Brandes

Q3 2022 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $3.8B · prev $4.1B
Positions: 163 · prev 163
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%

Moves171 since the prior filing

+4.8 pp in · −4.8 pp out

New 10 +1.59 pp
Added 91 +3.17 pp
Trimmed 60 −3.19 pp
Exited 10 −1.56 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions163 in this filing · 10 exited


EMBJEmbraer S.A.	4.29%	19,035,384	$164M	added+3%	+0.31 pp	34 q
CIThe Cigna Group	3.42%	471,021	$131M	trimmed−6%	+0.18 pp	16 q
WFCWells Fargo & Co.	3.35%	3,183,693	$128M	added+1%	+0.34 pp	34 q
CXCemex S.A.B. de C.V.	3.17%	35,265,806	$121M	added+3%	−0.10 pp	34 q
MRKMerck & Co., Inc.	2.70%	1,195,228	$103M	trimmed−21%	−0.65 pp	34 q
PFEPfizer Inc.	2.64%	2,301,224	$101M	added+1%	−0.27 pp	34 q
BACBank of America Corporation	2.56%	3,231,534	$98M	added+3%	+0.17 pp	34 q
MCKMcKesson Corporation	2.55%	286,216	$97M	added+2%	+0.31 pp	27 q
FISVFiserv, Inc.	2.50%	1,021,734	$96M	added+2%	+0.32 pp	6 q
CCitigroup Inc.	2.43%	2,229,806	$93M	added+2%	−0.04 pp	34 q
CAHCardinal Health, Inc.	2.41%	1,381,141	$92M	added0%	+0.65 pp	22 q
CVXChevron Corporation	2.41%	639,416	$92M	added+3%	+0.22 pp	34 q
GDGeneral Dynamics Corporation	2.37%	427,425	$91M	added+2%	+0.10 pp	10 q
CVSCvs Health Corporation	2.33%	934,962	$89M	trimmed−2%	+0.17 pp	23 q
DOXAmdocs Limited	2.25%	1,079,918	$86M	added+3%	+0.12 pp	34 q
CMCSAComcast Corp	2.11%	2,747,552	$81M	added+6%	−0.37 pp	20 q
AIGAmerican International Group, Inc.	2.06%	1,659,958	$79M	added+2%	+0.03 pp	33 q
HALHalliburton Company	1.90%	2,948,164	$73M	added+4%	−0.28 pp	15 q
PNCPNC Financial Services Group	1.84%	471,296	$70M	added+34%	+0.48 pp	34 q
FDXFedEx Corporation	1.74%	447,311	$66M	added+3%	−0.67 pp	15 q
TFCTruist Financial Corporation	1.61%	1,410,704	$61M	added+9%	+0.12 pp	34 q
HCAHCA Healthcare, Inc.	1.46%	303,509	$56M	added+9%	+0.32 pp	22 q
EMREmerson Electric Co.	1.37%	713,512	$52M	added+10%	+0.11 pp	29 q
STTState Street Corporation	1.36%	856,043	$52M	added+2%	+0.09 pp	34 q
ORIOld Republic International Corporation	1.29%	2,360,058	$49M	added+2%	+0.02 pp	34 q
BNYBank of New York Mellon Corporation	1.26%	1,245,859	$48M	trimmed−5%	−0.07 pp	34 q
TXTTextron, Inc.	1.25%	816,389	$48M	added+3%	+0.07 pp	11 q
OMFOneMain Holdings, Inc.	1.23%	1,587,837	$47M	added+2%	−0.19 pp	7 q
AMATApplied Materials Inc	1.22%	569,543	$47M	added+38%	+0.30 pp	16 q
JPMJPMorgan Chase & Co.	1.10%	400,949	$42M	added+3%	+0.03 pp	34 q
