Brandes

Q4 2024 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2024
Filed: Feb 6, 2025
US stock: $8.9B · prev $8.9B
Positions: 190 · 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%

Moves195 since the prior filing

+5.4 pp in · −5.5 pp out

New 11 +0.99 pp
Added 108 +4.44 pp
Trimmed 69 −5.15 pp
Exited 7 −0.31 pp

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions190 in this filing · 7 exited


CAECAE Inc.	4.23%	14,911,697	$378M	added+2%	+1.13 pp	11 q
EMBJEmbraer S.A.	3.65%	8,896,146	$326M	trimmed−13%	−0.41 pp	43 q
BACBank of America Corporation	2.46%	5,015,080	$220M	trimmed−4%	+0.13 pp	43 q
FISVFiserv, Inc.	2.45%	1,068,749	$220M	trimmed−13%	−0.03 pp	15 q
WFCWells Fargo & Co.	2.41%	3,072,731	$216M	trimmed−24%	−0.15 pp	43 q
CCitigroup Inc.	2.33%	2,966,651	$209M	trimmed−4%	+0.15 pp	43 q
MCKMcKesson Corporation	2.27%	356,924	$203M	trimmed−5%	+0.18 pp	36 q
DOXAmdocs Limited	2.17%	2,279,645	$194M	trimmed−3%	−0.13 pp	43 q
CMCSAComcast Corp	2.11%	5,026,288	$189M	trimmed−3%	−0.33 pp	29 q
PFEPfizer Inc.	1.99%	6,708,164	$178M	added+17%	+0.12 pp	43 q
CIThe Cigna Group	1.92%	623,494	$172M	added+20%	−0.10 pp	25 q
CTSHCognizant Technology Solutions	1.92%	2,234,955	$172M	trimmed−1%	−0.05 pp	34 q
CTVACorteva, Inc.	1.85%	2,912,404	$166M	trimmed−1%	−0.10 pp	19 q
FDXFedEx Corporation	1.85%	588,209	$165M	trimmed−3%	−0.01 pp	24 q
BNYBank of New York Mellon Corporation	1.70%	1,977,252	$152M	trimmed−6%	+0.01 pp	43 q
GRFSGrifois, S.A.	1.70%	20,496,093	$152M	added+3%	−0.29 pp	17 q
MRKMerck & Co., Inc.	1.70%	1,532,715	$152M	added+11%	−0.06 pp	43 q
PNCPNC Financial Services Group	1.67%	777,051	$150M	trimmed−15%	−0.23 pp	43 q
TXTTextron, Inc.	1.59%	1,859,703	$142M	added+19%	+0.04 pp	20 q
CVXChevron Corporation	1.56%	964,633	$140M	trimmed−5%	−0.11 pp	43 q
CXCemex S.A.B. de C.V.	1.53%	24,233,835	$137M	added+34%	+0.29 pp	43 q
LHLabcorp Holdings Inc.	1.46%	568,724	$130M	added+13%	+0.20 pp	3 q
OTEXOpen Text Corp	1.43%	4,504,139	$128M	added+29%	+0.13 pp	14 q
HALHalliburton Company	1.40%	4,606,673	$125M	trimmed−3%	−0.14 pp	24 q
EMREmerson Electric Co.	1.32%	953,171	$118M	trimmed−2%	+0.12 pp	38 q
CAHCardinal Health, Inc.	1.30%	987,277	$117M	trimmed−3%	+0.04 pp	31 q
TIGOMillicom International Cellular S.A.	1.28%	4,574,255	$114M	added+2%	−0.09 pp	11 q
AIGAmerican International Group, Inc.	1.26%	1,546,101	$113M	trimmed−4%	−0.07 pp	42 q
HCAHCA Healthcare, Inc.	1.22%	364,106	$109M	trimmed−2%	−0.48 pp	31 q
MUMicron Technology, Inc.	1.20%	1,281,232	$108M	added+5%	−0.23 pp	18 q
SNYSanofi	1.18%	2,194,938	$106M	added+4%	−0.19 pp	43 q
STTState Street Corporation	1.16%	1,053,714	$103M	trimmed−4%	+0.07 pp	43 q
ACGLArch Capital Group Ltd	1.12%	1,083,395	$100M	added×2.1	+0.47 pp	3 q
OMFOneMain Holdings, Inc.	1.07%	1,845,064	$96M	trimmed−4%	+0.05 pp	16 q
SHELShell plc	1.04%	1,491,486	$93M	added+2%	−0.04 pp	12 q
