Brandes

Q1 2024 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2024
Filed: May 9, 2024
US stock: $7.8B · prev $6.6B
Positions: 185 · prev 186
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves189 since the prior filing

+3.5 pp in · −3.4 pp out

New 7 +0.32 pp
Added 143 +3.14 pp
Trimmed 31 −1.96 pp
Exited 8 −1.43 pp

The book

Diversified · behaves like 62 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions16% of US stock

EMBJ Embraer S.A. trimmed+0.44 pp trimmed+0.445.4%
WFC Wells Fargo & Co. added+0.17 pp added+0.173.3%
BAC Bank of America Corporation added+0.12 pp added+0.122.5%
CMCSA Comcast Corp added+0.05 pp added+0.052.4%
C Citigroup Inc. added+0.30 pp added+0.302.3%

Positions185 in this filing · 8 exited


EMBJEmbraer S.A.	5.37%	15,678,567	$418M	trimmed−11%	+0.44 pp	40 q
WFCWells Fargo & Co.	3.32%	4,451,212	$258M	added+6%	+0.17 pp	40 q
BACBank of America Corporation	2.47%	5,057,549	$192M	added+10%	+0.12 pp	40 q
CMCSAComcast Corp	2.36%	4,231,023	$183M	added+22%	+0.05 pp	26 q
CCitigroup Inc.	2.31%	2,835,090	$179M	added+10%	+0.30 pp	40 q
FISVFiserv, Inc.	2.26%	1,100,116	$176M	added+9%	+0.23 pp	12 q
CIThe Cigna Group	2.19%	468,991	$170M	added+10%	+0.25 pp	22 q
MRKMerck & Co., Inc.	2.09%	1,232,526	$163M	added+9%	+0.22 pp	40 q
FDXFedEx Corporation	2.03%	544,252	$158M	added+14%	+0.19 pp	21 q
MCKMcKesson Corporation	2.01%	291,538	$157M	trimmed−4%	−0.13 pp	33 q
DOXAmdocs Limited	2.01%	1,724,452	$156M	added+23%	+0.14 pp	40 q
CTVACorteva, Inc.	1.93%	2,603,324	$150M	added+35%	+0.52 pp	16 q
WTWWillis Towers Watson Public Limited Company	1.92%	542,117	$149M	trimmed−6%	−0.20 pp	9 q
HALHalliburton Company	1.89%	3,719,153	$147M	added+3%	−0.09 pp	21 q
PFEPfizer Inc.	1.81%	5,056,568	$140M	added+17%	−0.09 pp	40 q
MUMicron Technology, Inc.	1.80%	1,188,345	$140M	trimmed−10%	+0.08 pp	15 q
CVXChevron Corporation	1.76%	867,584	$137M	added+7%	−0.08 pp	40 q
AIGAmerican International Group, Inc.	1.75%	1,738,848	$136M	added+9%	+0.11 pp	39 q
CAHCardinal Health, Inc.	1.72%	1,194,209	$134M	trimmed−2%	−0.15 pp	28 q
PNCPNC Financial Services Group	1.70%	819,574	$132M	added+10%	−0.05 pp	40 q
CXCemex S.A.B. de C.V.	1.60%	13,838,965	$125M	trimmed−23%	−0.51 pp	40 q
TXTTextron, Inc.	1.59%	1,290,773	$124M	added+4%	+0.08 pp	17 q
CVSCvs Health Corporation	1.57%	1,526,115	$122M	added+10%	−0.09 pp	29 q
MHKMohawk Industries, Inc.	1.55%	919,466	$120M	added+13%	+0.27 pp	22 q
GRFSGrifois, S.A.	1.47%	17,114,866	$114M	added+27%	−0.91 pp	14 q
HCAHCA Healthcare, Inc.	1.47%	342,843	$114M	added+9%	+0.18 pp	28 q
CAECAE Inc.	1.44%	5,431,216	$112M	added×110.0	+1.42 pp	8 q
BNYBank of New York Mellon Corporation	1.42%	1,910,551	$110M	added+9%	+0.03 pp	40 q
OMFOneMain Holdings, Inc.	1.38%	2,098,191	$107M	added+9%	−0.05 pp	13 q
CTSHCognizant Technology Solutions	1.32%	1,403,580	$103M	added+10%	−0.14 pp	31 q
