Brandes

Q2 2025 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2025
Filed: Aug 11, 2025
US stock: $11.1B · prev $9.8B
Positions: 181 · 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%

Moves189 since the prior filing

+6.3 pp in · −6.0 pp out

New 7 +2.09 pp
Added 112 +4.21 pp
Trimmed 59 −5.10 pp
Exited 11 −0.88 pp

The book

Diversified · behaves like 73 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions14% of US stock

CAE CAE Inc. added+0.38 pp added+0.383.9%
EMBJ Embraer S.A. trimmed+0.02 pp trimmed+0.023.2%
GRFS Grifois, S.A. added+0.43 pp added+0.432.3%
TIGO Millicom International Cellular S.A. added+0.25 pp added+0.252.2%
OTEX Open Text Corp added+0.70 pp added+0.702.2%

Positions181 in this filing · 11 exited


CAECAE Inc.	3.92%	14,803,106	$433M	added+4%	+0.38 pp	13 q
EMBJEmbraer S.A.	3.23%	6,275,601	$357M	trimmed−8%	+0.02 pp	45 q
GRFSGrifois, S.A.	2.29%	28,035,461	$253M	added+9%	+0.43 pp	19 q
TIGOMillicom International Cellular S.A.	2.24%	6,624,718	$248M	added+3%	+0.25 pp	13 q
OTEXOpen Text Corp	2.21%	8,368,336	$244M	added+43%	+0.70 pp	16 q
CCitigroup Inc.	2.14%	2,780,651	$237M	trimmed−2%	+0.08 pp	45 q
BACBank of America Corporation	2.08%	4,863,575	$230M	trimmed−2%	−0.03 pp	45 q
CXCemex S.A.B. de C.V.	2.04%	32,648,163	$226M	added+8%	+0.31 pp	45 q
CIThe Cigna Group	2.02%	674,759	$223M	added0%	−0.23 pp	27 q
WFCWells Fargo & Co.	2.02%	2,788,372	$223M	trimmed−3%	−0.08 pp	45 q
TXTTextron, Inc.	1.97%	2,714,466	$218M	added+20%	+0.31 pp	22 q
DOXAmdocs Limited	1.92%	2,328,804	$212M	added+1%	−0.22 pp	45 q
FISVFiserv, Inc.	1.82%	1,166,009	$201M	added+26%	−0.26 pp	17 q
CMCSAComcast Corp	1.80%	5,573,835	$199M	added+1%	−0.27 pp	31 q
PFEPfizer Inc.	1.76%	8,042,709	$195M	added+14%	−0.06 pp	45 q
KMTKennametal Inc.	1.69%	8,154,119	$187M	added+66%	+0.63 pp	12 q
SHELShell plc	1.61%	2,527,597	$178M	added+1%	−0.25 pp	14 q
CTVACorteva, Inc.	1.57%	2,335,741	$174M	trimmed−21%	−0.32 pp	21 q
CTSHCognizant Technology Solutions	1.52%	2,153,116	$168M	trimmed−3%	−0.21 pp	36 q
CAHCardinal Health, Inc.	1.44%	948,994	$159M	trimmed−4%	+0.06 pp	33 q
MRKMerck & Co., Inc.	1.37%	1,912,228	$151M	added+5%	−0.29 pp	45 q
BDXBecton, Dickinson and Co.	1.36%	871,110	$150M	new	+1.36 pp	new
VTVVanguard Morningstar Value ETF	1.36%	850,835	$150M	added×462.9	+1.36 pp	3 q
FDXFedEx Corporation	1.35%	658,807	$150M	added+10%	−0.13 pp	26 q
MUMicron Technology, Inc.	1.29%	1,158,894	$143M	trimmed−10%	+0.15 pp	20 q
BNYBank of New York Mellon Corporation	1.27%	1,537,771	$140M	trimmed−11%	−0.20 pp	45 q
HCAHCA Healthcare, Inc.	1.27%	365,689	$140M	trimmed−2%	−0.04 pp	33 q
HXLHexcel Corporation	1.25%	2,440,242	$138M	added+49%	+0.34 pp	4 q
PNCPNC Financial Services Group	1.25%	739,521	$138M	trimmed−3%	−0.11 pp	45 q
HALHalliburton Company	1.22%	6,625,668	$135M	added+38%	−0.02 pp	26 q
