Brandes

Q4 2021 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2021
Filed: Feb 11, 2022
US stock: $4.6B · prev $4.6B
Positions: 165 · prev 158
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%

Moves173 since the prior filing

+7.2 pp in · −7.1 pp out

New 15 +2.04 pp
Added 84 +5.13 pp
Trimmed 66 −6.02 pp
Exited 8 −1.12 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions20% of US stock

EMBJ Embraer S.A. trimmed−0.45 pp trimmed−0.457.3%
CX Cemex S.A.B. de C.V. trimmed−0.39 pp trimmed−0.393.9%
WFC Wells Fargo & Co. added+0.14 pp added+0.143.3%
PFE Pfizer Inc. trimmed+0.56 pp trimmed+0.562.8%
BAC Bank of America Corporation trimmed−0.10 pp trimmed−0.102.8%

Positions165 in this filing · 8 exited


EMBJEmbraer S.A.	7.32%	18,887,651	$335M	trimmed−10%	−0.45 pp	31 q
CXCemex S.A.B. de C.V.	3.88%	26,259,960	$178M	trimmed−4%	−0.39 pp	31 q
WFCWells Fargo & Co.	3.31%	3,158,101	$152M	added0%	+0.14 pp	31 q
PFEPfizer Inc.	2.80%	2,171,222	$128M	trimmed−10%	+0.56 pp	31 q
BACBank of America Corporation	2.79%	2,876,389	$128M	trimmed−8%	−0.10 pp	31 q
CCitigroup Inc.	2.68%	2,033,135	$123M	added+10%	−0.13 pp	31 q
MCKMcKesson Corporation	2.56%	472,868	$118M	added0%	+0.52 pp	24 q
MRKMerck & Co., Inc.	2.44%	1,457,931	$112M	added+1%	+0.08 pp	31 q
CVSCvs Health Corporation	2.28%	1,012,640	$104M	added0%	+0.42 pp	20 q
CIThe Cigna Group	2.11%	420,607	$97M	added+2%	+0.33 pp	13 q
FDXFedEx Corporation	1.97%	348,515	$90M	added+8%	+0.44 pp	12 q
AIGAmerican International Group, Inc.	1.91%	1,543,383	$88M	added0%	+0.08 pp	30 q
GDGeneral Dynamics Corporation	1.81%	398,995	$83M	added+1%	+0.13 pp	7 q
BNYBank of New York Mellon Corporation	1.60%	1,260,281	$73M	trimmed−15%	−0.07 pp	31 q
CMCSAComcast Corp	1.59%	1,447,272	$73M	added+1%	−0.15 pp	17 q
OMFOneMain Holdings, Inc.	1.57%	1,435,933	$72M	added+22%	+0.15 pp	4 q
STTState Street Corporation	1.57%	775,701	$72M	trimmed−3%	+0.10 pp	31 q
CVXChevron Corporation	1.56%	609,308	$72M	added+1%	+0.23 pp	31 q
HCAHCA Healthcare, Inc.	1.56%	278,497	$72M	trimmed−3%	+0.05 pp	19 q
FISVFiserv, Inc.	1.53%	675,144	$70M	added+35%	+0.36 pp	3 q
TFCTruist Financial Corporation	1.52%	1,191,795	$70M	added+1%	+0.01 pp	31 q
CAHCardinal Health, Inc.	1.46%	1,303,435	$67M	trimmed−0%	+0.06 pp	19 q
HALHalliburton Company	1.35%	2,695,713	$62M	added+8%	+0.17 pp	12 q
TXTTextron, Inc.	1.32%	784,819	$61M	added+1%	+0.14 pp	8 q
DOXAmdocs Limited	1.32%	811,229	$61M	added+43%	+0.39 pp	31 q
PNCPNC Financial Services Group	1.31%	298,935	$60M	added+1%	+0.06 pp	31 q
