Brandes

Q3 2025 13F · by Kenneth Little, portfolio manager

As of: Sep 30, 2025
Filed: Nov 10, 2025
US stock: $12.5B · prev $11.1B
Positions: 180 · prev 181
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%

Moves182 since the prior filing

+5.4 pp in · −5.5 pp out

New 3 +1.33 pp
Added 143 +4.11 pp
Trimmed 32 −5.00 pp
Exited 4 −0.50 pp

The book

Diversified · behaves like 76 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions180 in this filing · 4 exited


CAECAE Inc.	3.56%	14,989,914	$444M	added+1%	−0.36 pp	14 q
EMBJEmbraer S.A.	2.85%	5,883,293	$356M	trimmed−6%	−0.38 pp	46 q
OTEXOpen Text Corp	2.70%	8,999,391	$336M	added+8%	+0.49 pp	17 q
GRFSGrifois, S.A.	2.33%	29,115,496	$290M	added+4%	+0.04 pp	20 q
TIGOMillicom International Cellular S.A.	2.27%	5,835,307	$283M	trimmed−12%	+0.03 pp	14 q
CCitigroup Inc.	2.13%	2,620,917	$266M	trimmed−6%	−0.01 pp	46 q
BACBank of America Corporation	2.06%	4,991,025	$257M	added+3%	−0.02 pp	46 q
WFCWells Fargo & Co.	1.96%	2,921,669	$245M	added+5%	−0.06 pp	46 q
TXTTextron, Inc.	1.94%	2,867,663	$242M	added+6%	−0.03 pp	23 q
CIThe Cigna Group	1.91%	828,405	$239M	added+23%	−0.11 pp	28 q
CXCemex S.A.B. de C.V.	1.80%	24,902,885	$224M	trimmed−24%	−0.24 pp	46 q
DOXAmdocs Limited	1.74%	2,640,721	$217M	added+13%	−0.18 pp	46 q
BDXBecton, Dickinson and Co.	1.73%	1,152,603	$216M	added+32%	+0.37 pp	2 q
KMTKennametal Inc.	1.73%	10,326,140	$216M	added+27%	+0.04 pp	13 q
PFEPfizer Inc.	1.72%	8,412,771	$214M	added+5%	−0.04 pp	46 q
FISVFiserv, Inc.	1.66%	1,602,704	$207M	added+37%	−0.16 pp	18 q
MRKMerck & Co., Inc.	1.63%	2,422,667	$203M	added+27%	+0.26 pp	46 q
HALHalliburton Company	1.47%	7,446,925	$183M	added+12%	+0.25 pp	27 q
SHELShell plc	1.47%	2,570,622	$184M	added+2%	−0.14 pp	15 q
CMCSAComcast Corp	1.46%	5,785,056	$182M	added+4%	−0.34 pp	32 q
FDXFedEx Corporation	1.38%	728,871	$172M	added+11%	+0.03 pp	27 q
HCAHCA Healthcare, Inc.	1.37%	401,056	$171M	added+10%	+0.10 pp	34 q
HXLHexcel Corporation	1.26%	2,498,697	$157M	added+2%	+0.01 pp	5 q
PNCPNC Financial Services Group	1.26%	784,152	$158M	added+6%	+0.01 pp	46 q
CAHCardinal Health, Inc.	1.25%	990,631	$155M	added+4%	−0.19 pp	34 q
CTVACorteva, Inc.	1.24%	2,287,530	$155M	trimmed−2%	−0.33 pp	22 q
CTSHCognizant Technology Solutions	1.22%	2,263,702	$152M	added+5%	−0.30 pp	37 q
INVXInnovex International, Inc.	1.14%	7,657,368	$142M	added+9%	+0.14 pp	20 q
MCKMcKesson Corporation	1.14%	184,441	$142M	added+4%	−0.03 pp	39 q
MUMicron Technology, Inc.	1.14%	850,419	$142M	trimmed−27%	−0.15 pp	21 q
ACGLArch Capital Group Ltd	1.10%	1,506,483	$137M	added+4%	−0.09 pp	6 q
CVSCvs Health Corporation	1.09%	1,799,482	$136M	added+4%	+0.02 pp	35 q
