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Brandes

Q4 2023 13F · by Kenneth Little, portfolio manager

As of
Dec 31, 2023
Filed
Feb 7, 2024
US stock
$6.6B · prev $5.1B
Positions
186 · prev 151
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%

Moves185 since the prior filing

The book

Diversified · behaves like 65 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 5.8% a year, about 17.2 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions15% of US stock

  1. EMBJ Embraer S.A. trimmed+0.13 pp trimmed+0.134.9%
  2. WFC Wells Fargo & Co. added+0.10 pp added+0.103.1%
  3. GRFS Grifois, S.A. added+0.40 pp added+0.402.4%
  4. BAC Bank of America Corporation added+0.18 pp added+0.182.4%
  5. CMCSA Comcast Corp added−0.35 pp added−0.352.3%

Positions186 in this filing · 2 exited

EMBJEmbraer S.A.4.93%17,561,848$324Mtrimmed−2%+0.13 pp39 q
WFCWells Fargo & Co.3.15%4,206,536$207Madded+10%+0.10 pp39 q
GRFSGrifois, S.A.2.38%13,516,011$156Madded+22%+0.40 pp13 q
BACBank of America Corporation2.35%4,594,669$155Madded+13%+0.18 pp39 q
CMCSAComcast Corp2.31%3,459,288$152Madded+13%−0.35 pp25 q
MCKMcKesson Corporation2.14%303,427$140Madded+4%−0.34 pp32 q
WTWWillis Towers Watson Public Limited Company2.12%578,663$140Mtrimmed−4%−0.35 pp8 q
CXCemex S.A.B. de C.V.2.11%17,904,843$139Mtrimmed−5%−0.28 pp39 q
FISVFiserv, Inc.2.03%1,007,441$134Madded+5%−0.09 pp11 q
CCitigroup Inc.2.01%2,571,838$132Madded+10%+0.14 pp39 q
HALHalliburton Company1.98%3,604,587$130Madded+8%−0.66 pp20 q
CIThe Cigna Group1.94%427,056$128Madded+12%−0.19 pp21 q
PFEPfizer Inc.1.90%4,334,849$125Madded+47%−0.02 pp39 q
CAHCardinal Health, Inc.1.87%1,221,191$123Madded+2%−0.16 pp27 q
MRKMerck & Co., Inc.1.87%1,129,149$123Madded+14%−0.12 pp39 q
DOXAmdocs Limited1.87%1,402,646$123Madded+22%−0.03 pp39 q
CVXChevron Corporation1.84%809,570$121Madded+13%−0.53 pp39 q
FDXFedEx Corporation1.84%479,117$121Madded+13%−0.36 pp20 q
PNCPNC Financial Services Group1.75%742,302$115Madded+14%+0.18 pp39 q
MUMicron Technology, Inc.1.72%1,326,656$113Madded+7%+0.07 pp14 q
CVSCvs Health Corporation1.66%1,383,429$109Madded+13%−0.01 pp28 q
AIGAmerican International Group, Inc.1.64%1,596,909$108Mtrimmed−3%−0.31 pp38 q
TXTTextron, Inc.1.51%1,235,966$99Madded+49%+0.25 pp16 q
CTSHCognizant Technology Solutions1.46%1,273,092$96Madded+17%+0.02 pp30 q
OMFOneMain Holdings, Inc.1.43%1,916,484$94Madded+10%+0.07 pp12 q
CTVACorteva, Inc.1.41%1,932,836$93Madded×3.3+0.83 pp15 q
BNYBank of New York Mellon Corporation1.39%1,752,716$91Madded+13%+0.09 pp39 q
SNYSanofi1.34%1,770,572$88Madded+65%+0.21 pp39 q