99803EURLaboratory Crp Of Amer Hldgs	1.10%	206,025	$42M	added+9%	+0.02 pp	24 q
MHKMohawk Industries, Inc.	1.06%	444,098	$40M	added+3%	−0.25 pp	16 q
NTGRNETGEAR, Inc.	1.05%	2,008,616	$40M	trimmed−0%	+0.14 pp	22 q
SHELShell plc	1.05%	805,494	$40M	added+31%	+0.26 pp	3 q
GRFSGrifois, S.A.	1.03%	6,386,813	$39M	added+33%	−0.36 pp	8 q
WTWWillis Towers Watson Public Limited Company	0.91%	173,434	$35M	added+32%	+0.28 pp	3 q
EPCEdgewell Personal Care Company	0.85%	863,099	$32M	trimmed−24%	−0.11 pp	20 q
CPACopa Holdings, S.A.	0.82%	467,967	$31M	trimmed−5%	+0.06 pp	16 q
TIGOMillicom International Cellular S.A.	0.81%	2,716,522	$31M	added+40%	+0.13 pp	2 q
ZTOZTO Express (Cayman) Inc.	0.80%	1,271,553	$31M	trimmed−8%	−0.13 pp	14 q
UBSUBS Group AG	0.73%	1,908,172	$28M	trimmed−5%	−0.06 pp	32 q
FTITechnipFMC plc	0.66%	2,972,008	$25M	trimmed−73%	−1.16 pp	4 q
JNJJohnson & Johnson	0.65%	152,653	$25M	added+5%	+0.02 pp	29 q
INGRIngredion Incorporated	0.64%	303,070	$24M	added+6%	+0.02 pp	12 q
TAKTakeda Pharmaceutical Company Limited	0.64%	1,871,043	$24M	trimmed−7%	−0.05 pp	16 q
SNYSanofi	0.62%	618,843	$24M	added+3%	−0.11 pp	34 q
WKCWorld Kinect Corporation	0.62%	1,016,200	$24M	added+11%	+0.16 pp	23 q
OMCOmnicom Group Inc.	0.61%	371,990	$23M	added+7%	+0.07 pp	21 q
CTSHCognizant Technology Solutions	0.60%	399,571	$23M	added+59%	+0.19 pp	25 q
DRQInnovex International, Inc.	0.59%	1,162,187	$23M	added+1%	−0.13 pp	8 q
GOOGAlphabet Inc. Class C	0.57%	226,797	$22M	added+28%	+0.10 pp	23 q
FLEXFlex Ltd.	0.55%	1,266,073	$21M	added+8%	+0.13 pp	16 q
GOOGLAlphabet Inc. Class A	0.54%	216,922	$21M	new	+0.54 pp	new
NWLINational Western Life Group, Inc. Class A	0.54%	120,079	$21M	added+3%	−0.04 pp	28 q
FOXFox Corporation Class B	0.51%	676,785	$19M	added+19%	+0.10 pp	15 q
MUMicron Technology, Inc.	0.51%	388,485	$19M	added+11%	+0.04 pp	9 q
TMHCTaylor Morrison Home Corporation	0.50%	820,975	$19M	added+3%	+0.05 pp	20 q
TTENTotalenergies SE -spon ADR	0.50%	410,870	$19M	trimmed−4%	−0.05 pp	5 q
AZOAutoZone, Inc.	0.49%	8,789	$19M	added+15%	+0.09 pp	7 q
SAPSap SE	0.49%	232,331	$19M	added+37%	+0.12 pp	2 q
MOG.AMoog Inc.	0.48%	261,335	$18M	trimmed−22%	−0.17 pp	5 q
GSKGSK plc	0.46%	593,779	$17M	new	+0.46 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.42%	59,462	$16M	added+19%	+0.09 pp	6 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.41%	1,419,222	$16M	trimmed−10%	0.00 pp	34 q
EXEExpand Energy Corporation	0.40%	163,301	$15M	trimmed−15%	+0.02 pp	7 q
