Brandes

Q2 2024 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2024
Filed: Aug 9, 2024
US stock: $8.1B · prev $7.8B
Positions: 187 · prev 185
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%

Moves194 since the prior filing

+7.0 pp in · −7.1 pp out

New 11 +3.24 pp
Added 121 +3.74 pp
Trimmed 53 −5.29 pp
Exited 9 −1.79 pp

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions14% of US stock

EMBJ Embraer S.A. trimmed−1.44 pp trimmed−1.443.9%
WFC Wells Fargo & Co. trimmed−0.47 pp trimmed−0.472.9%
BAC Bank of America Corporation added+0.21 pp added+0.212.7%
CAE CAE Inc. added+1.10 pp added+1.102.5%
C Citigroup Inc. added+0.08 pp added+0.082.4%

Positions187 in this filing · 9 exited


EMBJEmbraer S.A.	3.93%	12,268,752	$319M	trimmed−22%	−1.44 pp	41 q
WFCWells Fargo & Co.	2.85%	3,903,281	$231M	trimmed−12%	−0.47 pp	41 q
BACBank of America Corporation	2.68%	5,485,023	$218M	added+8%	+0.21 pp	41 q
CAECAE Inc.	2.54%	11,071,485	$206M	added×2.0	+1.10 pp	9 q
CCitigroup Inc.	2.39%	3,068,543	$194M	added+8%	+0.08 pp	41 q
CMCSAComcast Corp	2.37%	4,931,630	$193M	added+17%	+0.01 pp	27 q
FISVFiserv, Inc.	2.23%	1,213,309	$181M	added+10%	−0.03 pp	13 q
FDXFedEx Corporation	2.20%	596,814	$179M	added+10%	+0.17 pp	22 q
DOXAmdocs Limited	2.20%	2,260,811	$178M	added+31%	+0.19 pp	41 q
CIThe Cigna Group	2.08%	510,970	$169M	added+9%	−0.11 pp	23 q
MRKMerck & Co., Inc.	2.08%	1,359,766	$169M	added+10%	−0.01 pp	41 q
MCKMcKesson Corporation	2.05%	284,470	$166M	trimmed−2%	+0.04 pp	34 q
WTWWillis Towers Watson Public Limited Company	1.93%	598,631	$157M	added+10%	+0.01 pp	10 q
PFEPfizer Inc.	1.92%	5,573,282	$156M	added+10%	+0.11 pp	41 q
CVXChevron Corporation	1.90%	988,673	$155M	added+14%	+0.14 pp	41 q
CTVACorteva, Inc.	1.90%	2,868,735	$155M	added+10%	−0.03 pp	17 q
CTSHCognizant Technology Solutions	1.83%	2,191,388	$149M	added+56%	+0.51 pp	32 q
HALHalliburton Company	1.78%	4,279,478	$145M	added+15%	−0.11 pp	22 q
PNCPNC Financial Services Group	1.72%	901,415	$140M	added+10%	+0.02 pp	41 q
TXTTextron, Inc.	1.64%	1,549,551	$133M	added+20%	+0.05 pp	18 q
CAHCardinal Health, Inc.	1.59%	1,315,316	$129M	added+10%	−0.13 pp	29 q
BNYBank of New York Mellon Corporation	1.53%	2,071,865	$124M	added+8%	+0.11 pp	41 q
AIGAmerican International Group, Inc.	1.46%	1,594,563	$118M	trimmed−8%	−0.29 pp	40 q
HCAHCA Healthcare, Inc.	1.46%	366,591	$118M	added+7%	−0.01 pp	29 q
MUMicron Technology, Inc.	1.46%	901,550	$119M	trimmed−24%	−0.34 pp	16 q
GRFSGrifois, S.A.	1.44%	18,596,790	$117M	added+9%	−0.03 pp	15 q
MHKMohawk Industries, Inc.	1.42%	1,015,640	$115M	added+10%	−0.13 pp	23 q
TIGOMillicom International Cellular S.A.	1.36%	4,509,438	$111M	trimmed−1%	+0.17 pp	9 q
EMREmerson Electric Co.	1.29%	953,477	$105M	added+9%	+0.02 pp	36 q
SHELShell plc	1.28%	1,447,449	$104M	added+1%	+0.04 pp	10 q
SNYSanofi	1.26%	2,122,748	$103M	added+8%	+0.04 pp	41 q
