Brandes

Q4 2022 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2022
Filed: Feb 9, 2023
US stock: $3.6B · prev $3.8B
Positions: 138 · 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%

Moves161 since the prior filing

+4.0 pp in · −4.0 pp out

New 2 +0.03 pp
Added 14 +4.00 pp
Trimmed 118 −2.89 pp
Exited 27 −1.16 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions138 in this filing · 27 exited


EMBJEmbraer S.A.	4.82%	15,719,281	$172M	trimmed−17%	+0.53 pp	35 q
CXCemex S.A.B. de C.V.	3.53%	31,051,840	$126M	trimmed−12%	+0.36 pp	35 q
WFCWells Fargo & Co.	3.28%	2,833,167	$117M	trimmed−11%	−0.07 pp	35 q
CVXChevron Corporation	3.07%	610,703	$110M	trimmed−4%	+0.66 pp	35 q
CIThe Cigna Group	2.91%	312,916	$104M	trimmed−34%	−0.51 pp	17 q
HALHalliburton Company	2.88%	2,610,409	$103M	trimmed−11%	+0.98 pp	16 q
PFEPfizer Inc.	2.84%	1,979,570	$101M	trimmed−14%	+0.20 pp	35 q
MRKMerck & Co., Inc.	2.73%	877,678	$97M	trimmed−27%	+0.03 pp	35 q
MCKMcKesson Corporation	2.67%	253,801	$95M	trimmed−11%	+0.12 pp	28 q
BACBank of America Corporation	2.64%	2,847,531	$94M	trimmed−12%	+0.08 pp	35 q
AIGAmerican International Group, Inc.	2.60%	1,464,485	$93M	trimmed−12%	+0.54 pp	34 q
CAHCardinal Health, Inc.	2.57%	1,194,008	$92M	trimmed−14%	+0.16 pp	23 q
FISVFiserv, Inc.	2.56%	903,722	$91M	trimmed−12%	+0.06 pp	7 q
DOXAmdocs Limited	2.49%	978,197	$89M	trimmed−9%	+0.24 pp	35 q
CCitigroup Inc.	2.47%	1,948,735	$88M	trimmed−13%	+0.04 pp	35 q
CMCSAComcast Corp	2.40%	2,446,983	$86M	trimmed−11%	+0.29 pp	21 q
CVSCvs Health Corporation	2.15%	821,919	$77M	trimmed−12%	−0.18 pp	24 q
PNCPNC Financial Services Group	2.14%	482,246	$76M	added+2%	+0.30 pp	35 q
FDXFedEx Corporation	1.90%	390,547	$68M	trimmed−13%	+0.16 pp	16 q
GRFSGrifois, S.A.	1.84%	7,716,658	$66M	added+21%	+0.81 pp	9 q
HCAHCA Healthcare, Inc.	1.81%	268,806	$65M	trimmed−11%	+0.35 pp	23 q
GDGeneral Dynamics Corporation	1.71%	245,315	$61M	trimmed−43%	−0.66 pp	11 q
EMREmerson Electric Co.	1.67%	620,439	$60M	trimmed−13%	+0.30 pp	30 q
STTState Street Corporation	1.64%	755,456	$59M	trimmed−12%	+0.28 pp	35 q
TFCTruist Financial Corporation	1.52%	1,259,604	$54M	trimmed−11%	−0.09 pp	35 q
AMATApplied Materials Inc	1.38%	504,603	$49M	trimmed−11%	+0.16 pp	17 q
BNYBank of New York Mellon Corporation	1.36%	1,067,964	$49M	trimmed−14%	+0.10 pp	35 q
TXTTextron, Inc.	1.36%	682,653	$48M	trimmed−16%	+0.11 pp	12 q
JPMJPMorgan Chase & Co.	1.34%	356,556	$48M	trimmed−11%	+0.24 pp	35 q
CTSHCognizant Technology Solutions	1.32%	821,370	$47M	added×2.1	+0.72 pp	26 q
OMFOneMain Holdings, Inc.	1.30%	1,393,147	$46M	trimmed−12%	+0.07 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	1.29%	195,925	$46M	trimmed−5%	+0.19 pp	25 q
TIGOMillicom International Cellular S.A.	1.20%	3,396,711	$43M	added+25%	+0.39 pp	3 q
MUMicron Technology, Inc.	1.14%	814,885	$41M	added×2.1	+0.63 pp	10 q
MHKMohawk Industries, Inc.	1.13%	395,398	$40M	trimmed−11%	+0.07 pp	17 q
WTWWillis Towers Watson Public Limited Company	1.07%	155,583	$38M	trimmed−10%	+0.16 pp	4 q
ORIOld Republic International Corporation	1.04%	1,530,780	$37M	trimmed−35%	−0.25 pp	35 q