HCAHCA Healthcare, Inc.1.29%313,746$85Madded+50%+0.28 pp27 q
JPMJPMorgan Chase & Co.1.29%500,332$85Madded+4%−0.08 pp39 q
MHKMohawk Industries, Inc.1.28%816,138$84Madded+22%+0.16 pp21 q
TIGOMillicom International Cellular S.A.1.20%4,393,222$79Mtrimmed−0%−0.13 pp7 q
EMREmerson Electric Co.1.19%802,035$78Madded+5%−0.26 pp34 q
99803EURLaboratory Crp Of Amer Hldgs1.15%334,137$76Madded+14%0.00 pp29 q
SHELShell plc1.12%1,122,883$74Madded+17%−0.09 pp8 q
STTState Street Corporation1.01%857,557$66Madded+17%+0.05 pp39 q
AMATApplied Materials Inc0.98%399,108$65Madded+1%−0.09 pp21 q
DRQInnovex International, Inc.0.91%2,559,568$60Madded+16%−0.31 pp13 q
UBSUBS Group AG0.91%1,946,975$60Madded+51%+0.29 pp37 q
FTREFortrea Holdings Inc.0.90%1,692,160$59Madded+24%+0.14 pp2 q
FLEXFlex Ltd.0.90%1,936,148$59Madded+27%+0.09 pp21 q
WKCWorld Kinect Corporation0.87%2,520,778$57Madded+66%+0.20 pp28 q
GOOGAlphabet Inc. Class C0.84%391,038$55Madded+25%+0.03 pp28 q
ELANElanco Animal Health Incorporated0.81%3,567,814$53Madded+3%+0.05 pp6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.81%513,389$53Madded+41%+0.19 pp23 q
NTGRNETGEAR, Inc.0.75%3,405,376$50Mtrimmed−2%−0.10 pp27 q
GOOGLAlphabet Inc. Class A0.74%347,411$49Madded+6%−0.10 pp6 q
CPACopa Holdings, S.A.0.72%444,576$47Madded+6%−0.01 pp21 q
SAPSap SE0.71%300,129$46Madded+50%+0.20 pp7 q
BABAAlibaba Group Holding Limited0.69%588,990$46Madded+63%+0.08 pp17 q
OMCOmnicom Group Inc.0.69%527,543$46Madded+26%+0.08 pp26 q
EPCEdgewell Personal Care Company0.67%1,195,041$44Madded+11%−0.11 pp25 q
ARLOArlo Technologies, Inc.0.65%4,499,968$43Madded+8%−0.19 pp20 q
JNJJohnson & Johnson0.64%268,519$42Madded+26%−0.01 pp34 q
ZTOZTO Express (Cayman) Inc.0.63%1,936,787$41Madded+27%−0.09 pp19 q
WRBW.R. Berkley Corporation0.62%577,245$41Madded+24%+0.04 pp4 q
GSKGSK plc0.60%1,065,333$39Madded+56%+0.12 pp6 q
MOG.AMoog Inc.0.59%269,708$39Mtrimmed−27%−0.22 pp10 q
TAKTakeda Pharmaceutical Company Limited0.58%2,651,265$38Madded+47%+0.03 pp21 q
INGRIngredion Incorporated0.57%345,806$38Madded+24%+0.03 pp17 q
AZOAutoZone, Inc.0.56%14,178$37Madded+29%+0.02 pp12 q
TTENTotalenergies SE -spon ADR0.56%549,155$37Madded+36%+0.04 pp10 q
PBR.APetroleo Brasileiro S.A.-Petrobras0.51%2,199,736$34Madded+54%+0.13 pp39 q
BRK.BBERKSHIRE HATHAWAY Class B0.50%92,718$33Madded+4%−0.11 pp11 q
PHGKoninklijke Philips N.v.0.46%1,285,935$30Madded+49%+0.12 pp7 q
SNNSmith & Nephew plc0.45%1,095,449$30Mnew+0.45 ppnew
SSNCSS&C Technologies Inc0.44%471,606$29Madded+28%+0.06 pp3 q
FOXFox Corporation Class B0.43%1,015,605$28Madded+17%−0.06 pp20 q
