Brandes

Q3 2024 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2024
Filed: Nov 6, 2024
US stock: $8.9B · prev $8.1B
Positions: 186 · prev 187
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%

Moves188 since the prior filing

+4.2 pp in · −4.1 pp out

New 5 +1.11 pp
Added 128 +3.05 pp
Trimmed 49 −3.38 pp
Exited 6 −0.69 pp

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions186 in this filing · 6 exited


EMBJEmbraer S.A.	4.06%	10,217,696	$361M	trimmed−17%	+0.13 pp	42 q
CAECAE Inc.	3.10%	14,690,492	$275M	added+33%	+0.56 pp	10 q
WFCWells Fargo & Co.	2.56%	4,024,671	$227M	added+3%	−0.29 pp	42 q
FISVFiserv, Inc.	2.48%	1,226,390	$220M	added+1%	+0.25 pp	14 q
CMCSAComcast Corp	2.44%	5,186,309	$217M	added+5%	+0.07 pp	28 q
BACBank of America Corporation	2.33%	5,215,882	$207M	trimmed−5%	−0.35 pp	42 q
DOXAmdocs Limited	2.30%	2,340,438	$205M	added+4%	+0.10 pp	42 q
CCitigroup Inc.	2.18%	3,103,454	$194M	added+1%	−0.21 pp	42 q
MCKMcKesson Corporation	2.09%	376,309	$186M	added+32%	+0.04 pp	35 q
CIThe Cigna Group	2.02%	518,064	$179M	added+1%	−0.06 pp	24 q
GRFSGrifois, S.A.	1.99%	19,903,997	$177M	added+7%	+0.55 pp	16 q
CTSHCognizant Technology Solutions	1.97%	2,266,825	$175M	added+3%	+0.14 pp	33 q
CTVACorteva, Inc.	1.95%	2,955,144	$174M	added+3%	+0.05 pp	18 q
PNCPNC Financial Services Group	1.90%	912,386	$169M	added+1%	+0.18 pp	42 q
PFEPfizer Inc.	1.87%	5,745,327	$166M	added+3%	−0.05 pp	42 q
FDXFedEx Corporation	1.86%	605,317	$166M	added+1%	−0.34 pp	23 q
MRKMerck & Co., Inc.	1.76%	1,378,205	$157M	added+1%	−0.32 pp	42 q
HCAHCA Healthcare, Inc.	1.70%	373,058	$152M	added+2%	+0.24 pp	30 q
BNYBank of New York Mellon Corporation	1.69%	2,093,837	$150M	added+1%	+0.16 pp	42 q
CVXChevron Corporation	1.67%	1,010,234	$149M	added+2%	−0.23 pp	42 q
MHKMohawk Industries, Inc.	1.67%	922,605	$148M	trimmed−9%	+0.25 pp	24 q
TXTTextron, Inc.	1.55%	1,556,991	$138M	added0%	−0.09 pp	19 q
HALHalliburton Company	1.54%	4,727,821	$137M	added+10%	−0.24 pp	23 q
MUMicron Technology, Inc.	1.43%	1,224,904	$127M	added+36%	−0.03 pp	17 q
SNYSanofi	1.37%	2,118,846	$122M	trimmed−0%	+0.11 pp	42 q
TIGOMillicom International Cellular S.A.	1.37%	4,506,194	$122M	trimmed−0%	+0.01 pp	10 q
AIGAmerican International Group, Inc.	1.33%	1,609,577	$118M	added+1%	−0.13 pp	41 q
OTEXOpen Text Corp	1.30%	3,487,074	$116M	added+90%	+0.62 pp	13 q
CAHCardinal Health, Inc.	1.26%	1,017,656	$112M	trimmed−23%	−0.33 pp	30 q
LHLabcorp Holdings Inc.	1.26%	501,722	$112M	added+2%	+0.02 pp	2 q
CXCemex S.A.B. de C.V.	1.24%	18,122,978	$111M	added+40%	+0.22 pp	42 q
EMREmerson Electric Co.	1.20%	972,895	$106M	added+2%	−0.09 pp	37 q
CVSCvs Health Corporation	1.18%	1,673,158	$105M	added+1%	−0.02 pp	31 q
STTState Street Corporation	1.09%	1,099,532	$97M	added+3%	+0.12 pp	42 q