ZTOZTO Express (Cayman) Inc.	1.03%	1,362,298	$37M	added+7%	+0.23 pp	15 q
DRQInnovex International, Inc.	0.99%	1,294,224	$35M	added+11%	+0.40 pp	9 q
CPACopa Holdings, S.A.	0.97%	418,083	$35M	trimmed−11%	+0.15 pp	17 q
NTGRNETGEAR, Inc.	0.96%	1,891,645	$34M	trimmed−6%	−0.09 pp	23 q
NWLINational Western Life Group, Inc. Class A	0.82%	103,776	$29M	trimmed−14%	+0.28 pp	29 q
EPCEdgewell Personal Care Company	0.80%	741,173	$29M	trimmed−14%	−0.05 pp	21 q
OMCOmnicom Group Inc.	0.77%	336,904	$27M	trimmed−9%	+0.16 pp	22 q
GOOGLAlphabet Inc. Class A	0.73%	295,699	$26M	added+36%	+0.19 pp	2 q
INGRIngredion Incorporated	0.73%	266,636	$26M	trimmed−12%	+0.09 pp	13 q
SHELShell plc	0.73%	455,200	$26M	trimmed−43%	−0.32 pp	4 q
FTITechnipFMC plc	0.68%	2,001,904	$24M	trimmed−33%	+0.02 pp	5 q
WKCWorld Kinect Corporation	0.66%	866,630	$24M	trimmed−15%	+0.04 pp	24 q
FLEXFlex Ltd.	0.65%	1,072,116	$23M	trimmed−15%	+0.10 pp	17 q
JNJJohnson & Johnson	0.64%	129,990	$23M	trimmed−15%	−0.01 pp	30 q
MOG.AMoog Inc.	0.56%	228,540	$20M	trimmed−13%	+0.08 pp	6 q
AZOAutoZone, Inc.	0.55%	7,893	$19M	trimmed−10%	+0.06 pp	8 q
GOOGAlphabet Inc. Class C	0.54%	215,904	$19M	trimmed−5%	−0.03 pp	24 q
SNYSanofi	0.53%	392,497	$19M	trimmed−37%	−0.09 pp	35 q
FOXFox Corporation Class B	0.50%	626,676	$18M	trimmed−7%	−0.01 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.47%	53,932	$17M	trimmed−9%	+0.05 pp	7 q
PKEPark Aerospace Corp.	0.43%	1,138,931	$15M	trimmed−9%	+0.07 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.34%	254,178	$12M	trimmed−12%	+0.04 pp	35 q
EGRXEagle Pharms Inc	0.34%	416,177	$12M	trimmed−11%	+0.02 pp	20 q
TAROTaro Pharmaceutical Indus	0.34%	413,545	$12M	trimmed−2%	+0.01 pp	22 q
unresolvedAvadel Pharmaceuticals PLC	0.33%	1,655,260	$12M	trimmed−39%	−0.02 pp	21 q
QRVOQorvo, Inc.	0.33%	129,219	$12M	trimmed−7%	+0.04 pp	4 q
EXEExpand Energy Corporation	0.32%	119,755	$11M	trimmed−27%	−0.08 pp	8 q
LLoews Corporation	0.32%	196,556	$11M	trimmed−11%	+0.03 pp	31 q
CYDChina Yuchai International Ltd.	0.30%	1,516,727	$11M	trimmed−2%	0.00 pp	35 q
CTVACorteva, Inc.	0.29%	177,682	$10M	trimmed−30%	−0.09 pp	11 q
OTEXOpen Text Corp	0.28%	335,197	$10M	trimmed−9%	+0.03 pp	6 q
GTESGates Industrial Corporation Ltd.	0.28%	880,880	$10M	trimmed−8%	+0.04 pp	5 q
TMHCTaylor Morrison Home Corporation	0.27%	312,120	$9M	trimmed−62%	−0.23 pp	21 q
JCIJohnson Controls International plc	0.25%	137,956	$9M	trimmed−41%	−0.05 pp	18 q
PAHCPhibro Animal Health Corporation Class A	0.24%	639,341	$9M	added×3.2	+0.17 pp	15 q
GHMGraham Corporation	0.23%	840,827	$8M	trimmed−22%	−0.02 pp	12 q
ARLOArlo Technologies, Inc.	0.20%	2,049,129	$7M	added×2.0	+0.08 pp	16 q
ORCLOracle Corp	0.19%	80,889	$7M	trimmed−11%	+0.04 pp	35 q
ORNOrion Group Holdings, Inc	0.19%	2,884,667	$7M	trimmed−16%	−0.05 pp	35 q
HURCHurco Cos Inc	0.18%	248,758	$7M	trimmed−22%	−0.01 pp	8 q
FSTRFoster (Lb) Co	0.15%	558,242	$5M	trimmed−19%	−0.03 pp	8 q
MSFTMicrosoft Corp	0.14%	21,457	$5M	trimmed−13%	−0.01 pp	35 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	48,995	$4M	added+82%	+0.05 pp	19 q