NVSNovartis AG	0.40%	198,515	$15M	trimmed−8%	−0.04 pp	8 q
BABAAlibaba Group Holding Limited	0.38%	180,697	$14M	trimmed−7%	−0.16 pp	12 q
CTVACorteva, Inc.	0.38%	253,824	$15M	trimmed−13%	−0.01 pp	10 q
EENI S.p.A.	0.37%	668,259	$14M	added+9%	+0.01 pp	34 q
HMCHonda Motor Co., Ltd.	0.37%	656,155	$14M	trimmed−5%	−0.04 pp	34 q
WPPWpp PLC	0.37%	345,861	$14M	added+10%	−0.02 pp	21 q
PKEPark Aerospace Corp.	0.36%	1,247,615	$14M	added+12%	+0.01 pp	9 q
unresolvedAvadel Pharmaceuticals PLC	0.35%	2,699,795	$14M	trimmed−26%	+0.13 pp	20 q
VIVTelefonica Brasil, S.A.	0.35%	1,766,584	$13M	trimmed−2%	−0.05 pp	34 q
TAROTaro Pharmaceutical Indus	0.33%	420,582	$13M	added+1%	−0.04 pp	21 q
EGRXEagle Pharms Inc	0.32%	467,857	$12M	added+1%	−0.18 pp	19 q
CSCOCisco Systems, Inc. (DE)	0.30%	290,408	$12M	added+10%	+0.03 pp	34 q
CYDChina Yuchai International Ltd.	0.30%	1,551,333	$11M	trimmed−2%	−0.04 pp	34 q
JCIJohnson Controls International plc	0.30%	232,988	$11M	added+7%	+0.05 pp	17 q
LLoews Corporation	0.29%	220,120	$11M	added+7%	−0.01 pp	30 q
QRVOQorvo, Inc.	0.29%	139,662	$11M	added+6%	−0.01 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.28%	2,334,081	$11M	trimmed−7%	−0.05 pp	34 q
ENICEnel Chile S.A.	0.27%	7,541,809	$10M	trimmed−9%	+0.04 pp	26 q
ABEVAmbev S.a.	0.25%	3,383,836	$10M	trimmed−11%	+0.02 pp	10 q
unresolvedCredit Suisse Group Spon ADR	0.25%	2,432,435	$10M	trimmed−6%	−0.11 pp	31 q
GHMGraham Corporation	0.25%	1,082,057	$10M	added+7%	+0.08 pp	11 q
OTEXOpen Text Corp	0.25%	366,584	$10M	added+4%	−0.08 pp	5 q
PHGKoninklijke Philips N.v.	0.24%	586,569	$9M	added+27%	0.00 pp	2 q
ORANYOrange SP/	0.24%	1,004,119	$9M	trimmed−9%	−0.08 pp	34 q
ORNOrion Group Holdings, Inc	0.24%	3,447,208	$9M	added+4%	+0.06 pp	34 q
GTESGates Industrial Corporation Ltd.	0.24%	956,928	$9M	added+6%	0.00 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.23%	196,790	$9M	trimmed−6%	−0.05 pp	10 q
unresolvedUnilever Spn.Adr 1:1	0.23%	201,420	$9M	trimmed−20%	−0.05 pp	3 q
BPBP p.l.c.	0.20%	268,166	$8M	trimmed−5%	0.00 pp	34 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.20%	127,557	$7M	trimmed−38%	−0.08 pp	9 q
HURCHurco Cos Inc	0.19%	320,820	$7M	added+2%	0.00 pp	7 q
FSTRFoster (Lb) Co	0.18%	690,340	$7M	added+4%	−0.03 pp	7 q
HLNHaleon plc	0.17%	1,060,622	$6M	new	+0.17 pp	new
KMTKennametal Inc.	0.17%	312,195	$6M	new	+0.17 pp	new
SHGShinhan Financial Group Co Ltd	0.16%	266,648	$6M	trimmed−7%	−0.04 pp	34 q
MSFTMicrosoft Corp	0.15%	24,547	$6M	added+11%	+0.01 pp	34 q
