Brandes

Q1 2025 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2025
Filed: May 7, 2025
US stock: $9.8B · prev $8.9B
Positions: 185 · prev 190
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

+7.2 pp in · −7.3 pp out

New 5 +1.73 pp
Added 123 +5.51 pp
Trimmed 57 −6.62 pp
Exited 10 −0.67 pp

The book

Diversified · behaves like 72 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions13% of US stock

CAE CAE Inc. trimmed−0.69 pp trimmed−0.693.5%
EMBJ Embraer S.A. trimmed−0.44 pp trimmed−0.443.2%
CI The Cigna Group added+0.33 pp added+0.332.3%
MCK McKesson Corporation trimmed−0.02 pp trimmed−0.022.3%
DOX Amdocs Limited added−0.03 pp added−0.032.1%

Positions185 in this filing · 10 exited


CAECAE Inc.	3.54%	14,174,258	$349M	trimmed−5%	−0.69 pp	12 q
EMBJEmbraer S.A.	3.21%	6,831,487	$316M	trimmed−23%	−0.44 pp	44 q
CIThe Cigna Group	2.25%	671,475	$221M	added+8%	+0.33 pp	26 q
MCKMcKesson Corporation	2.25%	329,048	$221M	trimmed−8%	−0.02 pp	37 q
DOXAmdocs Limited	2.14%	2,301,223	$211M	added+1%	−0.03 pp	44 q
BACBank of America Corporation	2.11%	4,968,415	$207M	trimmed−1%	−0.35 pp	44 q
WFCWells Fargo & Co.	2.10%	2,882,163	$207M	trimmed−6%	−0.31 pp	44 q
FISVFiserv, Inc.	2.08%	925,209	$204M	trimmed−13%	−0.37 pp	16 q
CMCSAComcast Corp	2.07%	5,522,938	$204M	added+10%	−0.04 pp	30 q
CCitigroup Inc.	2.06%	2,851,476	$202M	trimmed−4%	−0.27 pp	44 q
TIGOMillicom International Cellular S.A.	1.99%	6,462,857	$196M	added+41%	+0.71 pp	12 q
CTVACorteva, Inc.	1.89%	2,945,480	$185M	added+1%	+0.04 pp	20 q
GRFSGrifois, S.A.	1.86%	25,741,348	$183M	added+26%	+0.16 pp	18 q
SHELShell plc	1.86%	2,496,095	$183M	added+67%	+0.82 pp	13 q
PFEPfizer Inc.	1.82%	7,050,072	$179M	added+5%	−0.17 pp	44 q
CXCemex S.A.B. de C.V.	1.73%	30,310,346	$170M	added+25%	+0.20 pp	44 q
CTSHCognizant Technology Solutions	1.73%	2,225,077	$170M	trimmed−0%	−0.19 pp	35 q
MRKMerck & Co., Inc.	1.66%	1,816,250	$163M	added+19%	−0.04 pp	44 q
TXTTextron, Inc.	1.66%	2,263,449	$164M	added+22%	+0.07 pp	21 q
OTEXOpen Text Corp	1.51%	5,862,278	$148M	added+30%	+0.08 pp	15 q
FDXFedEx Corporation	1.48%	597,545	$146M	added+2%	−0.37 pp	25 q
BNYBank of New York Mellon Corporation	1.47%	1,718,250	$144M	trimmed−13%	−0.23 pp	44 q
ACGLArch Capital Group Ltd	1.39%	1,421,049	$137M	added+31%	+0.27 pp	4 q
CAHCardinal Health, Inc.	1.38%	988,067	$136M	added0%	+0.08 pp	32 q
PNCPNC Financial Services Group	1.36%	758,674	$133M	trimmed−2%	−0.31 pp	44 q
HCAHCA Healthcare, Inc.	1.31%	373,739	$129M	added+3%	+0.09 pp	32 q
AIGAmerican International Group, Inc.	1.30%	1,466,602	$128M	trimmed−5%	+0.04 pp	43 q
SNYSanofi	1.28%	2,275,677	$126M	added+4%	+0.10 pp	44 q
HALHalliburton Company	1.24%	4,811,019	$122M	added+4%	−0.16 pp	25 q
INVXInnovex International, Inc.	1.20%	6,549,739	$118M	added+4%	+0.22 pp	18 q
CVSCvs Health Corporation	1.17%	1,700,002	$115M	added+9%	+0.39 pp	33 q
