Brandes

Q2 2021 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2021
Filed: Aug 11, 2021
US stock: $4.5B · prev $4.2B
Positions: 155 · prev 160
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%

Moves163 since the prior filing

+9.4 pp in · −9.4 pp out

New 7 +0.75 pp
Added 95 +8.69 pp
Trimmed 49 −7.29 pp
Exited 12 −2.09 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 45% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions155 in this filing · 12 exited


EMBJEmbraer S.A.	7.93%	23,565,367	$357M	trimmed−4%	+2.16 pp	29 q
CXCemex S.A.B. de C.V.	5.52%	29,580,848	$248M	trimmed−10%	−0.07 pp	29 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	3.84%	2,046,967	$173M	trimmed−1%	+0.09 pp	4 q
WFCWells Fargo & Co.	3.10%	3,082,158	$140M	added+12%	+0.53 pp	29 q
BACBank of America Corporation	2.90%	3,168,799	$131M	added+9%	+0.23 pp	29 q
CCitigroup Inc.	2.80%	1,778,864	$126M	added+8%	−0.03 pp	29 q
MRKMerck & Co., Inc.	2.43%	1,403,539	$109M	added+40%	+0.61 pp	29 q
PFEPfizer Inc.	2.04%	2,343,588	$92M	added+26%	+0.45 pp	29 q
MCKMcKesson Corporation	1.96%	461,234	$88M	added+14%	+0.08 pp	22 q
CVSCvs Health Corporation	1.80%	968,374	$81M	added+13%	+0.25 pp	18 q
HCAHCA Healthcare, Inc.	1.79%	390,457	$81M	added+8%	+0.18 pp	17 q
CMCSAComcast Corp	1.75%	1,384,704	$79M	added+17%	+0.21 pp	15 q
BNYBank of New York Mellon Corporation	1.67%	1,463,697	$75M	added+10%	+0.17 pp	29 q
CIThe Cigna Group	1.64%	310,436	$74M	added+12%	+0.03 pp	11 q
CAHCardinal Health, Inc.	1.62%	1,276,865	$73M	added+9%	−0.11 pp	17 q
AIGAmerican International Group, Inc.	1.59%	1,499,172	$71M	added+11%	+0.08 pp	28 q
GDGeneral Dynamics Corporation	1.58%	377,064	$71M	added+26%	+0.29 pp	5 q
FDXFedEx Corporation	1.54%	232,235	$69M	added+16%	+0.18 pp	10 q
CCJCameco Corporation	1.52%	3,555,257	$68M	trimmed−37%	−0.62 pp	7 q
CPACopa Holdings, S.A.	1.46%	869,554	$66M	trimmed−1%	−0.21 pp	11 q
STTState Street Corporation	1.44%	785,621	$65M	added+9%	−0.03 pp	29 q
ZTOZTO Express (Cayman) Inc.	1.39%	2,057,625	$62M	trimmed−0%	0.00 pp	9 q
EPCEdgewell Personal Care Company	1.34%	1,374,506	$60M	trimmed−1%	+0.02 pp	15 q
99803EURLaboratory Crp Of Amer Hldgs	1.34%	218,879	$60M	trimmed−5%	−0.04 pp	19 q
OMFOneMain Holdings, Inc.	1.32%	992,313	$59M	added+33%	+0.37 pp	2 q
MHKMohawk Industries, Inc.	1.29%	301,218	$58M	trimmed−13%	−0.31 pp	11 q
CVXChevron Corporation	1.28%	548,545	$57M	added+21%	+0.15 pp	29 q
EMREmerson Electric Co.	1.28%	596,828	$57M	added+8%	+0.09 pp	24 q
JPMJPMorgan Chase & Co.	1.25%	360,752	$56M	added+17%	+0.12 pp	29 q
GRFSGrifois, S.A.	1.24%	3,213,036	$56M	added×3.2	+0.85 pp	3 q
HALHalliburton Company	1.24%	2,412,333	$56M	added+12%	+0.14 pp	10 q
ORIOld Republic International Corporation	1.22%	2,210,248	$55M	added+2%	+0.08 pp	29 q
PNCPNC Financial Services Group	1.22%	288,217	$55M	added+16%	+0.18 pp	29 q
TXTTextron, Inc.	1.20%	786,101	$54M	trimmed−23%	−0.13 pp	6 q
TFCTruist Financial Corporation	1.16%	942,714	$52M	added+15%	+0.02 pp	29 q