SHELShell plc	1.08%	1,460,277	$96M	added+1%	−0.20 pp	11 q
WKCWorld Kinect Corporation	1.05%	3,027,792	$94M	added+2%	+0.11 pp	31 q
OMFOneMain Holdings, Inc.	1.02%	1,931,445	$91M	added+1%	−0.12 pp	15 q
WTWWillis Towers Watson Public Limited Company	0.89%	268,502	$79M	trimmed−55%	−1.04 pp	11 q
NTGRNETGEAR, Inc.	0.88%	3,910,509	$78M	added0%	+0.15 pp	30 q
BABAAlibaba Group Holding Limited	0.85%	714,770	$76M	added+1%	+0.22 pp	20 q
GOOGAlphabet Inc. Class C	0.79%	418,933	$70M	trimmed−11%	−0.27 pp	31 q
OMCOmnicom Group Inc.	0.79%	677,951	$70M	added+4%	+0.07 pp	29 q
FLEXFlex Ltd.	0.79%	2,088,981	$70M	added+2%	+0.04 pp	24 q
GOOGLAlphabet Inc. Class A	0.78%	417,674	$69M	added+1%	−0.15 pp	9 q
INVXInnovex International, Inc.	0.74%	4,462,382	$66M	added+20%	−0.11 pp	16 q
KVUEKenvue Inc.	0.74%	2,850,325	$66M	added+76%	+0.38 pp	3 q
ARLOArlo Technologies, Inc.	0.73%	5,356,644	$65M	added+4%	−0.09 pp	23 q
KMTKennametal Inc.	0.73%	2,495,489	$65M	added+7%	+0.06 pp	9 q
JPMJPMorgan Chase & Co.	0.70%	294,031	$62M	added+1%	−0.03 pp	42 q
EPCEdgewell Personal Care Company	0.69%	1,686,441	$61M	added+10%	−0.07 pp	28 q
WRBW.R. Berkley Corporation	0.68%	1,065,488	$60M	added+2%	0.00 pp	7 q
INGRIngredion Incorporated	0.68%	440,420	$61M	added+2%	+0.07 pp	20 q
ZTOZTO Express (Cayman) Inc.	0.66%	2,370,430	$59M	trimmed−3%	+0.04 pp	22 q
ACGLArch Capital Group Ltd	0.65%	516,644	$58M	added+8%	+0.06 pp	2 q
AZOAutoZone, Inc.	0.62%	17,446	$55M	added+2%	−0.01 pp	15 q
JNJJohnson & Johnson	0.62%	341,323	$55M	added+5%	+0.04 pp	37 q
MOG.AMoog Inc.	0.61%	267,634	$54M	trimmed−10%	0.00 pp	13 q
SAPSap SE	0.61%	236,847	$54M	trimmed−5%	−0.01 pp	10 q
ELANElanco Animal Health Incorporated	0.57%	3,434,489	$50M	added+17%	+0.05 pp	9 q
SSNCSS&C Technologies Inc	0.57%	682,010	$51M	trimmed−9%	−0.01 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.56%	285,885	$50M	trimmed−35%	−0.38 pp	26 q
UBSUBS Group AG	0.56%	1,622,431	$50M	trimmed−6%	−0.07 pp	40 q
CPACopa Holdings, S.A.	0.55%	517,603	$49M	added+13%	+0.01 pp	24 q
TAKTakeda Pharmaceutical Company Limited	0.52%	3,231,604	$46M	added+23%	+0.10 pp	24 q
JCIJohnson Controls International plc	0.52%	599,311	$47M	added+2%	+0.04 pp	25 q
GSKGSK plc	0.50%	1,077,857	$44M	trimmed−6%	−0.04 pp	9 q
ABEVAmbev S.a.	0.47%	17,145,784	$42M	added+11%	+0.08 pp	18 q
ETREntergy Corporation	0.46%	312,040	$41M	added+4%	+0.07 pp	2 q
AMXAmerica Movil S.A.B de C.V	0.45%	2,455,665	$40M	added×2.0	+0.20 pp	3 q
HXLHexcel Corporation	0.45%	653,607	$40M	new	+0.45 pp	new
SNNSmith & Nephew plc	0.43%	1,224,045	$38M	trimmed−11%	+0.01 pp	4 q
HN9Hanesbrands Inc	0.42%	5,045,811	$37M	added+4%	+0.13 pp	9 q