ACGLArch Capital Group Ltd	1.19%	1,443,320	$131M	added+2%	−0.20 pp	5 q
MCKMcKesson Corporation	1.17%	177,220	$130M	trimmed−46%	−1.08 pp	38 q
AIGAmerican International Group, Inc.	1.10%	1,424,592	$122M	trimmed−3%	−0.20 pp	44 q
SNYSanofi	1.08%	2,483,767	$120M	added+9%	−0.20 pp	45 q
CVSCvs Health Corporation	1.07%	1,723,998	$119M	added+1%	−0.10 pp	34 q
EMREmerson Electric Co.	1.07%	884,967	$118M	trimmed−3%	+0.05 pp	40 q
ELANElanco Animal Health Incorporated	1.05%	8,100,322	$116M	added+11%	+0.27 pp	12 q
INVXInnovex International, Inc.	1.00%	7,054,674	$110M	added+8%	−0.20 pp	19 q
WLKWestlake Corporation	1.00%	1,456,871	$111M	added×3.5	+0.57 pp	2 q
EPCEdgewell Personal Care Company	0.97%	4,597,685	$108M	added+40%	−0.07 pp	31 q
OMFOneMain Holdings, Inc.	0.97%	1,874,863	$107M	trimmed−1%	+0.03 pp	18 q
ARLOArlo Technologies, Inc.	0.92%	6,005,562	$102M	trimmed−5%	+0.29 pp	26 q
CVXChevron Corporation	0.89%	687,909	$99M	added+2%	−0.25 pp	45 q
NTRNutrien Ltd.	0.86%	1,626,395	$95M	added+35%	+0.25 pp	4 q
MHKMohawk Industries, Inc.	0.83%	870,778	$91M	added+6%	−0.13 pp	27 q
SSNCSS&C Technologies Inc	0.70%	930,748	$77M	trimmed−5%	−0.13 pp	9 q
WRBW.R. Berkley Corporation	0.68%	1,025,919	$75M	trimmed−6%	−0.11 pp	10 q
WKCWorld Kinect Corporation	0.68%	2,635,485	$75M	added+1%	−0.08 pp	34 q
EVRGEvergy, Inc.	0.67%	1,076,140	$74M	added+1%	−0.08 pp	3 q
BABAAlibaba Group Holding Limited	0.65%	633,732	$72M	added+14%	−0.09 pp	23 q
WTWWillis Towers Watson Public Limited Company	0.65%	233,830	$72M	trimmed−15%	−0.29 pp	14 q
GOOGAlphabet Inc. Class C	0.64%	401,225	$71M	trimmed−6%	−0.03 pp	34 q
GOOGLAlphabet Inc. Class A	0.63%	398,576	$70M	added+4%	+0.03 pp	12 q
CPACopa Holdings, S.A.	0.63%	631,943	$69M	trimmed−2%	+0.02 pp	27 q
GSKGSK plc	0.61%	1,767,435	$68M	added+5%	−0.05 pp	12 q
GHMGraham Corporation	0.59%	1,316,535	$65M	trimmed−3%	+0.19 pp	22 q
LKQLKQ Corporation	0.58%	1,741,269	$64M	trimmed−2%	−0.19 pp	4 q
JNJJohnson & Johnson	0.57%	410,765	$63M	added+2%	−0.11 pp	40 q
JPMJPMorgan Chase & Co.	0.56%	213,684	$62M	trimmed−8%	−0.02 pp	45 q
SYYSysco Corporation	0.55%	806,944	$61M	added+3%	−0.05 pp	7 q
IMKTAIngles Markets Inc	0.54%	948,627	$60M	added+17%	0.00 pp	10 q
SEESealed Air Corp New	0.54%	1,908,782	$59M	added+30%	+0.11 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.54%	263,751	$60M	added+20%	+0.17 pp	29 q
UBSUBS Group AG	0.54%	1,754,446	$59M	added+12%	+0.05 pp	43 q
FLEXFlex Ltd.	0.53%	1,170,482	$58M	trimmed−24%	+0.01 pp	27 q
TAKTakeda Pharmaceutical Company Limited	0.52%	3,712,278	$57M	added+6%	−0.01 pp	27 q
AVDLAvadel Pharmaceuticals	0.52%	6,487,642	$57M	added+14%	+0.07 pp	5 q
HN9Hanesbrands Inc	0.51%	12,423,152	$57M	added+51%	+0.03 pp	12 q
MOG.AMoog Inc.	0.51%	313,641	$57M	added+19%	+0.05 pp	16 q