SNYSanofi	1.07%	2,822,971	$133M	added+14%	−0.01 pp	46 q
ICLRIcon Plc	1.06%	755,660	$132M	added×3.6	+0.79 pp	2 q
GLOBGlobant S.a.	1.06%	2,309,000	$132M	new	+1.06 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.03%	373,112	$129M	added×2.7	+0.64 pp	3 q
HN9Hanesbrands Inc	1.02%	19,338,869	$127M	added+56%	+0.51 pp	13 q
EMREmerson Electric Co.	0.99%	945,148	$124M	added+7%	−0.08 pp	41 q
EPAMEpam Systems, Inc.	0.99%	822,550	$124M	added×106.5	+0.98 pp	2 q
ELANElanco Animal Health Incorporated	0.96%	5,939,517	$120M	trimmed−27%	−0.09 pp	13 q
WLKWestlake Corporation	0.96%	1,548,694	$119M	added+6%	−0.04 pp	3 q
AIGAmerican International Group, Inc.	0.95%	1,508,917	$119M	added+6%	−0.15 pp	45 q
MHKMohawk Industries, Inc.	0.95%	915,925	$118M	added+5%	+0.12 pp	28 q
BABAAlibaba Group Holding Limited	0.94%	657,221	$117M	added+4%	+0.29 pp	24 q
ARLOArlo Technologies, Inc.	0.87%	6,426,644	$109M	added+7%	−0.05 pp	27 q
OMFOneMain Holdings, Inc.	0.87%	1,927,307	$109M	added+3%	−0.10 pp	19 q
EPCEdgewell Personal Care Company	0.86%	5,257,559	$107M	added+14%	−0.11 pp	32 q
NTRNutrien Ltd.	0.84%	1,787,995	$105M	added+10%	−0.02 pp	5 q
CVXChevron Corporation	0.82%	660,914	$103M	trimmed−4%	−0.07 pp	46 q
GOOGLAlphabet Inc. Class A	0.80%	410,345	$100M	added+3%	+0.17 pp	13 q
SSNCSS&C Technologies Inc	0.73%	1,026,499	$91M	added+10%	+0.03 pp	10 q
WTWWillis Towers Watson Public Limited Company	0.72%	259,612	$90M	added+11%	+0.07 pp	15 q
GOOGAlphabet Inc. Class C	0.68%	350,133	$85M	trimmed−13%	+0.04 pp	35 q
EVRGEvergy, Inc.	0.67%	1,103,754	$84M	added+3%	0.00 pp	4 q
AVDLAvadel Pharmaceuticals	0.67%	5,444,803	$83M	trimmed−16%	+0.15 pp	6 q
GSKGSK plc	0.65%	1,868,004	$81M	added+6%	+0.04 pp	13 q
IMKTAIngles Markets Inc	0.65%	1,160,377	$81M	added+22%	+0.11 pp	11 q
SEESealed Air Corp New	0.65%	2,275,814	$80M	added+19%	+0.11 pp	8 q
JNJJohnson & Johnson	0.63%	421,050	$78M	added+3%	+0.06 pp	41 q
WRBW.R. Berkley Corporation	0.61%	988,836	$76M	trimmed−4%	−0.07 pp	11 q
WKCWorld Kinect Corporation	0.61%	2,938,260	$76M	added+11%	−0.07 pp	35 q
GHMGraham Corporation	0.60%	1,372,218	$75M	added+4%	+0.01 pp	23 q
CPACopa Holdings, S.A.	0.60%	632,129	$75M	added0%	−0.03 pp	28 q
MOG.AMoog Inc.	0.58%	346,726	$72M	added+11%	+0.07 pp	17 q
SYYSysco Corporation	0.54%	824,962	$68M	added+2%	−0.01 pp	8 q
AMXAmerica Movil S.A.B de C.V	0.53%	3,134,710	$66M	added+3%	+0.04 pp	7 q
JPMJPMorgan Chase & Co.	0.52%	204,354	$64M	trimmed−4%	−0.04 pp	46 q
STTState Street Corporation	0.52%	561,627	$65M	added+9%	+0.03 pp	46 q
LHLabcorp Holdings Inc.	0.51%	223,263	$64M	added+9%	+0.02 pp	6 q
OMCOmnicom Group Inc.	0.50%	763,870	$62M	added+6%	+0.03 pp	33 q