WTWWillis Towers Watson Public Limited Company	0.99%	283,543	$89M	added+6%	+0.10 pp	12 q
INVXInnovex International, Inc.	0.98%	6,304,068	$88M	added+41%	+0.24 pp	17 q
NTGRNETGEAR, Inc.	0.94%	3,026,179	$84M	trimmed−23%	+0.06 pp	31 q
HXLHexcel Corporation	0.91%	1,304,669	$82M	added+100%	+0.46 pp	2 q
GOOGAlphabet Inc. Class C	0.90%	424,096	$81M	added+1%	+0.11 pp	32 q
SSNCSS&C Technologies Inc	0.81%	961,149	$73M	added+41%	+0.24 pp	7 q
WKCWorld Kinect Corporation	0.81%	2,629,993	$72M	trimmed−13%	−0.24 pp	32 q
GOOGLAlphabet Inc. Class A	0.80%	380,268	$72M	trimmed−9%	+0.02 pp	10 q
CVSCvs Health Corporation	0.78%	1,563,506	$70M	trimmed−7%	−0.40 pp	32 q
ELANElanco Animal Health Incorporated	0.78%	5,731,180	$69M	added+67%	+0.21 pp	10 q
EPCEdgewell Personal Care Company	0.77%	2,041,665	$69M	added+21%	+0.08 pp	29 q
MHKMohawk Industries, Inc.	0.73%	552,087	$66M	trimmed−40%	−0.94 pp	25 q
ARLOArlo Technologies, Inc.	0.72%	5,732,547	$64M	added+7%	−0.01 pp	24 q
WRBW.R. Berkley Corporation	0.72%	1,103,658	$65M	added+4%	+0.04 pp	8 q
FLEXFlex Ltd.	0.72%	1,667,330	$64M	trimmed−20%	−0.07 pp	25 q
AZOAutoZone, Inc.	0.70%	19,578	$63M	added+12%	+0.08 pp	16 q
KVUEKenvue Inc.	0.70%	2,940,712	$63M	added+3%	−0.04 pp	4 q
KMTKennametal Inc.	0.69%	2,573,638	$62M	added+3%	−0.04 pp	10 q
OMCOmnicom Group Inc.	0.67%	701,362	$60M	added+3%	−0.12 pp	30 q
JPMJPMorgan Chase & Co.	0.66%	246,051	$59M	trimmed−16%	−0.04 pp	43 q
JNJJohnson & Johnson	0.64%	396,932	$57M	added+16%	+0.02 pp	38 q
BABAAlibaba Group Holding Limited	0.63%	661,261	$56M	trimmed−7%	−0.22 pp	21 q
EVRGEvergy, Inc.	0.62%	904,180	$56M	new	+0.62 pp	new
LKQLKQ Corporation	0.60%	1,467,822	$54M	added×2.2	+0.30 pp	2 q
MOG.AMoog Inc.	0.57%	257,574	$51M	trimmed−4%	−0.04 pp	14 q
GHMGraham Corporation	0.55%	1,103,835	$49M	trimmed−3%	+0.17 pp	20 q
UBSUBS Group AG	0.55%	1,634,014	$50M	added+1%	−0.01 pp	41 q
CPACopa Holdings, S.A.	0.55%	561,901	$49M	added+9%	0.00 pp	25 q
SYYSysco Corporation	0.54%	635,102	$49M	added×199.7	+0.54 pp	5 q
ZTOZTO Express (Cayman) Inc.	0.52%	2,395,333	$47M	added+1%	−0.14 pp	23 q
GSKGSK plc	0.51%	1,361,209	$46M	added+26%	+0.01 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.49%	222,608	$44M	trimmed−22%	−0.07 pp	27 q
HN9Hanesbrands Inc	0.47%	5,147,194	$42M	added+2%	+0.05 pp	10 q
INGRIngredion Incorporated	0.46%	301,469	$41M	trimmed−32%	−0.22 pp	21 q
TAKTakeda Pharmaceutical Company Limited	0.45%	3,039,585	$40M	trimmed−6%	−0.07 pp	25 q
SLBSLB Limited	0.44%	1,029,034	$39M	added+59%	+0.13 pp	2 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.42%	708,679	$38M	added+7%	+0.02 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.41%	613,072	$36M	added+1%	+0.05 pp	43 q
PKEPark Aerospace Corp.	0.41%	2,524,503	$37M	added+4%	+0.06 pp	18 q
ETREntergy Corporation	0.39%	458,764	$35M	trimmed−26%	−0.07 pp	3 q