GTESGates Industrial Corporation Ltd.	0.41%	2,098,711	$37M	added+2%	+0.01 pp	12 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.40%	660,209	$36M	added+9%	+0.03 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.39%	2,646,486	$35M	added+16%	+0.01 pp	42 q
GHMGraham Corporation	0.38%	1,133,456	$34M	added+5%	+0.01 pp	19 q
PAHCPhibro Animal Health Corporation Class A	0.38%	1,484,739	$33M	trimmed−38%	−0.12 pp	22 q
TTENTotalenergies SE -spon ADR	0.37%	502,741	$32M	trimmed−6%	−0.07 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.36%	70,421	$32M	trimmed−1%	0.00 pp	14 q
CSCOCisco Systems, Inc. (DE)	0.36%	605,438	$32M	added+8%	+0.03 pp	42 q
TFCTruist Financial Corporation	0.36%	741,770	$32M	added+2%	+0.01 pp	42 q
PKEPark Aerospace Corp.	0.35%	2,417,056	$31M	added+12%	−0.01 pp	17 q
WPPWpp PLC	0.35%	609,406	$31M	trimmed−7%	−0.02 pp	29 q
VIVTelefonica Brasil, S.A.	0.34%	2,958,121	$30M	added+34%	+0.12 pp	42 q
PHGKoninklijke Philips N.v.	0.32%	875,478	$29M	trimmed−28%	−0.06 pp	10 q
QRVOQorvo, Inc.	0.32%	271,300	$28M	added+1%	−0.06 pp	11 q
IMKTAIngles Markets Inc	0.31%	374,885	$28M	added+91%	+0.14 pp	7 q
SLBSLB Limited	0.31%	649,067	$27M	new	+0.31 pp	new
LKQLKQ Corporation	0.30%	671,361	$27M	new	+0.30 pp	new
NVSNovartis AG	0.28%	213,759	$25M	trimmed−5%	−0.01 pp	16 q
ORANYOrange SP/	0.24%	1,848,118	$21M	added+5%	+0.02 pp	42 q
SHGShinhan Financial Group Co Ltd	0.23%	475,945	$20M	trimmed−9%	+0.01 pp	42 q
ORNOrion Group Holdings, Inc	0.21%	3,303,393	$19M	added+20%	−0.11 pp	42 q
AVDLAvadel Pharmaceuticals	0.20%	1,374,724	$18M	trimmed−7%	−0.06 pp	2 q
BCSBarclays PLC	0.19%	1,372,632	$17M	trimmed−8%	−0.01 pp	13 q
FSTRFoster (Lb) Co	0.19%	838,829	$17M	added+15%	0.00 pp	15 q
EENI S.p.A.	0.18%	536,262	$16M	trimmed−7%	−0.04 pp	42 q
HCSGHealthcare Services Group	0.18%	1,466,619	$16M	added+11%	+0.01 pp	9 q
HMCHonda Motor Co., Ltd.	0.18%	504,139	$16M	trimmed−3%	−0.03 pp	42 q
SEESealed Air Corp New	0.18%	431,712	$16M	added+57%	+0.06 pp	4 q
ENICEnel Chile S.A.	0.17%	5,555,323	$15M	added+53%	+0.04 pp	34 q
GDGeneral Dynamics Corporation	0.17%	51,380	$16M	added+1%	−0.01 pp	18 q
CNHCnh Industrial N.v.	0.16%	1,245,194	$14M	added+78%	+0.07 pp	2 q
PBHPrestige Consumer Healthcare Inc.	0.15%	187,813	$14M	added+14%	+0.01 pp	17 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.14%	1,257,152	$13M	trimmed−6%	−0.03 pp	42 q
HP5AEquity Commonwealth	0.13%	590,961	$12M	trimmed−12%	−0.03 pp	18 q
IXUSiShares Core MSCI Total International Stock ETF	0.13%	164,000	$12M	trimmed−48%	−0.13 pp	2 q
NWGNatWest Group plc	0.13%	1,218,938	$11M	trimmed−6%	0.00 pp	7 q
CRHCRH Public Limited Company	0.12%	115,764	$11M	trimmed−5%	+0.01 pp	5 q
BPBP p.l.c.	0.11%	312,036	$10M	trimmed−5%	−0.04 pp	7 q
MDPediatrix Medical Group, Inc.	0.11%	814,064	$9M	added+11%	+0.04 pp	28 q
NPKNational Presto Industries, Inc.	0.11%	126,463	$10M	added+47%	+0.03 pp	21 q
