Brandes

Q3 2021 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2021
Filed: Nov 10, 2021
US stock: $4.6B · prev $4.5B
Positions: 158 · prev 155
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%

Moves162 since the prior filing

+5.5 pp in · −5.5 pp out

New 9 +1.54 pp
Added 99 +3.96 pp
Trimmed 48 −5.06 pp
Exited 6 −0.48 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 positions21% of US stock

Positions158 in this filing · 6 exited


EMBJEmbraer S.A.	7.77%	21,053,274	$358M	trimmed−11%	−0.16 pp	30 q
CXCemex S.A.B. de C.V.	4.27%	27,430,533	$197M	trimmed−7%	−1.25 pp	30 q
WFCWells Fargo & Co.	3.17%	3,143,573	$146M	added+2%	+0.07 pp	30 q
BACBank of America Corporation	2.89%	3,140,855	$133M	trimmed−1%	−0.01 pp	30 q
CCitigroup Inc.	2.81%	1,846,515	$130M	added+4%	+0.01 pp	30 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	2.66%	1,415,540	$123M	trimmed−31%	−1.18 pp	5 q
MRKMerck & Co., Inc.	2.36%	1,448,554	$109M	added+3%	−0.07 pp	30 q
PFEPfizer Inc.	2.24%	2,404,204	$103M	added+3%	+0.20 pp	30 q
MCKMcKesson Corporation	2.04%	470,580	$94M	added+2%	+0.08 pp	23 q
CVSCvs Health Corporation	1.86%	1,009,765	$86M	added+4%	+0.06 pp	19 q
AIGAmerican International Group, Inc.	1.83%	1,537,744	$84M	added+3%	+0.24 pp	29 q
CIThe Cigna Group	1.78%	410,745	$82M	added+32%	+0.14 pp	12 q
CMCSAComcast Corp	1.74%	1,437,417	$80M	added+4%	−0.01 pp	16 q
GDGeneral Dynamics Corporation	1.68%	395,499	$78M	added+5%	+0.10 pp	6 q
BNYBank of New York Mellon Corporation	1.67%	1,486,263	$77M	added+2%	0.00 pp	30 q
FDXFedEx Corporation	1.53%	321,614	$71M	added+38%	−0.01 pp	11 q
CCJCameco Corporation	1.52%	3,213,092	$70M	trimmed−10%	0.00 pp	8 q
CPACopa Holdings, S.A.	1.52%	860,222	$70M	trimmed−1%	+0.06 pp	12 q
EXEExpand Energy Corporation	1.51%	1,126,133	$69M	added+32%	+0.52 pp	3 q
HCAHCA Healthcare, Inc.	1.51%	286,812	$70M	trimmed−27%	−0.28 pp	18 q
TFCTruist Financial Corporation	1.51%	1,182,949	$69M	added+25%	+0.35 pp	30 q
STTState Street Corporation	1.47%	800,940	$68M	added+2%	+0.03 pp	30 q
OMFOneMain Holdings, Inc.	1.42%	1,181,663	$65M	added+19%	+0.10 pp	3 q
CAHCardinal Health, Inc.	1.40%	1,303,742	$64M	added+2%	−0.22 pp	18 q
CVXChevron Corporation	1.33%	603,172	$61M	added+10%	+0.05 pp	30 q
ZTOZTO Express (Cayman) Inc.	1.31%	1,961,583	$60M	trimmed−5%	−0.08 pp	10 q
GRFSGrifois, S.A.	1.28%	4,040,276	$59M	added+26%	+0.04 pp	4 q
JPMJPMorgan Chase & Co.	1.26%	354,877	$58M	trimmed−2%	+0.01 pp	30 q
PNCPNC Financial Services Group	1.25%	295,556	$58M	added+3%	+0.03 pp	30 q
MHKMohawk Industries, Inc.	1.19%	308,561	$55M	added+2%	−0.10 pp	12 q
HALHalliburton Company	1.18%	2,507,668	$54M	added+4%	−0.06 pp	11 q
99803EURLaboratory Crp Of Amer Hldgs	1.18%	193,013	$54M	trimmed−12%	−0.16 pp	20 q
TXTTextron, Inc.	1.18%	780,591	$54M	trimmed−1%	−0.02 pp	7 q
FISVFiserv, Inc.	1.17%	498,979	$54M	added×2.9	+0.77 pp	2 q
EPCEdgewell Personal Care Company	1.14%	1,442,375	$52M	added+5%	−0.20 pp	16 q