MHKMohawk Industries, Inc.	1.30%	328,037	$60M	added+6%	+0.11 pp	13 q
JPMJPMorgan Chase & Co.	1.24%	357,833	$57M	added+1%	−0.02 pp	31 q
99803EURLaboratory Crp Of Amer Hldgs	1.20%	175,195	$55M	trimmed−9%	+0.02 pp	21 q
ORIOld Republic International Corporation	1.20%	2,244,593	$55M	added+1%	+0.08 pp	31 q
ZTOZTO Express (Cayman) Inc.	1.20%	1,945,362	$55M	trimmed−1%	−0.11 pp	11 q
EPCEdgewell Personal Care Company	1.19%	1,190,777	$54M	trimmed−17%	+0.05 pp	17 q
EMREmerson Electric Co.	1.18%	582,972	$54M	added+4%	+0.04 pp	26 q
CPACopa Holdings, S.A.	1.05%	580,931	$48M	trimmed−32%	−0.47 pp	13 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	1.02%	600,173	$47M	trimmed−58%	−1.64 pp	6 q
GRFSGrifois, S.A.	0.98%	3,985,662	$45M	trimmed−1%	−0.30 pp	5 q
TMHCTaylor Morrison Home Corporation	0.98%	1,282,536	$45M	trimmed−12%	+0.17 pp	17 q
UBSUBS Group AG	0.90%	2,298,070	$41M	trimmed−3%	+0.08 pp	29 q
unresolvedGlaxosmithkline PLC	0.83%	864,891	$38M	trimmed−1%	+0.11 pp	31 q
NTGRNETGEAR, Inc.	0.79%	1,241,618	$36M	added+3%	−0.04 pp	19 q
CHNGChange Healthcare Inc.	0.77%	1,654,283	$35M	added+5%	+0.05 pp	8 q
SNYSanofi	0.76%	698,088	$35M	trimmed−5%	−0.01 pp	31 q
IXUSiShares Core MSCI Total International Stock ETF	0.74%	477,580	$34M	new	+0.74 pp	new
EXEExpand Energy Corporation	0.73%	519,836	$34M	trimmed−54%	−0.78 pp	4 q
VIVTelefonica Brasil, S.A.	0.72%	3,811,518	$33M	trimmed−3%	+0.06 pp	31 q
DRQInnovex International, Inc.	0.69%	1,613,052	$32M	added+24%	−0.02 pp	5 q
MOG.AMoog Inc.	0.69%	390,549	$32M	added+10%	+0.10 pp	2 q
EGRXEagle Pharms Inc	0.68%	614,365	$31M	trimmed−9%	−0.13 pp	16 q
CYDChina Yuchai International Ltd.	0.65%	1,985,968	$30M	added0%	+0.06 pp	31 q
FTITechnipFMC plc	0.61%	4,694,500	$28M	new	+0.61 pp	new
TTENTotalenergies SE -spon ADR	0.60%	556,458	$28M	trimmed−5%	−0.01 pp	2 q
WPPWpp PLC	0.60%	364,479	$28M	trimmed−10%	+0.01 pp	18 q
CCJCameco Corporation	0.57%	1,206,730	$26M	trimmed−62%	−0.95 pp	9 q
RDS.BRoyal Dutch Shell PLC	0.57%	599,617	$26M	added+4%	+0.01 pp	4 q
EENI S.p.A.	0.53%	876,778	$24M	trimmed−13%	−0.05 pp	31 q
TAKTakeda Pharmaceutical Company Limited	0.52%	1,749,763	$24M	trimmed−13%	−0.20 pp	13 q
BABAAlibaba Group Holding Limited	0.49%	187,624	$22M	trimmed−2%	−0.12 pp	9 q
BPBP p.l.c.	0.49%	851,001	$23M	trimmed−5%	−0.04 pp	31 q
INGRIngredion Incorporated	0.47%	223,963	$22M	trimmed−59%	−0.59 pp	9 q
unresolvedAvadel Pharmaceuticals PLC	0.46%	2,599,634	$21M	trimmed−20%	−0.23 pp	17 q
SWSmurfit Westrock plc	0.46%	1,192,748	$21M	trimmed−15%	−0.01 pp	15 q
OMCOmnicom Group Inc.	0.45%	281,379	$21M	added+2%	+0.02 pp	18 q
