Brandes

Q1 2023 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2023
Filed: May 9, 2023
US stock: $4.7B · prev $3.6B
Positions: 153 · prev 138
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%

Moves152 since the prior filing

+4.1 pp in · −4.1 pp out

New 19 +0.88 pp
Added 116 +3.23 pp
Trimmed 13 −3.77 pp
Exited 4 −0.31 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.9% a year, about 11.2 years per position

Low
Moderate
High

Top 5 positions18% of US stock

EMBJ Embraer S.A. added+1.61 pp added+1.616.4%
CX Cemex S.A.B. de C.V. added+0.58 pp added+0.584.1%
WFC Wells Fargo & Co. added−0.35 pp added−0.352.9%
FISV Fiserv, Inc. added−0.08 pp added−0.082.5%
BAC Bank of America Corporation added−0.27 pp added−0.272.4%

Positions153 in this filing · 4 exited


EMBJEmbraer S.A.	6.43%	18,484,175	$303M	added+18%	+1.61 pp	36 q
CXCemex S.A.B. de C.V.	4.11%	34,964,848	$193M	added+13%	+0.58 pp	36 q
WFCWells Fargo & Co.	2.93%	3,689,651	$138M	added+30%	−0.35 pp	36 q
FISVFiserv, Inc.	2.48%	1,034,045	$117M	added+14%	−0.08 pp	8 q
BACBank of America Corporation	2.37%	3,896,662	$111M	added+37%	−0.27 pp	36 q
CMCSAComcast Corp	2.33%	2,895,970	$110M	added+18%	−0.07 pp	22 q
CVXChevron Corporation	2.31%	665,740	$109M	added+9%	−0.76 pp	36 q
FDXFedEx Corporation	2.27%	467,222	$107M	added+20%	+0.37 pp	17 q
CCitigroup Inc.	2.24%	2,251,323	$106M	added+16%	−0.23 pp	36 q
DOXAmdocs Limited	2.24%	1,098,404	$105M	added+12%	−0.25 pp	36 q
MCKMcKesson Corporation	2.22%	293,276	$104M	added+16%	−0.45 pp	29 q
CAHCardinal Health, Inc.	2.18%	1,360,798	$103M	added+14%	−0.39 pp	24 q
MRKMerck & Co., Inc.	2.14%	946,061	$101M	added+8%	−0.59 pp	36 q
HALHalliburton Company	2.09%	3,108,366	$98M	added+19%	−0.79 pp	17 q
PFEPfizer Inc.	2.09%	2,411,559	$98M	added+22%	−0.75 pp	36 q
CIThe Cigna Group	1.95%	359,800	$92M	added+15%	−0.96 pp	18 q
AIGAmerican International Group, Inc.	1.77%	1,656,173	$83M	added+13%	−0.83 pp	35 q
HCAHCA Healthcare, Inc.	1.77%	316,209	$83M	added+18%	−0.04 pp	24 q
PNCPNC Financial Services Group	1.67%	619,882	$79M	added+29%	−0.47 pp	36 q
GRFSGrifois, S.A.	1.61%	10,293,456	$76M	added+33%	−0.23 pp	10 q
AMATApplied Materials Inc	1.56%	597,463	$73M	added+18%	+0.18 pp	18 q
CVSCvs Health Corporation	1.51%	952,918	$71M	added+16%	−0.64 pp	25 q
MUMicron Technology, Inc.	1.46%	1,138,343	$69M	added+40%	+0.32 pp	11 q
BNYBank of New York Mellon Corporation	1.43%	1,479,603	$67M	added+39%	+0.07 pp	36 q
EMREmerson Electric Co.	1.35%	727,918	$63M	added+17%	−0.32 pp	31 q
TIGOMillicom International Cellular S.A.	1.33%	3,301,645	$62M	trimmed−3%	+0.13 pp	4 q
OMFOneMain Holdings, Inc.	1.32%	1,669,899	$62M	added+20%	+0.02 pp	9 q
CTSHCognizant Technology Solutions	1.27%	980,396	$60M	added+19%	−0.05 pp	27 q
JPMJPMorgan Chase & Co.	1.23%	443,700	$58M	added+24%	−0.11 pp	36 q
TXTTextron, Inc.	1.23%	820,463	$58M	added+20%	−0.13 pp	13 q
SNYSanofi	1.20%	1,036,728	$56M	added×2.6	+0.67 pp	36 q
99803EURLaboratory Crp Of Amer Hldgs	1.18%	242,006	$56M	added+24%	−0.11 pp	26 q