EMREmerson Electric Co.	1.14%	559,380	$53M	trimmed−6%	−0.14 pp	25 q
ORIOld Republic International Corporation	1.12%	2,228,222	$52M	added+1%	−0.10 pp	30 q
INGRIngredion Incorporated	1.06%	549,799	$49M	added+4%	−0.01 pp	8 q
DOXAmdocs Limited	0.93%	567,893	$43M	added+3%	−0.02 pp	30 q
NTGRNETGEAR, Inc.	0.83%	1,202,319	$38M	added+42%	+0.11 pp	18 q
UBSUBS Group AG	0.82%	2,375,107	$38M	added+1%	+0.02 pp	28 q
EGRXEagle Pharms Inc	0.81%	673,076	$38M	trimmed−6%	+0.13 pp	15 q
TMHCTaylor Morrison Home Corporation	0.81%	1,450,059	$37M	added+28%	+0.15 pp	16 q
SNYSanofi	0.77%	733,788	$35M	trimmed−1%	−0.10 pp	30 q
YPFYPF Sociedad Anonima	0.75%	7,417,893	$35M	trimmed−0%	−0.02 pp	18 q
CHNGChange Healthcare Inc.	0.72%	1,580,667	$33M	trimmed−20%	−0.30 pp	7 q
unresolvedGlaxosmithkline PLC	0.72%	870,490	$33M	trimmed−3%	−0.07 pp	30 q
TAKTakeda Pharmaceutical Company Limited	0.72%	2,015,824	$33M	trimmed−3%	−0.06 pp	12 q
DRQInnovex International, Inc.	0.71%	1,296,434	$33M	added×8.5	+0.59 pp	4 q
unresolvedAvadel Pharmaceuticals PLC	0.69%	3,247,286	$32M	added0%	+0.21 pp	16 q
VIVTelefonica Brasil, S.A.	0.66%	3,930,102	$30M	added+2%	−0.07 pp	30 q
BABAAlibaba Group Holding Limited	0.61%	191,368	$28M	added+37%	−0.09 pp	8 q
TTENTotalenergies SE -spon ADR	0.61%	583,348	$28M	new	+0.61 pp	new
MOG.AMoog Inc.	0.59%	355,337	$27M	new	+0.59 pp	new
WPPWpp PLC	0.59%	402,726	$27M	trimmed−3%	−0.04 pp	17 q
CYDChina Yuchai International Ltd.	0.59%	1,984,888	$27M	added+19%	0.00 pp	30 q
EENI S.p.A.	0.58%	1,006,754	$27M	trimmed−3%	+0.02 pp	30 q
RDS.BRoyal Dutch Shell PLC	0.56%	578,215	$26M	added+25%	+0.16 pp	3 q
BPBP p.l.c.	0.53%	897,272	$25M	trimmed−7%	−0.04 pp	30 q
HMCHonda Motor Co., Ltd.	0.49%	729,788	$22M	trimmed−2%	−0.04 pp	30 q
SWSmurfit Westrock plc	0.47%	1,408,368	$22M	trimmed−12%	−0.20 pp	14 q
WKCWorld Kinect Corporation	0.47%	643,839	$22M	added+14%	+0.07 pp	19 q
ENICEnel Chile S.A.	0.46%	8,781,869	$21M	added+11%	−0.06 pp	22 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.45%	369,015	$21M	trimmed−10%	−0.03 pp	5 q
NVSNovartis AG	0.43%	242,252	$20M	added+3%	−0.05 pp	4 q
OMCOmnicom Group Inc.	0.43%	274,928	$20M	added+18%	+0.01 pp	17 q
JNJJohnson & Johnson	0.41%	117,460	$19M	added+11%	+0.02 pp	25 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.39%	1,796,021	$18M	trimmed−2%	−0.09 pp	30 q
NWLINational Western Life Group, Inc. Class A	0.38%	82,148	$17M	added+32%	+0.07 pp	24 q
GOOGAlphabet Inc. Class C	0.37%	6,384	$17M	added+14%	+0.06 pp	19 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.37%	2,852,457	$17M	trimmed−3%	+0.02 pp	30 q
TAROTaro Pharmaceutical Indus	0.37%	266,560	$17M	added+5%	−0.04 pp	17 q
unresolvedCredit Suisse Group Spon ADR	0.36%	1,671,425	$16M	added+1%	−0.03 pp	27 q
MUMicron Technology, Inc.	0.33%	211,564	$15M	added+65%	+0.09 pp	5 q
AVTAvnet, Inc.	0.32%	397,896	$15M	added+11%	0.00 pp	28 q
CTSHCognizant Technology Solutions	0.31%	190,178	$14M	added+43%	+0.11 pp	21 q
AZOAutoZone, Inc.	0.30%	8,143	$14M	added+14%	+0.06 pp	3 q