PKEPark Aerospace Corp.	0.50%	3,084,180	$63M	added+3%	+0.10 pp	21 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.50%	5,258,639	$62M	added+17%	+0.03 pp	46 q
UBSUBS Group AG	0.47%	1,425,439	$58M	trimmed−19%	−0.07 pp	44 q
TAKTakeda Pharmaceutical Company Limited	0.46%	3,931,803	$58M	added+6%	−0.06 pp	28 q
LKQLKQ Corporation	0.45%	1,827,051	$56M	added+5%	−0.13 pp	5 q
NTGRNETGEAR, Inc.	0.44%	1,675,260	$54M	added+5%	+0.02 pp	34 q
FLEXFlex Ltd.	0.44%	939,905	$54M	trimmed−20%	−0.09 pp	28 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.42%	185,428	$52M	trimmed−30%	−0.12 pp	30 q
IFFInternational Flavors & Fragrances Inc.	0.41%	823,636	$51M	added×14.1	+0.37 pp	8 q
SLBSLB Limited	0.41%	1,503,924	$52M	added+5%	−0.03 pp	5 q
BNYBank of New York Mellon Corporation	0.40%	461,406	$50M	trimmed−70%	−0.87 pp	46 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.40%	1,259,843	$50M	added+40%	+0.04 pp	6 q
ABEVAmbev S.a.	0.39%	21,725,467	$48M	added+5%	−0.06 pp	22 q
AZOAutoZone, Inc.	0.37%	10,625	$46M	trimmed−25%	−0.10 pp	19 q
TTENTotalenergies SE -spon ADR	0.37%	766,340	$46M	added+16%	0.00 pp	17 q
SNNSmith & Nephew plc	0.36%	1,250,197	$45M	trimmed−22%	−0.08 pp	8 q
PHGKoninklijke Philips N.v.	0.35%	1,618,641	$44M	added+6%	+0.02 pp	14 q
TGTTarget Corporation	0.35%	488,772	$44M	added+21%	−0.01 pp	2 q
TKRThe Timken Company	0.35%	585,878	$44M	added+14%	+0.01 pp	4 q
MTXMinerals Technologies Inc	0.33%	666,958	$41M	added+24%	+0.06 pp	4 q
ORNOrion Group Holdings, Inc	0.33%	4,953,530	$41M	added+15%	−0.02 pp	46 q
KVUEKenvue Inc.	0.32%	2,461,745	$40M	added+37%	−0.02 pp	7 q
INGRIngredion Incorporated	0.31%	319,648	$39M	added+11%	−0.04 pp	24 q
STMSTMicroelectronics N.V.	0.30%	1,301,857	$37M	added+16%	−0.01 pp	4 q
ETREntergy Corporation	0.29%	387,769	$36M	added+14%	+0.03 pp	6 q
FSTRFoster (Lb) Co	0.29%	1,340,044	$36M	added+14%	+0.06 pp	19 q
SAPSap SE	0.29%	134,757	$36M	added+82%	+0.09 pp	14 q
TFCTruist Financial Corporation	0.29%	781,602	$36M	added+3%	−0.01 pp	46 q
PZZAPapa John's International Inc	0.28%	737,029	$35M	added+7%	−0.03 pp	3 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.27%	407,732	$33M	new	+0.27 pp	new
VIVTelefonica Brasil, S.A.	0.27%	2,640,717	$34M	trimmed−24%	−0.09 pp	46 q
NVSNovartis AG	0.25%	247,875	$32M	added+4%	−0.01 pp	20 q
QRVOQorvo, Inc.	0.25%	344,713	$31M	added+3%	−0.01 pp	15 q
HMCHonda Motor Co., Ltd.	0.22%	896,042	$28M	added+6%	0.00 pp	46 q
GTESGates Industrial Corporation Ltd.	0.22%	1,129,442	$28M	trimmed−29%	−0.11 pp	16 q
EENI S.p.A.	0.21%	736,457	$26M	added+5%	0.00 pp	46 q
MSMMSC Industrial Direct Co., Inc. Class A	0.20%	272,306	$25M	trimmed−4%	−0.02 pp	5 q
