Brandes

Q2 2023 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2023
Filed: Aug 9, 2023
US stock: $5.0B · prev $4.7B
Positions: 150 · prev 153
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%

Moves154 since the prior filing

+2.9 pp in · −3.0 pp out

New 5 +0.49 pp
Added 78 +2.43 pp
Trimmed 63 −2.18 pp
Exited 8 −0.78 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions17% of US stock

EMBJ Embraer S.A. trimmed−0.94 pp trimmed−0.945.5%
CX Cemex S.A.B. de C.V. trimmed−0.36 pp trimmed−0.363.8%
WFC Wells Fargo & Co. added+0.28 pp added+0.283.2%
MCK McKesson Corporation added+0.31 pp added+0.312.5%
CMCSA Comcast Corp trimmed+0.03 pp trimmed+0.032.4%

Positions150 in this filing · 8 exited


EMBJEmbraer S.A.	5.49%	17,595,015	$272M	trimmed−5%	−0.94 pp	37 q
CXCemex S.A.B. de C.V.	3.75%	26,260,549	$186M	trimmed−25%	−0.36 pp	37 q
WFCWells Fargo & Co.	3.21%	3,723,231	$159M	added+1%	+0.28 pp	37 q
MCKMcKesson Corporation	2.53%	293,856	$126M	added0%	+0.31 pp	30 q
CMCSAComcast Corp	2.36%	2,811,019	$117M	trimmed−3%	+0.03 pp	23 q
FISVFiserv, Inc.	2.36%	928,130	$117M	trimmed−10%	−0.12 pp	9 q
CAHCardinal Health, Inc.	2.34%	1,226,876	$116M	trimmed−10%	+0.16 pp	25 q
FDXFedEx Corporation	2.31%	460,976	$114M	trimmed−1%	+0.04 pp	18 q
BACBank of America Corporation	2.27%	3,918,805	$112M	added+1%	−0.10 pp	37 q
DOXAmdocs Limited	2.20%	1,104,244	$109M	added+1%	−0.04 pp	37 q
MRKMerck & Co., Inc.	2.19%	940,274	$108M	trimmed−1%	+0.05 pp	37 q
CVXChevron Corporation	2.18%	685,207	$108M	added+3%	−0.13 pp	37 q
HALHalliburton Company	2.13%	3,202,934	$106M	added+3%	+0.04 pp	18 q
CCitigroup Inc.	2.10%	2,256,583	$104M	added0%	−0.14 pp	37 q
PFEPfizer Inc.	2.10%	2,838,414	$104M	added+18%	+0.01 pp	37 q
CIThe Cigna Group	2.08%	367,356	$103M	added+2%	+0.13 pp	19 q
AIGAmerican International Group, Inc.	1.94%	1,671,966	$96M	added+1%	+0.17 pp	36 q
GRFSGrifois, S.A.	1.89%	10,226,028	$94M	trimmed−1%	+0.28 pp	11 q
AMATApplied Materials Inc	1.66%	570,589	$82M	trimmed−5%	+0.10 pp	19 q
CVSCvs Health Corporation	1.66%	1,187,118	$82M	added+25%	+0.15 pp	26 q
PNCPNC Financial Services Group	1.60%	630,003	$79M	added+2%	−0.07 pp	37 q
MUMicron Technology, Inc.	1.51%	1,185,634	$75M	added+4%	+0.05 pp	12 q
OMFOneMain Holdings, Inc.	1.48%	1,677,385	$73M	added0%	+0.16 pp	10 q
CTSHCognizant Technology Solutions	1.37%	1,042,476	$68M	added+6%	+0.10 pp	28 q
JPMJPMorgan Chase & Co.	1.35%	459,505	$67M	added+4%	+0.12 pp	37 q
BNYBank of New York Mellon Corporation	1.34%	1,493,683	$66M	added+1%	−0.09 pp	37 q
EMREmerson Electric Co.	1.34%	735,977	$67M	added+1%	−0.01 pp	32 q
HCAHCA Healthcare, Inc.	1.24%	202,279	$61M	trimmed−36%	−0.53 pp	25 q
MHKMohawk Industries, Inc.	1.21%	581,895	$60M	added+28%	+0.24 pp	19 q
SHELShell plc	1.17%	960,922	$58M	added+18%	+0.17 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	1.14%	233,954	$56M	trimmed−3%	−0.04 pp	27 q
TXTTextron, Inc.	1.13%	830,130	$56M	added+1%	−0.10 pp	14 q
SNYSanofi	1.12%	1,028,681	$55M	trimmed−1%	−0.08 pp	37 q