LHLabcorp Holdings Inc.	1.24%	494,068	$101M	new	+1.24 pp	new
CVSCvs Health Corporation	1.20%	1,653,045	$98M	added+8%	−0.37 pp	30 q
OMFOneMain Holdings, Inc.	1.14%	1,912,031	$93M	trimmed−9%	−0.24 pp	14 q
GOOGAlphabet Inc. Class C	1.06%	470,768	$86M	added+18%	+0.28 pp	30 q
CXCemex S.A.B. de C.V.	1.02%	12,967,695	$83M	trimmed−6%	−0.58 pp	41 q
STTState Street Corporation	0.97%	1,069,556	$79M	added+10%	0.00 pp	41 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.94%	439,899	$76M	trimmed−2%	+0.15 pp	25 q
WKCWorld Kinect Corporation	0.94%	2,972,932	$77M	added+11%	+0.02 pp	30 q
GOOGLAlphabet Inc. Class A	0.93%	414,107	$76M	added+3%	+0.15 pp	8 q
DRQInnovex International, Inc.	0.85%	3,732,716	$69M	added+30%	+0.01 pp	15 q
ARLOArlo Technologies, Inc.	0.82%	5,140,826	$67M	added+1%	−0.01 pp	22 q
EPCEdgewell Personal Care Company	0.76%	1,529,647	$62M	added+20%	+0.12 pp	27 q
FLEXFlex Ltd.	0.75%	2,055,170	$61M	added+8%	+0.05 pp	23 q
JPMJPMorgan Chase & Co.	0.73%	291,837	$59M	trimmed−18%	−0.19 pp	41 q
NTGRNETGEAR, Inc.	0.73%	3,896,492	$59M	added+7%	−0.01 pp	29 q
OMCOmnicom Group Inc.	0.72%	651,790	$58M	added+21%	+0.05 pp	28 q
FTREFortrea Holdings Inc.	0.70%	2,438,159	$57M	added+27%	−0.29 pp	4 q
WRBW.R. Berkley Corporation	0.68%	699,387	$55M	added+19%	+0.01 pp	6 q
OTEXOpen Text Corp	0.68%	1,834,835	$55M	added×3.4	+0.41 pp	12 q
KMTKennametal Inc.	0.67%	2,332,993	$55M	added+35%	+0.12 pp	8 q
BABAAlibaba Group Holding Limited	0.63%	711,054	$51M	added+5%	0.00 pp	19 q
AZOAutoZone, Inc.	0.63%	17,174	$51M	added+18%	+0.04 pp	14 q
UBSUBS Group AG	0.63%	1,734,460	$51M	trimmed−7%	−0.11 pp	39 q
SAPSap SE	0.62%	249,857	$50M	trimmed−9%	−0.07 pp	9 q
ZTOZTO Express (Cayman) Inc.	0.62%	2,432,865	$50M	trimmed−1%	−0.04 pp	21 q
INGRIngredion Incorporated	0.61%	431,339	$49M	added+21%	+0.08 pp	19 q
MOG.AMoog Inc.	0.61%	296,162	$49M	added+4%	+0.02 pp	12 q
ACGLArch Capital Group Ltd	0.59%	476,907	$48M	new	+0.59 pp	new
JNJJohnson & Johnson	0.58%	324,566	$47M	added+17%	+0.02 pp	36 q
SSNCSS&C Technologies Inc	0.58%	748,324	$47M	added+37%	+0.13 pp	5 q
GSKGSK plc	0.54%	1,145,512	$44M	added+6%	−0.06 pp	8 q
CPACopa Holdings, S.A.	0.54%	456,726	$43M	trimmed−0%	−0.07 pp	23 q
ELANElanco Animal Health Incorporated	0.52%	2,945,967	$42M	added+1%	−0.09 pp	8 q
FOXFox Corporation Class B	0.50%	1,273,492	$41M	added+22%	+0.11 pp	22 q
PAHCPhibro Animal Health Corporation Class A	0.50%	2,405,629	$41M	added+1%	+0.10 pp	21 q
JCIJohnson Controls International plc	0.48%	587,528	$39M	trimmed−1%	−0.02 pp	24 q
TTENTotalenergies SE -spon ADR	0.44%	533,409	$36M	trimmed−2%	−0.04 pp	12 q
SNNSmith & Nephew plc	0.42%	1,373,051	$34M	added+20%	+0.05 pp	3 q
TAKTakeda Pharmaceutical Company Limited	0.42%	2,635,027	$34M	trimmed−9%	−0.10 pp	23 q
GTESGates Industrial Corporation Ltd.	0.40%	2,054,854	$32M	added+19%	+0.01 pp	11 q
ABEVAmbev S.a.	0.39%	15,456,266	$32M	added+24%	−0.01 pp	17 q
