Brandes

Q1 2022 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2022
Filed: May 10, 2022
US stock: $4.7B · prev $4.6B
Positions: 158 · prev 165
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves169 since the prior filing

+5.6 pp in · −5.6 pp out

New 8 +1.74 pp
Added 102 +3.84 pp
Trimmed 44 −3.29 pp
Exited 15 −2.31 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

EMBJ Embraer S.A. added−2.15 pp added−2.155.2%
CX Cemex S.A.B. de C.V. added−0.33 pp added−0.333.5%
WFC Wells Fargo & Co. trimmed−0.08 pp trimmed−0.083.2%
BAC Bank of America Corporation added−0.10 pp added−0.102.7%
MRK Merck & Co., Inc. added+0.24 pp added+0.242.7%

Positions158 in this filing · 15 exited


EMBJEmbraer S.A.	5.17%	19,098,457	$241M	added+1%	−2.15 pp	32 q
CXCemex S.A.B. de C.V.	3.55%	31,299,106	$166M	added+19%	−0.33 pp	32 q
WFCWells Fargo & Co.	3.23%	3,104,111	$150M	trimmed−2%	−0.08 pp	32 q
BACBank of America Corporation	2.69%	3,040,478	$125M	added+6%	−0.10 pp	32 q
MRKMerck & Co., Inc.	2.68%	1,524,506	$125M	added+5%	+0.24 pp	32 q
MCKMcKesson Corporation	2.61%	397,206	$122M	trimmed−16%	+0.05 pp	25 q
CIThe Cigna Group	2.59%	503,519	$121M	added+20%	+0.48 pp	14 q
PFEPfizer Inc.	2.52%	2,270,204	$118M	added+5%	−0.28 pp	32 q
CCitigroup Inc.	2.46%	2,149,755	$115M	added+6%	−0.22 pp	32 q
HALHalliburton Company	2.28%	2,808,940	$106M	added+4%	+0.93 pp	13 q
CVSCvs Health Corporation	2.21%	1,017,685	$103M	added+1%	−0.07 pp	21 q
AIGAmerican International Group, Inc.	2.16%	1,600,119	$100M	added+4%	+0.25 pp	31 q
FDXFedEx Corporation	2.16%	435,064	$101M	added+25%	+0.19 pp	13 q
GDGeneral Dynamics Corporation	2.16%	417,867	$101M	added+5%	+0.35 pp	8 q
CVXChevron Corporation	2.14%	613,433	$100M	added+1%	+0.58 pp	32 q
CMCSAComcast Corp	2.05%	2,042,824	$96M	added+41%	+0.46 pp	18 q
FISVFiserv, Inc.	2.02%	926,623	$94M	added+37%	+0.49 pp	4 q
DOXAmdocs Limited	1.83%	1,035,626	$85M	added+28%	+0.51 pp	32 q
CAHCardinal Health, Inc.	1.66%	1,360,754	$77M	added+4%	+0.20 pp	20 q
FTITechnipFMC plc	1.58%	9,487,922	$74M	added×2.0	+0.97 pp	2 q
OMFOneMain Holdings, Inc.	1.55%	1,519,287	$72M	added+6%	−0.02 pp	5 q
TFCTruist Financial Corporation	1.53%	1,256,609	$71M	added+5%	+0.01 pp	32 q
STTState Street Corporation	1.51%	808,416	$70M	added+4%	−0.06 pp	32 q
HCAHCA Healthcare, Inc.	1.46%	272,138	$68M	trimmed−2%	−0.10 pp	20 q
BNYBank of New York Mellon Corporation	1.39%	1,302,297	$65M	added+3%	−0.21 pp	32 q
PNCPNC Financial Services Group	1.36%	343,846	$63M	added+15%	+0.05 pp	32 q
EMREmerson Electric Co.	1.33%	632,090	$62M	added+8%	+0.15 pp	27 q