IMKTAIngles Markets Inc	0.38%	533,982	$34M	added+42%	+0.07 pp	8 q
AMXAmerica Movil S.A.B de C.V	0.37%	2,343,360	$34M	trimmed−5%	−0.08 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.37%	72,746	$33M	added+3%	+0.01 pp	15 q
SNNSmith & Nephew plc	0.37%	1,363,039	$34M	added+11%	−0.06 pp	5 q
TFCTruist Financial Corporation	0.36%	748,641	$32M	added+1%	0.00 pp	43 q
GTESGates Industrial Corporation Ltd.	0.36%	1,586,125	$33M	trimmed−24%	−0.05 pp	13 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.35%	2,671,379	$32M	added+1%	−0.04 pp	43 q
SAPSap SE	0.35%	128,470	$32M	trimmed−46%	−0.26 pp	11 q
WPPWpp PLC	0.34%	598,396	$31M	trimmed−2%	−0.01 pp	30 q
TTENTotalenergies SE -spon ADR	0.33%	544,505	$30M	added+8%	−0.04 pp	14 q
ABEVAmbev S.a.	0.30%	14,746,639	$27M	trimmed−14%	−0.17 pp	19 q
ORNOrion Group Holdings, Inc	0.28%	3,430,089	$25M	added+4%	+0.07 pp	43 q
JCIJohnson Controls International plc	0.27%	301,971	$24M	trimmed−50%	−0.25 pp	26 q
FSTRFoster (Lb) Co	0.26%	864,043	$23M	added+3%	+0.07 pp	16 q
PHGKoninklijke Philips N.v.	0.26%	918,635	$23M	added+5%	−0.06 pp	11 q
AVDLAvadel Pharmaceuticals	0.26%	2,173,139	$23M	added+58%	+0.06 pp	3 q
QRVOQorvo, Inc.	0.24%	306,618	$21M	added+13%	−0.08 pp	12 q
NVSNovartis AG	0.23%	209,770	$20M	trimmed−2%	−0.05 pp	17 q
VIVTelefonica Brasil, S.A.	0.23%	2,730,834	$21M	trimmed−8%	−0.11 pp	43 q
SEESealed Air Corp New	0.21%	552,706	$19M	added+28%	+0.03 pp	5 q
IXUSiShares Core MSCI Total International Stock ETF	0.20%	273,838	$18M	added+67%	+0.07 pp	3 q
PINCNPremier Inc-class A	0.20%	842,326	$18M	added×2.2	+0.12 pp	22 q
BCSBarclays PLC	0.19%	1,264,409	$17M	trimmed−8%	0.00 pp	14 q
EENI S.p.A.	0.19%	606,769	$17M	added+13%	+0.01 pp	43 q
HCSGHealthcare Services Group	0.19%	1,459,125	$17M	trimmed−1%	+0.01 pp	10 q
ENICEnel Chile S.A.	0.18%	5,707,753	$16M	added+3%	+0.01 pp	35 q
HMCHonda Motor Co., Ltd.	0.18%	570,169	$16M	added+13%	0.00 pp	43 q
NPKNational Presto Industries, Inc.	0.17%	156,040	$15M	added+23%	+0.06 pp	22 q
SHGShinhan Financial Group Co Ltd	0.17%	466,701	$15M	trimmed−2%	−0.06 pp	43 q
STMSTMicroelectronics N.V.	0.17%	623,529	$16M	new	+0.17 pp	new
CNHCnh Industrial N.v.	0.17%	1,372,149	$16M	added+10%	+0.01 pp	3 q
AOUTAmerican Outdoor Brands, Inc.	0.16%	933,450	$14M	added+13%	+0.07 pp	6 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.16%	1,239,508	$15M	trimmed−1%	+0.02 pp	43 q
PAHCPhibro Animal Health Corporation Class A	0.16%	661,970	$14M	trimmed−55%	−0.22 pp	23 q
GDGeneral Dynamics Corporation	0.15%	51,635	$14M	added+1%	−0.02 pp	19 q
NWGNatWest Group plc	0.14%	1,189,438	$12M	trimmed−2%	+0.01 pp	8 q
PBHPrestige Consumer Healthcare Inc.	0.13%	151,045	$12M	trimmed−20%	−0.02 pp	18 q
VBRVanguard Morningstar Small-Cap Value ETF	0.13%	59,150	$12M	added×6.7	+0.11 pp	6 q
MDPediatrix Medical Group, Inc.	0.12%	785,174	$10M	trimmed−4%	+0.01 pp	29 q