FLSFlowserve Corporation	0.08%	97,871	$3M	trimmed−41%	−0.03 pp	5 q
NPKNational Presto Industries, Inc.	0.08%	44,074	$3M	added+11%	+0.01 pp	14 q
UTHRUnited Therapeutics Corp	0.08%	9,960	$3M	trimmed−49%	−0.03 pp	21 q
ENICEnel Chile S.A.	0.07%	1,125,889	$3M	trimmed−85%	−0.20 pp	27 q
TAPMolson Coors Beverage Company Class B	0.07%	47,082	$2M	trimmed−9%	0.00 pp	5 q
NKSHNational Bankshares Inc/VA	0.07%	59,710	$2M	trimmed−43%	−0.02 pp	8 q
ELANElanco Animal Health Incorporated	0.06%	168,333	$2M	added+19%	+0.01 pp	2 q
HP5AEquity Commonwealth	0.06%	92,498	$2M	trimmed−35%	−0.03 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	60,698	$2M	trimmed−9%	+0.02 pp	21 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.06%	226,351	$2M	trimmed−84%	−0.35 pp	35 q
UBSUBS Group AG	0.06%	117,464	$2M	trimmed−94%	−0.67 pp	33 q
ARWArrow Electronics, Inc.	0.05%	17,112	$2M	trimmed−11%	0.00 pp	28 q
KMTKennametal Inc.	0.05%	80,459	$2M	trimmed−74%	−0.12 pp	2 q
MDPediatrix Medical Group, Inc.	0.05%	126,409	$2M	trimmed−33%	−0.03 pp	21 q
NVSNovartis AG	0.05%	18,611	$2M	trimmed−91%	−0.35 pp	9 q
SAPSap SE	0.05%	17,164	$2M	trimmed−93%	−0.44 pp	3 q
TAKTakeda Pharmaceutical Company Limited	0.05%	118,420	$2M	trimmed−94%	−0.59 pp	17 q
BLCOBausch + Lomb Corporation	0.04%	98,127	$2M	added+32%	+0.01 pp	2 q
EENI S.p.A.	0.04%	50,828	$1M	trimmed−92%	−0.33 pp	35 q
PHGKoninklijke Philips N.v.	0.04%	95,099	$1M	trimmed−84%	−0.20 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.04%	225,424	$2M	trimmed−90%	−0.24 pp	35 q
TTENTotalenergies SE -spon ADR	0.04%	24,936	$2M	trimmed−94%	−0.46 pp	6 q
BABAAlibaba Group Holding Limited	0.03%	13,816	$1M	trimmed−92%	−0.35 pp	13 q
BUDAnheuser-Busch INBEV SA/NV	0.03%	19,359	$1M	trimmed−90%	−0.20 pp	11 q
CAECAE Inc.	0.03%	56,269	$1M	trimmed−12%	0.00 pp	3 q
CLSCelestica, Inc.	0.03%	80,857	$911,258	trimmed−13%	+0.01 pp	21 q
unresolvedCredit Suisse Group Spon ADR	0.03%	352,020	$1M	trimmed−86%	−0.22 pp	32 q
FFIVF5, Inc.	0.03%	6,522	$935,972	trimmed−15%	0.00 pp	12 q
HMCHonda Motor Co., Ltd.	0.03%	46,776	$1M	trimmed−93%	−0.34 pp	35 q
PINCNPremier Inc-class A	0.03%	32,856	$1M	trimmed−43%	−0.02 pp	14 q
VIVTelefonica Brasil, S.A.	0.03%	161,814	$1M	trimmed−91%	−0.32 pp	35 q
unresolvedUnilever Spn.Adr 1:1	0.03%	19,053	$959,318	trimmed−91%	−0.20 pp	4 q
unresolvedAegon NV	0.02%	154,618	$779,275	trimmed−89%	−0.12 pp	35 q
ABEVAmbev S.a.	0.02%	262,295	$713,442	trimmed−92%	−0.23 pp	11 q
GIBCGI Inc.	0.02%	8,487	$730,985	trimmed−21%	0.00 pp	3 q
GILGildan Activewear Inc.	0.02%	25,189	$690,178	new	+0.02 pp	new
GSKGSK plc	0.02%	21,388	$751,574	trimmed−96%	−0.44 pp	2 q
ORANYOrange SP/	0.02%	56,622	$559,425	trimmed−94%	−0.22 pp	35 q
PKXPOSCO Holdings Inc.	0.02%	15,882	$865,092	trimmed−89%	−0.12 pp	35 q
SHGShinhan Financial Group Co Ltd	0.02%	25,257	$705,428	trimmed−91%	−0.14 pp	35 q
WPPWpp PLC	0.02%	14,388	$707,314	trimmed−96%	−0.35 pp	22 q
BCSBarclays PLC	0.01%	51,459	$401,380	trimmed−94%	−0.13 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$468,711	held	—	5 q
