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Brandes

Q2 2022 13F · by Kenneth Little, portfolio manager

As of
Jun 30, 2022
Filed
Aug 12, 2022
US stock
$4.1B · prev $4.7B
Positions
163 · prev 158
Options notional
$0
Documents
1· no amendments

Picture99.9% US stock

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

  • US stock listed on a US exchange 99.9%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.1%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves166 since the prior filing

The book

Diversified · behaves like 58 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 22% a year, about 4.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions17% of US stock

  1. EMBJ Embraer S.A. trimmed−1.19 pp trimmed−1.194.0%
  2. MRK Merck & Co., Inc. trimmed+0.67 pp trimmed+0.673.4%
  3. CX Cemex S.A.B. de C.V. added−0.28 pp added−0.283.3%
  4. CI The Cigna Group trimmed+0.65 pp trimmed+0.653.2%
  5. WFC Wells Fargo & Co. added−0.22 pp added−0.223.0%

Positions163 in this filing · 6 exited

EMBJEmbraer S.A.3.98%18,541,566$163Mtrimmed−3%−1.19 pp33 q
MRKMerck & Co., Inc.3.35%1,504,323$137Mtrimmed−1%+0.67 pp33 q
CXCemex S.A.B. de C.V.3.27%34,168,504$134Madded+9%−0.28 pp33 q
CIThe Cigna Group3.24%503,279$133Mtrimmed−0%+0.65 pp15 q
WFCWells Fargo & Co.3.01%3,140,383$123Madded+1%−0.22 pp33 q
PFEPfizer Inc.2.91%2,271,395$119Madded0%+0.39 pp33 q
CMCSAComcast Corp2.48%2,582,300$101Madded+26%+0.43 pp19 q
CCitigroup Inc.2.47%2,193,880$101Madded+2%+0.01 pp33 q
FDXFedEx Corporation2.41%435,655$99Madded0%+0.25 pp14 q
BACBank of America Corporation2.39%3,140,304$98Madded+3%−0.30 pp33 q
GDGeneral Dynamics Corporation2.27%420,613$93Madded+1%+0.11 pp9 q
MCKMcKesson Corporation2.24%281,298$92Mtrimmed−29%−0.37 pp26 q
CVXChevron Corporation2.19%620,035$90Madded+1%+0.05 pp33 q
FISVFiserv, Inc.2.18%1,002,627$89Madded+8%+0.16 pp5 q
HALHalliburton Company2.18%2,842,833$89Madded+1%−0.10 pp14 q
CVSCvs Health Corporation2.16%956,027$89Mtrimmed−6%−0.05 pp22 q
DOXAmdocs Limited2.13%1,044,243$87Madded+1%+0.30 pp33 q
AIGAmerican International Group, Inc.2.03%1,628,520$83Madded+2%−0.13 pp32 q
FTITechnipFMC plc1.82%11,079,938$75Madded+17%+0.24 pp3 q
CAHCardinal Health, Inc.1.76%1,378,024$72Madded+1%+0.10 pp21 q
TFCTruist Financial Corporation1.49%1,289,115$61Madded+3%−0.04 pp33 q
OMFOneMain Holdings, Inc.1.42%1,555,164$58Madded+2%−0.13 pp6 q
GRFSGrifois, S.A.1.39%4,798,703$57Mtrimmed−1%+0.17 pp7 q
PNCPNC Financial Services Group1.36%351,645$55Madded+2%0.00 pp33 q
BNYBank of New York Mellon Corporation1.33%1,304,824$54Madded0%−0.06 pp33 q
MHKMohawk Industries, Inc.1.31%431,978$54Madded+2%+0.18 pp15 q
ORIOld Republic International Corporation1.27%2,321,717$52Madded0%−0.02 pp33 q
STTState Street Corporation1.27%841,392$52Madded+4%−0.24 pp33 q
EMREmerson Electric Co.1.26%649,904$52Madded+3%−0.07 pp28 q
TXTTextron, Inc.1.18%793,306$48Madded0%−0.08 pp10 q
HCAHCA Healthcare, Inc.1.14%277,492$47Madded+2%−0.32 pp21 q