ORIOld Republic International Corporation	1.29%	2,318,516	$60M	added+3%	+0.09 pp	32 q
TXTTextron, Inc.	1.26%	792,070	$59M	added+1%	−0.06 pp	9 q
GRFSGrifois, S.A.	1.22%	4,857,661	$57M	added+22%	+0.24 pp	6 q
MHKMohawk Industries, Inc.	1.13%	423,263	$53M	added+29%	−0.17 pp	14 q
JPMJPMorgan Chase & Co.	1.11%	379,411	$52M	added+6%	−0.13 pp	32 q
99803EURLaboratory Crp Of Amer Hldgs	1.04%	184,650	$49M	added+5%	−0.16 pp	22 q
ZTOZTO Express (Cayman) Inc.	1.02%	1,903,991	$48M	trimmed−2%	−0.18 pp	12 q
DRQInnovex International, Inc.	0.97%	1,214,306	$45M	trimmed−25%	+0.28 pp	6 q
CPACopa Holdings, S.A.	0.96%	536,480	$45M	trimmed−8%	−0.09 pp	14 q
EPCEdgewell Personal Care Company	0.94%	1,199,009	$44M	added+1%	−0.25 pp	18 q
NTGRNETGEAR, Inc.	0.91%	1,718,811	$42M	added+38%	+0.12 pp	20 q
UBSUBS Group AG	0.88%	2,087,352	$41M	trimmed−9%	−0.02 pp	30 q
CHNGChange Healthcare Inc.	0.84%	1,794,487	$39M	added+8%	+0.07 pp	9 q
unresolvedGlaxosmithkline PLC	0.75%	800,397	$35M	trimmed−7%	−0.08 pp	32 q
SHELShell plc	0.73%	615,892	$34M	new	+0.73 pp	new
SNYSanofi	0.72%	657,487	$34M	trimmed−6%	−0.04 pp	32 q
VIVTelefonica Brasil, S.A.	0.67%	2,779,061	$31M	trimmed−27%	−0.05 pp	32 q
TAKTakeda Pharmaceutical Company Limited	0.65%	2,109,846	$30M	added+21%	+0.13 pp	14 q
TMHCTaylor Morrison Home Corporation	0.65%	1,109,815	$30M	trimmed−13%	−0.33 pp	18 q
MOG.AMoog Inc.	0.62%	330,068	$29M	trimmed−15%	−0.07 pp	3 q
OMCOmnicom Group Inc.	0.61%	333,720	$28M	added+19%	+0.16 pp	19 q
CCJCameco Corporation	0.51%	810,439	$24M	trimmed−33%	−0.06 pp	10 q
JNJJohnson & Johnson	0.51%	133,735	$24M	added+13%	+0.07 pp	27 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.49%	1,644,146	$23M	trimmed−5%	+0.11 pp	32 q
TTENTotalenergies SE -spon ADR	0.49%	450,450	$23M	trimmed−19%	−0.11 pp	3 q
CYDChina Yuchai International Ltd.	0.49%	1,966,016	$23M	trimmed−1%	−0.16 pp	32 q
BABAAlibaba Group Holding Limited	0.48%	203,549	$22M	added+8%	−0.01 pp	10 q
CTVACorteva, Inc.	0.48%	391,659	$23M	added+17%	+0.14 pp	8 q
INGRIngredion Incorporated	0.48%	256,975	$22M	added+15%	+0.01 pp	10 q
NVSNovartis AG	0.47%	247,016	$22M	added+10%	+0.04 pp	6 q
WKCWorld Kinect Corporation	0.47%	811,800	$22M	added+20%	+0.08 pp	21 q
CTSHCognizant Technology Solutions	0.46%	238,357	$21M	added+22%	+0.08 pp	23 q
EGRXEagle Pharms Inc	0.46%	431,850	$21M	trimmed−30%	−0.22 pp	17 q
FLEXFlex Ltd.	0.46%	1,156,003	$21M	added+72%	+0.19 pp	14 q
MUMicron Technology, Inc.	0.45%	269,086	$21M	added+25%	+0.01 pp	7 q