CTVACorteva, Inc.	0.30%	326,268	$14M	added+21%	+0.03 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.27%	226,234	$12M	added+11%	+0.03 pp	30 q
MBTMobile TeleSystems Public Joint Stock Company	0.27%	1,292,576	$12M	added0%	0.00 pp	30 q
ORNOrion Group Holdings, Inc	0.27%	2,295,506	$12M	added×3.7	+0.19 pp	30 q
PKXPOSCO Holdings Inc.	0.27%	179,540	$12M	added0%	−0.04 pp	30 q
WLKWestlake Corporation	0.27%	135,147	$12M	added+40%	+0.08 pp	8 q
ORCLOracle Corp	0.26%	138,988	$12M	added+12%	+0.04 pp	30 q
BCSBarclays PLC	0.25%	1,106,886	$11M	new	+0.25 pp	new
ORANYOrange SP/	0.25%	1,074,264	$12M	trimmed−3%	−0.03 pp	30 q
FLEXFlex Ltd.	0.25%	656,178	$12M	added+72%	+0.10 pp	12 q
MAAMid-America Apartment Communities, Inc.	0.24%	60,409	$11M	trimmed−16%	−0.03 pp	4 q
SHGShinhan Financial Group Co Ltd	0.24%	326,102	$11M	trimmed−1%	−0.02 pp	30 q
BRK.BBERKSHIRE HATHAWAY Class B	0.23%	38,146	$10M	added+14%	+0.02 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.21%	174,998	$10M	added+38%	+0.01 pp	6 q
PKEPark Aerospace Corp.	0.21%	713,437	$10M	added+3%	−0.02 pp	5 q
MMM3M Company	0.21%	55,097	$10M	added+14%	0.00 pp	3 q
FOXFox Corporation Class B	0.20%	246,486	$9M	added+13%	+0.03 pp	11 q
LLoews Corporation	0.20%	170,544	$9M	added+14%	+0.02 pp	26 q
unresolvedAegon NV	0.19%	1,735,953	$9M	trimmed−7%	+0.02 pp	30 q
JCIJohnson Controls International plc	0.19%	130,827	$9M	added+6%	0.00 pp	13 q
AEBAAllete Inc	0.17%	133,594	$8M	added+17%	−0.01 pp	6 q
ABEVAmbev S.a.	0.15%	2,446,097	$7M	trimmed−10%	−0.06 pp	6 q
TMToyota Motor Corporation	0.15%	38,137	$7M	trimmed−5%	−0.01 pp	30 q
AMATApplied Materials Inc	0.14%	51,223	$7M	added+13%	0.00 pp	12 q
MSFTMicrosoft Corp	0.13%	20,573	$6M	added+11%	+0.02 pp	30 q
ANATAmerican National Group, Inc.	0.11%	26,809	$5M	trimmed−76%	−0.26 pp	5 q
PEPPepsiCo, Inc.	0.11%	34,652	$5M	added+12%	+0.01 pp	30 q
unresolvedCrh PLC	0.10%	102,246	$5M	trimmed−68%	−0.26 pp	15 q
GILDGilead Sciences Inc	0.10%	64,733	$5M	added+12%	+0.01 pp	19 q
GHMGraham Corporation	0.09%	328,714	$4M	added+42%	+0.02 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	37,966	$4M	added+2%	−0.01 pp	14 q
HP5AEquity Commonwealth	0.08%	133,570	$3M	added+6%	+0.01 pp	6 q
OGNOrganon & Co.	0.08%	118,930	$4M	added+3%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.08%	18,853	$3M	added+3%	+0.01 pp	16 q
MDPediatrix Medical Group, Inc.	0.07%	117,396	$3M	added+3%	−0.01 pp	16 q
EXEEZChesapeake Energy -CW26	0.06%	91,048	$3M	trimmed−86%	−0.28 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	69,590	$3M	trimmed−37%	−0.02 pp	16 q
NKSHNational Bankshares Inc/VA	0.05%	65,268	$2M	added+3%	0.00 pp	3 q
ASAIYSendas Distribudra S/	0.05%	128,545	$2M	trimmed−13%	−0.01 pp	3 q
LIVNLivaNova PLC	0.05%	30,459	$2M	trimmed−0%	−0.01 pp	6 q
CLSCelestica, Inc.	0.04%	226,774	$2M	added+3%	0.00 pp	16 q
CFGCitizens Financial Group, Inc.	0.04%	37,576	$2M	trimmed−1%	0.00 pp	8 q
PINCNPremier Inc-class A	0.04%	49,084	$2M	added+3%	0.00 pp	9 q