99803EURLaboratory Crp Of Amer Hldgs1.08%188,507$44Madded+2%+0.04 pp23 q
JPMJPMorgan Chase & Co.1.07%389,241$44Madded+3%−0.04 pp33 q
EPCEdgewell Personal Care Company0.96%1,140,270$39Mtrimmed−5%+0.02 pp19 q
ZTOZTO Express (Cayman) Inc.0.93%1,379,148$38Mtrimmed−28%−0.09 pp13 q
AMATApplied Materials Inc0.92%412,002$37Madded×6.7+0.75 pp15 q
NTGRNETGEAR, Inc.0.91%2,010,276$37Madded+17%0.00 pp21 q
SHELShell plc0.79%615,160$32Mtrimmed−0%+0.06 pp2 q
UBSUBS Group AG0.79%2,001,178$32Mtrimmed−4%−0.09 pp31 q
CPACopa Holdings, S.A.0.76%493,497$31Mtrimmed−8%−0.20 pp15 q
unresolvedGlaxosmithkline PLC0.75%709,630$31Mtrimmed−11%0.00 pp33 q
SNYSanofi0.73%598,070$30Mtrimmed−9%+0.01 pp33 q
DRQInnovex International, Inc.0.72%1,146,288$30Mtrimmed−6%−0.25 pp7 q
TAKTakeda Pharmaceutical Company Limited0.69%2,022,547$28Mtrimmed−4%+0.04 pp15 q
TIGOMillicom International Cellular S.A.0.68%1,944,632$28Mnew+0.68 ppnew
MOG.AMoog Inc.0.65%334,113$27Madded+1%+0.03 pp4 q
JNJJohnson & Johnson0.63%145,836$26Madded+9%+0.12 pp28 q
WTWWillis Towers Watson Public Limited Company0.63%131,369$26Madded×2.4+0.35 pp2 q
INGRIngredion Incorporated0.62%285,637$25Madded+11%+0.14 pp11 q
NWLINational Western Life Group, Inc. Class A0.58%117,004$24Madded+38%+0.20 pp27 q
TTENTotalenergies SE -spon ADR0.55%427,704$23Mtrimmed−5%+0.06 pp4 q
BABAAlibaba Group Holding Limited0.54%194,457$22Mtrimmed−4%+0.06 pp11 q
OMCOmnicom Group Inc.0.54%347,817$22Madded+4%−0.07 pp20 q
EGRXEagle Pharms Inc0.50%464,292$21Madded+8%+0.04 pp18 q
GOOGAlphabet Inc. Class C0.47%8,842$19Madded+28%+0.06 pp22 q
MUMicron Technology, Inc.0.47%349,751$19Madded+30%+0.02 pp8 q
WKCWorld Kinect Corporation0.46%915,793$19Madded+13%−0.01 pp22 q
TMHCTaylor Morrison Home Corporation0.45%795,453$19Mtrimmed−28%−0.20 pp19 q
NVSNovartis AG0.44%215,050$18Mtrimmed−13%−0.03 pp7 q
FLEXFlex Ltd.0.42%1,174,078$17Madded+2%−0.04 pp15 q
CTSHCognizant Technology Solutions0.41%251,088$17Madded+5%−0.05 pp24 q
FOXFox Corporation Class B0.41%567,987$17Madded+15%+0.03 pp14 q
HMCHonda Motor Co., Ltd.0.41%689,456$17Mtrimmed−4%−0.02 pp33 q
PBR.APetroleo Brasileiro S.A.-Petrobras0.41%1,568,821$17Mtrimmed−5%−0.08 pp33 q
AZOAutoZone, Inc.0.40%7,632$16Madded+7%+0.09 pp6 q
VIVTelefonica Brasil, S.A.0.40%1,801,218$16Mtrimmed−35%−0.27 pp33 q
CTVACorteva, Inc.0.39%292,318$16Mtrimmed−25%−0.09 pp9 q
WPPWpp PLC0.39%314,340$16Madded+1%−0.05 pp20 q
EXEExpand Energy Corporation0.38%191,763$16Mtrimmed−11%−0.02 pp6 q
SAPSap SE0.37%169,142$15Mnew+0.37 ppnew
TAROTaro Pharmaceutical Indus0.37%415,989$15Madded+10%+0.02 pp20 q
unresolvedCredit Suisse Group Spon ADR0.36%2,584,416$15Madded+5%−0.05 pp30 q
EENI S.p.A.0.36%615,434$15Mtrimmed−6%−0.05 pp33 q
PKEPark Aerospace Corp.0.35%1,112,160$14Madded+31%+0.11 pp8 q
CYDChina Yuchai International Ltd.0.34%1,584,814$14Mtrimmed−19%−0.15 pp33 q
AVTAvnet, Inc.0.33%313,119$13Mtrimmed−2%+0.05 pp31 q
BRK.BBERKSHIRE HATHAWAY Class B0.33%50,002$14Madded+7%−0.02 pp5 q