ORCLOracle Corp	0.15%	90,726	$6M	added+7%	+0.01 pp	34 q
unresolvedAegon NV	0.14%	1,350,844	$5M	trimmed−13%	−0.03 pp	34 q
BCSBarclays PLC	0.14%	845,982	$5M	trimmed−8%	−0.03 pp	5 q
PKXPOSCO Holdings Inc.	0.14%	145,454	$5M	trimmed−10%	−0.03 pp	34 q
ARLOArlo Technologies, Inc.	0.12%	1,012,088	$5M	added+5%	−0.03 pp	15 q
TMToyota Motor Corporation	0.12%	34,828	$5M	trimmed−2%	−0.01 pp	34 q
FLSFlowserve Corporation	0.11%	166,845	$4M	trimmed−57%	−0.16 pp	4 q
NWGNatWest Group plc	0.11%	839,162	$4M	new	+0.11 pp	new
UTHRUnited Therapeutics Corp	0.11%	19,506	$4M	trimmed−8%	−0.01 pp	20 q
HP5AEquity Commonwealth	0.09%	142,180	$3M	trimmed−11%	−0.02 pp	10 q
NKSHNational Bankshares Inc/VA	0.09%	104,539	$4M	added+8%	+0.02 pp	7 q
unresolvedCrh PLC	0.08%	96,990	$3M	trimmed−2%	0.00 pp	19 q
IXUSiShares Core MSCI Total International Stock ETF	0.08%	63,642	$3M	added×5.8	+0.06 pp	4 q
MDPediatrix Medical Group, Inc.	0.08%	188,722	$3M	added+4%	−0.01 pp	20 q
TAPMolson Coors Beverage Company Class B	0.07%	51,899	$2M	trimmed−0%	0.00 pp	4 q
NPKNational Presto Industries, Inc.	0.07%	39,702	$3M	trimmed−7%	0.00 pp	13 q
PAHCPhibro Animal Health Corporation Class A	0.07%	198,820	$3M	added+94%	+0.02 pp	14 q
CHNGChange Healthcare Inc.	0.06%	90,225	$2M	trimmed−81%	−0.21 pp	11 q
ARWArrow Electronics, Inc.	0.05%	19,259	$2M	trimmed−1%	0.00 pp	27 q
ELANElanco Animal Health Incorporated	0.05%	141,426	$2M	new	+0.05 pp	new
PINCNPremier Inc-class A	0.05%	58,045	$2M	added+4%	0.00 pp	13 q
PBHPrestige Consumer Healthcare Inc.	0.05%	39,595	$2M	added+7%	0.00 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	26,898	$2M	trimmed−3%	−0.01 pp	18 q
CRD.ACrawford & Company Class A	0.04%	251,076	$1M	added+52%	+0.01 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	66,850	$2M	trimmed−0%	−0.01 pp	20 q
BLCOBausch + Lomb Corporation	0.03%	74,290	$1M	new	+0.03 pp	new
CAECAE Inc.	0.03%	63,937	$980,000	added×4.4	+0.02 pp	2 q
FFIVF5, Inc.	0.03%	7,659	$1M	trimmed−1%	0.00 pp	11 q
MLRMiller Industries, Inc.	0.03%	50,144	$1M	new	+0.03 pp	new
ASAIYSendas Distribudra S/	0.03%	60,883	$982,000	trimmed−31%	0.00 pp	7 q
ACNBACNB Corp	0.02%	24,556	$738,000	added+14%	0.00 pp	6 q
GIBCGI Inc.	0.02%	10,782	$811,000	held	—	2 q
CLSCelestica, Inc.	0.02%	93,255	$785,000	added+31%	0.00 pp	20 q
HN9Hanesbrands Inc	0.02%	91,461	$637,000	new	+0.02 pp	new
IMKTAIngles Markets Inc	0.02%	7,756	$614,000	added+11%	+0.01 pp	7 q
NTESNetEase, inc.	0.02%	8,687	$657,000	added+10%	0.00 pp	5 q