unresolvedAvadel Pharmaceuticals PLC	0.44%	2,988,675	$20M	added+15%	−0.02 pp	18 q
WPPWpp PLC	0.44%	311,170	$20M	trimmed−15%	−0.16 pp	19 q
BPBP p.l.c.	0.43%	686,686	$20M	trimmed−19%	−0.06 pp	32 q
HMCHonda Motor Co., Ltd.	0.43%	716,039	$20M	added+3%	0.00 pp	32 q
GOOGAlphabet Inc. Class C	0.41%	6,902	$19M	added+6%	0.00 pp	21 q
unresolvedCredit Suisse Group Spon ADR	0.41%	2,459,269	$19M	added+75%	+0.11 pp	29 q
EENI S.p.A.	0.41%	652,569	$19M	trimmed−26%	−0.12 pp	32 q
EXEExpand Energy Corporation	0.40%	215,701	$19M	trimmed−59%	−0.33 pp	5 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.40%	342,260	$19M	trimmed−5%	−0.03 pp	7 q
FOXFox Corporation Class B	0.38%	494,082	$18M	added+71%	+0.16 pp	13 q
NWLINational Western Life Group, Inc. Class A	0.38%	85,013	$18M	added0%	−0.02 pp	26 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.37%	2,748,870	$17M	added+1%	+0.04 pp	32 q
BRK.BBERKSHIRE HATHAWAY Class B	0.35%	46,875	$17M	added+20%	+0.09 pp	4 q
TAROTaro Pharmaceutical Indus	0.35%	379,322	$16M	added+8%	−0.03 pp	19 q
ENICEnel Chile S.A.	0.34%	9,978,219	$16M	added+23%	+0.02 pp	24 q
CSCOCisco Systems, Inc. (DE)	0.32%	264,194	$15M	added+15%	0.00 pp	32 q
AZOAutoZone, Inc.	0.31%	7,149	$15M	trimmed−14%	−0.07 pp	5 q
QRVOQorvo, Inc.	0.31%	117,520	$15M	new	+0.31 pp	new
ORANYOrange SP/	0.29%	1,160,575	$14M	added+18%	+0.06 pp	32 q
GTESGates Industrial Corporation Ltd.	0.29%	899,596	$14M	added+52%	+0.08 pp	2 q
ABEVAmbev S.a.	0.28%	4,004,157	$13M	added+7%	+0.05 pp	8 q
BUDAnheuser-Busch INBEV SA/NV	0.28%	218,100	$13M	added+19%	+0.04 pp	8 q
AVTAvnet, Inc.	0.28%	320,720	$13M	trimmed−6%	−0.03 pp	30 q
FLSFlowserve Corporation	0.28%	369,373	$13M	added+41%	+0.11 pp	2 q
LLoews Corporation	0.28%	203,637	$13M	added+17%	+0.06 pp	28 q
WTWWillis Towers Watson Public Limited Company	0.28%	54,310	$13M	new	+0.28 pp	new
JCIJohnson Controls International plc	0.27%	188,768	$12M	added+41%	+0.03 pp	15 q
unresolvedUnilever Spn.Adr 1:1	0.26%	263,295	$12M	new	+0.26 pp	new
WLKWestlake Corporation	0.26%	98,786	$12M	trimmed−29%	−0.03 pp	10 q
PKEPark Aerospace Corp.	0.24%	848,649	$11M	added+6%	+0.01 pp	7 q
AEBAAllete Inc	0.22%	153,541	$10M	added+12%	+0.02 pp	8 q
SHGShinhan Financial Group Co Ltd	0.22%	303,830	$10M	trimmed−1%	+0.01 pp	32 q
PKXPOSCO Holdings Inc.	0.21%	168,500	$10M	trimmed−4%	−0.01 pp	32 q
MMM3M Company	0.21%	65,025	$10M	added+16%	−0.01 pp	5 q
unresolvedAegon NV	0.19%	1,666,024	$9M	added+3%	+0.02 pp	32 q
ARLOArlo Technologies, Inc.	0.18%	936,860	$8M	trimmed−6%	−0.05 pp	13 q
AMATApplied Materials Inc	0.17%	61,442	$8M	added+18%	−0.01 pp	14 q