CRD.ACrawford & Company Class A	0.01%	44,051	$244,924	trimmed−82%	−0.03 pp	8 q
FMSFresenius Medical Care AG	0.01%	29,223	$477,504	new	+0.01 pp	new
GTEGran Tierra Energy Inc.	0.01%	361,692	$358,075	held	—	29 q
HLNHaleon plc	0.01%	59,390	$475,120	trimmed−94%	−0.16 pp	2 q
HN9Hanesbrands Inc	0.01%	30,929	$196,708	trimmed−66%	−0.01 pp	2 q
HCSGHealthcare Services Group	0.01%	22,617	$271,404	trimmed−52%	0.00 pp	2 q
MFCManulife Financial Corp.	0.01%	15,017	$267,903	held	—	9 q
PBHPrestige Consumer Healthcare Inc.	0.01%	7,523	$470,940	trimmed−81%	−0.04 pp	10 q
RCIRogers Communications, Inc.	0.01%	7,566	$354,392	held	—	9 q
SAICScience Applications International Corporation	0.01%	2,322	$257,579	trimmed−74%	−0.01 pp	4 q
SMGThe Scotts Miracle-Gro Company	0.01%	5,014	$243,630	trimmed−77%	−0.01 pp	3 q
0OIASolarWinds Corporation	0.01%	20,165	$188,744	trimmed−82%	−0.01 pp	7 q
KBALKimball International	0.00%	12,369	$80,399	trimmed−83%	−0.01 pp	4 q
RBBNRibbon Communications Inc.	0.00%	51,209	$142,873	trimmed−82%	−0.02 pp	5 q
GJBSteelcase Inc-cl A	0.00%	17,848	$126,185	trimmed−73%	−0.01 pp	5 q
BPBP p.l.c.	—	−268,166	—	exited	−0.20 pp	—
KOFCoca-Cola FEMSA, S.A.B DE C.V	—	−127,557	—	exited	−0.20 pp	—
TMToyota Motor Corporation	—	−34,828	—	exited	−0.12 pp	—
NWGNatWest Group plc	—	−839,162	—	exited	−0.11 pp	—
unresolvedCrh PLC	—	−96,990	—	exited	−0.08 pp	—
IXUSiShares Core MSCI Total International Stock ETF	—	−63,642	—	exited	−0.08 pp	—
CHNGChange Healthcare Inc.	—	−90,225	—	exited	−0.06 pp	—
MLRMiller Industries, Inc.	—	−50,144	—	exited	−0.03 pp	—
ASAIYSendas Distribudra S/	—	−60,883	—	exited	−0.03 pp	—
ACNBACNB Corp	—	−24,556	—	exited	−0.02 pp	—
IMKTAIngles Markets Inc	—	−7,756	—	exited	−0.02 pp	—
NTESNetEase, inc.	—	−8,687	—	exited	−0.02 pp	—
DGXQuest Diagnostics Inc.	—	−6,720	—	exited	−0.02 pp	—
TIMBTim S.a.	—	−77,913	—	exited	−0.02 pp	—
UTMDUtah Medical Products Inc	—	−7,858	—	exited	−0.02 pp	—
VTVanguard Total World Stock ETF	—	−11,915	—	exited	−0.02 pp	—
BAPCredicorp LTD	—	−6,220	—	exited	−0.02 pp	—
BHCBausch Health Companies Inc	—	−60,698	—	exited	−0.01 pp	—
CCJCameco Corporation	—	−12,140	—	exited	−0.01 pp	—
HDBHDFC Bank Limited	—	−8,445	—	exited	−0.01 pp	—
LNSRLENSAR, Inc.	—	−57,033	—	exited	−0.01 pp	—
MDCM.D.C. Holdings, Inc.	—	−16,418	—	exited	−0.01 pp	—
RTXRTX Corporation	—	−3,322	—	exited	−0.01 pp	—
SCHLScholastic Corp	—	−8,396	—	exited	−0.01 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−9,955	—	exited	−0.01 pp	—
VBRVanguard Morningstar Small-Cap Value ETF	—	−2,466	—	exited	−0.01 pp	—
IVCInvacare Corporation	—	−40,305	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue	% of notes	Principal	Value
Microstrategy Inc	100.00%	10,711,000	$4M

Source

Form: 13F-HR
Reading: 1 defect · 4 unresolved
Accession: 0001041062-23-000084
Options: none in this filing
SEC cross-check: SEC data set not published yet

The filing disagrees with its own cover page — cover page declares value 3570607; table sums 3570607155 (cover in thousands, table in dollars) — kept, the table is the record

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