Brandes

Q3 2023 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2023
Filed: Nov 10, 2023
US stock: $5.1B · prev $5.0B
Positions: 151 · prev 150
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
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%

Moves155 since the prior filing

+4.7 pp in · −4.6 pp out

New 7 +0.96 pp
Added 97 +3.71 pp
Trimmed 45 −3.72 pp
Exited 6 −0.93 pp

The book

Diversified · behaves like 62 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions151 in this filing · 6 exited


EMBJEmbraer S.A.	4.80%	17,880,297	$245M	added+2%	−0.69 pp	38 q
WFCWells Fargo & Co.	3.05%	3,818,919	$156M	added+3%	−0.16 pp	38 q
CMCSAComcast Corp	2.66%	3,067,250	$136M	added+9%	+0.30 pp	24 q
HALHalliburton Company	2.64%	3,334,388	$135M	added+4%	+0.51 pp	19 q
MCKMcKesson Corporation	2.48%	291,189	$127M	trimmed−1%	−0.05 pp	31 q
WTWWillis Towers Watson Public Limited Company	2.47%	605,519	$127M	added×3.0	+1.52 pp	7 q
CXCemex S.A.B. de C.V.	2.39%	18,818,285	$122M	trimmed−28%	−1.36 pp	38 q
CVXChevron Corporation	2.37%	718,374	$121M	added+5%	+0.19 pp	38 q
FDXFedEx Corporation	2.20%	425,243	$113M	trimmed−8%	−0.11 pp	19 q
BACBank of America Corporation	2.17%	4,053,731	$111M	added+3%	−0.10 pp	38 q
CIThe Cigna Group	2.13%	380,550	$109M	added+4%	+0.05 pp	20 q
FISVFiserv, Inc.	2.12%	959,668	$108M	added+3%	−0.24 pp	10 q
CAHCardinal Health, Inc.	2.03%	1,193,149	$104M	trimmed−3%	−0.31 pp	26 q
MRKMerck & Co., Inc.	1.99%	988,848	$102M	added+5%	−0.20 pp	38 q
GRFSGrifois, S.A.	1.98%	11,061,281	$101M	added+8%	+0.09 pp	12 q
AIGAmerican International Group, Inc.	1.95%	1,643,788	$100M	trimmed−2%	+0.01 pp	37 q
PFEPfizer Inc.	1.92%	2,957,423	$98M	added+4%	−0.18 pp	38 q
DOXAmdocs Limited	1.90%	1,148,342	$97M	added+4%	−0.30 pp	38 q
CCitigroup Inc.	1.87%	2,330,874	$96M	added+3%	−0.23 pp	38 q
CVSCvs Health Corporation	1.67%	1,226,867	$86M	added+3%	+0.01 pp	27 q
MUMicron Technology, Inc.	1.65%	1,237,761	$84M	added+4%	+0.14 pp	13 q
PNCPNC Financial Services Group	1.57%	653,433	$80M	added+4%	−0.03 pp	38 q
EMREmerson Electric Co.	1.45%	765,294	$74M	added+4%	+0.11 pp	33 q
CTSHCognizant Technology Solutions	1.44%	1,089,627	$74M	added+5%	+0.07 pp	29 q
JPMJPMorgan Chase & Co.	1.37%	481,385	$70M	added+5%	+0.02 pp	38 q
OMFOneMain Holdings, Inc.	1.36%	1,738,491	$70M	added+4%	−0.12 pp	11 q
TIGOMillicom International Cellular S.A.	1.33%	4,394,992	$68M	added+29%	+0.28 pp	6 q
BNYBank of New York Mellon Corporation	1.30%	1,555,184	$66M	added+4%	−0.04 pp	38 q
TXTTextron, Inc.	1.26%	827,676	$65M	trimmed−0%	+0.13 pp	15 q
DRQInnovex International, Inc.	1.22%	2,206,515	$62M	added+37%	+0.46 pp	12 q
SHELShell plc	1.21%	958,918	$62M	trimmed−0%	+0.04 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	1.15%	293,455	$59M	added+25%	+0.01 pp	28 q
SNYSanofi	1.13%	1,075,615	$58M	added+5%	+0.01 pp	38 q
MHKMohawk Industries, Inc.	1.12%	666,768	$57M	added+15%	−0.09 pp	20 q
AMATApplied Materials Inc	1.07%	394,139	$55M	trimmed−31%	−0.59 pp	20 q
