals PLC	0.62%	2,934,241	$26M	trimmed−1%	+0.11 pp	14 q
ENICEnel Chile S.A.	0.61%	6,401,943	$26M	added+11%	+0.03 pp	20 q
TTENTotalenergies SE -spon ADR	0.61%	550,117	$26M	added+4%	+0.03 pp	26 q
EENI S.p.A.	0.60%	1,038,484	$25M	trimmed−7%	0.00 pp	28 q
BPBP p.l.c.	0.57%	972,961	$24M	trimmed−4%	+0.02 pp	28 q
unresolvedCredit Suisse Group Spon ADR	0.56%	2,148,526	$24M	trimmed−4%	−0.18 pp	25 q
CYDChina Yuchai International Ltd.	0.55%	1,482,568	$23M	added+8%	−0.02 pp	28 q
HMCHonda Motor Co., Ltd.	0.53%	744,041	$23M	trimmed−1%	−0.01 pp	28 q
TMHCTaylor Morrison Home Corporation	0.52%	705,856	$22M	trimmed−4%	+0.02 pp	14 q
EGRXEagle Pharms Inc	0.48%	489,627	$20M	added+85%	+0.16 pp	13 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.45%	406,190	$19M	trimmed−1%	−0.04 pp	3 q
NVSNovartis AG	0.45%	218,770	$19M	added+57%	+0.11 pp	2 q
ANATAmerican National Group, Inc.	0.44%	170,853	$19M	added0%	+0.02 pp	3 q
unresolvedCrh PLC	0.41%	366,926	$17M	trimmed−5%	−0.01 pp	13 q
GRFSGrifois, S.A.	0.39%	989,428	$17M	added+47%	+0.07 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.38%	2,870,573	$16M	added+4%	+0.07 pp	28 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.37%	1,872,227	$15M	added+8%	−0.12 pp	28 q
RDS.BRoyal Dutch Shell PLC	0.36%	406,296	$15M	new	+0.36 pp	new
BCSBarclays PLC	0.35%	1,435,981	$15M	trimmed−23%	−0.04 pp	28 q
PKXPOSCO Holdings Inc.	0.35%	205,893	$15M	trimmed−2%	+0.01 pp	28 q
EXEEWChesapeake Energy Corp -CW26	0.32%	699,900	$13M	new	+0.32 pp	new
EXEEZChesapeake Energy -CW26	0.32%	756,657	$14M	new	+0.32 pp	new
ABEVAmbev S.a.	0.31%	4,824,596	$13M	trimmed−2%	−0.07 pp	4 q
BABAAlibaba Group Holding Limited	0.30%	54,422	$12M	trimmed−74%	−1.00 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	0.28%	183,239	$12M	trimmed−2%	−0.06 pp	4 q
ORANYOrange SP/	0.28%	933,370	$12M	added+12%	+0.02 pp	28 q
NWLINational Western Life Group, Inc. Class A	0.27%	45,643	$12M	added×2.1	+0.15 pp	22 q
JNJJohnson & Johnson	0.26%	67,836	$11M	added+11%	+0.01 pp	23 q
MBTMobile TeleSystems Public Joint Stock Company	0.25%	1,288,550	$11M	added+12%	−0.02 pp	28 q
SHGShinhan Financial Group Co Ltd	0.25%	329,060	$11M	trimmed−1%	0.00 pp	28 q
WKCWorld Kinect Corporation	0.25%	296,858	$11M	added+38%	+0.08 pp	17 q
AVTAvnet, Inc.	0.23%	238,617	$10M	added+9%	+0.03 pp	26 q
OMCOmnicom Group Inc.	0.23%	129,506	$10M	added+15%	+0.05 pp	15 q
unresolvedAegon NV	0.22%	1,901,638	$9M	trimmed−2%	+0.02 pp	28 q
PKEPark Aerospace Corp.	0.22%	683,876	$9M	added+3%	−0.01 pp	3 q
ORCLOracle Corp	0.16%	97,779	$7M	added+17%	+0.02 pp	28 q
GOOGAlphabet Inc. Class C	0.15%	2,986	$6M	added+34%	+0.05 pp	17 q
TMToyota Motor Corporation	0.15%	40,608	$6M	trimmed−4%	−0.02 pp	28 q
EXEELChesapeake Energy Corp -CW26	0.14%	352,140	$6M	new	+0.14 pp	new