STTState Street Corporation	1.13%	701,704	$53M	trimmed−7%	−0.51 pp	36 q
SHELShell plc	1.00%	813,866	$47M	added+79%	+0.27 pp	5 q
MHKMohawk Industries, Inc.	0.97%	455,837	$46M	added+15%	−0.16 pp	18 q
ORIOld Republic International Corporation	0.95%	1,797,271	$45M	added+17%	−0.09 pp	36 q
NTGRNETGEAR, Inc.	0.90%	2,282,916	$42M	added+21%	−0.06 pp	24 q
WTWWillis Towers Watson Public Limited Company	0.88%	178,093	$41M	added+14%	−0.19 pp	5 q
ZTOZTO Express (Cayman) Inc.	0.85%	1,392,170	$40M	added+2%	−0.18 pp	16 q
CPACopa Holdings, S.A.	0.85%	433,113	$40M	added+4%	−0.12 pp	18 q
DRQInnovex International, Inc.	0.82%	1,346,930	$39M	added+4%	−0.17 pp	10 q
OMCOmnicom Group Inc.	0.79%	391,911	$37M	added+16%	+0.02 pp	23 q
GOOGLAlphabet Inc. Class A	0.73%	330,216	$34M	added+12%	0.00 pp	3 q
UBSUBS Group AG	0.71%	1,574,155	$34M	added×13.4	+0.65 pp	34 q
GOOGAlphabet Inc. Class C	0.67%	303,224	$32M	added+40%	+0.13 pp	25 q
BABAAlibaba Group Holding Limited	0.66%	303,573	$31M	added×22.0	+0.63 pp	14 q
EPCEdgewell Personal Care Company	0.64%	709,224	$30M	trimmed−4%	−0.16 pp	22 q
TAKTakeda Pharmaceutical Company Limited	0.64%	1,817,972	$30M	added×15.4	+0.59 pp	18 q
FLEXFlex Ltd.	0.64%	1,306,242	$30M	added+22%	−0.01 pp	18 q
INGRIngredion Incorporated	0.63%	291,430	$30M	added+9%	−0.10 pp	14 q
SAPSap SE	0.62%	229,310	$29M	added×13.4	+0.57 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.62%	311,551	$29M	added×6.4	+0.52 pp	20 q
WKCWorld Kinect Corporation	0.61%	1,120,004	$29M	added+29%	−0.05 pp	25 q
FTITechnipFMC plc	0.57%	1,965,734	$27M	trimmed−2%	−0.11 pp	6 q
MOG.AMoog Inc.	0.56%	262,639	$26M	added+15%	0.00 pp	7 q
NWLINational Western Life Group, Inc. Class A	0.55%	107,028	$26M	added+3%	−0.27 pp	30 q
JNJJohnson & Johnson	0.54%	163,152	$25M	added+26%	−0.10 pp	31 q
AZOAutoZone, Inc.	0.50%	9,636	$24M	added+22%	−0.05 pp	9 q
FOXFox Corporation Class B	0.50%	757,611	$24M	added+21%	0.00 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	0.49%	75,223	$23M	added+39%	+0.02 pp	8 q
GSKGSK plc	0.49%	641,843	$23M	added×30.0	+0.47 pp	3 q
TTENTotalenergies SE -spon ADR	0.49%	391,881	$23M	added×15.7	+0.45 pp	7 q
WPPWpp PLC	0.44%	349,753	$21M	added×24.3	+0.42 pp	23 q
PAHCPhibro Animal Health Corporation Class A	0.42%	1,280,299	$20M	added×2.0	+0.18 pp	16 q
ELANElanco Animal Health Incorporated	0.41%	2,060,972	$19M	added×12.2	+0.35 pp	3 q
EENI S.p.A.	0.39%	656,096	$18M	added×12.9	+0.35 pp	36 q
PKEPark Aerospace Corp.	0.39%	1,352,408	$18M	added+19%	−0.04 pp	11 q
HMCHonda Motor Co., Ltd.	0.38%	683,207	$18M	added×14.6	+0.35 pp	36 q
NVSNovartis AG	0.37%	189,651	$17M	added×10.2	+0.32 pp	10 q
ENICEnel Chile S.A.	0.36%	6,274,925	$17M	added×5.6	+0.29 pp	28 q
CSCOCisco Systems, Inc. (DE)	0.35%	312,625	$16M	added+23%	+0.01 pp	36 q
EGRXEagle Pharms Inc	0.33%	545,050	$15M	added+31%	−0.01 pp	21 q
PHGKoninklijke Philips N.v.	0.33%	842,691	$15M	added×8.9	+0.29 pp	4 q
QRVOQorvo, Inc.	0.33%	151,611	$15M	added+17%	0.00 pp	5 q
