Brandes

Q4 2025 13F · by Kenneth Little, portfolio manager

As of: Dec 31, 2025
Filed: Feb 6, 2026
US stock: $13.1B · prev $12.5B
Positions: 190 · prev 180
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%

Moves194 since the prior filing

+7.1 pp in · −7.1 pp out

New 16 +4.24 pp
Added 118 +2.87 pp
Trimmed 54 −5.46 pp
Exited 6 −1.66 pp

The book

Diversified · behaves like 79 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions13% of US stock

Positions190 in this filing · 6 exited


CAECAE Inc.	3.51%	15,157,988	$461M	added+1%	−0.05 pp	15 q
EMBJEmbraer S.A.	2.53%	5,155,739	$332M	trimmed−12%	−0.32 pp	47 q
OTEXOpen Text Corp	2.26%	9,106,157	$297M	added+1%	−0.44 pp	18 q
KMTKennametal Inc.	2.21%	10,231,052	$291M	trimmed−1%	+0.48 pp	14 q
GRFSGrifois, S.A.	2.20%	30,954,223	$289M	added+6%	−0.13 pp	21 q
CCitigroup Inc.	2.10%	2,361,032	$276M	trimmed−10%	−0.03 pp	47 q
TIGOMillicom International Cellular S.A.	2.04%	4,836,505	$268M	trimmed−17%	−0.23 pp	15 q
CIThe Cigna Group	1.98%	944,262	$260M	added+14%	+0.07 pp	29 q
MRKMerck & Co., Inc.	1.98%	2,467,525	$260M	added+2%	+0.35 pp	47 q
WFCWells Fargo & Co.	1.86%	2,629,147	$245M	trimmed−10%	−0.10 pp	47 q
BACBank of America Corporation	1.84%	4,386,202	$241M	trimmed−12%	−0.22 pp	47 q
BDXBecton, Dickinson and Co.	1.82%	1,229,707	$239M	added+7%	+0.09 pp	3 q
TXTTextron, Inc.	1.81%	2,735,047	$238M	trimmed−5%	−0.13 pp	24 q
DOXAmdocs Limited	1.66%	2,714,965	$219M	added+3%	−0.08 pp	47 q
PFEPfizer Inc.	1.64%	8,629,182	$215M	added+3%	−0.08 pp	47 q
HALHalliburton Company	1.62%	7,548,930	$213M	added+1%	+0.15 pp	28 q
FDXFedEx Corporation	1.59%	723,281	$209M	trimmed−1%	+0.21 pp	28 q
EPAMEpam Systems, Inc.	1.53%	983,830	$202M	added+20%	+0.54 pp	3 q
CTSHCognizant Technology Solutions	1.47%	2,322,430	$193M	added+3%	+0.25 pp	38 q
SHELShell plc	1.46%	2,617,417	$192M	added+2%	−0.01 pp	16 q
HXLHexcel Corporation	1.41%	2,506,068	$185M	added0%	+0.15 pp	6 q
HCAHCA Healthcare, Inc.	1.37%	386,831	$181M	trimmed−4%	0.00 pp	35 q
CMCSAComcast Corp	1.36%	5,994,421	$179M	added+4%	−0.10 pp	33 q
MUMicron Technology, Inc.	1.28%	591,323	$169M	trimmed−30%	+0.14 pp	22 q
INVXInnovex International, Inc.	1.27%	7,656,210	$167M	trimmed−0%	+0.13 pp	21 q
PNCPNC Financial Services Group	1.27%	797,827	$167M	added+2%	+0.01 pp	47 q
ACGLArch Capital Group Ltd	1.25%	1,710,565	$164M	added+14%	+0.15 pp	7 q
CAHCardinal Health, Inc.	1.22%	781,909	$161M	trimmed−21%	−0.03 pp	35 q
GLOBGlobant S.a.	1.19%	2,400,732	$157M	added+4%	+0.13 pp	2 q
CTVACorteva, Inc.	1.18%	2,312,515	$155M	added+1%	−0.06 pp	23 q
MCKMcKesson Corporation	1.18%	188,365	$155M	added+2%	+0.04 pp	40 q
CXCemex S.A.B. de C.V.	1.12%	12,852,316	$148M	trimmed−48%	−0.68 pp	47 q
CVSCvs Health Corporation	1.11%	1,845,342	$146M	added+3%	+0.02 pp	36 q
ICLRIcon Plc	1.08%	776,732	$142M	added+3%	+0.02 pp	3 q