LHLabcorp Holdings Inc.	1.15%	484,843	$113M	trimmed−15%	−0.31 pp	4 q
CVXChevron Corporation	1.14%	672,631	$113M	trimmed−30%	−0.42 pp	44 q
MUMicron Technology, Inc.	1.14%	1,289,030	$112M	added+1%	−0.06 pp	19 q
KMTKennametal Inc.	1.06%	4,916,026	$105M	added+91%	+0.37 pp	11 q
EPCEdgewell Personal Care Company	1.04%	3,284,437	$103M	added+61%	+0.27 pp	30 q
EMREmerson Electric Co.	1.02%	916,850	$101M	trimmed−4%	−0.30 pp	39 q
MHKMohawk Industries, Inc.	0.96%	824,702	$94M	added+49%	+0.23 pp	26 q
STTState Street Corporation	0.96%	1,052,663	$94M	trimmed−0%	−0.20 pp	44 q
OMFOneMain Holdings, Inc.	0.94%	1,891,376	$92M	added+3%	−0.13 pp	17 q
WTWWillis Towers Watson Public Limited Company	0.94%	274,897	$93M	trimmed−3%	−0.05 pp	13 q
HXLHexcel Corporation	0.91%	1,637,119	$90M	added+25%	0.00 pp	3 q
SSNCSS&C Technologies Inc	0.83%	980,705	$82M	added+2%	+0.02 pp	8 q
WRBW.R. Berkley Corporation	0.79%	1,094,611	$78M	trimmed−1%	+0.07 pp	9 q
ELANElanco Animal Health Incorporated	0.78%	7,279,421	$76M	added+27%	0.00 pp	11 q
LKQLKQ Corporation	0.77%	1,784,997	$76M	added+22%	+0.17 pp	3 q
WKCWorld Kinect Corporation	0.76%	2,622,223	$74M	trimmed−0%	−0.05 pp	33 q
EVRGEvergy, Inc.	0.75%	1,065,555	$73M	added+18%	+0.13 pp	2 q
BABAAlibaba Group Holding Limited	0.74%	553,653	$73M	trimmed−16%	+0.11 pp	22 q
NTGRNETGEAR, Inc.	0.74%	2,981,267	$73M	trimmed−1%	−0.20 pp	32 q
KVUEKenvue Inc.	0.71%	2,900,415	$70M	trimmed−1%	+0.01 pp	5 q
JNJJohnson & Johnson	0.68%	402,263	$67M	added+1%	+0.04 pp	39 q
UWMCUWM Holdings Corporation	0.68%	12,228,813	$67M	new	+0.68 pp	new
GOOGAlphabet Inc. Class C	0.67%	424,577	$66M	added0%	−0.23 pp	33 q
GSKGSK plc	0.66%	1,679,888	$65M	added+23%	+0.15 pp	11 q
AZOAutoZone, Inc.	0.64%	16,425	$63M	trimmed−16%	−0.06 pp	17 q
ARLOArlo Technologies, Inc.	0.63%	6,308,641	$62M	added+10%	−0.09 pp	25 q
NTRNutrien Ltd.	0.61%	1,202,677	$60M	added×12.5	+0.56 pp	3 q
CPACopa Holdings, S.A.	0.61%	643,873	$60M	added+15%	+0.06 pp	26 q
GOOGLAlphabet Inc. Class A	0.60%	384,682	$59M	added+1%	−0.20 pp	11 q
SYYSysco Corporation	0.60%	786,661	$59M	added+24%	+0.06 pp	6 q
OMCOmnicom Group Inc.	0.59%	703,643	$58M	added0%	−0.08 pp	31 q
JPMJPMorgan Chase & Co.	0.58%	232,329	$57M	trimmed−6%	−0.08 pp	44 q
IMKTAIngles Markets Inc	0.54%	814,229	$53M	added+52%	+0.16 pp	9 q
TAKTakeda Pharmaceutical Company Limited	0.53%	3,504,142	$52M	added+15%	+0.08 pp	26 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.53%	99,868	$52M	new	+0.53 pp	new
FLEXFlex Ltd.	0.52%	1,546,164	$51M	trimmed−7%	−0.20 pp	26 q
ZTOZTO Express (Cayman) Inc.	0.51%	2,548,302	$51M	added+6%	−0.01 pp	24 q
ABEVAmbev S.a.	0.50%	20,934,088	$49M	added+42%	+0.20 pp	20 q
UBSUBS Group AG	0.49%	1,573,481	$48M	trimmed−4%	−0.06 pp	42 q
HN9Hanesbrands Inc	0.48%	8,218,049	$47M	added+60%	+0.01 pp	11 q
PINCNPremier Inc-class A	0.48%	2,439,285	$47M	added×2.9	+0.28 pp	23 q