GHMGraham Corporation	0.32%	1,135,676	$15M	added+35%	+0.09 pp	13 q
ABEVAmbev S.a.	0.31%	5,112,003	$14M	added×19.5	+0.29 pp	12 q
ARLOArlo Technologies, Inc.	0.31%	2,394,880	$15M	added+17%	+0.11 pp	17 q
OTEXOpen Text Corp	0.31%	376,356	$15M	added+12%	+0.03 pp	7 q
TFCTruist Financial Corporation	0.31%	432,639	$15M	trimmed−66%	−1.21 pp	36 q
GTESGates Industrial Corporation Ltd.	0.31%	1,033,283	$14M	added+17%	+0.03 pp	6 q
unresolvedAvadel Pharmaceuticals PLC	0.28%	1,444,635	$13M	trimmed−13%	−0.05 pp	22 q
CTVACorteva, Inc.	0.28%	214,888	$13M	added+21%	−0.01 pp	12 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.28%	1,429,245	$13M	added×6.3	+0.22 pp	36 q
VIVTelefonica Brasil, S.A.	0.28%	1,724,046	$13M	added×10.7	+0.25 pp	36 q
BUDAnheuser-Busch INBEV SA/NV	0.27%	190,449	$13M	added×9.8	+0.24 pp	12 q
HN9Hanesbrands Inc	0.26%	2,355,656	$12M	added×76.2	+0.25 pp	3 q
ORANYOrange SP/	0.26%	1,014,765	$12M	added×17.9	+0.24 pp	36 q
CYDChina Yuchai International Ltd.	0.25%	1,517,312	$12M	added0%	−0.05 pp	36 q
EXEExpand Energy Corporation	0.24%	146,332	$11M	added+22%	−0.08 pp	9 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.24%	1,790,842	$11M	added×7.9	+0.20 pp	36 q
TAROTaro Pharmaceutical Indus	0.24%	462,356	$11M	added+12%	−0.10 pp	23 q
unresolvedUnilever Spn.Adr 1:1	0.22%	200,322	$10M	added×10.5	+0.19 pp	5 q
BPBP p.l.c.	0.20%	251,520	$10M	new	+0.20 pp	new
ORCLOracle Corp	0.20%	100,195	$9M	added+24%	+0.01 pp	36 q
ORNOrion Group Holdings, Inc	0.20%	3,561,995	$9M	added+23%	+0.01 pp	36 q
PKXPOSCO Holdings Inc.	0.20%	137,299	$10M	added×8.6	+0.18 pp	36 q
JCIJohnson Controls International plc	0.20%	158,279	$10M	added+15%	−0.05 pp	19 q
HLNHaleon plc	0.19%	1,082,842	$9M	added×18.2	+0.18 pp	3 q
FSTRFoster (Lb) Co	0.17%	714,135	$8M	added+28%	+0.02 pp	9 q
LLoews Corporation	0.17%	138,487	$8M	trimmed−30%	−0.15 pp	32 q
MSFTMicrosoft Corp	0.17%	27,349	$8M	added+27%	+0.03 pp	36 q
BCSBarclays PLC	0.16%	1,060,729	$8M	added×20.6	+0.15 pp	7 q
SHGShinhan Financial Group Co Ltd	0.15%	264,340	$7M	added×10.5	+0.13 pp	36 q
GDGeneral Dynamics Corporation	0.14%	29,602	$7M	trimmed−88%	−1.57 pp	12 q
NPKNational Presto Industries, Inc.	0.14%	92,332	$7M	added×2.1	+0.06 pp	15 q
unresolvedAegon NV	0.12%	1,351,339	$6M	added×8.7	+0.10 pp	36 q
WRBW.R. Berkley Corporation	0.11%	83,516	$5M	new	+0.11 pp	new
NWGNatWest Group plc	0.11%	795,606	$5M	new	+0.11 pp	new
unresolvedCrh PLC	0.10%	90,896	$5M	new	+0.10 pp	new
HP5AEquity Commonwealth	0.10%	228,402	$5M	added×2.5	+0.04 pp	12 q
HURCHurco Cos Inc	0.10%	181,023	$5M	trimmed−27%	−0.08 pp	9 q
TMToyota Motor Corporation	0.10%	32,504	$5M	new	+0.10 pp	new
MDPediatrix Medical Group, Inc.	0.09%	287,667	$4M	added×2.3	+0.04 pp	22 q
NKSHNational Bankshares Inc/VA	0.07%	102,472	$3M	added+72%	0.00 pp	9 q
UTHRUnited Therapeutics Corp	0.07%	14,630	$3M	added+47%	−0.01 pp	22 q
FLSFlowserve Corporation	0.06%	85,887	$3M	trimmed−12%	−0.02 pp	6 q
HCSGHealthcare Services Group	0.06%	198,511	$3M	added×8.8	+0.05 pp	3 q