ORIOld Republic International Corporation0.43%957,643$28Madded+20%+0.01 pp39 q
WPPWpp PLC0.41%567,653$27Madded+48%+0.08 pp26 q
ABEVAmbev S.a.0.39%9,221,394$26Madded+77%+0.13 pp15 q
PKEPark Aerospace Corp.0.38%1,681,353$25Madded+1%−0.13 pp14 q
PAHCPhibro Animal Health Corporation Class A0.37%2,130,107$25Madded+14%−0.10 pp19 q
QRVOQorvo, Inc.0.37%217,669$25Madded+24%+0.04 pp8 q
KMTKennametal Inc.0.35%890,034$23Madded×12.9+0.32 pp6 q
CSCOCisco Systems, Inc. (DE)0.34%447,371$23Madded+25%−0.03 pp39 q
GHMGraham Corporation0.34%1,175,564$22Mtrimmed−1%−0.05 pp16 q
OTEXOpen Text Corp0.34%532,226$22Madded+49%+0.09 pp10 q
JCIJohnson Controls International plc0.34%386,750$22Madded+28%+0.02 pp22 q
unresolvedAvadel Pharmaceuticals PLC0.33%1,533,614$22Madded+6%+0.04 pp25 q
TFCTruist Financial Corporation0.33%588,673$22Madded+25%+0.07 pp39 q
MUFGMitsubishi UFJ Financial Group, Inc.0.32%2,410,931$21Madded+43%+0.04 pp39 q
VIVTelefonica Brasil, S.A.0.32%1,917,010$21Madded+38%+0.09 pp39 q
GTESGates Industrial Corporation Ltd.0.32%1,585,657$21Madded+31%+0.05 pp9 q
BUDAnheuser-Busch INBEV SA/NV0.30%301,882$20Madded+53%+0.09 pp15 q
EENI S.p.A.0.30%586,125$20Mtrimmed−7%−0.09 pp39 q
TAROTaro Pharmaceutical Indus0.30%475,741$20Madded+1%−0.05 pp26 q
HN9Hanesbrands Inc0.29%4,298,017$19Madded+11%−0.01 pp6 q
ORANYOrange SP/0.29%1,642,782$19Madded+61%+0.06 pp39 q
unresolvedUnilever Spn.Adr 1:10.28%381,324$18Madded+94%+0.09 pp8 q
NVSNovartis AG0.27%173,783$18Madded+50%+0.04 pp13 q
HMCHonda Motor Co., Ltd.0.25%522,236$16Madded+47%+0.02 pp39 q
ORNOrion Group Holdings, Inc0.25%3,335,361$16Mtrimmed−6%−0.12 pp39 q
SHGShinhan Financial Group Co Ltd0.23%483,643$15Madded+54%+0.07 pp39 q
FSTRFoster (Lb) Co0.22%667,727$15Mtrimmed−3%−0.03 pp12 q
BCSBarclays PLC0.21%1,750,257$14Madded+66%+0.05 pp10 q
GDGeneral Dynamics Corporation0.21%53,167$14Madded+67%+0.07 pp15 q
BPBP p.l.c.0.20%365,302$13Madded+61%+0.03 pp4 q
EXEExpand Energy Corporation0.19%158,882$12Mtrimmed−14%−0.12 pp12 q
ENICEnel Chile S.A.0.18%3,586,182$12Madded+28%+0.02 pp31 q
AEGAegon Ltd.0.17%1,922,545$11Mnew+0.17 ppnew
S9QSpirit Aerosystems Hold-cl A0.16%327,005$10Mnew+0.16 ppnew
CYDChina Yuchai International Ltd.0.16%1,232,541$10Mtrimmed−0%−0.08 pp39 q
HP5AEquity Commonwealth0.15%521,399$10Mtrimmed−8%−0.05 pp15 q
HCSGHealthcare Services Group0.14%908,205$9Madded+8%−0.03 pp6 q
NPKNational Presto Industries, Inc.0.14%112,231$9Mtrimmed−24%−0.07 pp18 q
IXUSiShares Core MSCI Total International Stock ETF0.12%117,727$8Madded×21.8+0.11 pp3 q
NWGNatWest Group plc0.11%1,306,605$7Madded+44%+0.01 pp4 q