TIGOMillicom International Cellular S.A.	1.05%	3,413,833	$52M	added+3%	−0.28 pp	5 q
STTState Street Corporation	1.04%	704,058	$52M	added0%	−0.09 pp	37 q
WTWWillis Towers Watson Public Limited Company	0.95%	200,989	$47M	added+13%	+0.07 pp	6 q
CPACopa Holdings, S.A.	0.94%	419,241	$46M	trimmed−3%	+0.09 pp	19 q
ORIOld Republic International Corporation	0.84%	1,660,156	$42M	trimmed−8%	−0.11 pp	37 q
MOG.AMoog Inc.	0.82%	374,895	$41M	added+43%	+0.26 pp	8 q
GOOGLAlphabet Inc. Class A	0.79%	327,150	$39M	trimmed−1%	+0.06 pp	4 q
FLEXFlex Ltd.	0.78%	1,402,904	$39M	added+7%	+0.14 pp	19 q
DRQInnovex International, Inc.	0.76%	1,612,533	$38M	added+20%	−0.06 pp	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.75%	368,719	$37M	added+18%	+0.13 pp	21 q
OMCOmnicom Group Inc.	0.72%	372,754	$35M	trimmed−5%	−0.07 pp	24 q
GOOGAlphabet Inc. Class C	0.71%	289,357	$35M	trimmed−5%	+0.04 pp	26 q
ARLOArlo Technologies, Inc.	0.71%	3,207,797	$35M	added+34%	+0.40 pp	18 q
NTGRNETGEAR, Inc.	0.71%	2,498,271	$35M	added+9%	−0.19 pp	25 q
ZTOZTO Express (Cayman) Inc.	0.67%	1,326,025	$33M	trimmed−5%	−0.18 pp	17 q
FTITechnipFMC plc	0.65%	1,951,169	$32M	trimmed−1%	+0.08 pp	7 q
UBSUBS Group AG	0.63%	1,545,339	$31M	trimmed−2%	−0.08 pp	35 q
NWLINational Western Life Group, Inc. Class A	0.61%	73,005	$30M	trimmed−32%	+0.06 pp	31 q
ELANElanco Animal Health Incorporated	0.59%	2,912,795	$29M	added+41%	+0.18 pp	4 q
JNJJohnson & Johnson	0.57%	171,543	$28M	added+5%	+0.03 pp	32 q
SAPSap SE	0.57%	206,286	$28M	trimmed−10%	−0.05 pp	5 q
TAKTakeda Pharmaceutical Company Limited	0.56%	1,765,319	$28M	trimmed−3%	−0.08 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	0.55%	79,510	$27M	added+6%	+0.06 pp	9 q
INGRIngredion Incorporated	0.55%	255,892	$27M	trimmed−12%	−0.08 pp	15 q
FOXFox Corporation Class B	0.51%	794,248	$25M	added+5%	+0.01 pp	18 q
AZOAutoZone, Inc.	0.50%	10,019	$25M	added+4%	0.00 pp	10 q
WKCWorld Kinect Corporation	0.50%	1,196,842	$25M	added+7%	−0.11 pp	26 q
BABAAlibaba Group Holding Limited	0.49%	292,430	$24M	trimmed−4%	−0.17 pp	15 q
WRBW.R. Berkley Corporation	0.49%	409,372	$24M	added×4.9	+0.38 pp	2 q
EPCEdgewell Personal Care Company	0.48%	573,237	$24M	trimmed−19%	−0.16 pp	23 q
GSKGSK plc	0.47%	650,492	$23M	added+1%	−0.02 pp	4 q
TTENTotalenergies SE -spon ADR	0.45%	390,653	$23M	trimmed−0%	−0.04 pp	8 q
unresolvedAvadel Pharmaceuticals PLC	0.43%	1,289,195	$21M	trimmed−11%	+0.15 pp	23 q
WPPWpp PLC	0.40%	376,861	$20M	added+8%	−0.04 pp	24 q
PKEPark Aerospace Corp.	0.39%	1,412,494	$19M	added+4%	0.00 pp	12 q
NVSNovartis AG	0.38%	185,226	$19M	trimmed−2%	+0.01 pp	11 q
EENI S.p.A.	0.37%	630,669	$18M	trimmed−4%	−0.02 pp	37 q
PHGKoninklijke Philips N.v.	0.37%	837,495	$18M	trimmed−5%	+0.04 pp	5 q
PAHCPhibro Animal Health Corporation Class A	0.37%	1,352,603	$19M	added+6%	−0.05 pp	17 q
HMCHonda Motor Co., Ltd.	0.36%	595,942	$18M	trimmed−13%	−0.02 pp	37 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.36%	1,432,334	$18M	added0%	+0.08 pp	37 q