CSCOCisco Systems, Inc. (DE)	0.14%	116,749	$6M	added+14%	+0.02 pp	28 q
CTSHCognizant Technology Solutions	0.13%	67,788	$5M	added+18%	+0.01 pp	19 q
MUMicron Technology, Inc.	0.13%	62,238	$5M	added+12%	+0.03 pp	3 q
MAAMid-America Apartment Communities, Inc.	0.12%	35,073	$5M	added+38%	+0.04 pp	2 q
AZOAutoZone, Inc.	0.11%	3,353	$5M	new	+0.11 pp	new
DRQInnovex International, Inc.	0.11%	140,567	$5M	trimmed−50%	−0.11 pp	2 q
WLKWestlake Corporation	0.11%	53,531	$5M	added+21%	+0.02 pp	6 q
JCIJohnson Controls International plc	0.11%	78,162	$5M	added+16%	+0.03 pp	11 q
AEBAAllete Inc	0.10%	65,125	$4M	added+17%	+0.01 pp	4 q
FOXFox Corporation Class B	0.10%	121,952	$4M	added+21%	+0.03 pp	9 q
LLoews Corporation	0.10%	83,338	$4M	added+16%	+0.02 pp	24 q
MMM3M Company	0.10%	20,845	$4M	new	+0.10 pp	new
NOKNokia Corporation	0.09%	936,531	$4M	trimmed−66%	−0.19 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	33,801	$4M	added+39%	+0.02 pp	12 q
FLEXFlex Ltd.	0.09%	203,228	$4M	added+13%	+0.01 pp	10 q
HP5AEquity Commonwealth	0.08%	117,528	$3M	added+8%	0.00 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	0.08%	118,064	$3M	trimmed−2%	+0.01 pp	14 q
AMATApplied Materials Inc	0.07%	24,910	$3M	trimmed−93%	−0.77 pp	10 q
HPHelmerich & Payne, Inc.	0.07%	108,156	$3M	trimmed−89%	−0.53 pp	4 q
MDPediatrix Medical Group, Inc.	0.07%	116,710	$3M	added×3.1	+0.05 pp	14 q
GTSTriple-s Management Corp	0.07%	114,823	$3M	trimmed−77%	−0.21 pp	11 q
UTHRUnited Therapeutics Corp	0.07%	18,389	$3M	trimmed−43%	−0.05 pp	14 q
LIVNLivaNova PLC	0.07%	41,327	$3M	trimmed−59%	−0.10 pp	4 q
MSFTMicrosoft Corp	0.06%	11,738	$3M	trimmed−19%	−0.02 pp	28 q
PEPPepsiCo, Inc.	0.06%	18,793	$3M	added+6%	−0.01 pp	28 q
CLSCelestica, Inc.	0.05%	229,780	$2M	trimmed−1%	0.00 pp	14 q
GILDGilead Sciences Inc	0.05%	30,924	$2M	added+34%	+0.02 pp	17 q
ASAIYSendas Distribudra S/	0.05%	151,343	$2M	new	+0.05 pp	new
AMXNAmerica Movil-spn ADR Cl L	0.04%	117,866	$2M	added+1%	0.00 pp	28 q
CFGCitizens Financial Group, Inc.	0.04%	40,195	$2M	trimmed−1%	0.00 pp	6 q
FFIVF5, Inc.	0.04%	8,595	$2M	trimmed−6%	0.00 pp	5 q
PC6APetrochina Co Ltd -adr	0.03%	35,471	$1M	added+10%	0.00 pp	28 q
PINCNPremier Inc-class A	0.03%	38,589	$1M	added+9%	0.00 pp	7 q
TIMBTim S.a.	0.03%	129,780	$1M	added+78%	0.00 pp	2 q
EXFExfo Inc	0.02%	173,882	$737,000	held	—	2 q
NPKNational Presto Industries, Inc.	0.02%	6,967	$710,000	added+31%	+0.01 pp	7 q
ORNOrion Group Holdings, Inc	0.02%	148,549	$887,000	added×2.9	+0.01 pp	28 q
PAHCPhibro Animal Health Corporation Class A	0.02%	39,054	$958,000	added+53%	+0.01 pp	8 q
PBHPrestige Consumer Healthcare Inc.	0.02%	18,164	$794,000	added+38%	+0.01 pp	3 q
DGXQuest Diagnostics Inc.	0.02%	7,380	$948,000	trimmed−3%	0.00 pp	12 q
RTNRaytheon Company	0.02%	11,630	$905,000	trimmed−4%	0.00 pp	3 q