ETREntergy Corporation	0.39%	299,260	$32M	new	+0.39 pp	new
PHGKoninklijke Philips N.v.	0.38%	1,212,374	$31M	trimmed−15%	+0.02 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.38%	2,274,624	$31M	added+1%	−0.05 pp	41 q
QRVOQorvo, Inc.	0.38%	269,776	$31M	added+19%	+0.05 pp	10 q
GHMGraham Corporation	0.37%	1,076,746	$30M	trimmed−11%	−0.05 pp	18 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.37%	606,855	$30M	new	+0.37 pp	new
WPPWpp PLC	0.37%	652,269	$30M	added+7%	0.00 pp	28 q
BRK.BBERKSHIRE HATHAWAY Class B	0.36%	70,970	$29M	trimmed−25%	−0.15 pp	13 q
KVUEKenvue Inc.	0.36%	1,615,904	$29M	added×37.2	+0.35 pp	2 q
PKEPark Aerospace Corp.	0.36%	2,150,573	$29M	added+12%	−0.05 pp	16 q
TFCTruist Financial Corporation	0.35%	727,013	$28M	added+20%	+0.05 pp	41 q
CSCOCisco Systems, Inc. (DE)	0.33%	559,483	$27M	added+22%	+0.04 pp	41 q
ORNOrion Group Holdings, Inc	0.32%	2,753,099	$26M	trimmed−9%	0.00 pp	41 q
HN9Hanesbrands Inc	0.29%	4,834,202	$24M	added+4%	−0.06 pp	8 q
NVSNovartis AG	0.29%	224,224	$24M	added+5%	+0.02 pp	15 q
IXUSiShares Core MSCI Total International Stock ETF	0.26%	315,799	$21M	new	+0.26 pp	new
AVDLAvadel Pharmaceuticals	0.26%	1,483,439	$21M	new	+0.26 pp	new
AMXAmerica Movil S.A.B de C.V	0.25%	1,213,424	$20M	added+3%	−0.03 pp	2 q
EENI S.p.A.	0.22%	574,918	$18M	trimmed−4%	−0.02 pp	41 q
ORANYOrange SP/	0.22%	1,757,008	$18M	added+3%	−0.04 pp	41 q
SHGShinhan Financial Group Co Ltd	0.22%	522,440	$18M	trimmed−0%	−0.02 pp	41 q
VIVTelefonica Brasil, S.A.	0.22%	2,206,334	$18M	added+14%	−0.03 pp	41 q
HMCHonda Motor Co., Ltd.	0.21%	521,158	$17M	trimmed−3%	−0.05 pp	41 q
BCSBarclays PLC	0.20%	1,487,771	$16M	trimmed−21%	−0.03 pp	12 q
FSTRFoster (Lb) Co	0.19%	732,582	$16M	added+5%	−0.06 pp	14 q
GDGeneral Dynamics Corporation	0.18%	50,728	$15M	trimmed−7%	−0.02 pp	17 q
HCSGHealthcare Services Group	0.17%	1,318,045	$14M	added+12%	−0.02 pp	8 q
IMKTAIngles Markets Inc	0.17%	196,753	$13M	added×2.1	+0.08 pp	6 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.17%	1,339,322	$14M	trimmed−27%	−0.07 pp	41 q
HP5AEquity Commonwealth	0.16%	670,692	$13M	added+9%	+0.01 pp	17 q
BPBP p.l.c.	0.15%	329,425	$12M	trimmed−4%	−0.02 pp	6 q
PBHPrestige Consumer Healthcare Inc.	0.14%	165,293	$11M	added+9%	0.00 pp	16 q
CYDChina Yuchai International Ltd.	0.14%	1,293,521	$12M	added+4%	0.00 pp	41 q
ENICEnel Chile S.A.	0.13%	3,639,316	$10M	trimmed−5%	−0.02 pp	33 q
NWGNatWest Group plc	0.13%	1,292,857	$10M	trimmed−4%	+0.01 pp	6 q
SEESealed Air Corp New	0.12%	274,264	$10M	added×21.5	+0.11 pp	3 q
CRHCRH Public Limited Company	0.11%	121,345	$9M	trimmed−4%	−0.03 pp	4 q
UTMDUtah Medical Products Inc	0.10%	116,524	$8M	added+66%	+0.04 pp	6 q
CNHCnh Industrial N.v.	0.09%	698,076	$7M	new	+0.09 pp	new
AOUTAmerican Outdoor Brands, Inc.	0.08%	697,603	$6M	added+71%	+0.03 pp	4 q
NPKNational Presto Industries, Inc.	0.08%	85,753	$6M	trimmed−6%	−0.02 pp	20 q