SNYSanofi	1.07%	2,913,256	$141M	added+3%	0.00 pp	47 q
PGRProgressive Corporation	1.04%	602,276	$137M	new	+1.04 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.01%	400,063	$132M	added+7%	−0.02 pp	4 q
WLKWestlake Corporation	0.94%	1,670,327	$124M	added+8%	−0.02 pp	4 q
EMREmerson Electric Co.	0.92%	908,082	$121M	trimmed−4%	−0.07 pp	42 q
FISVFiserv, Inc.	0.92%	1,805,562	$121M	added+13%	−0.74 pp	19 q
MHKMohawk Industries, Inc.	0.92%	1,102,574	$121M	added+20%	−0.03 pp	29 q
ARLOArlo Technologies, Inc.	0.87%	8,198,707	$115M	added+28%	0.00 pp	28 q
NTRNutrien Ltd.	0.87%	1,859,268	$115M	added+4%	+0.03 pp	6 q
GOOGLAlphabet Inc. Class A	0.80%	335,420	$105M	trimmed−18%	0.00 pp	14 q
EPCEdgewell Personal Care Company	0.79%	6,119,499	$104M	added+16%	−0.07 pp	33 q
GILGildan Activewear Inc.	0.76%	1,598,946	$100M	new	+0.76 pp	new
ELANElanco Animal Health Incorporated	0.72%	4,201,864	$95M	trimmed−29%	−0.24 pp	14 q
BABAAlibaba Group Holding Limited	0.71%	639,228	$94M	trimmed−3%	−0.23 pp	25 q
SSNCSS&C Technologies Inc	0.70%	1,052,905	$92M	added+3%	−0.03 pp	11 q
WKCWorld Kinect Corporation	0.69%	3,845,750	$90M	added+31%	+0.08 pp	36 q
WTWWillis Towers Watson Public Limited Company	0.69%	275,591	$91M	added+6%	−0.03 pp	16 q
GOOGAlphabet Inc. Class C	0.68%	283,586	$89M	trimmed−19%	0.00 pp	36 q
CVXChevron Corporation	0.68%	584,604	$89M	trimmed−12%	−0.14 pp	47 q
OMCOmnicom Group Inc.	0.67%	1,089,323	$88M	added+43%	+0.17 pp	34 q
JNJJohnson & Johnson	0.66%	419,162	$87M	trimmed−0%	+0.03 pp	42 q
MOG.AMoog Inc.	0.66%	356,187	$87M	added+3%	+0.08 pp	18 q
GSKGSK plc	0.64%	1,724,576	$85M	trimmed−8%	−0.01 pp	14 q
EVRGEvergy, Inc.	0.63%	1,138,521	$83M	added+3%	−0.04 pp	5 q
IMKTAIngles Markets Inc	0.63%	1,206,646	$83M	added+4%	−0.02 pp	12 q
GHMGraham Corporation	0.61%	1,247,033	$80M	trimmed−9%	+0.01 pp	24 q
NICENICE Ltd	0.61%	707,208	$80M	new	+0.61 pp	new
CPACopa Holdings, S.A.	0.60%	654,255	$79M	added+4%	0.00 pp	29 q
SLBSLB Limited	0.57%	1,943,761	$75M	added+29%	+0.16 pp	6 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.56%	1,414,368	$74M	added+12%	+0.16 pp	7 q
IFFInternational Flavors & Fragrances Inc.	0.54%	1,043,352	$70M	added+27%	+0.13 pp	9 q
UNFUnifirst Corp	0.54%	367,786	$71M	added×2.6	+0.35 pp	11 q
PKEPark Aerospace Corp.	0.52%	3,191,411	$68M	added+3%	+0.02 pp	22 q
SYYSysco Corporation	0.48%	857,140	$63M	added+4%	−0.06 pp	9 q
UBSUBS Group AG	0.48%	1,372,632	$64M	trimmed−4%	+0.01 pp	45 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.47%	5,492,474	$62M	added+4%	−0.03 pp	47 q
NGGNational Grid PLC	0.46%	780,474	$60M	new	+0.46 pp	new
TAKTakeda Pharmaceutical Company Limited	0.46%	3,881,882	$61M	trimmed−1%	0.00 pp	29 q
WRBW.R. Berkley Corporation	0.44%	817,992	$57M	trimmed−17%	−0.17 pp	12 q
LKQLKQ Corporation	0.44%	1,900,120	$57M	added+4%	−0.01 pp	6 q