MOG.AMoog Inc.	0.46%	263,342	$46M	added+2%	−0.11 pp	15 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.45%	3,357,293	$44M	added+26%	+0.10 pp	44 q
AVDLAvadel Pharmaceuticals	0.45%	5,667,175	$44M	added×2.6	+0.19 pp	4 q
SLBSLB Limited	0.44%	1,045,796	$44M	added+2%	0.00 pp	3 q
SNNSmith & Nephew plc	0.44%	1,540,622	$44M	added+13%	+0.07 pp	6 q
AMXAmerica Movil S.A.B de C.V	0.43%	2,973,652	$42M	added+27%	+0.06 pp	5 q
SEESealed Air Corp New	0.43%	1,467,642	$42M	added×2.7	+0.22 pp	6 q
TTENTotalenergies SE -spon ADR	0.43%	647,281	$42M	added+19%	+0.10 pp	15 q
WLKWestlake Corporation	0.43%	421,020	$42M	new	+0.43 pp	new
INGRIngredion Incorporated	0.41%	300,949	$41M	trimmed−0%	−0.05 pp	22 q
GHMGraham Corporation	0.40%	1,362,102	$39M	added+23%	−0.15 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	0.39%	72,014	$38M	trimmed−1%	+0.02 pp	16 q
PKEPark Aerospace Corp.	0.39%	2,883,348	$39M	added+14%	−0.02 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.37%	220,685	$37M	trimmed−1%	−0.12 pp	28 q
ETREntergy Corporation	0.33%	381,864	$33M	trimmed−17%	−0.06 pp	4 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.33%	748,625	$33M	added+6%	−0.09 pp	4 q
TFCTruist Financial Corporation	0.31%	742,024	$31M	trimmed−1%	−0.05 pp	44 q
GTESGates Industrial Corporation Ltd.	0.31%	1,680,223	$31M	added+6%	−0.05 pp	14 q
VIVTelefonica Brasil, S.A.	0.30%	3,361,595	$29M	added+23%	+0.07 pp	44 q
STMSTMicroelectronics N.V.	0.28%	1,266,925	$28M	added×2.0	+0.11 pp	2 q
PHGKoninklijke Philips N.v.	0.26%	992,203	$25M	added+8%	0.00 pp	12 q
NVSNovartis AG	0.26%	225,007	$25M	added+7%	+0.03 pp	18 q
CSCOCisco Systems, Inc. (DE)	0.25%	406,071	$25M	trimmed−34%	−0.16 pp	44 q
QRVOQorvo, Inc.	0.24%	323,720	$23M	added+6%	0.00 pp	13 q
ORNOrion Group Holdings, Inc	0.23%	4,273,477	$22M	added+25%	−0.05 pp	44 q
HMCHonda Motor Co., Ltd.	0.22%	808,624	$22M	added+42%	+0.04 pp	44 q
WPPWpp PLC	0.22%	558,100	$21M	trimmed−7%	−0.12 pp	31 q
EENI S.p.A.	0.21%	666,998	$21M	added+10%	+0.02 pp	44 q
ENICEnel Chile S.A.	0.20%	6,000,990	$20M	added+5%	+0.02 pp	36 q
FSTRFoster (Lb) Co	0.20%	1,006,523	$20M	added+16%	−0.06 pp	17 q
MSMMSC Industrial Direct Co., Inc. Class A	0.20%	247,573	$19M	added×5.2	+0.16 pp	3 q
HCSGHealthcare Services Group	0.17%	1,698,583	$17M	added+16%	−0.02 pp	11 q
SHGShinhan Financial Group Co Ltd	0.16%	495,527	$16M	added+6%	−0.01 pp	44 q
CNHCnh Industrial N.v.	0.16%	1,275,012	$16M	trimmed−7%	−0.01 pp	4 q
GDGeneral Dynamics Corporation	0.15%	52,376	$14M	added+1%	0.00 pp	20 q
SAPSap SE	0.15%	54,256	$15M	trimmed−58%	−0.20 pp	12 q
AOUTAmerican Outdoor Brands, Inc.	0.14%	1,145,691	$14M	added+23%	−0.02 pp	7 q
UTMDUtah Medical Products Inc	0.14%	242,249	$14M	added+49%	+0.03 pp	9 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.12%	865,486	$12M	trimmed−30%	−0.04 pp	44 q
PAHCPhibro Animal Health Corporation Class A	0.11%	484,754	$10M	trimmed−27%	−0.05 pp	24 q