TAROTaro Pharmaceutical Indus	0.36%	472,899	$18M	added+2%	+0.12 pp	24 q
CSCOCisco Systems, Inc. (DE)	0.34%	327,187	$17M	added+5%	−0.01 pp	37 q
EGRXEagle Pharms Inc	0.33%	841,087	$16M	added+54%	0.00 pp	22 q
QRVOQorvo, Inc.	0.33%	158,449	$16M	added+5%	0.00 pp	6 q
ABEVAmbev S.a.	0.32%	4,969,968	$16M	trimmed−3%	+0.01 pp	13 q
SSNCSS&C Technologies Inc	0.32%	265,050	$16M	new	+0.32 pp	new
CYDChina Yuchai International Ltd.	0.32%	1,498,999	$16M	trimmed−1%	+0.07 pp	37 q
GHMGraham Corporation	0.31%	1,154,939	$15M	added+2%	−0.01 pp	14 q
CTVACorteva, Inc.	0.30%	261,178	$15M	added+22%	+0.02 pp	13 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.30%	2,035,317	$15M	added+14%	+0.06 pp	37 q
VIVTelefonica Brasil, S.A.	0.30%	1,609,452	$15M	trimmed−7%	+0.02 pp	37 q
GTESGates Industrial Corporation Ltd.	0.30%	1,092,077	$15M	added+6%	−0.01 pp	7 q
HN9Hanesbrands Inc	0.29%	3,183,654	$14M	added+35%	+0.03 pp	4 q
OTEXOpen Text Corp	0.28%	329,947	$14M	trimmed−12%	−0.03 pp	8 q
ENICEnel Chile S.A.	0.26%	3,863,588	$13M	trimmed−38%	−0.10 pp	29 q
TFCTruist Financial Corporation	0.26%	431,152	$13M	trimmed−0%	−0.05 pp	37 q
EXEExpand Energy Corporation	0.25%	147,894	$12M	added+1%	+0.01 pp	10 q
ORANYOrange SP/	0.24%	1,003,795	$12M	trimmed−1%	−0.02 pp	37 q
BUDAnheuser-Busch INBEV SA/NV	0.22%	192,023	$11M	added+1%	−0.05 pp	13 q
JCIJohnson Controls International plc	0.22%	157,271	$11M	trimmed−1%	+0.02 pp	20 q
FSTRFoster (Lb) Co	0.21%	732,478	$10M	added+3%	+0.04 pp	10 q
unresolvedUnilever Spn.Adr 1:1	0.21%	197,834	$10M	trimmed−1%	−0.01 pp	6 q
ORNOrion Group Holdings, Inc	0.19%	3,404,400	$10M	trimmed−4%	−0.01 pp	37 q
SHGShinhan Financial Group Co Ltd	0.17%	314,812	$8M	added+19%	+0.02 pp	37 q
BPBP p.l.c.	0.16%	227,435	$8M	trimmed−10%	−0.04 pp	2 q
BCSBarclays PLC	0.16%	988,069	$8M	trimmed−7%	0.00 pp	8 q
GDGeneral Dynamics Corporation	0.14%	32,265	$7M	added+9%	0.00 pp	13 q
NPKNational Presto Industries, Inc.	0.14%	95,756	$7M	added+4%	0.00 pp	16 q
PKXPOSCO Holdings Inc.	0.14%	97,065	$7M	trimmed−29%	−0.06 pp	37 q
unresolvedAegon NV	0.13%	1,318,945	$7M	trimmed−2%	+0.01 pp	37 q
HP5AEquity Commonwealth	0.13%	319,428	$6M	added+40%	+0.03 pp	13 q
unresolvedCrh PLC	0.10%	89,320	$5M	trimmed−2%	0.00 pp	2 q
IXUSiShares Core MSCI Total International Stock ETF	0.10%	78,036	$5M	new	+0.10 pp	new
TMToyota Motor Corporation	0.10%	30,267	$5M	trimmed−7%	0.00 pp	2 q
NWGNatWest Group plc	0.09%	725,879	$4M	trimmed−9%	−0.02 pp	2 q
HURCHurco Cos Inc	0.08%	192,687	$4M	added+6%	−0.02 pp	10 q
MDPediatrix Medical Group, Inc.	0.08%	294,959	$4M	added+3%	−0.01 pp	23 q
PINCNPremier Inc-class A	0.07%	118,556	$3M	added+92%	+0.03 pp	16 q
HCSGHealthcare Services Group	0.06%	193,257	$3M	trimmed−3%	0.00 pp	4 q
TAPMolson Coors Beverage Company Class B	0.06%	46,464	$3M	trimmed−11%	0.00 pp	7 q
NKSHNational Bankshares Inc/VA	0.06%	106,624	$3M	added+4%	−0.01 pp	10 q
PBHPrestige Consumer Healthcare Inc.	0.06%	54,102	$3M	added+14%	0.00 pp	12 q
UTHRUnited Therapeutics Corp	0.06%	14,520	$3M	trimmed−1%	−0.01 pp	23 q