PBHPrestige Consumer Healthcare Inc.0.11%119,114$7Mtrimmed−8%−0.03 pp14 q
HURCHurco Cos Inc0.08%232,308$5Madded+9%−0.01 pp12 q
IMKTAIngles Markets Inc0.08%60,635$5Mtrimmed−2%−0.01 pp4 q
CRHCRH Public Limited Company0.08%76,039$5Mtrimmed−24%−0.03 pp2 q
MDPediatrix Medical Group, Inc.0.07%461,248$4Madded+33%−0.02 pp25 q
NKSHNational Bankshares Inc/VA0.07%141,045$5Mtrimmed−30%−0.03 pp12 q
EGRXEagle Pharms Inc0.06%745,080$4Mtrimmed−34%−0.29 pp24 q
NWLINational Western Life Group, Inc. Class A0.06%8,158$4Mtrimmed−88%−0.54 pp33 q
SMGThe Scotts Miracle-Gro Company0.06%64,893$4Madded+2%0.00 pp7 q
CRD.ACrawford & Company Class A0.05%249,357$3Mtrimmed−8%0.00 pp12 q
IFFInternational Flavors & Fragrances Inc.0.05%40,799$3Mnew+0.05 ppnew
MCYMercury General Corp.0.05%79,580$3Madded+15%+0.01 pp3 q
TAPMolson Coors Beverage Company Class B0.05%50,895$3Madded+10%−0.01 pp9 q
PINCNPremier Inc-class A0.05%155,970$3Madded+10%−0.01 pp18 q
TIMBTim S.a.0.05%182,703$3Madded+98%+0.02 pp4 q
UTHRUnited Therapeutics Corp0.05%16,093$4Madded+6%−0.02 pp25 q
ARWArrow Electronics, Inc.0.04%19,637$2Madded+6%−0.01 pp32 q
AVAAvista Corporation0.04%78,788$3Madded+35%0.00 pp2 q
HDBHDFC Bank Limited0.04%37,301$3Madded×2.1+0.02 pp4 q
IPGThe Interpublic Group of Companies, Inc.0.04%80,161$3Madded+21%0.00 pp25 q
OGNOrganon & Co.0.04%178,536$3Mnew+0.04 ppnew
ASAIYSendas Distribudra S/0.04%176,981$2Madded×2.5+0.02 pp4 q
0OIASolarWinds Corporation0.04%229,586$3Madded+2%0.00 pp11 q
UNFUnifirst Corp0.04%14,963$3Mtrimmed−48%−0.05 pp3 q
UTMDUtah Medical Products Inc0.04%32,825$3Madded+21%−0.01 pp4 q
VTVanguard Total World Stock ETF0.04%25,378$3Madded×10.0+0.04 pp2 q
VWOVanguard FTSE Emerging Markets ETF0.04%69,293$3Mnew+0.04 ppnew
VBRVanguard Morningstar Small-Cap Value ETF0.04%12,979$2Madded×10.2+0.04 pp2 q
BAPCredicorp LTD0.04%17,634$3Madded×2.3+0.02 pp4 q
AOUTAmerican Outdoor Brands, Inc.0.03%270,622$2Madded+26%−0.01 pp2 q
BLCOBausch + Lomb Corporation0.03%114,200$2Madded+11%0.00 pp6 q
FFIVF5, Inc.0.03%9,965$2Madded+29%+0.01 pp16 q
FLSFlowserve Corporation0.03%54,282$2Mtrimmed−18%−0.02 pp9 q
HSBCHSBC Holdings PLC0.03%54,705$2Madded×2.2+0.01 pp4 q
NTESNetEase, inc.0.03%18,166$2Madded×2.1+0.01 pp4 q
RBBNRibbon Communications Inc.0.03%640,945$2Madded+43%+0.01 pp9 q
CAECAE Inc.0.02%49,366$1Mtrimmed−6%0.00 pp7 q
EBMTEagle Bancorp Montana, Inc0.02%98,505$2Madded0%0.00 pp4 q
RCIRogers Communications, Inc.0.02%21,810$1Mheld—13 q
SUZSuzano S.A.0.02%121,586$1Madded×2.2+0.01 pp2 q
BRK.ABerkshire Hathaway Inc.0.01%1$542,625held—9 q