PINCNPremier Inc-class A	0.08%	349,098	$6M	added+86%	+0.03 pp	20 q
UTHRUnited Therapeutics Corp	0.08%	19,916	$6M	added+5%	+0.02 pp	27 q
MDPediatrix Medical Group, Inc.	0.07%	735,068	$5M	added+13%	−0.01 pp	27 q
SMGThe Scotts Miracle-Gro Company	0.07%	80,977	$5M	trimmed−6%	−0.01 pp	9 q
CRD.ACrawford & Company Class A	0.06%	560,463	$5M	added+36%	+0.01 pp	14 q
HURCHurco Cos Inc	0.06%	327,386	$5M	added+10%	−0.02 pp	14 q
IFFInternational Flavors & Fragrances Inc.	0.06%	47,265	$5M	added+3%	+0.01 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	178,724	$5M	added+94%	+0.02 pp	27 q
FLSFlowserve Corporation	0.05%	83,435	$4M	added+9%	0.00 pp	11 q
NKSHNational Bankshares Inc/VA	0.05%	135,937	$4M	added+14%	0.00 pp	14 q
OGNOrganon & Co.	0.05%	204,722	$4M	added+6%	0.00 pp	3 q
0OIASolarWinds Corporation	0.05%	371,636	$4M	added+12%	0.00 pp	13 q
SRSpire Inc.	0.05%	64,058	$4M	added+63%	+0.02 pp	2 q
UNFUnifirst Corp	0.05%	21,616	$4M	added+18%	+0.01 pp	5 q
EXEExpand Energy Corporation	0.04%	43,434	$4M	trimmed−77%	−0.17 pp	14 q
HDBHDFC Bank Limited	0.04%	54,527	$4M	added+11%	0.00 pp	6 q
MCYMercury General Corp.	0.04%	65,389	$3M	trimmed−44%	−0.04 pp	5 q
TAPMolson Coors Beverage Company Class B	0.04%	67,860	$3M	added+20%	−0.01 pp	11 q
NWLINational Western Life Group, Inc. Class A	0.04%	7,204	$4M	trimmed−20%	−0.02 pp	35 q
ARWArrow Electronics, Inc.	0.03%	21,982	$3M	added+4%	−0.01 pp	34 q
AVAAvista Corporation	0.03%	77,344	$3M	added+12%	0.00 pp	4 q
EBMTEagle Bancorp Montana, Inc	0.03%	171,174	$2M	added+14%	+0.01 pp	6 q
FFIVF5, Inc.	0.03%	13,681	$2M	added+14%	0.00 pp	18 q
HSBCHSBC Holdings PLC	0.03%	52,408	$2M	trimmed−5%	0.00 pp	6 q
NWNNorthwest Natural Holding Company	0.03%	68,977	$2M	added×11.4	+0.03 pp	2 q
RGPResources Connection	0.03%	234,788	$3M	new	+0.03 pp	new
RBBNRibbon Communications Inc.	0.03%	753,003	$2M	trimmed−19%	−0.01 pp	11 q
BAPCredicorp LTD	0.03%	16,027	$3M	trimmed−8%	−0.01 pp	6 q
IPGPIPG Photonics Corporation	0.02%	16,519	$1M	added×2.6	+0.01 pp	3 q
LNSRLENSAR, Inc.	0.02%	373,198	$2M	added+13%	0.00 pp	6 q
NTESNetEase, inc.	0.02%	20,880	$2M	added+1%	−0.01 pp	6 q
RCIRogers Communications, Inc.	0.02%	37,273	$1M	added+45%	+0.01 pp	15 q
ASAIYSendas Distribudra S/	0.02%	143,990	$1M	trimmed−10%	−0.01 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	13,466	$794,774	trimmed−95%	−0.21 pp	17 q
AVTAvnet, Inc.	0.01%	12,098	$622,926	added+31%	0.00 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$612,241	held	—	11 q
BTIBritish American Tobacco p.l.c.	0.01%	26,803	$847,988	trimmed−1%	0.00 pp	5 q
CNACNA Financial Corporation	0.01%	12,795	$589,466	added+39%	0.00 pp	3 q
CPBThe Campbell's Company	0.01%	12,695	$573,687	added+39%	0.00 pp	3 q
CFGCitizens Financial Group, Inc.	0.01%	30,623	$1M	added+36%	0.00 pp	3 q
XRAYDENTSPLY SIRONA Inc.	0.01%	46,638	$1M	added×2.0	0.00 pp	6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	10,041	$1M	new	+0.01 pp	new