ARWArrow Electronics, Inc.	0.05%	18,660	$3M	trimmed−2%	0.00 pp	30 q
CRD.ACrawford & Company Class A	0.05%	226,103	$3M	trimmed−25%	0.00 pp	10 q
FLSFlowserve Corporation	0.05%	67,037	$2M	trimmed−22%	−0.01 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	0.05%	65,585	$3M	trimmed−3%	0.00 pp	23 q
BLCOBausch + Lomb Corporation	0.04%	104,437	$2M	added0%	0.00 pp	4 q
IMKTAIngles Markets Inc	0.04%	25,185	$2M	added+59%	+0.01 pp	2 q
SMGThe Scotts Miracle-Gro Company	0.04%	27,979	$2M	added+66%	+0.01 pp	5 q
0OIASolarWinds Corporation	0.04%	188,152	$2M	added+45%	+0.02 pp	9 q
UNFUnifirst Corp	0.04%	13,695	$2M	new	+0.04 pp	new
UTMDUtah Medical Products Inc	0.04%	23,280	$2M	added+8%	0.00 pp	2 q
CAECAE Inc.	0.03%	56,269	$1M	held	—	5 q
KMTKennametal Inc.	0.03%	57,816	$2M	added+5%	0.00 pp	4 q
TIMBTim S.a.	0.03%	94,628	$1M	trimmed−1%	0.00 pp	2 q
EBMTEagle Bancorp Montana, Inc	0.02%	79,752	$1M	added+45%	0.00 pp	2 q
FFIVF5, Inc.	0.02%	7,778	$1M	added+2%	0.00 pp	14 q
GILGildan Activewear Inc.	0.02%	25,189	$812,093	held	—	3 q
HSBCHSBC Holdings PLC	0.02%	25,106	$994,700	trimmed−1%	0.00 pp	2 q
LNSRLENSAR, Inc.	0.02%	179,621	$763,389	added+8%	+0.01 pp	2 q
MCYMercury General Corp.	0.02%	35,529	$1M	new	+0.02 pp	new
NTESNetEase, inc.	0.02%	8,928	$863,248	trimmed−1%	0.00 pp	2 q
RBBNRibbon Communications Inc.	0.02%	376,245	$1M	added+8%	−0.01 pp	7 q
SAICScience Applications International Corporation	0.02%	10,372	$1M	added0%	0.00 pp	6 q
ASAIYSendas Distribudra S/	0.02%	72,172	$1M	added+21%	0.00 pp	2 q
BAPCredicorp LTD	0.02%	7,778	$1M	trimmed−1%	0.00 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$517,810	held	—	7 q
BTIBritish American Tobacco p.l.c.	0.01%	16,788	$557,362	new	+0.01 pp	new
CLSCelestica, Inc.	0.01%	42,580	$617,411	trimmed−25%	−0.01 pp	23 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.01%	5,014	$417,716	trimmed−2%	0.00 pp	2 q
XRAYDENTSPLY SIRONA Inc.	0.01%	6,666	$266,773	trimmed−21%	0.00 pp	2 q
GTEGran Tierra Energy Inc.	0.01%	66,664	$327,320	added+53%	0.00 pp	31 q
HDBHDFC Bank Limited	0.01%	8,328	$580,462	added+3%	0.00 pp	2 q
MFCManulife Financial Corp.	0.01%	15,017	$283,972	held	—	11 q
RCIRogers Communications, Inc.	0.01%	15,236	$695,371	added×2.0	0.00 pp	11 q
ORCLOracle Corp	—	−100,195	—	exited	−0.20 pp	—
HLNHaleon plc	—	−1,082,842	—	exited	−0.19 pp	—
LLoews Corporation	—	−138,487	—	exited	−0.17 pp	—
MSFTMicrosoft Corp	—	−27,349	—	exited	−0.17 pp	—
GJBSteelcase Inc-cl A	—	−94,716	—	exited	−0.02 pp	—
GIBCGI Inc.	—	−5,832	—	exited	−0.01 pp	—
SKAASkechers USA Inc-cl A	—	−6,011	—	exited	−0.01 pp	—
VBRVanguard Morningstar Small-Cap Value ETF	—	−3,629	—	exited	−0.01 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	$7M

Source

Form: 13F-HR
Reading: 1 defect · 4 unresolved
Accession: 0001041062-23-000152
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 4963490; table sums 4963489749 (cover in thousands, table in dollars) — kept, the table is the record

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