MUFGMitsubishi UFJ Financial Group, Inc.0.33%2,500,100$13Mtrimmed−9%−0.04 pp33 q
OTEXOpen Text Corp0.33%352,046$13Madded×10.2+0.30 pp4 q
ORANYOrange SP/0.32%1,097,982$13Mtrimmed−5%+0.03 pp33 q
LLoews Corporation0.30%205,114$12Madded+1%+0.02 pp29 q
QRVOQorvo, Inc.0.30%131,277$12Madded+12%−0.01 pp2 q
BUDAnheuser-Busch INBEV SA/NV0.28%209,214$11Mtrimmed−4%0.00 pp9 q
KOFCoca-Cola FEMSA, S.A.B DE C.V0.28%206,315$11Mtrimmed−40%−0.12 pp8 q
unresolvedUnilever Spn.Adr 1:10.28%252,528$12Mtrimmed−4%+0.02 pp2 q
CHNGChange Healthcare Inc.0.27%472,641$11Mtrimmed−74%−0.57 pp10 q
CSCOCisco Systems, Inc. (DE)0.27%263,452$11Mtrimmed−0%−0.05 pp33 q
FLSFlowserve Corporation0.27%387,221$11Madded+5%−0.01 pp3 q
JCIJohnson Controls International plc0.25%217,644$10Madded+15%−0.02 pp16 q
PHGKoninklijke Philips N.v.0.24%461,244$10Mnew+0.24 ppnew
GTESGates Industrial Corporation Ltd.0.24%906,358$10Madded+1%−0.05 pp3 q
ABEVAmbev S.a.0.23%3,816,340$10Mtrimmed−5%−0.05 pp9 q
ENICEnel Chile S.A.0.23%8,323,340$9Mtrimmed−17%−0.11 pp25 q
AEBAAllete Inc0.22%155,510$9Madded+1%0.00 pp9 q
unresolvedAvadel Pharmaceuticals PLC0.22%3,631,475$9Madded+22%−0.22 pp19 q
FSTRFoster (Lb) Co0.21%660,842$9Madded×4.6+0.16 pp6 q
BPBP p.l.c.0.20%282,546$8Mtrimmed−59%−0.23 pp33 q
SHGShinhan Financial Group Co Ltd0.20%286,961$8Mtrimmed−6%−0.02 pp33 q
HURCHurco Cos Inc0.19%313,340$8Madded+24%+0.02 pp6 q
ORNOrion Group Holdings, Inc0.18%3,313,434$8Madded+2%+0.01 pp33 q
unresolvedAegon NV0.17%1,558,428$7Mtrimmed−6%−0.02 pp33 q
BCSBarclays PLC0.17%917,316$7Mtrimmed−3%+0.01 pp4 q
GHMGraham Corporation0.17%1,015,988$7Madded+1%0.00 pp10 q
PKXPOSCO Holdings Inc.0.17%160,799$7Mtrimmed−5%−0.04 pp33 q
ARLOArlo Technologies, Inc.0.15%959,918$6Madded+2%−0.03 pp14 q
MSFTMicrosoft Corp0.14%22,073$6Madded+1%−0.01 pp33 q
ORCLOracle Corp0.14%84,412$6Madded+1%−0.01 pp33 q
TMToyota Motor Corporation0.13%35,535$5Mtrimmed−2%−0.01 pp33 q
unresolvedNatwest Group PLC0.12%922,320$5Madded+3%+0.01 pp2 q
UTHRUnited Therapeutics Corp0.12%21,105$5Madded+5%+0.04 pp19 q
HP5AEquity Commonwealth0.11%160,301$4Mtrimmed−1%+0.01 pp9 q
MDPediatrix Medical Group, Inc.0.09%181,532$4Madded+32%+0.02 pp19 q
unresolvedCrh PLC0.08%99,084$3Mtrimmed−2%−0.01 pp18 q
CCJCameco Corporation0.08%152,805$3Mtrimmed−81%−0.43 pp11 q
VBRVanguard Morningstar Small-Cap Value ETF0.08%20,974$3Mnew+0.08 ppnew
MBTMobile TeleSystems Public Joint Stock Company0.07%2,894,725$3Mtrimmed−2%−0.09 pp33 q
TAPMolson Coors Beverage Company Class B0.07%52,136$3Mtrimmed−0%+0.01 pp3 q
NKSHNational Bankshares Inc/VA0.07%96,946$3Madded+22%+0.01 pp6 q
NPKNational Presto Industries, Inc.0.07%42,554$3Madded×2.0+0.03 pp12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.06%27,631$2Madded+4%0.00 pp17 q
ARWArrow Electronics, Inc.0.05%19,355$2Mtrimmed−0%0.00 pp26 q
IPGThe Interpublic Group of Companies, Inc.0.05%67,118$2Mtrimmed−0%0.00 pp19 q
PAHCPhibro Animal Health Corporation Class A0.05%102,503$2Madded+8%+0.01 pp13 q
PINCNPremier Inc-class A0.05%55,791$2Madded+4%+0.01 pp12 q