AMXAmerica Movil S.A.B de C.V	0.49%	3,047,720	$55M	added+2%	+0.06 pp	6 q
LHLabcorp Holdings Inc.	0.49%	205,647	$54M	trimmed−58%	−0.66 pp	5 q
STTState Street Corporation	0.49%	514,510	$55M	trimmed−51%	−0.47 pp	45 q
AZOAutoZone, Inc.	0.47%	14,085	$52M	trimmed−14%	−0.17 pp	18 q
OMCOmnicom Group Inc.	0.47%	717,946	$52M	added+2%	−0.12 pp	32 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.47%	4,510,519	$52M	added+34%	+0.02 pp	45 q
PINCNPremier Inc-class A	0.47%	2,386,361	$52M	trimmed−2%	−0.01 pp	24 q
UWMCUWM Holdings Corporation	0.46%	12,228,813	$51M	held	—	2 q
ABEVAmbev S.a.	0.45%	20,606,928	$50M	trimmed−2%	−0.05 pp	21 q
SLBSLB Limited	0.44%	1,439,089	$49M	added+38%	0.00 pp	4 q
SNNSmith & Nephew plc	0.44%	1,604,400	$49M	added+4%	0.00 pp	7 q
NTGRNETGEAR, Inc.	0.42%	1,594,211	$46M	trimmed−47%	−0.32 pp	33 q
PKEPark Aerospace Corp.	0.40%	3,001,732	$44M	added+4%	+0.01 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.39%	139,416	$43M	added+40%	−0.14 pp	2 q
TTENTotalenergies SE -spon ADR	0.37%	662,773	$41M	added+2%	−0.06 pp	16 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.36%	902,669	$40M	added+21%	+0.03 pp	5 q
SMGThe Scotts Miracle-Gro Company	0.36%	603,941	$40M	added×4.3	+0.28 pp	13 q
TGTTarget Corporation	0.36%	403,675	$40M	new	+0.36 pp	new
VIVTelefonica Brasil, S.A.	0.36%	3,480,597	$40M	added+4%	+0.06 pp	45 q
INGRIngredion Incorporated	0.35%	287,313	$39M	trimmed−5%	−0.06 pp	23 q
ORNOrion Group Holdings, Inc	0.35%	4,324,589	$39M	added+1%	+0.12 pp	45 q
KVUEKenvue Inc.	0.34%	1,798,333	$38M	trimmed−38%	−0.37 pp	6 q
TKRThe Timken Company	0.34%	513,641	$37M	added×4.6	+0.26 pp	3 q
PHGKoninklijke Philips N.v.	0.33%	1,530,918	$37M	added+48%	+0.07 pp	13 q
GTESGates Industrial Corporation Ltd.	0.33%	1,583,799	$36M	trimmed−6%	+0.02 pp	15 q
PZZAPapa John's International Inc	0.31%	690,299	$34M	added×3.7	+0.23 pp	2 q
STMSTMicroelectronics N.V.	0.31%	1,122,295	$34M	trimmed−11%	+0.03 pp	3 q
TFCTruist Financial Corporation	0.30%	760,426	$33M	added+2%	−0.01 pp	45 q
MTXMinerals Technologies Inc	0.27%	538,073	$30M	added×5.4	+0.21 pp	3 q
ICLRIcon Plc	0.27%	207,533	$30M	new	+0.27 pp	new
ETREntergy Corporation	0.26%	340,972	$28M	trimmed−11%	−0.07 pp	5 q
NVSNovartis AG	0.26%	239,282	$29M	added+6%	0.00 pp	19 q
QRVOQorvo, Inc.	0.26%	334,947	$28M	added+3%	+0.02 pp	14 q
FSTRFoster (Lb) Co	0.23%	1,179,015	$26M	added+17%	+0.03 pp	18 q
HMCHonda Motor Co., Ltd.	0.22%	847,314	$24M	added+5%	0.00 pp	45 q
MSMMSC Industrial Direct Co., Inc. Class A	0.22%	283,076	$24M	added+14%	+0.02 pp	4 q
SHGShinhan Financial Group Co Ltd	0.22%	528,135	$24M	added+7%	+0.06 pp	45 q
EENI S.p.A.	0.21%	702,770	$23M	added+5%	0.00 pp	45 q
SAPSap SE	0.20%	74,013	$23M	added+36%	+0.05 pp	13 q
WPPWpp PLC	0.20%	626,371	$22M	added+12%	−0.02 pp	32 q
ENICEnel Chile S.A.	0.16%	4,900,227	$18M	trimmed−18%	−0.04 pp	37 q