MDPediatrix Medical Group, Inc.	0.10%	690,158	$10M	trimmed−12%	−0.02 pp	30 q
CRHCRH Public Limited Company	0.10%	111,241	$10M	trimmed−2%	−0.02 pp	7 q
UNFUnifirst Corp	0.09%	52,292	$9M	added+69%	+0.03 pp	8 q
LNSRLENSAR, Inc.	0.08%	544,687	$8M	added+11%	+0.03 pp	9 q
PZZAPapa John's International Inc	0.08%	185,785	$8M	new	+0.08 pp	new
SMGThe Scotts Miracle-Gro Company	0.08%	139,371	$8M	added+52%	+0.01 pp	12 q
TKRThe Timken Company	0.08%	111,947	$8M	added+72%	+0.03 pp	2 q
NPKNational Presto Industries, Inc.	0.07%	79,827	$7M	trimmed−49%	−0.10 pp	23 q
HURCHurco Cos Inc	0.06%	377,187	$6M	added+17%	−0.01 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	234,214	$6M	added+28%	0.00 pp	30 q
MTXMinerals Technologies Inc	0.06%	100,339	$6M	added×2.1	+0.02 pp	2 q
NKSHNational Bankshares Inc/VA	0.06%	227,607	$6M	added+34%	+0.01 pp	17 q
NWGNatWest Group plc	0.06%	527,930	$6M	trimmed−56%	−0.08 pp	9 q
EBMTEagle Bancorp Montana, Inc	0.05%	275,078	$5M	added+25%	+0.01 pp	9 q
IPGPIPG Photonics Corporation	0.05%	71,147	$4M	added+11%	0.00 pp	6 q
TAPMolson Coors Beverage Company Class B	0.05%	79,621	$5M	added+11%	0.00 pp	14 q
VBRVanguard Morningstar Small-Cap Value ETF	0.05%	28,988	$5M	trimmed−51%	−0.08 pp	7 q
FFIVF5, Inc.	0.04%	13,828	$4M	added+11%	0.00 pp	21 q
HDBHDFC Bank Limited	0.04%	51,842	$3M	trimmed−0%	0.00 pp	9 q
IFFInternational Flavors & Fragrances Inc.	0.04%	53,447	$4M	added+9%	−0.01 pp	6 q
RGPResources Connection	0.04%	552,208	$4M	added+39%	0.00 pp	4 q
BAPCredicorp LTD	0.04%	22,452	$4M	trimmed−1%	−0.01 pp	9 q
ARWArrow Electronics, Inc.	0.03%	23,699	$2M	added+6%	0.00 pp	37 q
NTESNetEase, inc.	0.03%	24,977	$3M	added+1%	+0.01 pp	9 q
OGNOrganon & Co.	0.03%	224,942	$3M	added+7%	−0.01 pp	6 q
EXEExpand Energy Corporation	0.02%	20,084	$2M	trimmed−15%	−0.01 pp	17 q
CFGCitizens Financial Group, Inc.	0.02%	48,173	$2M	added+23%	0.00 pp	6 q
CRD.ACrawford & Company Class A	0.02%	209,400	$2M	trimmed−33%	−0.02 pp	17 q
XRAYDENTSPLY SIRONA Inc.	0.02%	105,441	$2M	added+22%	0.00 pp	9 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	22,715	$2M	added+2%	0.00 pp	4 q
HSBCHSBC Holdings PLC	0.02%	38,998	$2M	trimmed−17%	−0.01 pp	9 q
NWNNorthwest Natural Holding Company	0.02%	56,215	$2M	trimmed−38%	−0.02 pp	5 q
TLKPT Telekomunikasi Indonesia	0.02%	165,421	$2M	added×3.7	+0.01 pp	2 q
RCIRogers Communications, Inc.	0.02%	71,977	$2M	added+19%	0.00 pp	18 q
SEICSEI Investments Co	0.02%	21,588	$2M	added+23%	0.00 pp	6 q
TIMBTim S.a.	0.02%	154,019	$2M	added+6%	0.00 pp	9 q
AGCOAGCO Corporation	0.01%	11,275	$1M	added+23%	0.00 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	13,020	$801,541	added+1%	0.00 pp	20 q
AVTAvnet, Inc.	0.01%	18,461	$887,789	added+22%	0.00 pp	6 q
BCSBarclays PLC	0.01%	74,892	$1M	trimmed−94%	−0.18 pp	15 q
BTIBritish American Tobacco p.l.c.	0.01%	25,839	$1M	trimmed−3%	0.00 pp	8 q