TAPMolson Coors Beverage Company Class B	0.06%	51,986	$3M	added+10%	−0.01 pp	6 q
PBHPrestige Consumer Healthcare Inc.	0.06%	47,345	$3M	added×6.3	+0.05 pp	11 q
ARWArrow Electronics, Inc.	0.05%	19,080	$2M	added+12%	0.00 pp	29 q
CRD.ACrawford & Company Class A	0.05%	302,791	$3M	added×6.9	+0.04 pp	9 q
IPGThe Interpublic Group of Companies, Inc.	0.05%	67,520	$3M	added+11%	−0.01 pp	22 q
BLCOBausch + Lomb Corporation	0.04%	104,062	$2M	added+6%	0.00 pp	3 q
PINCNPremier Inc-class A	0.04%	61,893	$2M	added+88%	+0.01 pp	15 q
UTMDUtah Medical Products Inc	0.04%	21,505	$2M	new	+0.04 pp	new
CAECAE Inc.	0.03%	56,269	$1M	held	—	4 q
IMKTAIngles Markets Inc	0.03%	15,831	$1M	new	+0.03 pp	new
KMTKennametal Inc.	0.03%	54,965	$2M	trimmed−32%	−0.02 pp	3 q
RBBNRibbon Communications Inc.	0.03%	347,204	$1M	added×6.8	+0.03 pp	6 q
SMGThe Scotts Miracle-Gro Company	0.03%	16,880	$1M	added×3.4	+0.02 pp	4 q
TIMBTim S.a.	0.03%	95,653	$1M	new	+0.03 pp	new
CLSCelestica, Inc.	0.02%	57,033	$735,726	trimmed−29%	−0.01 pp	22 q
EBMTEagle Bancorp Montana, Inc	0.02%	55,098	$777,433	new	+0.02 pp	new
FFIVF5, Inc.	0.02%	7,616	$1M	added+17%	−0.01 pp	13 q
GILGildan Activewear Inc.	0.02%	25,189	$836,023	held	—	2 q
HSBCHSBC Holdings PLC	0.02%	25,374	$866,015	new	+0.02 pp	new
NTESNetEase, inc.	0.02%	9,036	$799,144	new	+0.02 pp	new
SAICScience Applications International Corporation	0.02%	10,332	$1M	added×4.4	+0.01 pp	5 q
ASAIYSendas Distribudra S/	0.02%	59,830	$921,382	new	+0.02 pp	new
0OIASolarWinds Corporation	0.02%	130,210	$1M	added×6.5	+0.01 pp	8 q
GJBSteelcase Inc-cl A	0.02%	94,716	$797,509	added×5.3	+0.02 pp	6 q
BAPCredicorp LTD	0.02%	7,869	$1M	new	+0.02 pp	new
BRK.ABerkshire Hathaway Inc.	0.01%	1	$465,600	held	—	6 q
GIBCGI Inc.	0.01%	5,832	$561,446	trimmed−31%	−0.01 pp	4 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.01%	5,125	$412,409	new	+0.01 pp	new
XRAYDENTSPLY SIRONA Inc.	0.01%	8,413	$330,463	new	+0.01 pp	new
GTEGran Tierra Energy Inc.	0.01%	435,373	$382,736	added+20%	0.00 pp	30 q
HDBHDFC Bank Limited	0.01%	8,056	$537,094	new	+0.01 pp	new
LNSRLENSAR, Inc.	0.01%	165,648	$407,494	new	+0.01 pp	new
MFCManulife Financial Corp.	0.01%	15,017	$275,712	held	—	10 q
RCIRogers Communications, Inc.	0.01%	7,566	$350,759	held	—	10 q
SKAASkechers USA Inc-cl A	0.01%	6,011	$285,643	new	+0.01 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.01%	3,629	$576,140	new	+0.01 pp	new
TMHCTaylor Morrison Home Corporation	—	−312,120	—	exited	−0.27 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−352,020	—	exited	−0.03 pp	—
FMSFresenius Medical Care AG	—	−29,223	—	exited	−0.01 pp	—
KBALKimball International	—	−12,369	—	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%	10,761,000	$6M

Source

Form: 13F-HR
Reading: 1 defect · 4 unresolved
Accession: 0001041062-23-000120
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 4710643; table sums 4710643477 (cover in thousands, table in dollars) — kept, the table is the record

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