PBHPrestige Consumer Healthcare Inc.0.05%37,096$2Madded+14%+0.01 pp8 q
CRD.ACrawford & Company Class A0.03%165,463$1Madded+39%+0.01 pp6 q
FFIVF5, Inc.0.03%7,721$1Mtrimmed−0%0.00 pp10 q
SAICScience Applications International Corporation0.03%13,603$1Madded+57%+0.01 pp2 q
SMGThe Scotts Miracle-Gro Company0.03%13,789$1Mnew+0.03 ppnew
ASAIYSendas Distribudra S/0.03%88,406$1Mtrimmed−4%0.00 pp6 q
TIMBTim S.a.0.03%90,274$1Mtrimmed−4%0.00 pp7 q
ACNBACNB Corp0.02%21,565$640,000added+16%+0.01 pp5 q
AVAAvista Corporation0.02%17,853$777,000added+17%+0.01 pp6 q
GIBCGI Inc.0.02%10,782$859,000new+0.02 ppnew
CLSCelestica, Inc.0.02%71,427$694,000trimmed−0%0.00 pp19 q
IXUSiShares Core MSCI Total International Stock ETF0.02%10,883$621,000added×3.2+0.02 pp3 q
KBALKimball International0.02%92,871$712,000added+50%+0.01 pp2 q
MDCM.D.C. Holdings, Inc.0.02%21,398$691,000new+0.02 ppnew
NTESNetEase, inc.0.02%7,895$737,000trimmed−6%0.00 pp4 q
DGXQuest Diagnostics Inc.0.02%6,748$897,000trimmed−0%0.00 pp17 q
RBBNRibbon Communications Inc.0.02%242,329$737,000added+70%+0.01 pp3 q
SWSmurfit Westrock plc0.02%34,823$815,000trimmed−90%−0.12 pp17 q
GJBSteelcase Inc-cl A0.02%61,349$658,000added+5%+0.01 pp3 q
UTMDUtah Medical Products Inc0.02%7,926$681,000new+0.02 ppnew
BAPCredicorp LTD0.02%6,984$837,000trimmed−2%−0.01 pp4 q
BHCBausch Health Companies Inc0.01%54,569$456,000added+39%−0.01 pp5 q
BRK.ABerkshire Hathaway Inc.0.01%1$409,000held—3 q
CAECAE Inc.0.01%14,646$361,000new+0.01 ppnew
EBMTEagle Bancorp Montana, Inc0.01%12,806$255,000added+5%0.00 pp3 q
GTEGran Tierra Energy Inc.0.01%336,343$387,000held—27 q
HDBHDFC Bank Limited0.01%9,616$528,000added+40%0.00 pp8 q
IMKTAIngles Markets Inc0.01%7,017$609,000trimmed−5%0.00 pp6 q
LNSRLENSAR, Inc.0.01%49,983$325,000added+16%0.00 pp7 q
RTXRTX Corporation0.01%3,441$331,000trimmed−5%0.00 pp4 q
RGPResources Connection0.01%26,955$549,000trimmed−23%0.00 pp32 q
RCIRogers Communications, Inc.0.01%6,186$296,000trimmed−46%0.00 pp7 q
SCHLScholastic Corp0.01%8,721$314,000trimmed−1%0.00 pp19 q
SKAASkechers USA Inc-cl A0.01%6,099$217,000trimmed−1%0.00 pp6 q
0OIASolarWinds Corporation0.01%55,225$566,000added×2.40.00 pp5 q
VTVanguard Total World Stock ETF0.01%4,948$422,000new+0.01 ppnew
VWOVanguard FTSE Emerging Markets ETF0.01%7,633$318,000new+0.01 ppnew
IVCInvacare Corporation0.00%34,635$44,000added+2%0.00 pp6 q
MFCManulife Financial Corp.0.00%11,187$194,000held—7 q
WLKWestlake Corporation—−98,786—exited−0.26 pp—
MMM3M Company—−65,025—exited−0.21 pp—
ANATAmerican National Group, Inc.—−9,019—exited−0.04 pp—
AMXNAmerica Movil-spn ADR Cl L—−43,098—exited−0.02 pp—
KELYAKelly Services Inc—−37,464—exited−0.02 pp—
NABLN-able, Inc.—−24,399—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue% of notesPrincipalValue
Microstrategy Inc100.00%10,771,000$5M

Source

Form
13F-HR
Reading
0 defects · 7 unresolved
Accession
0001041062-22-000121
Options
none in this filing
SEC cross-check
SEC data set not published yet