GILGildan Activewear Inc.	0.01%	17,335	$657,343	trimmed−20%	0.00 pp	7 q
GTEGran Tierra Energy Inc.	0.01%	54,640	$528,369	held	—	35 q
KELYAKelly Services Inc	0.01%	28,512	$610,442	added+36%	0.00 pp	3 q
MZTIThe Marzetti Company	0.01%	3,099	$585,618	added+39%	0.00 pp	3 q
LEVILevi Strauss & Co. Class A	0.01%	42,745	$824,124	added+2%	0.00 pp	3 q
ORIOld Republic International Corporation	0.01%	23,329	$720,856	trimmed−98%	−0.38 pp	41 q
DGXQuest Diagnostics Inc.	0.01%	8,297	$1M	added+39%	0.00 pp	3 q
SEICSEI Investments Co	0.01%	13,810	$893,369	added+35%	0.00 pp	3 q
HSICHenry Schein Inc	0.01%	7,332	$469,981	added+35%	0.00 pp	3 q
SXTSensient Technology Corporation	0.01%	14,536	$1M	added+34%	0.00 pp	3 q
SKAASkechers USA Inc-cl A	0.01%	10,488	$726,122	trimmed−29%	0.00 pp	3 q
SONSonoco Products Company	0.01%	9,836	$498,882	added+36%	0.00 pp	3 q
SHCSotera Health Company	0.01%	56,429	$669,812	added×4.0	+0.01 pp	2 q
SUZSuzano S.A.	0.01%	107,876	$1M	trimmed−10%	−0.01 pp	4 q
TIMBTim S.a.	0.01%	63,834	$925,046	trimmed−59%	−0.03 pp	6 q
TRUTransUnion	0.01%	8,110	$601,438	added+32%	0.00 pp	3 q
VTYVerint Systems Inc	0.01%	24,440	$786,968	added+34%	0.00 pp	3 q
WMKWeis Markets, Inc.	0.01%	7,997	$501,972	added+39%	+0.01 pp	2 q
WHRWhirlpool Corp.	0.01%	7,233	$739,213	added×2.1	0.00 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,499	$488,276	added+39%	0.00 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	339	$616,116	added+33%	0.00 pp	3 q
BLCOBausch + Lomb Corporation	0.00%	14,119	$205,008	trimmed−77%	−0.01 pp	8 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	3,073	$260,993	trimmed−7%	0.00 pp	6 q
HTLDHeartland Express Inc	0.00%	19,245	$237,291	added+33%	0.00 pp	2 q
LSTRLandstar System Inc	0.00%	1,401	$258,456	new	0.00 pp	new
SCHLScholastic Corp	0.00%	7,997	$283,654	trimmed−13%	0.00 pp	3 q
SAICScience Applications International Corporation	0.00%	3,047	$358,175	added+27%	0.00 pp	3 q
SEBSeaboard Corporation	0.00%	119	$376,128	added+31%	0.00 pp	3 q
SYYSysco Corporation	0.00%	3,181	$227,092	trimmed−2%	0.00 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,296	$237,054	trimmed−99%	−0.26 pp	10 q
VWOVanguard FTSE Emerging Markets ETF	0.00%	7,049	$307,689	new	0.00 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.00%	1,605	$291,309	trimmed−60%	−0.01 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	—	−394,156	—	exited	−1.11 pp	—
unresolvedAvadel Pharmaceuticals PLC	—	−1,462,225	—	exited	−0.32 pp	—
S9QSpirit Aerosystems Hold-cl A	—	−376,218	—	exited	−0.17 pp	—
TAROTaro Pharmaceutical Indus	—	−283,917	—	exited	−0.15 pp	—
CALMCal-Maine Foods Inc	—	−7,561	—	exited	−0.01 pp	—
FCFSFirstCash Holdings, Inc.	—	−5,401	—	exited	−0.01 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−4,376	—	exited	−0.01 pp	—
SFMSprouts Farmers Market, Inc.	—	−9,677	—	exited	−0.01 pp	—
MFCManulife Financial Corp.	—	−8,417	—	exited	0.00 pp	—