UTMDUtah Medical Products Inc	0.10%	138,365	$9M	added+19%	0.00 pp	7 q
AOUTAmerican Outdoor Brands, Inc.	0.09%	827,499	$8M	added+19%	+0.01 pp	5 q
HURCHurco Cos Inc	0.09%	365,640	$8M	added+12%	+0.03 pp	15 q
SMGThe Scotts Miracle-Gro Company	0.09%	95,744	$8M	added+18%	+0.02 pp	10 q
PINCNPremier Inc-class A	0.08%	377,616	$8M	added+8%	0.00 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	0.07%	185,076	$6M	added+4%	+0.01 pp	28 q
EXEExpand Energy Corporation	0.06%	61,042	$5M	added+41%	+0.02 pp	15 q
CRD.ACrawford & Company Class A	0.06%	465,027	$5M	trimmed−17%	0.00 pp	15 q
FLSFlowserve Corporation	0.06%	99,788	$5M	added+20%	+0.01 pp	12 q
IFFInternational Flavors & Fragrances Inc.	0.06%	49,287	$5M	added+4%	0.00 pp	4 q
0OIASolarWinds Corporation	0.06%	434,585	$6M	added+17%	+0.01 pp	14 q
SRSpire Inc.	0.06%	74,657	$5M	added+17%	+0.01 pp	3 q
UNFUnifirst Corp	0.06%	25,342	$5M	added+17%	+0.01 pp	6 q
IPGPIPG Photonics Corporation	0.05%	63,382	$5M	added×3.8	+0.03 pp	4 q
TAPMolson Coors Beverage Company Class B	0.05%	71,456	$4M	added+5%	+0.01 pp	12 q
NKSHNational Bankshares Inc/VA	0.05%	157,177	$5M	added+16%	0.00 pp	15 q
OGNOrganon & Co.	0.05%	211,787	$4M	added+3%	0.00 pp	4 q
UTHRUnited Therapeutics Corp	0.05%	11,694	$4M	trimmed−41%	−0.03 pp	28 q
EBMTEagle Bancorp Montana, Inc	0.04%	200,442	$3M	added+17%	+0.01 pp	7 q
FFIVF5, Inc.	0.04%	14,668	$3M	added+7%	+0.01 pp	19 q
MSMMSC Industrial Direct Co., Inc. Class A	0.04%	41,194	$4M	new	+0.04 pp	new
NWNNorthwest Natural Holding Company	0.04%	79,492	$3M	added+15%	+0.01 pp	3 q
RGPResources Connection	0.04%	351,231	$3M	added+50%	+0.01 pp	2 q
ARWArrow Electronics, Inc.	0.03%	22,577	$3M	added+3%	0.00 pp	35 q
HDBHDFC Bank Limited	0.03%	49,121	$3M	trimmed−10%	−0.01 pp	7 q
RBBNRibbon Communications Inc.	0.03%	808,799	$3M	added+7%	0.00 pp	12 q
BAPCredicorp LTD	0.03%	14,246	$3M	trimmed−11%	0.00 pp	7 q
AVAAvista Corporation	0.02%	38,683	$1M	trimmed−50%	−0.01 pp	5 q
CFGCitizens Financial Group, Inc.	0.02%	35,237	$1M	added+15%	+0.01 pp	4 q
XRAYDENTSPLY SIRONA Inc.	0.02%	51,702	$1M	added+11%	+0.01 pp	7 q
HSBCHSBC Holdings PLC	0.02%	47,093	$2M	trimmed−10%	−0.01 pp	7 q
LNSRLENSAR, Inc.	0.02%	443,398	$2M	added+19%	0.00 pp	7 q
NTESNetEase, inc.	0.02%	21,181	$2M	added+1%	0.00 pp	7 q
DGXQuest Diagnostics Inc.	0.02%	9,621	$1M	added+16%	+0.01 pp	4 q
RCIRogers Communications, Inc.	0.02%	48,718	$2M	added+31%	0.00 pp	16 q
SXTSensient Technology Corporation	0.02%	16,660	$1M	added+15%	+0.01 pp	4 q
SUZSuzano S.A.	0.02%	136,872	$1M	added+27%	+0.01 pp	5 q
VBRVanguard Morningstar Small-Cap Value ETF	0.02%	8,782	$2M	added×5.5	+0.02 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	13,460	$892,240	trimmed−0%	0.00 pp	18 q
AVTAvnet, Inc.	0.01%	13,742	$746,328	added+14%	0.00 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$691,180	held	—	12 q