GHMGraham Corporation	0.17%	1,003,419	$8M	added+31%	−0.04 pp	9 q
HURCHurco Cos Inc	0.17%	252,859	$8M	added+7%	+0.02 pp	5 q
ORNOrion Group Holdings, Inc	0.17%	3,264,231	$8M	added+7%	−0.08 pp	32 q
BCSBarclays PLC	0.16%	945,725	$7M	trimmed−7%	−0.07 pp	3 q
MBTMobile TeleSystems Public Joint Stock Company	0.16%	2,948,496	$8M	added×2.2	−0.08 pp	32 q
MSFTMicrosoft Corp	0.15%	21,937	$7M	added+12%	+0.01 pp	32 q
ORCLOracle Corp	0.15%	83,896	$7M	added+13%	+0.01 pp	32 q
SWSmurfit Westrock plc	0.14%	351,489	$6M	trimmed−71%	−0.32 pp	16 q
TMToyota Motor Corporation	0.14%	36,249	$7M	trimmed−3%	−0.01 pp	32 q
unresolvedNatwest Group PLC	0.11%	891,733	$5M	new	+0.11 pp	new
HP5AEquity Commonwealth	0.10%	162,633	$5M	added+20%	+0.02 pp	8 q
unresolvedCrh PLC	0.09%	101,327	$4M	added0%	−0.03 pp	17 q
UTHRUnited Therapeutics Corp	0.08%	20,009	$4M	added+8%	−0.01 pp	18 q
MDPediatrix Medical Group, Inc.	0.07%	137,207	$3M	added+18%	0.00 pp	18 q
TAPMolson Coors Beverage Company Class B	0.06%	52,195	$3M	added0%	+0.01 pp	2 q
NKSHNational Bankshares Inc/VA	0.06%	79,454	$3M	added+25%	+0.01 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.06%	26,616	$3M	trimmed−30%	−0.04 pp	16 q
ARWArrow Electronics, Inc.	0.05%	19,378	$2M	added0%	−0.01 pp	25 q
FSTRFoster (Lb) Co	0.05%	144,113	$2M	added×3.8	+0.04 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	0.05%	67,201	$2M	added+1%	0.00 pp	18 q
ANATAmerican National Group, Inc.	0.04%	9,019	$2M	added+29%	+0.01 pp	7 q
NPKNational Presto Industries, Inc.	0.04%	21,259	$2M	added+50%	+0.01 pp	11 q
PAHCPhibro Animal Health Corporation Class A	0.04%	95,198	$2M	added+72%	+0.02 pp	12 q
PINCNPremier Inc-class A	0.04%	53,621	$2M	added+8%	0.00 pp	11 q
PBHPrestige Consumer Healthcare Inc.	0.04%	32,447	$2M	added+26%	+0.01 pp	7 q
FFIVF5, Inc.	0.03%	7,733	$2M	added0%	−0.01 pp	9 q
OTEXOpen Text Corp	0.03%	34,423	$1M	added+30%	0.00 pp	3 q
ASAIYSendas Distribudra S/	0.03%	91,740	$2M	trimmed−28%	0.00 pp	5 q
TIMBTim S.a.	0.03%	94,149	$1M	trimmed−27%	0.00 pp	6 q
BAPCredicorp LTD	0.03%	7,117	$1M	trimmed−32%	0.00 pp	3 q
AMXNAmerica Movil-spn ADR Cl L	0.02%	43,098	$912,000	trimmed−29%	−0.01 pp	32 q
BHCBausch Health Companies Inc	0.02%	39,222	$896,000	added+44%	0.00 pp	4 q
CLSCelestica, Inc.	0.02%	71,684	$853,000	trimmed−68%	−0.03 pp	18 q
CRD.ACrawford & Company Class A	0.02%	118,918	$899,000	added+61%	+0.01 pp	5 q
KELYAKelly Services Inc	0.02%	37,464	$813,000	new	+0.02 pp	new
NTESNetEase, inc.	0.02%	8,416	$755,000	trimmed−25%	−0.01 pp	3 q
DGXQuest Diagnostics Inc.	0.02%	6,757	$924,000	held	—	16 q