EMREmerson Electric Co.	1.27%	871,884	$99M	added+9%	+0.08 pp	35 q
SHELShell plc	1.24%	1,437,840	$96M	added+28%	+0.12 pp	9 q
SNYSanofi	1.22%	1,957,492	$95M	added+11%	−0.12 pp	40 q
TIGOMillicom International Cellular S.A.	1.19%	4,567,057	$92M	added+4%	−0.01 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	1.11%	394,156	$86M	added+18%	−0.04 pp	30 q
FTREFortrea Holdings Inc.	0.99%	1,918,815	$77M	added+13%	+0.09 pp	3 q
STTState Street Corporation	0.97%	976,189	$75M	added+14%	−0.04 pp	40 q
JPMJPMorgan Chase & Co.	0.92%	357,057	$72M	trimmed−29%	−0.37 pp	40 q
WKCWorld Kinect Corporation	0.92%	2,688,372	$71M	added+7%	+0.05 pp	29 q
DRQInnovex International, Inc.	0.84%	2,880,681	$65M	added+13%	−0.07 pp	14 q
ARLOArlo Technologies, Inc.	0.83%	5,087,584	$64M	added+13%	+0.18 pp	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.79%	450,128	$61M	trimmed−12%	−0.02 pp	24 q
GOOGAlphabet Inc. Class C	0.78%	399,836	$61M	added+2%	−0.06 pp	29 q
GOOGLAlphabet Inc. Class A	0.78%	401,011	$61M	added+15%	+0.04 pp	7 q
NTGRNETGEAR, Inc.	0.74%	3,649,330	$58M	added+7%	−0.01 pp	28 q
UBSUBS Group AG	0.74%	1,868,877	$57M	trimmed−4%	−0.17 pp	38 q
FLEXFlex Ltd.	0.70%	1,897,654	$54M	trimmed−2%	−0.20 pp	22 q
SAPSap SE	0.69%	274,366	$54M	trimmed−9%	−0.02 pp	8 q
WRBW.R. Berkley Corporation	0.67%	589,523	$52M	added+2%	+0.05 pp	5 q
OMCOmnicom Group Inc.	0.67%	540,592	$52M	added+2%	−0.02 pp	27 q
ZTOZTO Express (Cayman) Inc.	0.66%	2,450,863	$51M	added+27%	+0.03 pp	20 q
EPCEdgewell Personal Care Company	0.64%	1,277,412	$49M	added+7%	−0.03 pp	26 q
BABAAlibaba Group Holding Limited	0.63%	678,821	$49M	added+15%	−0.06 pp	18 q
ELANElanco Animal Health Incorporated	0.61%	2,909,023	$47M	trimmed−18%	−0.20 pp	7 q
CPACopa Holdings, S.A.	0.61%	457,858	$48M	added+3%	−0.11 pp	22 q
GSKGSK plc	0.60%	1,084,413	$46M	added+2%	0.00 pp	7 q
AZOAutoZone, Inc.	0.59%	14,514	$46M	added+2%	+0.03 pp	13 q
MOG.AMoog Inc.	0.59%	285,993	$46M	added+6%	0.00 pp	11 q
JNJJohnson & Johnson	0.56%	277,274	$44M	added+3%	−0.08 pp	35 q
KMTKennametal Inc.	0.55%	1,726,516	$43M	added+94%	+0.20 pp	7 q
INGRIngredion Incorporated	0.53%	355,585	$42M	added+3%	−0.04 pp	18 q
TAKTakeda Pharmaceutical Company Limited	0.52%	2,902,507	$40M	added+9%	−0.06 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	0.51%	94,318	$40M	added+2%	+0.01 pp	12 q
JCIJohnson Controls International plc	0.50%	590,477	$39M	added+53%	+0.16 pp	23 q
TTENTotalenergies SE -spon ADR	0.48%	542,213	$37M	trimmed−1%	−0.08 pp	11 q
SSNCSS&C Technologies Inc	0.45%	546,198	$35M	added+16%	+0.01 pp	4 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.43%	2,251,467	$34M	added+2%	−0.08 pp	40 q
GHMGraham Corporation	0.42%	1,206,659	$33M	added+3%	+0.08 pp	17 q
PKEPark Aerospace Corp.	0.41%	1,920,853	$32M	added+14%	+0.03 pp	15 q
ABEVAmbev S.a.	0.40%	12,473,645	$31M	added+35%	+0.01 pp	16 q