BTIBritish American Tobacco p.l.c.	0.01%	26,194	$958,177	trimmed−2%	0.00 pp	6 q
CNACNA Financial Corporation	0.01%	12,834	$628,096	added0%	0.00 pp	4 q
CPBThe Campbell's Company	0.01%	14,723	$720,249	added+16%	0.00 pp	4 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	8,421	$831,278	trimmed−16%	0.00 pp	2 q
FTREFortrea Holdings Inc.	0.01%	44,594	$891,871	trimmed−98%	−0.69 pp	5 q
KELYAKelly Services Inc	0.01%	32,838	$703,062	added+15%	0.00 pp	4 q
MZTIThe Marzetti Company	0.01%	3,593	$634,416	added+16%	0.00 pp	4 q
LEVILevi Strauss & Co. Class A	0.01%	49,227	$1M	added+15%	0.00 pp	4 q
MCYMercury General Corp.	0.01%	17,298	$1M	trimmed−74%	−0.03 pp	6 q
NTRNutrien Ltd.	0.01%	20,052	$963,699	new	+0.01 pp	new
ORIOld Republic International Corporation	0.01%	26,223	$928,823	added+12%	0.00 pp	42 q
SEICSEI Investments Co	0.01%	15,838	$1M	added+15%	0.00 pp	4 q
HSICHenry Schein Inc	0.01%	8,449	$615,932	added+15%	0.00 pp	4 q
ASAIYSendas Distribudra S/	0.01%	120,146	$826,601	trimmed−17%	−0.01 pp	7 q
SKAASkechers USA Inc-cl A	0.01%	11,691	$782,362	added+11%	0.00 pp	4 q
SONSonoco Products Company	0.01%	11,320	$618,412	added+15%	0.00 pp	4 q
SHCSotera Health Company	0.01%	64,507	$1M	added+14%	0.00 pp	3 q
TIMBTim S.a.	0.01%	63,678	$1M	trimmed−0%	0.00 pp	7 q
VTYVerint Systems Inc	0.01%	27,952	$708,024	added+14%	0.00 pp	4 q
WMKWeis Markets, Inc.	0.01%	9,275	$639,326	added+16%	0.00 pp	3 q
WHRWhirlpool Corp.	0.01%	8,271	$884,997	added+14%	0.00 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,850	$631,508	added+30%	0.00 pp	4 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	387	$656,429	added+14%	0.00 pp	4 q
BLCOBausch + Lomb Corporation	0.00%	14,119	$272,355	held	—	9 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	3,036	$269,353	trimmed−1%	0.00 pp	7 q
GILGildan Activewear Inc.	0.00%	5,259	$247,751	trimmed−70%	−0.01 pp	8 q
GTEGran Tierra Energy Inc.	0.00%	54,640	$342,593	held	—	36 q
HTLDHeartland Express Inc	0.00%	21,991	$270,049	added+14%	0.00 pp	3 q
LSTRLandstar System Inc	0.00%	1,625	$306,914	added+16%	0.00 pp	2 q
SCHLScholastic Corp	0.00%	9,051	$289,723	added+13%	0.00 pp	4 q
SEBSeaboard Corporation	0.00%	135	$423,495	added+13%	0.00 pp	4 q
SYYSysco Corporation	0.00%	3,181	$248,309	held	—	4 q
VWOVanguard FTSE Emerging Markets ETF	0.00%	4,943	$236,523	trimmed−30%	0.00 pp	2 q
FOXFox Corporation Class B	—	−1,273,492	—	exited	−0.50 pp	—
CYDChina Yuchai International Ltd.	—	−1,293,521	—	exited	−0.14 pp	—
NWLINational Western Life Group, Inc. Class A	—	−7,204	—	exited	−0.04 pp	—
TRUTransUnion	—	−8,110	—	exited	−0.01 pp	—
SAICScience Applications International Corporation	—	−3,047	—	exited	0.00 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−4,296	—	exited	0.00 pp	—