HCAHCA Healthcare, Inc.	1.01%	208,972	$51M	added+3%	−0.23 pp	26 q
STTState Street Corporation	0.96%	733,407	$49M	added+4%	−0.08 pp	38 q
NTGRNETGEAR, Inc.	0.85%	3,465,808	$44M	added+39%	+0.14 pp	26 q
GOOGLAlphabet Inc. Class A	0.84%	326,931	$43M	trimmed−0%	+0.05 pp	5 q
ARLOArlo Technologies, Inc.	0.84%	4,150,886	$43M	added+29%	+0.13 pp	19 q
GOOGAlphabet Inc. Class C	0.81%	312,312	$41M	added+8%	+0.10 pp	27 q
MOG.AMoog Inc.	0.81%	368,740	$42M	trimmed−2%	−0.01 pp	9 q
FLEXFlex Ltd.	0.81%	1,526,713	$41M	added+9%	+0.03 pp	20 q
EPCEdgewell Personal Care Company	0.78%	1,074,269	$40M	added+87%	+0.30 pp	24 q
ELANElanco Animal Health Incorporated	0.76%	3,451,592	$39M	added+19%	+0.17 pp	5 q
FTREFortrea Holdings Inc.	0.76%	1,365,068	$39M	new	+0.76 pp	new
CPACopa Holdings, S.A.	0.73%	418,765	$37M	trimmed−0%	−0.21 pp	20 q
ZTOZTO Express (Cayman) Inc.	0.72%	1,527,359	$37M	added+15%	+0.05 pp	18 q
WKCWorld Kinect Corporation	0.67%	1,522,759	$34M	added+27%	+0.17 pp	27 q
JNJJohnson & Johnson	0.65%	213,880	$33M	added+25%	+0.08 pp	33 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.62%	364,164	$32M	trimmed−1%	−0.13 pp	22 q
UBSUBS Group AG	0.62%	1,292,739	$32M	trimmed−16%	−0.01 pp	36 q
BABAAlibaba Group Holding Limited	0.61%	362,209	$31M	added+24%	+0.12 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.61%	89,549	$31M	added+13%	+0.06 pp	10 q
OMCOmnicom Group Inc.	0.61%	417,555	$31M	added+12%	−0.11 pp	25 q
NWLINational Western Life Group, Inc. Class A	0.60%	69,924	$31M	trimmed−4%	−0.01 pp	32 q
WRBW.R. Berkley Corporation	0.58%	465,234	$30M	added+14%	+0.09 pp	3 q
CTVACorteva, Inc.	0.58%	580,628	$30M	added×2.2	+0.28 pp	14 q
TAKTakeda Pharmaceutical Company Limited	0.55%	1,802,036	$28M	added+2%	−0.01 pp	20 q
AZOAutoZone, Inc.	0.54%	10,960	$28M	added+9%	+0.04 pp	11 q
INGRIngredion Incorporated	0.54%	279,423	$27M	added+9%	−0.01 pp	16 q
TTENTotalenergies SE -spon ADR	0.52%	404,350	$27M	added+4%	+0.07 pp	9 q
PKEPark Aerospace Corp.	0.51%	1,671,636	$26M	added+18%	+0.12 pp	13 q
SAPSap SE	0.51%	200,477	$26M	trimmed−3%	−0.06 pp	6 q
FOXFox Corporation Class B	0.49%	868,647	$25M	added+9%	−0.02 pp	19 q
GSKGSK plc	0.48%	683,635	$25M	added+5%	+0.01 pp	5 q
PAHCPhibro Animal Health Corporation Class A	0.47%	1,873,300	$24M	added+39%	+0.10 pp	18 q
ORIOld Republic International Corporation	0.42%	795,565	$21M	trimmed−52%	−0.42 pp	38 q
EENI S.p.A.	0.39%	632,748	$20M	added0%	+0.02 pp	38 q
GHMGraham Corporation	0.39%	1,190,346	$20M	added+3%	+0.08 pp	15 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.38%	1,427,443	$20M	trimmed−0%	+0.02 pp	38 q
SSNCSS&C Technologies Inc	0.38%	367,525	$19M	added+39%	+0.06 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.37%	356,571	$19M	added+9%	+0.03 pp	38 q
ORNOrion Group Holdings, Inc	0.37%	3,530,178	$19M	added+4%	+0.18 pp	38 q
EGRXEagle Pharms Inc	0.35%	1,134,363	$18M	added+35%	+0.02 pp	23 q