PAHCPhibro Animal Health Corporation Class A	0.40%	2,376,558	$31M	added+12%	+0.03 pp	20 q
FOXFox Corporation Class B	0.39%	1,047,724	$30M	added+3%	−0.04 pp	21 q
ORIOld Republic International Corporation	0.39%	988,740	$30M	added+3%	−0.04 pp	40 q
GTESGates Industrial Corporation Ltd.	0.39%	1,720,960	$30M	added+9%	+0.07 pp	10 q
SNNSmith & Nephew plc	0.37%	1,139,758	$29M	added+4%	−0.08 pp	2 q
WPPWpp PLC	0.37%	609,579	$29M	added+7%	−0.04 pp	27 q
PHGKoninklijke Philips N.v.	0.36%	1,380,345	$28M	added+7%	−0.10 pp	8 q
HN9Hanesbrands Inc	0.35%	4,651,133	$27M	added+8%	+0.06 pp	7 q
QRVOQorvo, Inc.	0.33%	226,668	$26M	added+4%	−0.04 pp	9 q
unresolvedAvadel Pharmaceuticals PLC	0.32%	1,462,225	$25M	trimmed−5%	−0.01 pp	26 q
ORNOrion Group Holdings, Inc	0.32%	3,009,608	$25M	trimmed−10%	+0.07 pp	40 q
TFCTruist Financial Corporation	0.30%	606,673	$24M	added+3%	−0.03 pp	40 q
CSCOCisco Systems, Inc. (DE)	0.29%	456,824	$23M	added+2%	−0.05 pp	40 q
AMXAmerica Movil S.A.B de C.V	0.28%	1,180,418	$22M	new	+0.28 pp	new
NVSNovartis AG	0.27%	213,927	$21M	added+23%	0.00 pp	14 q
OTEXOpen Text Corp	0.27%	544,824	$21M	added+2%	−0.07 pp	11 q
HMCHonda Motor Co., Ltd.	0.26%	538,715	$20M	added+3%	+0.01 pp	40 q
ORANYOrange SP/	0.26%	1,708,915	$20M	added+4%	−0.03 pp	40 q
unresolvedUnilever Spn.Adr 1:1	0.26%	407,519	$20M	added+7%	−0.02 pp	9 q
FSTRFoster (Lb) Co	0.25%	700,596	$19M	added+5%	+0.03 pp	13 q
VIVTelefonica Brasil, S.A.	0.25%	1,930,765	$19M	added+1%	−0.07 pp	40 q
EENI S.p.A.	0.24%	596,992	$19M	added+2%	−0.06 pp	40 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.24%	1,840,728	$19M	trimmed−24%	−0.08 pp	40 q
SHGShinhan Financial Group Co Ltd	0.24%	523,904	$19M	added+8%	+0.01 pp	40 q
BCSBarclays PLC	0.23%	1,885,793	$18M	added+8%	+0.02 pp	11 q
BUDAnheuser-Busch INBEV SA/NV	0.22%	276,847	$17M	trimmed−8%	−0.08 pp	16 q
EXEExpand Energy Corporation	0.21%	187,994	$17M	added+18%	+0.02 pp	13 q
GDGeneral Dynamics Corporation	0.20%	54,689	$15M	added+3%	−0.01 pp	16 q
HCSGHealthcare Services Group	0.19%	1,175,048	$15M	added+29%	+0.05 pp	7 q
BPBP p.l.c.	0.17%	343,869	$13M	trimmed−6%	−0.03 pp	5 q
S9QSpirit Aerosystems Hold-cl A	0.17%	376,218	$14M	added+15%	+0.01 pp	2 q
ENICEnel Chile S.A.	0.15%	3,846,932	$12M	added+7%	−0.03 pp	32 q
HP5AEquity Commonwealth	0.15%	614,202	$12M	added+18%	0.00 pp	16 q
TAROTaro Pharmaceutical Indus	0.15%	283,917	$12M	trimmed−40%	−0.15 pp	27 q
PBHPrestige Consumer Healthcare Inc.	0.14%	151,650	$11M	added+27%	+0.03 pp	15 q
CYDChina Yuchai International Ltd.	0.14%	1,241,568	$11M	added+1%	−0.02 pp	40 q
CRHCRH Public Limited Company	0.14%	125,894	$11M	added+66%	+0.06 pp	3 q
NWGNatWest Group plc	0.12%	1,341,443	$9M	added+3%	+0.01 pp	5 q
NPKNational Presto Industries, Inc.	0.10%	91,330	$8M	trimmed−19%	−0.04 pp	19 q
IMKTAIngles Markets Inc	0.09%	93,246	$7M	added+54%	+0.01 pp	5 q
HURCHurco Cos Inc	0.08%	297,186	$6M	added+28%	0.00 pp	13 q