CNACNA Financial Corporation	0.01%	17,598	$893,802	added+22%	0.00 pp	6 q
CPBThe Campbell's Company	0.01%	20,808	$830,655	added+26%	0.00 pp	6 q
FTREFortrea Holdings Inc.	0.01%	129,824	$980,171	added×2.1	0.00 pp	7 q
HTLDHeartland Express Inc	0.01%	96,780	$892,312	added×4.0	+0.01 pp	5 q
HOLXHologic Inc	0.01%	16,826	$1M	new	+0.01 pp	new
IXUSiShares Core MSCI Total International Stock ETF	0.01%	17,906	$1M	trimmed−93%	−0.19 pp	4 q
MZTIThe Marzetti Company	0.01%	5,458	$955,150	added+23%	0.00 pp	6 q
LEVILevi Strauss & Co. Class A	0.01%	67,583	$1M	added+23%	0.00 pp	6 q
ORIOld Republic International Corporation	0.01%	33,952	$1M	added+18%	0.00 pp	44 q
PBHPrestige Consumer Healthcare Inc.	0.01%	17,062	$1M	trimmed−89%	−0.12 pp	19 q
DGXQuest Diagnostics Inc.	0.01%	5,887	$996,081	trimmed−45%	−0.01 pp	6 q
HSICHenry Schein Inc	0.01%	11,565	$792,087	added+23%	0.00 pp	6 q
SCHLScholastic Corp	0.01%	43,365	$818,731	added+23%	0.00 pp	6 q
SEBSeaboard Corporation	0.01%	387	$1M	added+17%	0.00 pp	6 q
SXTSensient Technology Corporation	0.01%	13,935	$1M	added+22%	0.00 pp	6 q
SKAASkechers USA Inc-cl A	0.01%	15,653	$888,777	added+21%	0.00 pp	6 q
SONSonoco Products Company	0.01%	21,549	$1M	added+23%	0.00 pp	6 q
SHCSotera Health Company	0.01%	87,540	$1M	added+22%	0.00 pp	5 q
SUZSuzano S.A.	0.01%	137,646	$1M	added+1%	−0.01 pp	7 q
UPSUnited Parcel Service, Inc. Class B	0.01%	6,626	$728,793	trimmed−1%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.01%	1,824	$562,284	added+23%	0.00 pp	30 q
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	34,155	$779,074	trimmed−5%	0.00 pp	2 q
WMKWeis Markets, Inc.	0.01%	13,511	$1M	added+23%	0.00 pp	5 q
WHRWhirlpool Corp.	0.01%	11,227	$1M	added+22%	0.00 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	10,061	$1M	added+24%	0.00 pp	6 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	515	$991,792	added+20%	0.00 pp	6 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	3,375	$308,103	added+12%	0.00 pp	9 q
DEODiageo plc	0.00%	4,332	$453,950	trimmed−0%	−0.01 pp	2 q
HP5AEquity Commonwealth	0.00%	212,045	$341,392	trimmed−57%	−0.01 pp	20 q
GTEGran Tierra Energy Inc.	0.00%	63,869	$314,874	added+17%	0.00 pp	38 q
LSTRLandstar System Inc	0.00%	2,324	$349,065	added+28%	0.00 pp	4 q
VTVVanguard Morningstar Value ETF	0.00%	1,838	$317,496	trimmed−62%	−0.01 pp	2 q
JCIJohnson Controls International plc	—	−301,971	—	exited	−0.27 pp	—
BPBP p.l.c.	—	−299,423	—	exited	−0.10 pp	—
0OIASolarWinds Corporation	—	−485,329	—	exited	−0.08 pp	—
FLSFlowserve Corporation	—	−106,877	—	exited	−0.07 pp	—
SRSpire Inc.	—	−85,316	—	exited	−0.06 pp	—
VTVanguard Total World Stock ETF	—	−38,144	—	exited	−0.05 pp	—
BRK.ABerkshire Hathaway Inc.	—	−1	—	exited	−0.01 pp	—
KELYAKelly Services Inc	—	−36,617	—	exited	−0.01 pp	—
ASAIYSendas Distribudra S/	—	−103,263	—	exited	−0.01 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−28,139	—	exited	−0.01 pp	—