DGXQuest Diagnostics Inc.	0.02%	6,720	$825,000	trimmed−0%	0.00 pp	18 q
RBBNRibbon Communications Inc.	0.02%	292,443	$649,000	added+21%	0.00 pp	4 q
SAICScience Applications International Corporation	0.02%	8,934	$790,000	trimmed−34%	−0.01 pp	3 q
SMGThe Scotts Miracle-Gro Company	0.02%	22,113	$945,000	added+60%	−0.01 pp	2 q
0OIASolarWinds Corporation	0.02%	110,319	$855,000	added+100%	+0.01 pp	6 q
TIMBTim S.a.	0.02%	77,913	$871,000	trimmed−14%	−0.01 pp	8 q
UTMDUtah Medical Products Inc	0.02%	7,858	$670,000	trimmed−1%	0.00 pp	2 q
VTVanguard Total World Stock ETF	0.02%	11,915	$940,000	added×2.4	+0.01 pp	2 q
BAPCredicorp LTD	0.02%	6,220	$764,000	trimmed−11%	0.00 pp	5 q
BHCBausch Health Companies Inc	0.01%	60,698	$418,000	added+11%	0.00 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$406,000	held	—	4 q
CCJCameco Corporation	0.01%	12,140	$322,000	trimmed−92%	−0.07 pp	12 q
GTEGran Tierra Energy Inc.	0.01%	361,692	$438,000	added+8%	0.00 pp	28 q
HDBHDFC Bank Limited	0.01%	8,445	$493,000	trimmed−12%	0.00 pp	9 q
HCSGHealthcare Services Group	0.01%	46,691	$564,000	new	+0.01 pp	new
KBALKimball International	0.01%	71,256	$448,000	trimmed−23%	−0.01 pp	3 q
LNSRLENSAR, Inc.	0.01%	57,033	$317,000	added+14%	0.00 pp	8 q
MDCM.D.C. Holdings, Inc.	0.01%	16,418	$450,000	trimmed−23%	−0.01 pp	2 q
MFCManulife Financial Corp.	0.01%	15,017	$235,000	added+34%	+0.01 pp	8 q
RTXRTX Corporation	0.01%	3,322	$272,000	trimmed−3%	0.00 pp	5 q
RCIRogers Communications, Inc.	0.01%	7,566	$292,000	added+22%	0.00 pp	8 q
SCHLScholastic Corp	0.01%	8,396	$258,000	trimmed−4%	0.00 pp	20 q
GJBSteelcase Inc-cl A	0.01%	65,717	$428,000	added+7%	−0.01 pp	4 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	9,955	$363,000	added+30%	0.00 pp	2 q
VBRVanguard Morningstar Small-Cap Value ETF	0.01%	2,466	$354,000	trimmed−88%	−0.07 pp	2 q
IVCInvacare Corporation	0.00%	40,305	$31,000	added+16%	0.00 pp	7 q
unresolvedGlaxosmithkline PLC	—	−709,630	—	exited	−0.75 pp	—
AVTAvnet, Inc.	—	−313,119	—	exited	−0.33 pp	—
AEBAAllete Inc	—	−155,510	—	exited	−0.22 pp	—
unresolvedNatwest Group PLC	—	−922,320	—	exited	−0.12 pp	—
MBTMobile TeleSystems Public Joint Stock Company	—	−2,894,725	—	exited	−0.07 pp	—
AVAAvista Corporation	—	−17,853	—	exited	−0.02 pp	—
SWSmurfit Westrock plc	—	−34,823	—	exited	−0.02 pp	—
EBMTEagle Bancorp Montana, Inc	—	−12,806	—	exited	−0.01 pp	—
RGPResources Connection	—	−26,955	—	exited	−0.01 pp	—
SKAASkechers USA Inc-cl A	—	−6,099	—	exited	−0.01 pp	—