JNJJohnson & Johnson	0.44%	118,787	$20M	added+1%	+0.03 pp	26 q
MUMicron Technology, Inc.	0.44%	215,295	$20M	added+2%	+0.11 pp	6 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.43%	360,247	$20M	trimmed−2%	−0.02 pp	6 q
HMCHonda Motor Co., Ltd.	0.43%	692,146	$20M	trimmed−5%	−0.06 pp	31 q
NVSNovartis AG	0.43%	224,666	$20M	trimmed−7%	0.00 pp	5 q
GOOGAlphabet Inc. Class C	0.41%	6,525	$19M	added+2%	+0.04 pp	20 q
NWLINational Western Life Group, Inc. Class A	0.40%	84,838	$18M	added+3%	+0.02 pp	25 q
WKCWorld Kinect Corporation	0.39%	676,557	$18M	added+5%	−0.08 pp	20 q
AZOAutoZone, Inc.	0.38%	8,322	$17M	added+2%	+0.08 pp	4 q
CTSHCognizant Technology Solutions	0.38%	195,218	$17M	added+3%	+0.07 pp	22 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.38%	1,731,480	$18M	trimmed−4%	−0.01 pp	31 q
TAROTaro Pharmaceutical Indus	0.38%	349,716	$18M	added+31%	+0.01 pp	18 q
CTVACorteva, Inc.	0.34%	334,016	$16M	added+2%	+0.04 pp	7 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.33%	2,728,034	$15M	trimmed−4%	−0.04 pp	31 q
CSCOCisco Systems, Inc. (DE)	0.32%	229,371	$15M	added+1%	+0.05 pp	31 q
ENICEnel Chile S.A.	0.32%	8,096,811	$15M	trimmed−8%	−0.14 pp	23 q
AVTAvnet, Inc.	0.31%	340,417	$14M	trimmed−14%	−0.01 pp	29 q
unresolvedCredit Suisse Group Spon ADR	0.30%	1,403,988	$14M	trimmed−16%	−0.06 pp	28 q
WLKWestlake Corporation	0.29%	138,795	$13M	added+3%	+0.02 pp	9 q
FLEXFlex Ltd.	0.27%	672,460	$12M	added+2%	+0.02 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.26%	39,102	$12M	added+3%	+0.03 pp	3 q
ORNOrion Group Holdings, Inc	0.25%	3,059,909	$12M	added+33%	−0.02 pp	31 q
BUDAnheuser-Busch INBEV SA/NV	0.24%	183,316	$11M	added+5%	+0.03 pp	7 q
MBTMobile TeleSystems Public Joint Stock Company	0.24%	1,359,503	$11M	added+5%	−0.03 pp	31 q
JCIJohnson Controls International plc	0.24%	134,213	$11M	added+3%	+0.05 pp	14 q
ABEVAmbev S.a.	0.23%	3,730,172	$10M	added+52%	+0.08 pp	7 q
ARLOArlo Technologies, Inc.	0.23%	991,495	$10M	added×13.7	+0.22 pp	12 q
BCSBarclays PLC	0.23%	1,018,545	$11M	trimmed−8%	−0.02 pp	2 q
MAAMid-America Apartment Communities, Inc.	0.23%	46,653	$11M	trimmed−23%	−0.01 pp	5 q
ORANYOrange SP/	0.23%	980,886	$10M	trimmed−9%	−0.02 pp	31 q
PKEPark Aerospace Corp.	0.23%	798,395	$11M	added+12%	+0.02 pp	6 q
FOXFox Corporation Class B	0.22%	288,931	$10M	added+17%	+0.02 pp	12 q
LLoews Corporation	0.22%	174,179	$10M	added+2%	+0.02 pp	27 q
PKXPOSCO Holdings Inc.	0.22%	174,841	$10M	trimmed−3%	−0.05 pp	31 q
MMM3M Company	0.22%	56,106	$10M	added+2%	+0.01 pp	4 q
GHMGraham Corporation	0.21%	764,486	$10M	added×2.3	+0.12 pp	8 q