UTMDUtah Medical Products Inc	0.14%	271,322	$15M	added+12%	0.00 pp	10 q
CNHCnh Industrial N.v.	0.13%	1,125,287	$15M	trimmed−12%	−0.03 pp	5 q
AOUTAmerican Outdoor Brands, Inc.	0.12%	1,219,798	$13M	added+6%	−0.02 pp	8 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.11%	907,346	$12M	added+5%	−0.01 pp	45 q
UNFUnifirst Corp	0.11%	66,783	$13M	added+28%	+0.02 pp	9 q
PAHCPhibro Animal Health Corporation Class A	0.09%	375,375	$10M	trimmed−23%	−0.02 pp	25 q
HCSGHealthcare Services Group	0.08%	614,112	$9M	trimmed−64%	−0.09 pp	12 q
IPGPIPG Photonics Corporation	0.08%	133,592	$9M	added+88%	+0.03 pp	7 q
HURCHurco Cos Inc	0.07%	423,332	$8M	added+12%	+0.01 pp	18 q
LNSRLENSAR, Inc.	0.07%	563,581	$7M	added+3%	−0.01 pp	10 q
MDPediatrix Medical Group, Inc.	0.07%	565,212	$8M	trimmed−18%	−0.03 pp	31 q
NWGNatWest Group plc	0.07%	521,284	$7M	trimmed−1%	+0.01 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	257,520	$6M	added+10%	0.00 pp	31 q
CRHCRH Public Limited Company	0.06%	75,306	$7M	trimmed−32%	−0.04 pp	8 q
XRAYDENTSPLY SIRONA Inc.	0.05%	376,662	$6M	added×3.6	+0.03 pp	10 q
EBMTEagle Bancorp Montana, Inc	0.05%	300,216	$5M	added+9%	0.00 pp	10 q
MOVMovado Group, Inc.	0.05%	363,296	$6M	new	+0.05 pp	new
NPKNational Presto Industries, Inc.	0.05%	58,358	$6M	trimmed−27%	−0.02 pp	24 q
HDBHDFC Bank Limited	0.04%	51,125	$4M	trimmed−1%	0.00 pp	10 q
IFFInternational Flavors & Fragrances Inc.	0.04%	58,275	$4M	added+9%	0.00 pp	7 q
TAPMolson Coors Beverage Company Class B	0.04%	86,888	$4M	added+9%	−0.01 pp	15 q
NKSHNational Bankshares Inc/VA	0.04%	177,826	$5M	trimmed−22%	−0.02 pp	18 q
ARWArrow Electronics, Inc.	0.03%	25,359	$3M	added+7%	0.00 pp	38 q
FFIVF5, Inc.	0.03%	10,660	$3M	trimmed−23%	−0.01 pp	22 q
IQVIQVIA Holdings Inc.	0.03%	18,489	$3M	new	+0.03 pp	new
OGNOrganon & Co.	0.03%	398,423	$4M	added+77%	0.00 pp	7 q
TLKPT Telekomunikasi Indonesia	0.03%	169,894	$3M	added+3%	+0.01 pp	3 q
RGPResources Connection	0.03%	590,400	$3M	added+7%	−0.01 pp	5 q
TIMBTim S.a.	0.03%	152,326	$3M	trimmed−1%	+0.01 pp	10 q
BAPCredicorp LTD	0.03%	15,299	$3M	trimmed−32%	−0.01 pp	10 q
EXEExpand Energy Corporation	0.02%	16,315	$2M	trimmed−19%	0.00 pp	18 q
CFGCitizens Financial Group, Inc.	0.02%	55,529	$2M	added+15%	0.00 pp	7 q
HSBCHSBC Holdings PLC	0.02%	39,036	$2M	added0%	0.00 pp	10 q
HOLXHologic Inc	0.02%	34,413	$2M	added×2.0	+0.01 pp	2 q
NTESNetEase, inc.	0.02%	17,474	$2M	trimmed−30%	−0.01 pp	10 q
RCIRogers Communications, Inc.	0.02%	71,977	$2M	held	—	19 q
SEICSEI Investments Co	0.02%	25,311	$2M	added+17%	0.00 pp	7 q
SCHLScholastic Corp	0.02%	97,149	$2M	added×2.2	+0.01 pp	7 q
VBRVanguard Morningstar Small-Cap Value ETF	0.02%	8,932	$2M	trimmed−69%	−0.03 pp	8 q
WHRWhirlpool Corp.	0.02%	19,921	$2M	added+77%	+0.01 pp	7 q
ZTOZTO Express (Cayman) Inc.	0.02%	108,603	$2M	trimmed−96%	−0.49 pp	25 q