INGRIngredion Incorporated	1.07%	529,626	$48M	added+15%	+0.07 pp	7 q
CHNGChange Healthcare Inc.	1.02%	1,983,149	$46M	trimmed−16%	−0.22 pp	6 q
EXEExpand Energy Corporation	0.99%	856,035	$44M	added+26%	+0.30 pp	2 q
DOXAmdocs Limited	0.95%	551,083	$43M	added+24%	+0.12 pp	29 q
SNYSanofi	0.87%	740,715	$39M	trimmed−0%	+0.01 pp	29 q
UBSUBS Group AG	0.80%	2,341,547	$36M	trimmed−87%	−5.62 pp	27 q
unresolvedGlaxosmithkline PLC	0.79%	895,335	$36M	added+3%	+0.05 pp	29 q
TAKTakeda Pharmaceutical Company Limited	0.78%	2,082,235	$35M	added+18%	+0.02 pp	11 q
YPFYPF Sociedad Anonima	0.77%	7,419,468	$35M	trimmed−1%	+0.04 pp	17 q
VIVTelefonica Brasil, S.A.	0.73%	3,842,528	$33M	added+2%	+0.02 pp	29 q
NTGRNETGEAR, Inc.	0.72%	848,880	$33M	trimmed−1%	−0.10 pp	17 q
BABAAlibaba Group Holding Limited	0.70%	139,736	$32M	added×2.6	+0.40 pp	7 q
EGRXEagle Pharms Inc	0.68%	716,873	$31M	added+46%	+0.20 pp	14 q
SWSmurfit Westrock plc	0.67%	1,591,537	$30M	trimmed−39%	−0.23 pp	13 q
TMHCTaylor Morrison Home Corporation	0.66%	1,131,341	$30M	added+60%	+0.14 pp	15 q
WPPWpp PLC	0.63%	415,032	$28M	trimmed−6%	−0.05 pp	16 q
CYDChina Yuchai International Ltd.	0.59%	1,662,018	$27M	added+12%	+0.04 pp	29 q
BPBP p.l.c.	0.57%	967,689	$26M	trimmed−1%	0.00 pp	29 q
EENI S.p.A.	0.56%	1,033,672	$25M	trimmed−0%	−0.04 pp	29 q
HMCHonda Motor Co., Ltd.	0.53%	747,222	$24M	added0%	0.00 pp	29 q
ENICEnel Chile S.A.	0.52%	7,898,308	$23M	added+23%	−0.09 pp	21 q
unresolvedAvadel Pharmaceuticals PLC	0.48%	3,240,011	$22M	added+10%	−0.14 pp	15 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.48%	412,004	$22M	added+1%	+0.03 pp	4 q
NVSNovartis AG	0.48%	235,822	$22M	added+8%	+0.03 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.48%	1,828,461	$22M	trimmed−2%	+0.11 pp	29 q
OMCOmnicom Group Inc.	0.42%	233,874	$19M	added+81%	+0.19 pp	16 q
TAROTaro Pharmaceutical Indus	0.41%	254,360	$18M	trimmed−37%	−0.31 pp	16 q
EXEEWChesapeake Energy Corp -CW26	0.40%	661,481	$18M	trimmed−5%	+0.08 pp	2 q
FISVFiserv, Inc.	0.40%	170,296	$18M	new	+0.40 pp	new
RDS.BRoyal Dutch Shell PLC	0.40%	461,785	$18M	added+14%	+0.04 pp	2 q
WKCWorld Kinect Corporation	0.40%	566,253	$18M	added+91%	+0.15 pp	18 q
unresolvedCredit Suisse Group Spon ADR	0.39%	1,662,438	$17M	trimmed−23%	−0.17 pp	26 q
JNJJohnson & Johnson	0.39%	106,280	$18M	added+57%	+0.13 pp	24 q
ANATAmerican National Group, Inc.	0.37%	112,182	$17M	trimmed−34%	−0.07 pp	4 q
unresolvedCrh PLC	0.36%	319,385	$16M	trimmed−13%	−0.05 pp	14 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.35%	2,942,938	$16M	added+3%	−0.03 pp	29 q
EXEEZChesapeake Energy -CW26	0.34%	650,770	$16M	trimmed−14%	+0.02 pp	2 q
AVTAvnet, Inc.	0.32%	358,637	$14M	added+50%	+0.09 pp	27 q
GOOGAlphabet Inc. Class C	0.31%	5,602	$14M	added+88%	+0.16 pp	18 q
NWLINational Western Life Group, Inc. Class A	0.31%	62,062	$14M	added+36%	+0.04 pp	23 q
PKXPOSCO Holdings Inc.	0.31%	179,300	$14M	trimmed−13%	−0.04 pp	29 q
ORANYOrange SP/	0.28%	1,108,593	$13M	added+19%	0.00 pp	29 q
CTVACorteva, Inc.	0.27%	270,671	$12M	trimmed−79%	−1.14 pp	5 q