BTIBritish American Tobacco p.l.c.0.01%28,034$821,116added+23%0.00 pp3 q
CFGCitizens Financial Group, Inc.0.01%13,008$431,085new+0.01 ppnew
KOFCoca-Cola FEMSA, S.A.B DE C.V0.01%5,094$482,096added+6%0.00 pp4 q
XRAYDENTSPLY SIRONA Inc.0.01%15,444$549,652added×2.4+0.01 pp4 q
GILGildan Activewear Inc.0.01%21,541$712,145trimmed−14%0.00 pp5 q
IPGPIPG Photonics Corporation0.01%3,835$416,251new+0.01 ppnew
LNSRLENSAR, Inc.0.01%226,676$795,633added+3%0.00 pp4 q
LEVILevi Strauss & Co. Class A0.01%23,720$392,329new+0.01 ppnew
DGXQuest Diagnostics Inc.0.01%3,238$446,455new+0.01 ppnew
SEICSEI Investments Co0.01%6,069$385,685new+0.01 ppnew
SXTSensient Technology Corporation0.01%6,429$424,314new+0.01 ppnew
SKAASkechers USA Inc-cl A0.01%9,546$595,098new+0.01 ppnew
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund0.01%6,903$794,052new+0.01 ppnew
VTVVanguard Morningstar Value ETF0.01%5,792$865,904new+0.01 ppnew
AVTAvnet, Inc.0.00%5,819$293,278new0.00 ppnew
CNACNA Financial Corporation0.00%4,993$211,254new0.00 ppnew
CALMCal-Maine Foods Inc0.00%4,096$235,069new0.00 ppnew
CPBThe Campbell's Company0.00%4,954$214,161new0.00 ppnew
FCFSFirstCash Holdings, Inc.0.00%2,926$317,149new0.00 ppnew
GTEGran Tierra Energy Inc.0.00%54,640$308,170held—33 q
KELYAKelly Services Inc0.00%11,993$259,289new0.00 ppnew
MZTIThe Marzetti Company0.00%1,210$201,332new0.00 ppnew
MSMMSC Industrial Direct Co., Inc. Class A0.00%2,693$272,693new0.00 ppnew
MFCManulife Financial Corp.0.00%9,754$215,563new0.00 ppnew
HSICHenry Schein Inc0.00%3,188$241,363new0.00 ppnew
SCHLScholastic Corp0.00%6,859$258,584new0.00 ppnew
SAICScience Applications International Corporation0.00%1,646$204,631new0.00 ppnew
SEBSeaboard Corporation0.00%58$207,066new0.00 ppnew
SEESealed Air Corp New0.00%7,736$282,519new0.00 ppnew
SONSonoco Products Company0.00%4,167$232,810new0.00 ppnew
SFMSprouts Farmers Market, Inc.0.00%5,750$276,633new0.00 ppnew
SYYSysco Corporation0.00%3,261$238,477new0.00 ppnew
TRUTransUnion0.00%3,783$259,930new0.00 ppnew
VTYVerint Systems Inc0.00%11,030$298,141new0.00 ppnew
WHRWhirlpool Corp.0.00%2,189$266,555new0.00 ppnew
ZBHZimmer Biomet Holdings, Inc.0.00%1,756$213,705new0.00 ppnew
WTMWhite Mountains Insurance Group Ltd.0.00%156$234,782new0.00 ppnew
unresolvedAegon NV—−1,321,542—exited−0.12 pp—
TMToyota Motor Corporation—−15,842—exited−0.06 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue% of notesPrincipalValue
Microstrategy Inc100.00%10,761,000$9M

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001041062-24-000026
Options
none in this filing
SEC cross-check
SEC data set not published yet