AMXAmerica Movil S.A.B de C.V	0.43%	2,762,821	$57M	trimmed−12%	−0.10 pp	8 q
LHLabcorp Holdings Inc.	0.43%	222,911	$56M	trimmed−0%	−0.08 pp	7 q
TKRThe Timken Company	0.43%	667,166	$56M	added+14%	+0.08 pp	5 q
ABEVAmbev S.a.	0.42%	22,600,124	$56M	added+4%	+0.03 pp	23 q
SAPSap SE	0.42%	229,454	$56M	added+70%	+0.13 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.42%	181,617	$55M	trimmed−2%	0.00 pp	31 q
KVUEKenvue Inc.	0.41%	3,094,648	$53M	added+26%	+0.09 pp	8 q
TGTTarget Corporation	0.41%	547,294	$53M	added+12%	+0.06 pp	3 q
TTETotalEnergies SE	0.41%	828,232	$54M	new	+0.41 pp	new
JPMJPMorgan Chase & Co.	0.39%	160,966	$52M	trimmed−21%	−0.13 pp	47 q
MTXMinerals Technologies Inc	0.38%	819,908	$50M	added+23%	+0.05 pp	5 q
ORNOrion Group Holdings, Inc	0.38%	5,010,193	$50M	added+1%	+0.05 pp	47 q
FLEXFlex Ltd.	0.37%	801,904	$48M	trimmed−15%	−0.07 pp	29 q
ALSNAllison Transmission Holdings, Inc.	0.36%	476,471	$47M	new	+0.36 pp	new
PHGKoninklijke Philips N.v.	0.36%	1,725,997	$47M	added+7%	+0.01 pp	15 q
STTState Street Corporation	0.36%	370,477	$48M	trimmed−34%	−0.16 pp	47 q
NTGRNETGEAR, Inc.	0.35%	1,855,555	$46M	added+11%	−0.09 pp	35 q
UWMCUWM Holdings Corporation	0.35%	10,471,859	$46M	new	+0.35 pp	new
ARWArrow Electronics, Inc.	0.34%	409,461	$45M	added×15.1	+0.31 pp	40 q
BNYBank of New York Mellon Corporation	0.34%	382,234	$44M	trimmed−17%	−0.06 pp	47 q
INGRIngredion Incorporated	0.34%	403,503	$44M	added+26%	+0.03 pp	25 q
SEESealed Air Corp New	0.34%	1,090,676	$45M	trimmed−52%	−0.31 pp	9 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.33%	558,071	$44M	added+37%	+0.06 pp	2 q
SMGThe Scotts Miracle-Gro Company	0.33%	737,546	$43M	added×4.6	+0.26 pp	15 q
STMSTMicroelectronics N.V.	0.31%	1,566,965	$41M	added+20%	+0.01 pp	5 q
TFCTruist Financial Corporation	0.30%	802,907	$40M	added+3%	+0.01 pp	47 q
AZOAutoZone, Inc.	0.29%	11,417	$39M	added+7%	−0.08 pp	20 q
SNNSmith & Nephew plc	0.29%	1,181,183	$39M	trimmed−6%	−0.07 pp	9 q
ETREntergy Corporation	0.28%	394,372	$36M	added+2%	−0.01 pp	7 q
FSTRFoster (Lb) Co	0.28%	1,360,415	$37M	added+2%	−0.01 pp	20 q
NVSNovartis AG	0.28%	262,797	$36M	added+6%	+0.03 pp	21 q
PBHPrestige Consumer Healthcare Inc.	0.28%	606,737	$37M	added+93%	+0.12 pp	22 q
QRVOQorvo, Inc.	0.28%	442,000	$37M	added+28%	+0.03 pp	16 q
HMCHonda Motor Co., Ltd.	0.21%	953,081	$28M	added+6%	−0.01 pp	47 q
VIVTelefonica Brasil, S.A.	0.21%	2,277,427	$27M	trimmed−14%	−0.06 pp	47 q
DEODiageo plc	0.20%	301,596	$26M	added×45.8	+0.19 pp	5 q
MSMMSC Industrial Direct Co., Inc. Class A	0.20%	319,034	$27M	added+17%	0.00 pp	6 q
CNHCnh Industrial N.v.	0.19%	2,704,581	$25M	added+68%	+0.05 pp	7 q
GTESGates Industrial Corporation Ltd.	0.18%	1,130,476	$24M	added0%	−0.04 pp	17 q
JBSJbs N.v.	0.18%	1,678,836	$24M	new	+0.18 pp	new
ENICEnel Chile S.A.	0.16%	5,270,748	$21M	added+2%	0.00 pp	39 q