CRHCRH Public Limited Company	0.12%	113,218	$10M	trimmed−2%	0.00 pp	6 q
UTMDUtah Medical Products Inc	0.11%	162,969	$10M	added+18%	+0.01 pp	8 q
BPBP p.l.c.	0.10%	299,423	$9M	trimmed−4%	−0.01 pp	8 q
0OIASolarWinds Corporation	0.08%	485,329	$7M	added+12%	+0.02 pp	15 q
FLSFlowserve Corporation	0.07%	106,877	$6M	added+7%	+0.01 pp	13 q
HURCHurco Cos Inc	0.07%	322,613	$6M	trimmed−12%	−0.02 pp	16 q
SMGThe Scotts Miracle-Gro Company	0.07%	91,782	$6M	trimmed−4%	−0.02 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	183,234	$5M	trimmed−1%	−0.01 pp	29 q
SRSpire Inc.	0.06%	85,316	$6M	added+14%	0.00 pp	4 q
UNFUnifirst Corp	0.06%	31,001	$5M	added+22%	0.00 pp	7 q
IPGPIPG Photonics Corporation	0.05%	64,322	$5M	added+1%	0.00 pp	5 q
IFFInternational Flavors & Fragrances Inc.	0.05%	49,165	$4M	trimmed−0%	−0.01 pp	5 q
LNSRLENSAR, Inc.	0.05%	489,318	$4M	added+10%	+0.03 pp	8 q
TAPMolson Coors Beverage Company Class B	0.05%	72,003	$4M	added+1%	0.00 pp	13 q
NKSHNational Bankshares Inc/VA	0.05%	169,584	$5M	added+8%	0.00 pp	16 q
NTRNutrien Ltd.	0.05%	96,421	$4M	added×4.8	+0.04 pp	2 q
TKRThe Timken Company	0.05%	65,066	$5M	new	+0.05 pp	new
VTVanguard Total World Stock ETF	0.05%	38,144	$4M	new	+0.05 pp	new
BAPCredicorp LTD	0.05%	22,570	$4M	added+58%	+0.02 pp	8 q
CRD.ACrawford & Company Class A	0.04%	313,315	$4M	trimmed−33%	−0.02 pp	16 q
EBMTEagle Bancorp Montana, Inc	0.04%	220,349	$3M	added+10%	0.00 pp	8 q
FFIVF5, Inc.	0.04%	12,473	$3M	trimmed−15%	0.00 pp	20 q
HDBHDFC Bank Limited	0.04%	51,880	$3M	added+6%	+0.01 pp	8 q
MSMMSC Industrial Direct Co., Inc. Class A	0.04%	47,698	$4M	added+16%	0.00 pp	2 q
MTXMinerals Technologies Inc	0.04%	47,864	$4M	new	+0.04 pp	new
NWNNorthwest Natural Holding Company	0.04%	90,122	$4M	added+13%	0.00 pp	4 q
OGNOrganon & Co.	0.04%	210,523	$3M	trimmed−1%	−0.01 pp	5 q
RGPResources Connection	0.04%	397,095	$3M	added+13%	0.00 pp	3 q
ARWArrow Electronics, Inc.	0.03%	22,281	$3M	trimmed−1%	0.00 pp	36 q
EXEExpand Energy Corporation	0.03%	23,724	$2M	trimmed−61%	−0.03 pp	16 q
HSBCHSBC Holdings PLC	0.03%	47,217	$2M	added0%	+0.01 pp	8 q
CFGCitizens Financial Group, Inc.	0.02%	39,268	$2M	added+11%	0.00 pp	5 q
XRAYDENTSPLY SIRONA Inc.	0.02%	86,478	$2M	added+67%	0.00 pp	8 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	22,189	$2M	added×2.6	+0.01 pp	3 q
NTESNetEase, inc.	0.02%	24,808	$2M	added+17%	0.00 pp	8 q
DGXQuest Diagnostics Inc.	0.02%	10,780	$2M	added+12%	0.00 pp	5 q
RCIRogers Communications, Inc.	0.02%	60,452	$2M	added+24%	0.00 pp	17 q
SEICSEI Investments Co	0.02%	17,610	$1M	added+11%	+0.01 pp	5 q
SUZSuzano S.A.	0.02%	136,144	$1M	trimmed−1%	0.00 pp	6 q
TIMBTim S.a.	0.02%	144,814	$2M	added×2.3	+0.01 pp	8 q
AGCOAGCO Corporation	0.01%	9,176	$857,772	new	+0.01 pp	new
BUDAnheuser-Busch INBEV SA/NV	0.01%	12,919	$646,878	trimmed−4%	0.00 pp	19 q