SHGShinhan Financial Group Co Ltd	0.21%	306,065	$9M	trimmed−6%	−0.03 pp	31 q
GTESGates Industrial Corporation Ltd.	0.21%	593,282	$9M	new	+0.21 pp	new
AEBAAllete Inc	0.20%	136,916	$9M	added+2%	+0.03 pp	7 q
AMATApplied Materials Inc	0.18%	52,283	$8M	added+2%	+0.04 pp	13 q
unresolvedAegon NV	0.17%	1,616,562	$8M	trimmed−7%	−0.02 pp	31 q
FLSFlowserve Corporation	0.17%	262,018	$8M	new	+0.17 pp	new
HURCHurco Cos Inc	0.15%	235,654	$7M	added×11.8	+0.14 pp	4 q
TMToyota Motor Corporation	0.15%	37,369	$7M	trimmed−2%	0.00 pp	31 q
MSFTMicrosoft Corp	0.14%	19,524	$7M	trimmed−5%	+0.01 pp	31 q
ORCLOracle Corp	0.14%	74,531	$6M	trimmed−46%	−0.12 pp	31 q
unresolvedCrh PLC	0.12%	100,875	$5M	trimmed−1%	+0.02 pp	16 q
GILDGilead Sciences Inc	0.10%	65,436	$5M	added+1%	0.00 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	37,978	$5M	added0%	+0.01 pp	15 q
VWOVanguard FTSE Emerging Markets ETF	0.10%	92,995	$5M	added×14.7	+0.09 pp	2 q
UTHRUnited Therapeutics Corp	0.09%	18,577	$4M	trimmed−1%	+0.01 pp	17 q
HP5AEquity Commonwealth	0.08%	135,519	$4M	added+1%	0.00 pp	7 q
VTVanguard Total World Stock ETF	0.08%	32,626	$4M	new	+0.08 pp	new
MDPediatrix Medical Group, Inc.	0.07%	116,745	$3M	trimmed−1%	0.00 pp	17 q
VBRVanguard Morningstar Small-Cap Value ETF	0.07%	19,070	$3M	new	+0.07 pp	new
ARWArrow Electronics, Inc.	0.06%	19,371	$3M	added×8.1	+0.05 pp	24 q
CLSCelestica, Inc.	0.05%	222,084	$2M	trimmed−2%	+0.01 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	0.05%	66,687	$2M	trimmed−4%	−0.01 pp	17 q
TAPMolson Coors Beverage Company Class B	0.05%	52,059	$2M	new	+0.05 pp	new
NKSHNational Bankshares Inc/VA	0.05%	63,662	$2M	trimmed−2%	0.00 pp	4 q
FFIVF5, Inc.	0.04%	7,731	$2M	trimmed−4%	+0.01 pp	8 q
PINCNPremier Inc-class A	0.04%	49,582	$2M	added+1%	0.00 pp	10 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.04%	14,050	$2M	new	+0.04 pp	new
AMXNAmerica Movil-spn ADR Cl L	0.03%	60,380	$1M	trimmed−1%	+0.01 pp	31 q
ANATAmerican National Group, Inc.	0.03%	7,009	$1M	trimmed−74%	−0.08 pp	6 q
NPKNational Presto Industries, Inc.	0.03%	14,217	$1M	added+1%	0.00 pp	10 q
NTESNetEase, inc.	0.03%	11,258	$1M	added+1%	+0.01 pp	2 q
OTEXOpen Text Corp	0.03%	26,566	$1M	added+36%	+0.01 pp	2 q
PBHPrestige Consumer Healthcare Inc.	0.03%	25,716	$2M	added+14%	0.00 pp	6 q
DGXQuest Diagnostics Inc.	0.03%	6,757	$1M	trimmed−7%	+0.01 pp	15 q
ASAIYSendas Distribudra S/	0.03%	126,690	$2M	trimmed−1%	−0.02 pp	4 q
TIMBTim S.a.	0.03%	128,331	$1M	trimmed−5%	0.00 pp	5 q
BAPCredicorp LTD	0.03%	10,433	$1M	added+7%	+0.01 pp	2 q