UTMDUtah Medical Products Inc	0.15%	351,322	$20M	added+4%	−0.02 pp	12 q
EENI S.p.A.	0.12%	410,556	$16M	trimmed−44%	−0.09 pp	47 q
SONSonoco Products Company	0.12%	368,464	$16M	added×2.1	+0.06 pp	9 q
WPPWpp PLC	0.12%	702,057	$16M	trimmed−8%	−0.03 pp	34 q
AOUTAmerican Outdoor Brands, Inc.	0.11%	1,887,645	$15M	added+7%	−0.01 pp	10 q
MOVMovado Group, Inc.	0.11%	704,036	$15M	added+6%	+0.01 pp	3 q
PZZAPapa John's International Inc	0.11%	371,409	$14M	trimmed−50%	−0.17 pp	4 q
HCSGHealthcare Services Group	0.10%	705,272	$13M	trimmed−0%	0.00 pp	14 q
IXUSiShares Core MSCI Total International Stock ETF	0.09%	146,997	$12M	added×37.6	+0.09 pp	2 q
IPGPIPG Photonics Corporation	0.08%	151,148	$11M	added+7%	−0.01 pp	9 q
LNSRLENSAR, Inc.	0.08%	856,216	$10M	added+10%	0.00 pp	12 q
VBRVanguard Morningstar Small-Cap Value ETF	0.08%	48,934	$10M	added×37.6	+0.08 pp	10 q
XRAYDENTSPLY SIRONA Inc.	0.07%	856,878	$10M	added+83%	+0.02 pp	12 q
MDPediatrix Medical Group, Inc.	0.07%	442,273	$9M	trimmed−30%	−0.01 pp	33 q
NWGNatWest Group plc	0.07%	496,566	$9M	trimmed−4%	+0.01 pp	12 q
EBMTEagle Bancorp Montana, Inc	0.06%	413,888	$8M	added+6%	+0.01 pp	12 q
HURCHurco Cos Inc	0.06%	505,717	$8M	added+2%	−0.01 pp	20 q
NKSHNational Bankshares Inc/VA	0.06%	244,505	$8M	added+5%	+0.01 pp	20 q
NPKNational Presto Industries, Inc.	0.06%	70,469	$8M	added+13%	0.00 pp	26 q
OMFOneMain Holdings, Inc.	0.06%	116,733	$8M	trimmed−94%	−0.81 pp	20 q
RGPResources Connection	0.06%	1,442,645	$7M	added+3%	0.00 pp	7 q
SCHLScholastic Corp	0.06%	279,686	$8M	added+7%	0.00 pp	9 q
IQVIQVIA Holdings Inc.	0.05%	29,496	$7M	added+7%	+0.01 pp	3 q
BRCBrady Corporation	0.04%	61,573	$5M	trimmed−21%	−0.01 pp	3 q
FTREFortrea Holdings Inc.	0.04%	279,273	$5M	added+15%	+0.02 pp	10 q
TAPMolson Coors Beverage Company Class B	0.04%	107,479	$5M	added+15%	+0.01 pp	17 q
VTVVanguard Morningstar Value ETF	0.04%	26,656	$5M	added×8.0	+0.04 pp	5 q
AVDLAvadel Pharmaceuticals	0.04%	218,425	$5M	trimmed−96%	−0.63 pp	7 q
CFGCitizens Financial Group, Inc.	0.03%	68,001	$4M	added+20%	+0.01 pp	9 q
HDBHDFC Bank Limited	0.03%	90,397	$3M	trimmed−12%	0.00 pp	12 q
HOLXHologic Inc	0.03%	44,864	$3M	added+14%	+0.01 pp	4 q
OGNOrganon & Co.	0.03%	606,499	$4M	added+47%	−0.01 pp	9 q
TLKPT Telekomunikasi Indonesia	0.03%	161,381	$3M	trimmed−5%	0.00 pp	5 q
SHGShinhan Financial Group Co Ltd	0.03%	61,268	$3M	trimmed−1%	0.00 pp	47 q
ZBHZimmer Biomet Holdings, Inc.	0.03%	48,863	$4M	added×3.2	+0.02 pp	9 q
BAPCredicorp LTD	0.03%	15,654	$4M	added+1%	0.00 pp	12 q
AGCOAGCO Corporation	0.02%	21,677	$2M	added+30%	+0.01 pp	5 q
CPBThe Campbell's Company	0.02%	112,984	$3M	added+91%	+0.01 pp	9 q
CENTACentral Garden & Pet Company	0.02%	85,299	$2M	new	+0.02 pp	new
EXEExpand Energy Corporation	0.02%	23,127	$3M	added+24%	0.00 pp	20 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.02%	30,048	$3M	added×11.4	+0.02 pp	12 q