MAAMid-America Apartment Communities, Inc.	0.27%	72,133	$12M	added×2.1	+0.15 pp	3 q
MBTMobile TeleSystems Public Joint Stock Company	0.27%	1,288,428	$12M	trimmed−0%	+0.02 pp	29 q
SHGShinhan Financial Group Co Ltd	0.26%	329,833	$12M	added0%	+0.01 pp	29 q
AZOAutoZone, Inc.	0.24%	7,124	$11M	added×2.1	+0.13 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.24%	203,912	$11M	added+75%	+0.10 pp	29 q
MUMicron Technology, Inc.	0.24%	128,149	$11M	added×2.1	+0.11 pp	4 q
PKEPark Aerospace Corp.	0.23%	696,068	$10M	added+2%	+0.01 pp	4 q
ORCLOracle Corp	0.22%	124,380	$10M	added+27%	+0.06 pp	29 q
ABEVAmbev S.a.	0.21%	2,719,257	$9M	trimmed−44%	−0.10 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.21%	33,597	$9M	new	+0.21 pp	new
MMM3M Company	0.21%	48,230	$10M	added×2.3	+0.11 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.20%	126,426	$9M	trimmed−31%	−0.08 pp	5 q
CTSHCognizant Technology Solutions	0.20%	132,544	$9M	added+96%	+0.07 pp	20 q
WLKWestlake Corporation	0.19%	96,737	$9M	added+81%	+0.08 pp	7 q
JCIJohnson Controls International plc	0.19%	123,587	$8M	added+58%	+0.08 pp	12 q
AEBAAllete Inc	0.18%	114,282	$8M	added+75%	+0.08 pp	5 q
LLoews Corporation	0.18%	150,135	$8M	added+80%	+0.08 pp	25 q
unresolvedAegon NV	0.17%	1,862,580	$8M	trimmed−2%	−0.05 pp	29 q
FOXFox Corporation Class B	0.17%	218,334	$8M	added+79%	+0.07 pp	10 q
TMToyota Motor Corporation	0.16%	39,957	$7M	trimmed−2%	+0.01 pp	29 q
FLEXFlex Ltd.	0.15%	382,405	$7M	added+88%	+0.06 pp	11 q
AMATApplied Materials Inc	0.14%	45,134	$6M	added+81%	+0.07 pp	11 q
DRQInnovex International, Inc.	0.12%	153,315	$5M	added+9%	+0.01 pp	3 q
MSFTMicrosoft Corp	0.11%	18,559	$5M	added+58%	+0.05 pp	29 q
PEPPepsiCo, Inc.	0.10%	30,877	$5M	added+64%	+0.04 pp	29 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	37,400	$4M	added+11%	+0.01 pp	13 q
GILDGilead Sciences Inc	0.09%	57,557	$4M	added+86%	+0.04 pp	18 q
IPGThe Interpublic Group of Companies, Inc.	0.08%	111,062	$4M	trimmed−6%	0.00 pp	15 q
MDPediatrix Medical Group, Inc.	0.08%	114,418	$3M	trimmed−2%	+0.01 pp	15 q
OGNOrganon & Co.	0.08%	115,984	$4M	new	+0.08 pp	new
ORNOrion Group Holdings, Inc	0.08%	623,156	$4M	added×4.2	+0.06 pp	29 q
HP5AEquity Commonwealth	0.07%	125,560	$3M	added+7%	−0.01 pp	5 q
GHMGraham Corporation	0.07%	231,883	$3M	added×5.7	+0.06 pp	6 q
UTHRUnited Therapeutics Corp	0.07%	18,377	$3M	trimmed−0%	0.00 pp	15 q
ASAIYSendas Distribudra S/	0.06%	147,892	$3M	trimmed−2%	+0.01 pp	2 q
LIVNLivaNova PLC	0.06%	30,557	$3M	trimmed−26%	−0.01 pp	5 q
NKSHNational Bankshares Inc/VA	0.05%	63,141	$2M	added×6.2	+0.04 pp	2 q
GTSTriple-s Management Corp	0.05%	108,508	$2M	trimmed−6%	−0.02 pp	12 q
AMXNAmerica Movil-spn ADR Cl L	0.04%	117,130	$2M	trimmed−1%	0.00 pp	29 q
CLSCelestica, Inc.	0.04%	221,104	$2M	trimmed−4%	−0.01 pp	15 q
CFGCitizens Financial Group, Inc.	0.04%	37,945	$2M	trimmed−6%	0.00 pp	7 q
PINCNPremier Inc-class A	0.04%	47,778	$2M	added+24%	+0.01 pp	8 q
FFIVF5, Inc.	0.03%	8,137	$2M	trimmed−5%	−0.01 pp	6 q