SAICScience Applications International Corporation	0.02%	8,644	$797,000	new	+0.02 pp	new
ACNBACNB Corp	0.01%	18,553	$648,000	added+57%	0.00 pp	4 q
AVAAvista Corporation	0.01%	15,272	$690,000	added+41%	0.00 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$529,000	held	—	2 q
EBMTEagle Bancorp Montana, Inc	0.01%	12,231	$273,000	added+36%	+0.01 pp	2 q
GTEGran Tierra Energy Inc.	0.01%	336,343	$528,000	added+53%	+0.01 pp	26 q
HDBHDFC Bank Limited	0.01%	6,847	$420,000	trimmed−12%	0.00 pp	7 q
IMKTAIngles Markets Inc	0.01%	7,375	$657,000	trimmed−25%	−0.01 pp	5 q
KBALKimball International	0.01%	61,849	$523,000	new	+0.01 pp	new
LNSRLENSAR, Inc.	0.01%	42,973	$318,000	added+54%	+0.01 pp	6 q
MFCManulife Financial Corp.	0.01%	11,187	$239,000	held	—	6 q
RTXRTX Corporation	0.01%	3,624	$359,000	trimmed−57%	−0.01 pp	3 q
RGPResources Connection	0.01%	35,081	$601,000	trimmed−9%	−0.01 pp	31 q
RBBNRibbon Communications Inc.	0.01%	142,957	$442,000	added×2.1	0.00 pp	2 q
RCIRogers Communications, Inc.	0.01%	11,417	$648,000	held	—	6 q
SCHLScholastic Corp	0.01%	8,813	$355,000	trimmed−17%	0.00 pp	18 q
SKAASkechers USA Inc-cl A	0.01%	6,134	$250,000	added0%	0.00 pp	5 q
0OIASolarWinds Corporation	0.01%	23,140	$308,000	added+59%	+0.01 pp	4 q
GJBSteelcase Inc-cl A	0.01%	58,192	$695,000	added+43%	0.00 pp	2 q
IVCInvacare Corporation	0.00%	33,890	$48,000	added+78%	0.00 pp	5 q
IXUSiShares Core MSCI Total International Stock ETF	0.00%	3,355	$223,000	trimmed−99%	−0.74 pp	2 q
NABLN-able, Inc.	0.00%	24,399	$222,000	added+76%	0.00 pp	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	—	−600,173	—	exited	−1.02 pp	—
RDS.BRoyal Dutch Shell PLC	—	−599,617	—	exited	−0.57 pp	—
MAAMid-America Apartment Communities, Inc.	—	−46,653	—	exited	−0.23 pp	—
GILDGilead Sciences Inc	—	−65,436	—	exited	−0.10 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−92,995	—	exited	−0.10 pp	—
VTVanguard Total World Stock ETF	—	−32,626	—	exited	−0.08 pp	—
VBRVanguard Morningstar Small-Cap Value ETF	—	−19,070	—	exited	−0.07 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−14,050	—	exited	−0.04 pp	—
CALMCal-Maine Foods Inc	—	−21,343	—	exited	−0.02 pp	—
GTSTriple-s Management Corp	—	−20,223	—	exited	−0.02 pp	—
VTVVanguard Morningstar Value ETF	—	−4,807	—	exited	−0.02 pp	—
HPHelmerich & Payne, Inc.	—	−15,532	—	exited	−0.01 pp	—
TBNKTerritorial Bancorp Inc.	—	−14,464	—	exited	−0.01 pp	—
VEAVanguard FTSE Developed Markets ETF	—	−7,739	—	exited	−0.01 pp	—
WFRDWeatherford International plc	—	−9,498	—	exited	−0.01 pp	—