TAROTaro Pharmaceutical Indus	0.35%	472,488	$18M	trimmed−0%	−0.01 pp	25 q
PHGKoninklijke Philips N.v.	0.34%	864,880	$17M	added+3%	−0.03 pp	6 q
QRVOQorvo, Inc.	0.33%	175,098	$17M	added+11%	0.00 pp	7 q
WPPWpp PLC	0.33%	383,698	$17M	added+2%	−0.07 pp	25 q
JCIJohnson Controls International plc	0.32%	303,339	$16M	added+93%	+0.10 pp	21 q
EXEExpand Energy Corporation	0.31%	183,992	$16M	added+24%	+0.06 pp	11 q
HN9Hanesbrands Inc	0.30%	3,874,803	$15M	added+22%	+0.01 pp	5 q
unresolvedAvadel Pharmaceuticals PLC	0.29%	1,448,772	$15M	added+12%	−0.14 pp	24 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.28%	1,688,287	$14M	trimmed−17%	−0.02 pp	38 q
GTESGates Industrial Corporation Ltd.	0.27%	1,207,583	$14M	added+11%	−0.03 pp	8 q
ABEVAmbev S.a.	0.26%	5,224,315	$13M	added+5%	−0.06 pp	14 q
TFCTruist Financial Corporation	0.26%	470,630	$13M	added+9%	0.00 pp	38 q
FSTRFoster (Lb) Co	0.25%	686,002	$13M	trimmed−6%	+0.04 pp	11 q
OTEXOpen Text Corp	0.25%	357,206	$13M	added+8%	−0.03 pp	9 q
CYDChina Yuchai International Ltd.	0.24%	1,238,045	$13M	trimmed−17%	−0.08 pp	38 q
HMCHonda Motor Co., Ltd.	0.23%	355,116	$12M	trimmed−40%	−0.13 pp	38 q
NVSNovartis AG	0.23%	116,047	$12M	trimmed−37%	−0.15 pp	12 q
ORANYOrange SP/	0.23%	1,022,344	$12M	added+2%	−0.01 pp	38 q
VIVTelefonica Brasil, S.A.	0.23%	1,384,216	$12M	trimmed−14%	−0.07 pp	38 q
BUDAnheuser-Busch INBEV SA/NV	0.21%	197,673	$11M	added+3%	−0.01 pp	14 q
NPKNational Presto Industries, Inc.	0.21%	146,921	$11M	added+53%	+0.07 pp	17 q
HP5AEquity Commonwealth	0.20%	569,694	$10M	added+78%	+0.07 pp	14 q
unresolvedUnilever Spn.Adr 1:1	0.19%	196,210	$10M	trimmed−1%	−0.02 pp	7 q
BPBP p.l.c.	0.17%	226,977	$9M	trimmed−0%	+0.01 pp	3 q
HCSGHealthcare Services Group	0.17%	843,802	$9M	added×4.4	+0.11 pp	5 q
BCSBarclays PLC	0.16%	1,054,755	$8M	added+7%	0.00 pp	9 q
ENICEnel Chile S.A.	0.16%	2,797,166	$8M	trimmed−28%	−0.10 pp	30 q
SHGShinhan Financial Group Co Ltd	0.16%	313,508	$8M	trimmed−0%	−0.01 pp	38 q
GDGeneral Dynamics Corporation	0.14%	31,918	$7M	trimmed−1%	0.00 pp	14 q
PBHPrestige Consumer Healthcare Inc.	0.14%	129,084	$7M	added×2.4	+0.08 pp	13 q
unresolvedAegon NV	0.12%	1,321,542	$6M	added0%	−0.01 pp	38 q
CRHCRH Public Limited Company	0.11%	100,513	$6M	new	+0.11 pp	new
NKSHNational Bankshares Inc/VA	0.10%	201,260	$5M	added+89%	+0.04 pp	11 q
NWGNatWest Group plc	0.10%	904,737	$5M	added+25%	+0.01 pp	3 q
HURCHurco Cos Inc	0.09%	212,947	$5M	added+11%	+0.01 pp	11 q
IMKTAIngles Markets Inc	0.09%	62,018	$5M	added×2.5	+0.05 pp	3 q
MDPediatrix Medical Group, Inc.	0.09%	345,793	$4M	added+17%	+0.01 pp	24 q
UNFUnifirst Corp	0.09%	28,518	$5M	added×2.1	+0.05 pp	2 q
UTHRUnited Therapeutics Corp	0.07%	15,209	$3M	added+5%	+0.01 pp	24 q
TAPMolson Coors Beverage Company Class B	0.06%	46,357	$3M	trimmed−0%	0.00 pp	8 q
PINCNPremier Inc-class A	0.06%	141,904	$3M	added+20%	−0.01 pp	17 q
SMGThe Scotts Miracle-Gro Company	0.06%	63,435	$3M	added×2.3	+0.02 pp	6 q
TMToyota Motor Corporation	0.06%	15,842	$3M	trimmed−48%	−0.04 pp	3 q