SCHLScholastic Corp	0.02%	21,349	$642,000	added+25%	+0.01 pp	14 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	681	$760,000	trimmed−0%	0.00 pp	12 q
ARWArrow Electronics, Inc.	0.01%	3,027	$331,000	trimmed−17%	0.00 pp	21 q
AVAAvista Corporation	0.01%	6,611	$312,000	new	+0.01 pp	new
CALMCal-Maine Foods Inc	0.01%	7,554	$295,000	new	+0.01 pp	new
CRD.ACrawford & Company Class A	0.01%	38,329	$411,000	new	+0.01 pp	new
FSTRFoster (Lb) Co	0.01%	17,235	$307,000	new	+0.01 pp	new
GHMGraham Corporation	0.01%	40,693	$587,000	added×2.0	0.00 pp	5 q
HDBHDFC Bank Limited	0.01%	7,278	$589,000	added+22%	0.00 pp	3 q
HOGHarley-Davidson, Inc.	0.01%	7,619	$286,000	added+24%	0.00 pp	5 q
HURCHurco Cos Inc	0.01%	10,623	$373,000	new	+0.01 pp	new
IBAIndustrias Bachoco SAB De C.V.	0.01%	12,111	$478,000	added+5%	0.00 pp	4 q
IMKTAIngles Markets Inc	0.01%	6,338	$405,000	new	+0.01 pp	new
IFFInternational Flavors & Fragrances Inc.	0.01%	1,745	$244,000	new	+0.01 pp	new
KELYAKelly Services Inc	0.01%	12,849	$285,000	new	+0.01 pp	new
MFCManulife Financial Corp.	0.01%	11,186	$241,000	held	—	2 q
MOVMovado Group, Inc.	0.01%	9,951	$279,000	new	+0.01 pp	new
NKSHNational Bankshares Inc/VA	0.01%	10,263	$369,000	new	+0.01 pp	new
RGPResources Connection	0.01%	34,152	$462,000	added+88%	0.00 pp	27 q
RCIRogers Communications, Inc.	0.01%	10,897	$514,000	trimmed−13%	−0.01 pp	2 q
SF9Sanderson Farms Inc	0.01%	2,101	$327,000	new	+0.01 pp	new
SKAASkechers USA Inc-cl A	0.01%	6,636	$285,000	new	+0.01 pp	new
TBNKTerritorial Bancorp Inc.	0.01%	8,484	$229,000	new	+0.01 pp	new
UTMDUtah Medical Products Inc	0.01%	5,362	$465,000	new	+0.01 pp	new
VREXVarex Imaging Corporation	0.01%	18,869	$392,000	added+26%	0.00 pp	3 q
ARLOArlo Technologies, Inc.	0.00%	12,055	$75,000	added+3%	0.00 pp	9 q
GTEGran Tierra Energy Inc.	0.00%	220,444	$149,000	held	—	22 q
HWCCHouston Wire & Cable Co	0.00%	35,429	$186,000	added+55%	0.00 pp	28 q
IVCInvacare Corporation	0.00%	13,299	$104,000	new	0.00 pp	new
LNSRLENSAR, Inc.	0.00%	15,777	$115,000	trimmed−95%	−0.05 pp	2 q
BIDUBaidu, Inc.	—	−362,268	—	exited	−2.05 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−318,136	—	exited	−0.44 pp	—
CHLChina Mobile Limited	—	−476,862	—	exited	−0.35 pp	—
UHALU-Haul Holding Company	—	−12,590	—	exited	−0.15 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−77,137	—	exited	−0.10 pp	—
ACWIiShares MSCI ACWI ETF	—	−26,801	—	exited	−0.06 pp	—
CBDNCia Brasileira De Dis- ADR	—	−136,287	—	exited	−0.05 pp	—
ONON Semiconductor Corp	—	−55,396	—	exited	−0.05 pp	—
GWXState Street SPDR S&P International Small Cap ETF	—	−44,751	—	exited	−0.04 pp	—
TXTernium S.A.	—	−48,371	—	exited	−0.04 pp	—
GILGildan Activewear Inc.	—	−8,390	—	exited	−0.01 pp	—
NTRNutrien Ltd.	—	−10,457	—	exited	−0.01 pp	—
SXTSensient Technology Corporation	—	−3,773	—	exited	−0.01 pp	—