MDPediatrix Medical Group, Inc.	0.08%	651,480	$7M	added+41%	+0.01 pp	26 q
MCYMercury General Corp.	0.08%	115,730	$6M	added+45%	+0.03 pp	4 q
SMGThe Scotts Miracle-Gro Company	0.08%	86,131	$6M	added+33%	+0.02 pp	8 q
NWLINational Western Life Group, Inc. Class A	0.06%	8,955	$4M	added+10%	0.00 pp	34 q
UTHRUnited Therapeutics Corp	0.06%	18,990	$4M	added+18%	+0.01 pp	26 q
UTMDUtah Medical Products Inc	0.06%	70,097	$5M	added×2.1	+0.02 pp	5 q
AOUTAmerican Outdoor Brands, Inc.	0.05%	408,374	$4M	added+51%	+0.02 pp	3 q
CRD.ACrawford & Company Class A	0.05%	413,229	$4M	added+66%	0.00 pp	13 q
FLSFlowserve Corporation	0.05%	76,838	$4M	added+42%	+0.02 pp	10 q
IFFInternational Flavors & Fragrances Inc.	0.05%	45,948	$4M	added+13%	0.00 pp	2 q
TAPMolson Coors Beverage Company Class B	0.05%	56,338	$4M	added+11%	0.00 pp	10 q
NKSHNational Bankshares Inc/VA	0.05%	118,788	$4M	trimmed−16%	−0.02 pp	13 q
OGNOrganon & Co.	0.05%	193,671	$4M	added+8%	+0.01 pp	2 q
PINCNPremier Inc-class A	0.05%	187,378	$4M	added+20%	0.00 pp	19 q
0OIASolarWinds Corporation	0.05%	330,993	$4M	added+44%	+0.01 pp	12 q
ARWArrow Electronics, Inc.	0.04%	21,037	$3M	added+7%	0.00 pp	33 q
HDBHDFC Bank Limited	0.04%	48,955	$3M	added+31%	0.00 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	91,912	$3M	added+15%	0.00 pp	26 q
RBBNRibbon Communications Inc.	0.04%	930,779	$3M	added+45%	+0.01 pp	10 q
TIMBTim S.a.	0.04%	156,634	$3M	trimmed−14%	−0.01 pp	5 q
UNFUnifirst Corp	0.04%	18,347	$3M	added+23%	0.00 pp	4 q
BAPCredicorp LTD	0.04%	17,464	$3M	trimmed−1%	0.00 pp	5 q
AVAAvista Corporation	0.03%	69,293	$2M	trimmed−12%	−0.01 pp	3 q
FFIVF5, Inc.	0.03%	12,054	$2M	added+21%	0.00 pp	17 q
HSBCHSBC Holdings PLC	0.03%	55,429	$2M	added+1%	0.00 pp	5 q
NTESNetEase, inc.	0.03%	20,632	$2M	added+14%	0.00 pp	5 q
ASAIYSendas Distribudra S/	0.03%	160,834	$2M	trimmed−9%	−0.01 pp	5 q
SRSpire Inc.	0.03%	39,258	$2M	new	+0.03 pp	new
EBMTEagle Bancorp Montana, Inc	0.02%	149,733	$2M	added+52%	0.00 pp	5 q
LNSRLENSAR, Inc.	0.02%	330,948	$1M	added+46%	+0.01 pp	5 q
SUZSuzano S.A.	0.02%	119,446	$2M	trimmed−2%	0.00 pp	3 q
AVTAvnet, Inc.	0.01%	9,218	$457,028	added+58%	+0.01 pp	2 q
BLCOBausch + Lomb Corporation	0.01%	62,547	$1M	trimmed−45%	−0.02 pp	7 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$634,440	held	—	10 q
BTIBritish American Tobacco p.l.c.	0.01%	27,015	$823,958	trimmed−4%	0.00 pp	4 q
CNACNA Financial Corporation	0.01%	9,217	$418,636	added+85%	+0.01 pp	2 q
CALMCal-Maine Foods Inc	0.01%	7,561	$444,965	added+85%	+0.01 pp	2 q
CPBThe Campbell's Company	0.01%	9,145	$406,495	added+85%	+0.01 pp	2 q
CFGCitizens Financial Group, Inc.	0.01%	22,545	$818,158	added+73%	0.00 pp	2 q
XRAYDENTSPLY SIRONA Inc.	0.01%	23,012	$763,768	added+49%	0.00 pp	5 q
FCFSFirstCash Holdings, Inc.	0.01%	5,401	$688,844	added+85%	+0.01 pp	2 q