AGCOAGCO Corporation	0.01%	13,942	$1M	added+24%	0.00 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	8,987	$617,620	trimmed−31%	0.00 pp	21 q
AVTAvnet, Inc.	0.01%	22,191	$1M	added+20%	0.00 pp	7 q
BRCBrady Corporation	0.01%	22,303	$2M	new	+0.01 pp	new
BTIBritish American Tobacco p.l.c.	0.01%	22,204	$1M	trimmed−14%	0.00 pp	9 q
CNACNA Financial Corporation	0.01%	18,264	$849,824	added+4%	0.00 pp	7 q
CPBThe Campbell's Company	0.01%	29,434	$902,152	added+41%	0.00 pp	7 q
EPAMEpam Systems, Inc.	0.01%	7,722	$1M	new	+0.01 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	11,946	$1M	trimmed−47%	−0.01 pp	5 q
FTREFortrea Holdings Inc.	0.01%	224,272	$1M	added+73%	0.00 pp	8 q
HTLDHeartland Express Inc	0.01%	164,904	$1M	added+70%	0.00 pp	6 q
MZTIThe Marzetti Company	0.01%	6,821	$1M	added+25%	0.00 pp	7 q
LEVILevi Strauss & Co. Class A	0.01%	79,470	$1M	added+18%	0.00 pp	7 q
ORIOld Republic International Corporation	0.01%	24,920	$957,943	trimmed−27%	0.00 pp	45 q
PBHPrestige Consumer Healthcare Inc.	0.01%	18,085	$1M	added+6%	0.00 pp	20 q
DGXQuest Diagnostics Inc.	0.01%	6,212	$1M	added+6%	0.00 pp	7 q
HSICHenry Schein Inc	0.01%	14,358	$1M	added+24%	0.00 pp	7 q
SEBSeaboard Corporation	0.01%	421	$1M	added+9%	0.00 pp	7 q
SONSonoco Products Company	0.01%	25,874	$1M	added+20%	0.00 pp	7 q
SHCSotera Health Company	0.01%	104,362	$1M	added+19%	0.00 pp	6 q
SUZSuzano S.A.	0.01%	170,535	$2M	added+24%	0.00 pp	8 q
UPSUnited Parcel Service, Inc. Class B	0.01%	10,429	$1M	added+57%	0.00 pp	3 q
UTHRUnited Therapeutics Corp	0.01%	2,409	$692,226	added+32%	0.00 pp	31 q
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	39,573	$1M	added+16%	0.00 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	12,765	$1M	added+27%	0.00 pp	7 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	570	$1M	added+11%	0.00 pp	7 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	3,304	$319,595	trimmed−2%	0.00 pp	10 q
DEODiageo plc	0.00%	4,290	$432,604	trimmed−1%	0.00 pp	3 q
GTEGran Tierra Energy Inc.	0.00%	63,869	$304,655	held	—	39 q
LSTRLandstar System Inc	0.00%	3,611	$502,001	added+55%	0.00 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	—	−72,014	—	exited	−0.39 pp	—
CSCOCisco Systems, Inc. (DE)	—	−406,071	—	exited	−0.25 pp	—
GDGeneral Dynamics Corporation	—	−52,376	—	exited	−0.15 pp	—
CRD.ACrawford & Company Class A	—	−209,400	—	exited	−0.02 pp	—
NWNNorthwest Natural Holding Company	—	−56,215	—	exited	−0.02 pp	—
BCSBarclays PLC	—	−74,892	—	exited	−0.01 pp	—
IXUSiShares Core MSCI Total International Stock ETF	—	−17,906	—	exited	−0.01 pp	—
SXTSensient Technology Corporation	—	−13,935	—	exited	−0.01 pp	—
SKAASkechers USA Inc-cl A	—	−15,653	—	exited	−0.01 pp	—
WMKWeis Markets, Inc.	—	−13,511	—	exited	−0.01 pp	—
HP5AEquity Commonwealth	—	−212,045	—	exited	0.00 pp	—