FFIVF5, Inc.	0.02%	12,111	$3M	added+8%	−0.01 pp	24 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	21,222	$2M	added+2%	0.00 pp	7 q
HTLDHeartland Express Inc	0.02%	244,424	$2M	added+27%	+0.01 pp	8 q
LEVILevi Strauss & Co. Class A	0.02%	110,507	$2M	added+23%	0.00 pp	9 q
SEICSEI Investments Co	0.02%	35,663	$3M	added+24%	0.00 pp	9 q
SEBSeaboard Corporation	0.02%	463	$2M	added+5%	+0.01 pp	9 q
SHCSotera Health Company	0.02%	148,572	$3M	added+24%	0.00 pp	8 q
SUZSuzano S.A.	0.02%	239,957	$2M	added+15%	0.00 pp	10 q
TIMBTim S.a.	0.02%	149,702	$3M	trimmed−2%	−0.01 pp	12 q
TCOMTrip.com Group Limited	0.02%	29,900	$2M	new	+0.02 pp	new
WHRWhirlpool Corp.	0.02%	43,302	$3M	added+88%	+0.01 pp	9 q
ZTOZTO Express (Cayman) Inc.	0.02%	115,699	$2M	added+2%	0.00 pp	27 q
AVTAvnet, Inc.	0.01%	32,857	$2M	added+27%	0.00 pp	9 q
BTIBritish American Tobacco p.l.c.	0.01%	11,833	$669,984	trimmed−21%	0.00 pp	11 q
CNACNA Financial Corporation	0.01%	18,264	$871,923	held	—	9 q
HSBCHSBC Holdings PLC	0.01%	10,175	$800,500	trimmed−74%	−0.01 pp	12 q
MZTIThe Marzetti Company	0.01%	11,000	$2M	added+33%	0.00 pp	9 q
LSTRLandstar System Inc	0.01%	7,634	$1M	added+51%	+0.01 pp	7 q
ORIOld Republic International Corporation	0.01%	35,601	$2M	added+24%	0.00 pp	47 q
RCIRogers Communications, Inc.	0.01%	45,998	$2M	trimmed−11%	0.00 pp	21 q
HSICHenry Schein Inc	0.01%	22,422	$2M	added+30%	0.00 pp	9 q
UPSUnited Parcel Service, Inc. Class B	0.01%	13,086	$1M	trimmed−13%	0.00 pp	5 q
UTHRUnited Therapeutics Corp	0.01%	4,044	$2M	added+34%	0.00 pp	33 q
VTVanguard Total World Stock ETF	0.01%	13,676	$2M	new	+0.01 pp	new
VWOVanguard FTSE Emerging Markets ETF	0.01%	24,869	$1M	new	+0.01 pp	new
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	46,990	$1M	added+17%	0.00 pp	5 q
WFGWest Fraser Timber Co. Ltd	0.01%	11,878	$725,865	new	+0.01 pp	new
WTMWhite Mountains Insurance Group Ltd.	0.01%	665	$1M	added+8%	0.00 pp	9 q
AIGAmerican International Group, Inc.	0.00%	4,552	$389,416	trimmed−100%	−0.95 pp	46 q
GTEGran Tierra Energy Inc.	0.00%	63,869	$270,805	held	—	41 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.00%	22,094	$350,407	trimmed−98%	−0.12 pp	47 q
RTORentokil Initial plc	0.00%	7,054	$212,293	new	0.00 pp	new
VEAVanguard FTSE Developed Markets ETF	0.00%	4,208	$262,874	new	0.00 pp	new
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.00%	1,542	$221,015	new	0.00 pp	new
HN9Hanesbrands Inc	—	−19,338,869	—	exited	−1.02 pp	—
TTENTotalenergies SE -spon ADR	—	−766,340	—	exited	−0.37 pp	—
PINCNPremier Inc-class A	—	−670,452	—	exited	−0.15 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−270,689	—	exited	−0.06 pp	—
CRHCRH Public Limited Company	—	−55,928	—	exited	−0.05 pp	—
PAHCPhibro Animal Health Corporation Class A	—	−38,475	—	exited	−0.01 pp	—