AVTAvnet, Inc.	0.01%	15,178	$794,113	added+10%	0.00 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$680,920	held	—	13 q
BTIBritish American Tobacco p.l.c.	0.01%	26,540	$963,933	added+1%	0.00 pp	7 q
CNACNA Financial Corporation	0.01%	14,382	$695,657	added+12%	0.00 pp	5 q
CPBThe Campbell's Company	0.01%	16,495	$690,811	added+12%	0.00 pp	5 q
DEODiageo plc	0.01%	4,351	$553,143	new	+0.01 pp	new
HP5AEquity Commonwealth	0.01%	489,072	$865,657	trimmed−17%	−0.12 pp	19 q
FTREFortrea Holdings Inc.	0.01%	61,918	$1M	added+39%	0.00 pp	6 q
KELYAKelly Services Inc	0.01%	36,617	$510,441	added+12%	0.00 pp	5 q
MZTIThe Marzetti Company	0.01%	4,427	$766,491	added+23%	0.00 pp	5 q
LEVILevi Strauss & Co. Class A	0.01%	54,892	$949,632	added+12%	0.00 pp	5 q
ORIOld Republic International Corporation	0.01%	28,790	$1M	added+10%	0.00 pp	43 q
TLKPT Telekomunikasi Indonesia	0.01%	45,086	$741,665	new	+0.01 pp	new
HSICHenry Schein Inc	0.01%	9,367	$648,196	added+11%	0.00 pp	5 q
SCHLScholastic Corp	0.01%	35,162	$750,005	added×3.9	+0.01 pp	5 q
SEBSeaboard Corporation	0.01%	330	$801,788	added×2.4	+0.01 pp	5 q
ASAIYSendas Distribudra S/	0.01%	103,263	$461,587	trimmed−14%	0.00 pp	8 q
SXTSensient Technology Corporation	0.01%	11,387	$811,438	trimmed−32%	−0.01 pp	5 q
SKAASkechers USA Inc-cl A	0.01%	12,891	$866,791	added+10%	0.00 pp	5 q
SONSonoco Products Company	0.01%	17,579	$858,734	added+55%	0.00 pp	5 q
SHCSotera Health Company	0.01%	71,558	$978,913	added+11%	0.00 pp	4 q
UPSUnited Parcel Service, Inc. Class B	0.01%	6,705	$845,501	new	+0.01 pp	new
UTHRUnited Therapeutics Corp	0.01%	1,484	$523,615	trimmed−87%	−0.04 pp	29 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	28,139	$1M	added×5.7	+0.01 pp	3 q
VTVVanguard Morningstar Value ETF	0.01%	4,894	$828,554	new	+0.01 pp	new
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	35,838	$917,446	new	+0.01 pp	new
WMKWeis Markets, Inc.	0.01%	10,945	$741,195	added+18%	0.00 pp	4 q
WHRWhirlpool Corp.	0.01%	9,178	$1M	added+11%	0.00 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	8,118	$857,504	added+39%	0.00 pp	5 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	429	$834,431	added+11%	0.00 pp	5 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	3,014	$234,760	trimmed−1%	0.00 pp	8 q
GTEGran Tierra Energy Inc.	0.00%	54,640	$395,047	held	—	37 q
HTLDHeartland Express Inc	0.00%	24,390	$273,656	added+11%	0.00 pp	4 q
LSTRLandstar System Inc	0.00%	1,821	$312,957	added+12%	0.00 pp	3 q
ORANYOrange SP/	—	−1,848,118	—	exited	−0.24 pp	—
RBBNRibbon Communications Inc.	—	−808,799	—	exited	−0.03 pp	—
AVAAvista Corporation	—	−38,683	—	exited	−0.02 pp	—
MCYMercury General Corp.	—	−17,298	—	exited	−0.01 pp	—
VTYVerint Systems Inc	—	−27,952	—	exited	−0.01 pp	—
BLCOBausch + Lomb Corporation	—	−14,119	—	exited	0.00 pp	—
GILGildan Activewear Inc.	—	−5,259	—	exited	0.00 pp	—