UNFUnifirst Corp	0.19%	139,200	$23M	added×2.1	+0.08 pp	10 q
UTMDUtah Medical Products Inc	0.17%	337,930	$21M	added+25%	+0.03 pp	11 q
ENICEnel Chile S.A.	0.16%	5,149,843	$20M	added+5%	0.00 pp	38 q
PBHPrestige Consumer Healthcare Inc.	0.16%	313,993	$20M	added×17.4	+0.15 pp	21 q
PINCNPremier Inc-class A	0.15%	670,452	$19M	trimmed−72%	−0.32 pp	25 q
WPPWpp PLC	0.15%	759,236	$19M	added+21%	−0.05 pp	33 q
CNHCnh Industrial N.v.	0.14%	1,613,465	$18M	added+43%	+0.01 pp	6 q
AOUTAmerican Outdoor Brands, Inc.	0.12%	1,770,674	$15M	added+45%	0.00 pp	9 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.12%	951,620	$15M	added+5%	+0.01 pp	46 q
HCSGHealthcare Services Group	0.10%	707,646	$12M	added+15%	+0.02 pp	13 q
MOVMovado Group, Inc.	0.10%	666,449	$13M	added+83%	+0.05 pp	2 q
IPGPIPG Photonics Corporation	0.09%	141,112	$11M	added+6%	+0.01 pp	8 q
LNSRLENSAR, Inc.	0.08%	777,703	$10M	added+38%	+0.01 pp	11 q
MDPediatrix Medical Group, Inc.	0.08%	630,711	$11M	added+12%	+0.01 pp	32 q
HURCHurco Cos Inc	0.07%	494,264	$9M	added+17%	0.00 pp	19 q
SMGThe Scotts Miracle-Gro Company	0.07%	159,372	$9M	trimmed−74%	−0.29 pp	14 q
IPGThe Interpublic Group of Companies, Inc.	0.06%	270,689	$8M	added+5%	0.00 pp	32 q
NPKNational Presto Industries, Inc.	0.06%	62,405	$7M	added+7%	+0.01 pp	25 q
NWGNatWest Group plc	0.06%	518,113	$7M	trimmed−1%	−0.01 pp	11 q
RGPResources Connection	0.06%	1,399,276	$7M	added×2.4	+0.03 pp	6 q
SCHLScholastic Corp	0.06%	262,279	$7M	added×2.7	+0.04 pp	8 q
SONSonoco Products Company	0.06%	174,782	$8M	added×6.8	+0.05 pp	8 q
BRCBrady Corporation	0.05%	78,391	$6M	added×3.5	+0.04 pp	2 q
XRAYDENTSPLY SIRONA Inc.	0.05%	467,636	$6M	added+24%	0.00 pp	11 q
EBMTEagle Bancorp Montana, Inc	0.05%	390,369	$7M	added+30%	0.00 pp	11 q
NKSHNational Bankshares Inc/VA	0.05%	231,807	$7M	added+30%	+0.01 pp	19 q
CRHCRH Public Limited Company	0.05%	55,928	$7M	trimmed−26%	−0.01 pp	9 q
IQVIQVIA Holdings Inc.	0.04%	27,469	$5M	added+49%	+0.01 pp	2 q
OGNOrganon & Co.	0.04%	413,435	$4M	added+4%	+0.01 pp	8 q
ARWArrow Electronics, Inc.	0.03%	27,076	$3M	added+7%	0.00 pp	39 q
FFIVF5, Inc.	0.03%	11,241	$4M	added+5%	0.00 pp	23 q
HDBHDFC Bank Limited	0.03%	102,460	$4M	added0%	−0.01 pp	11 q
TAPMolson Coors Beverage Company Class B	0.03%	93,835	$4M	added+8%	−0.01 pp	16 q
TLKPT Telekomunikasi Indonesia	0.03%	170,253	$3M	added0%	0.00 pp	4 q
SHGShinhan Financial Group Co Ltd	0.03%	62,047	$3M	trimmed−88%	−0.19 pp	46 q
TIMBTim S.a.	0.03%	152,527	$3M	added0%	0.00 pp	11 q
BAPCredicorp LTD	0.03%	15,441	$4M	added+1%	0.00 pp	11 q
EXEExpand Energy Corporation	0.02%	18,709	$2M	added+15%	0.00 pp	19 q
CFGCitizens Financial Group, Inc.	0.02%	56,445	$3M	added+2%	0.00 pp	8 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	20,815	$2M	added+74%	+0.01 pp	6 q