ARWArrow Electronics, Inc.	0.05%	18,614	$2M	trimmed−0%	0.00 pp	31 q
CRD.ACrawford & Company Class A	0.05%	269,975	$3M	added+19%	0.00 pp	11 q
FLSFlowserve Corporation	0.05%	66,128	$3M	trimmed−1%	0.00 pp	8 q
UTMDUtah Medical Products Inc	0.05%	27,079	$2M	added+16%	+0.01 pp	3 q
AOUTAmerican Outdoor Brands, Inc.	0.04%	214,801	$2M	new	+0.04 pp	new
AVAAvista Corporation	0.04%	58,310	$2M	new	+0.04 pp	new
IPGThe Interpublic Group of Companies, Inc.	0.04%	66,341	$2M	added+1%	−0.01 pp	24 q
MCYMercury General Corp.	0.04%	69,383	$2M	added+95%	+0.02 pp	2 q
0OIASolarWinds Corporation	0.04%	224,656	$2M	added+19%	0.00 pp	10 q
BLCOBausch + Lomb Corporation	0.03%	102,879	$2M	trimmed−1%	−0.01 pp	5 q
KMTKennametal Inc.	0.03%	69,170	$2M	added+20%	0.00 pp	5 q
TIMBTim S.a.	0.03%	92,141	$1M	trimmed−3%	0.00 pp	3 q
CAECAE Inc.	0.02%	52,366	$1M	trimmed−7%	−0.01 pp	6 q
EBMTEagle Bancorp Montana, Inc	0.02%	98,493	$1M	added+24%	0.00 pp	3 q
FFIVF5, Inc.	0.02%	7,747	$1M	trimmed−0%	0.00 pp	15 q
HDBHDFC Bank Limited	0.02%	17,534	$1M	added×2.1	+0.01 pp	3 q
HSBCHSBC Holdings PLC	0.02%	24,409	$963,179	trimmed−3%	0.00 pp	3 q
NTESNetEase, inc.	0.02%	8,592	$860,575	trimmed−4%	0.00 pp	3 q
RBBNRibbon Communications Inc.	0.02%	447,116	$1M	added+19%	0.00 pp	8 q
RCIRogers Communications, Inc.	0.02%	21,810	$837,286	added+43%	+0.01 pp	12 q
ASAIYSendas Distribudra S/	0.02%	71,908	$875,839	trimmed−0%	0.00 pp	3 q
BAPCredicorp LTD	0.02%	7,546	$965,662	trimmed−3%	0.00 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$531,477	held	—	8 q
BTIBritish American Tobacco p.l.c.	0.01%	22,775	$715,363	added+36%	0.00 pp	2 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.01%	4,800	$376,512	trimmed−4%	0.00 pp	3 q
GILGildan Activewear Inc.	0.01%	25,189	$705,544	held	—	4 q
GTEGran Tierra Energy Inc.	0.01%	54,640	$379,202	trimmed−18%	0.00 pp	32 q
IXUSiShares Core MSCI Total International Stock ETF	0.01%	5,412	$324,666	trimmed−93%	−0.09 pp	2 q
LNSRLENSAR, Inc.	0.01%	219,849	$679,333	added+22%	−0.01 pp	3 q
SUZSuzano S.A.	0.01%	55,607	$597,775	new	+0.01 pp	new
XRAYDENTSPLY SIRONA Inc.	0.00%	6,537	$223,304	trimmed−2%	−0.01 pp	3 q
VTVanguard Total World Stock ETF	0.00%	2,532	$235,932	new	0.00 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.00%	1,278	$203,828	new	0.00 pp	new
FTITechnipFMC plc	—	−1,951,169	—	exited	−0.65 pp	—
PKXPOSCO Holdings Inc.	—	−97,065	—	exited	−0.14 pp	—
unresolvedCrh PLC	—	−89,320	—	exited	−0.10 pp	—
SAICScience Applications International Corporation	—	−10,372	—	exited	−0.02 pp	—
CLSCelestica, Inc.	—	−42,580	—	exited	−0.01 pp	—
MFCManulife Financial Corp.	—	−15,017	—	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 · 3 unresolved
Accession: 0001041062-23-000163
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 5121598; table sums 5121598171 (cover in thousands, table in dollars) — kept, the table is the record

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