unresolvedNew Oriental Ed & Tech Grp I	0.03%	173,878	$1M	new	+0.03 pp	new
PAHCPhibro Animal Health Corporation Class A	0.03%	44,162	$1M	added+13%	+0.01 pp	9 q
PBHPrestige Consumer Healthcare Inc.	0.03%	21,789	$1M	added+20%	+0.01 pp	4 q
TIMBTim S.a.	0.03%	131,916	$2M	added+2%	0.00 pp	3 q
EXFExfo Inc	0.02%	173,882	$1M	held	—	3 q
NPKNational Presto Industries, Inc.	0.02%	9,861	$1M	added+42%	0.00 pp	8 q
DGXQuest Diagnostics Inc.	0.02%	7,388	$975,000	added0%	0.00 pp	13 q
UTMDUtah Medical Products Inc	0.02%	9,679	$823,000	added+81%	+0.01 pp	2 q
WTMWhite Mountains Insurance Group Ltd.	0.02%	681	$782,000	held	—	13 q
ACNBACNB Corp	0.01%	8,355	$233,000	new	+0.01 pp	new
ARWArrow Electronics, Inc.	0.01%	2,573	$293,000	trimmed−15%	0.00 pp	22 q
BHCBausch Health Companies Inc	0.01%	10,960	$321,000	new	+0.01 pp	new
CALMCal-Maine Foods Inc	0.01%	17,449	$632,000	added×2.3	0.00 pp	2 q
CRD.ACrawford & Company Class A	0.01%	48,242	$438,000	added+26%	0.00 pp	2 q
FSTRFoster (Lb) Co	0.01%	26,353	$491,000	added+53%	0.00 pp	2 q
HDBHDFC Bank Limited	0.01%	7,456	$545,000	added+2%	0.00 pp	4 q
HPHelmerich & Payne, Inc.	0.01%	9,334	$305,000	trimmed−91%	−0.06 pp	5 q
HURCHurco Cos Inc	0.01%	13,462	$471,000	added+27%	0.00 pp	2 q
IMKTAIngles Markets Inc	0.01%	7,183	$419,000	added+13%	0.00 pp	2 q
MOVMovado Group, Inc.	0.01%	12,192	$384,000	added+23%	0.00 pp	2 q
RGPResources Connection	0.01%	43,187	$620,000	added+26%	0.00 pp	28 q
RCIRogers Communications, Inc.	0.01%	9,085	$483,000	trimmed−17%	0.00 pp	3 q
SCHLScholastic Corp	0.01%	11,405	$432,000	trimmed−47%	−0.01 pp	15 q
SKAASkechers USA Inc-cl A	0.01%	6,650	$331,000	added0%	0.00 pp	2 q
SWISolarWinds Corporation	0.01%	22,528	$380,000	new	+0.01 pp	new
TBNKTerritorial Bancorp Inc.	0.01%	11,094	$288,000	added+31%	0.00 pp	2 q
VREXVarex Imaging Corporation	0.01%	22,195	$595,000	added+18%	0.00 pp	4 q
ARLOArlo Technologies, Inc.	0.00%	31,484	$213,000	added×2.6	0.00 pp	10 q
AVAAvista Corporation	0.00%	4,826	$206,000	trimmed−27%	−0.01 pp	2 q
GTEGran Tierra Energy Inc.	0.00%	220,444	$163,000	held	—	23 q
IVCInvacare Corporation	0.00%	17,593	$142,000	added+32%	0.00 pp	2 q
LNSRLENSAR, Inc.	0.00%	21,739	$188,000	added+38%	0.00 pp	3 q
MFCManulife Financial Corp.	0.00%	11,186	$220,000	held	—	3 q
NOKNokia Corporation	0.00%	25,279	$134,000	trimmed−97%	−0.09 pp	21 q
AGROAdecoagro S.a.	—	−4,736,762	—	exited	−0.89 pp	—
TTENTotalenergies SE -spon ADR	—	−550,117	—	exited	−0.61 pp	—
BCSBarclays PLC	—	−1,435,981	—	exited	−0.35 pp	—
EXEELChesapeake Energy Corp -CW26	—	−352,140	—	exited	−0.14 pp	—
PC6APetrochina Co Ltd -adr	—	−35,471	—	exited	−0.03 pp	—
RTNRaytheon Company	—	−11,630	—	exited	−0.02 pp	—
HOGHarley-Davidson, Inc.	—	−7,619	—	exited	−0.01 pp	—
IBAIndustrias Bachoco SAB De C.V.	—	−12,111	—	exited	−0.01 pp	—
IFFInternational Flavors & Fragrances Inc.	—	−1,745	—	exited	−0.01 pp	—
KELYAKelly Services Inc	—	−12,849	—	exited	−0.01 pp	—
SF9Sanderson Farms Inc	—	−2,101	—	exited	−0.01 pp	—
HWCCHouston Wire & Cable Co	—	−35,429	—	exited	0.00 pp	—