FFIVF5, Inc.	0.03%	8,029	$2M	trimmed−1%	0.00 pp	7 q
NPKNational Presto Industries, Inc.	0.03%	14,135	$1M	added+43%	+0.01 pp	9 q
PAHCPhibro Animal Health Corporation Class A	0.03%	54,646	$1M	added+24%	0.00 pp	10 q
PBHPrestige Consumer Healthcare Inc.	0.03%	22,649	$1M	added+4%	0.00 pp	5 q
TIMBTim S.a.	0.03%	134,956	$1M	added+2%	0.00 pp	4 q
AMXNAmerica Movil-spn ADR Cl L	0.02%	61,187	$1M	trimmed−48%	−0.02 pp	30 q
CALMCal-Maine Foods Inc	0.02%	20,945	$757,000	added+20%	+0.01 pp	3 q
NTESNetEase, inc.	0.02%	11,122	$950,000	new	+0.02 pp	new
OTEXOpen Text Corp	0.02%	19,470	$949,000	new	+0.02 pp	new
DGXQuest Diagnostics Inc.	0.02%	7,266	$1M	trimmed−2%	0.00 pp	14 q
RTXRTX Corporation	0.02%	9,820	$844,000	new	+0.02 pp	new
RGPResources Connection	0.02%	49,695	$784,000	added+15%	+0.01 pp	29 q
UTMDUtah Medical Products Inc	0.02%	9,226	$857,000	trimmed−5%	0.00 pp	3 q
BAPCredicorp LTD	0.02%	9,727	$1M	new	+0.02 pp	new
ACNBACNB Corp	0.01%	10,263	$287,000	added+23%	0.00 pp	2 q
ARLOArlo Technologies, Inc.	0.01%	72,330	$464,000	added×2.3	+0.01 pp	11 q
ARWArrow Electronics, Inc.	0.01%	2,404	$270,000	trimmed−7%	0.00 pp	23 q
AVAAvista Corporation	0.01%	9,741	$381,000	added×2.0	+0.01 pp	3 q
BHCBausch Health Companies Inc	0.01%	18,368	$512,000	added+68%	0.00 pp	2 q
CRD.ACrawford & Company Class A	0.01%	61,690	$553,000	added+28%	0.00 pp	3 q
FSTRFoster (Lb) Co	0.01%	35,882	$556,000	added+36%	0.00 pp	3 q
HDBHDFC Bank Limited	0.01%	7,839	$573,000	added+5%	0.00 pp	5 q
HPHelmerich & Payne, Inc.	0.01%	11,246	$308,000	added+20%	0.00 pp	6 q
HURCHurco Cos Inc	0.01%	19,941	$643,000	added+48%	0.00 pp	3 q
IMKTAIngles Markets Inc	0.01%	8,842	$584,000	added+23%	0.00 pp	3 q
RCIRogers Communications, Inc.	0.01%	10,400	$485,000	added+14%	0.00 pp	4 q
SCHLScholastic Corp	0.01%	10,618	$379,000	trimmed−7%	0.00 pp	16 q
SKAASkechers USA Inc-cl A	0.01%	6,125	$258,000	trimmed−8%	0.00 pp	3 q
TBNKTerritorial Bancorp Inc.	0.01%	13,746	$349,000	added+24%	0.00 pp	3 q
GTSTriple-s Management Corp	0.01%	17,753	$628,000	trimmed−84%	−0.04 pp	13 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	6,305	$315,000	new	+0.01 pp	new
VREXVarex Imaging Corporation	0.01%	21,281	$600,000	trimmed−4%	0.00 pp	5 q
GTEGran Tierra Energy Inc.	0.00%	220,444	$163,000	held	—	24 q
IVCInvacare Corporation	0.00%	22,853	$109,000	added+30%	0.00 pp	3 q
LNSRLENSAR, Inc.	0.00%	27,879	$219,000	added+28%	0.00 pp	4 q
MFCManulife Financial Corp.	0.00%	11,186	$215,000	held	—	4 q
NABLN-able, Inc.	0.00%	13,292	$165,000	new	0.00 pp	new
0OIASolarWinds Corporation	0.00%	12,762	$214,000	added+13%	−0.01 pp	2 q
EXEEWChesapeake Energy Corp -CW26	—	−661,481	—	exited	−0.40 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−173,878	—	exited	−0.03 pp	—
EXFExfo Inc	—	−173,882	—	exited	−0.02 pp	—
WTMWhite Mountains Insurance Group Ltd.	—	−681	—	exited	−0.02 pp	—
MOVMovado Group, Inc.	—	−12,192	—	exited	−0.01 pp	—
NOKNokia Corporation	—	−25,279	—	exited	0.00 pp	—