BHCBausch Health Companies Inc	0.02%	27,237	$752,000	added+48%	+0.01 pp	3 q
CALMCal-Maine Foods Inc	0.02%	21,343	$789,000	added+2%	0.00 pp	4 q
IMKTAIngles Markets Inc	0.02%	9,847	$850,000	added+11%	+0.01 pp	4 q
PAHCPhibro Animal Health Corporation Class A	0.02%	55,497	$1M	added+2%	−0.01 pp	11 q
RTXRTX Corporation	0.02%	8,419	$725,000	trimmed−14%	0.00 pp	2 q
RGPResources Connection	0.02%	38,662	$690,000	trimmed−22%	0.00 pp	30 q
GTSTriple-s Management Corp	0.02%	20,223	$722,000	added+14%	+0.01 pp	14 q
VTVVanguard Morningstar Value ETF	0.02%	4,807	$707,000	new	+0.02 pp	new
ACNBACNB Corp	0.01%	11,785	$369,000	added+15%	0.00 pp	3 q
AVAAvista Corporation	0.01%	10,805	$459,000	added+11%	0.00 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$451,000	new	+0.01 pp	new
CRD.ACrawford & Company Class A	0.01%	73,996	$554,000	added+20%	0.00 pp	4 q
FSTRFoster (Lb) Co	0.01%	37,683	$518,000	added+5%	0.00 pp	4 q
HDBHDFC Bank Limited	0.01%	7,783	$506,000	trimmed−1%	0.00 pp	6 q
HPHelmerich & Payne, Inc.	0.01%	15,532	$368,000	added+38%	0.00 pp	7 q
RBBNRibbon Communications Inc.	0.01%	66,978	$405,000	new	+0.01 pp	new
RCIRogers Communications, Inc.	0.01%	11,417	$544,000	added+10%	0.00 pp	5 q
SCHLScholastic Corp	0.01%	10,611	$424,000	trimmed−0%	0.00 pp	17 q
SKAASkechers USA Inc-cl A	0.01%	6,113	$265,000	trimmed−0%	0.00 pp	4 q
GJBSteelcase Inc-cl A	0.01%	40,724	$477,000	new	+0.01 pp	new
TBNKTerritorial Bancorp Inc.	0.01%	14,464	$365,000	added+5%	0.00 pp	4 q
VEAVanguard FTSE Developed Markets ETF	0.01%	7,739	$395,000	new	+0.01 pp	new
WFRDWeatherford International plc	0.01%	9,498	$263,000	new	+0.01 pp	new
EBMTEagle Bancorp Montana, Inc	0.00%	9,021	$207,000	new	0.00 pp	new
GTEGran Tierra Energy Inc.	0.00%	220,445	$168,000	added0%	0.00 pp	25 q
IVCInvacare Corporation	0.00%	19,070	$52,000	trimmed−17%	0.00 pp	4 q
LNSRLENSAR, Inc.	0.00%	27,975	$167,000	added0%	0.00 pp	5 q
MFCManulife Financial Corp.	0.00%	11,187	$213,000	added0%	0.00 pp	5 q
NABLN-able, Inc.	0.00%	13,834	$154,000	added+4%	0.00 pp	2 q
0OIASolarWinds Corporation	0.00%	14,543	$206,000	added+14%	0.00 pp	3 q
YPFYPF Sociedad Anonima	—	−7,417,893	—	exited	−0.75 pp	—
PEPPepsiCo, Inc.	—	−34,652	—	exited	−0.11 pp	—
OGNOrganon & Co.	—	−118,930	—	exited	−0.08 pp	—
EXEEZChesapeake Energy -CW26	—	−91,048	—	exited	−0.06 pp	—
LIVNLivaNova PLC	—	−30,459	—	exited	−0.05 pp	—
CFGCitizens Financial Group, Inc.	—	−37,576	—	exited	−0.04 pp	—
UTMDUtah Medical Products Inc	—	−9,226	—	exited	−0.02 pp	—
VREXVarex Imaging Corporation	—	−21,281	—	exited	−0.01 pp	—