GILGildan Activewear Inc.	0.01%	21,541	$799,817	held	—	6 q
GTEGran Tierra Energy Inc.	0.01%	54,640	$390,129	held	—	34 q
IPGPIPG Photonics Corporation	0.01%	6,277	$569,261	added+64%	0.00 pp	2 q
KELYAKelly Services Inc	0.01%	20,936	$524,237	added+75%	+0.01 pp	2 q
KVUEKenvue Inc.	0.01%	43,428	$931,965	new	+0.01 pp	new
MZTIThe Marzetti Company	0.01%	2,233	$463,638	added+85%	+0.01 pp	2 q
LEVILevi Strauss & Co. Class A	0.01%	42,002	$839,620	added+77%	0.00 pp	2 q
MSMMSC Industrial Direct Co., Inc. Class A	0.01%	4,376	$424,647	added+63%	+0.01 pp	2 q
DGXQuest Diagnostics Inc.	0.01%	5,977	$795,598	added+85%	0.00 pp	2 q
RCIRogers Communications, Inc.	0.01%	25,682	$1M	added+18%	−0.01 pp	14 q
SEICSEI Investments Co	0.01%	10,260	$737,694	added+69%	0.00 pp	2 q
HSICHenry Schein Inc	0.01%	5,432	$410,225	added+70%	+0.01 pp	2 q
SEESealed Air Corp New	0.01%	12,752	$474,374	added+65%	+0.01 pp	2 q
SXTSensient Technology Corporation	0.01%	10,818	$748,497	added+68%	0.00 pp	2 q
SKAASkechers USA Inc-cl A	0.01%	14,690	$899,909	added+54%	0.00 pp	2 q
SONSonoco Products Company	0.01%	7,236	$418,530	added+74%	+0.01 pp	2 q
SFMSprouts Farmers Market, Inc.	0.01%	9,677	$623,973	added+68%	+0.01 pp	2 q
TRUTransUnion	0.01%	6,126	$488,855	added+62%	+0.01 pp	2 q
VBRVanguard Morningstar Small-Cap Value ETF	0.01%	3,970	$761,764	trimmed−69%	−0.03 pp	3 q
VTYVerint Systems Inc	0.01%	18,290	$606,314	added+66%	+0.01 pp	2 q
WHRWhirlpool Corp.	0.01%	3,443	$411,886	added+57%	+0.01 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	3,241	$427,747	added+85%	+0.01 pp	2 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	255	$457,547	added+63%	+0.01 pp	2 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	3,297	$320,468	trimmed−35%	−0.01 pp	5 q
HTLDHeartland Express Inc	0.00%	14,437	$172,378	new	0.00 pp	new
MFCManulife Financial Corp.	0.00%	8,417	$210,341	trimmed−14%	0.00 pp	2 q
NWNNorthwest Natural Holding Company	0.00%	6,050	$225,181	new	0.00 pp	new
SCHLScholastic Corp	0.00%	9,222	$347,762	added+34%	0.00 pp	2 q
SAICScience Applications International Corporation	0.00%	2,405	$313,588	added+46%	0.00 pp	2 q
SEBSeaboard Corporation	0.00%	91	$293,377	added+57%	0.00 pp	2 q
SHCSotera Health Company	0.00%	14,062	$168,885	new	0.00 pp	new
SYYSysco Corporation	0.00%	3,261	$264,728	held	—	2 q
WMKWeis Markets, Inc.	0.00%	5,761	$371,008	new	0.00 pp	new
AMATApplied Materials Inc	—	−399,108	—	exited	−0.98 pp	—
AEGAegon Ltd.	—	−1,922,545	—	exited	−0.17 pp	—
IXUSiShares Core MSCI Total International Stock ETF	—	−117,727	—	exited	−0.12 pp	—
EGRXEagle Pharms Inc	—	−745,080	—	exited	−0.06 pp	—
VTVanguard Total World Stock ETF	—	−25,378	—	exited	−0.04 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−69,293	—	exited	−0.04 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−6,903	—	exited	−0.01 pp	—
VTVVanguard Morningstar Value ETF	—	−5,792	—	exited	−0.01 pp	—