FTREFortrea Holdings Inc.	0.02%	243,820	$2M	added+9%	+0.01 pp	9 q
HSBCHSBC Holdings PLC	0.02%	39,489	$3M	added+1%	0.00 pp	11 q
HOLXHologic Inc	0.02%	39,522	$3M	added+15%	0.00 pp	3 q
LEVILevi Strauss & Co. Class A	0.02%	89,940	$2M	added+13%	+0.01 pp	8 q
SEICSEI Investments Co	0.02%	28,820	$2M	added+14%	0.00 pp	8 q
SHCSotera Health Company	0.02%	119,995	$2M	added+15%	+0.01 pp	7 q
SUZSuzano S.A.	0.02%	209,058	$2M	added+23%	+0.01 pp	9 q
ZTOZTO Express (Cayman) Inc.	0.02%	113,768	$2M	added+5%	0.00 pp	26 q
AGCOAGCO Corporation	0.01%	16,648	$2M	added+19%	0.00 pp	4 q
AVTAvnet, Inc.	0.01%	25,846	$1M	added+16%	0.00 pp	8 q
BTIBritish American Tobacco p.l.c.	0.01%	14,924	$792,166	trimmed−33%	0.00 pp	10 q
CNACNA Financial Corporation	0.01%	18,264	$848,545	held	—	8 q
CPBThe Campbell's Company	0.01%	59,162	$2M	added×2.0	0.00 pp	8 q
DEODiageo plc	0.01%	6,592	$629,075	added+54%	+0.01 pp	4 q
HTLDHeartland Express Inc	0.01%	192,689	$2M	added+17%	0.00 pp	7 q
MZTIThe Marzetti Company	0.01%	8,260	$1M	added+21%	0.00 pp	8 q
ORIOld Republic International Corporation	0.01%	28,721	$1M	added+15%	0.00 pp	46 q
PAHCPhibro Animal Health Corporation Class A	0.01%	38,475	$2M	trimmed−90%	−0.08 pp	26 q
RCIRogers Communications, Inc.	0.01%	51,558	$2M	trimmed−28%	−0.01 pp	20 q
HSICHenry Schein Inc	0.01%	17,191	$1M	added+20%	0.00 pp	8 q
SEBSeaboard Corporation	0.01%	443	$2M	added+5%	0.00 pp	8 q
UPSUnited Parcel Service, Inc. Class B	0.01%	15,126	$1M	added+45%	0.00 pp	4 q
UTHRUnited Therapeutics Corp	0.01%	3,017	$1M	added+25%	0.00 pp	32 q
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	40,024	$1M	added+1%	0.00 pp	4 q
WHRWhirlpool Corp.	0.01%	23,058	$2M	added+16%	−0.01 pp	8 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	15,495	$2M	added+21%	0.00 pp	8 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	614	$1M	added+8%	0.00 pp	8 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.00%	2,642	$219,549	trimmed−20%	0.00 pp	11 q
GTEGran Tierra Energy Inc.	0.00%	63,869	$277,830	held	—	40 q
IXUSiShares Core MSCI Total International Stock ETF	0.00%	3,908	$322,723	new	0.00 pp	new
LSTRLandstar System Inc	0.00%	5,057	$619,786	added+40%	0.00 pp	6 q
VBRVanguard Morningstar Small-Cap Value ETF	0.00%	1,301	$271,532	trimmed−85%	−0.02 pp	9 q
VTVVanguard Morningstar Value ETF	0.00%	3,317	$618,587	trimmed−100%	−1.36 pp	4 q
UWMCUWM Holdings Corporation	—	−12,228,813	—	exited	−0.46 pp	—
NTESNetEase, inc.	—	−17,474	—	exited	−0.02 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−8,987	—	exited	−0.01 pp	—
DGXQuest Diagnostics Inc.	—	−6,212	—	exited	−0.01 pp	—