Brandes

Q1 2026 13F · by Kenneth Little, portfolio manager

As of: Mar 31, 2026
Filed: May 8, 2026
US stock: $14.1B · prev $13.1B
Positions: 186 · 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%

Moves197 since the prior filing

+7.6 pp in · −7.6 pp out

New 10 +2.89 pp
Added 121 +4.74 pp
Trimmed 52 −6.05 pp
Exited 14 −1.52 pp

The book

Diversified · behaves like 83 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions12% of US stock

Positions186 in this filing · 14 exited


CAECAE Inc.	2.93%	15,874,667	$414M	added+5%	−0.58 pp	16 q
EMBJEmbraer S.A.	2.40%	5,703,945	$338M	added+11%	−0.13 pp	48 q
DOXAmdocs Limited	2.15%	4,655,087	$304M	added+71%	+0.49 pp	48 q
GRFSGrifois, S.A.	2.06%	36,333,714	$291M	added+17%	−0.14 pp	22 q
CCitigroup Inc.	1.96%	2,444,489	$277M	added+4%	−0.14 pp	48 q
MRKMerck & Co., Inc.	1.96%	2,302,562	$277M	trimmed−7%	−0.02 pp	48 q
OTEXOpen Text Corp	1.91%	12,135,998	$270M	added+33%	−0.35 pp	19 q
CIThe Cigna Group	1.90%	1,008,869	$269M	added+7%	−0.08 pp	30 q
MHKMohawk Industries, Inc.	1.82%	2,618,422	$258M	added×2.4	+0.90 pp	30 q
PFEPfizer Inc.	1.81%	9,107,225	$256M	added+6%	+0.17 pp	48 q
SHELShell plc	1.81%	2,752,755	$256M	added+5%	+0.35 pp	17 q
FDXFedEx Corporation	1.78%	706,467	$252M	trimmed−2%	+0.19 pp	29 q
TXTTextron, Inc.	1.76%	2,840,753	$249M	added+4%	−0.05 pp	25 q
HALHalliburton Company	1.74%	6,291,344	$245M	trimmed−17%	+0.12 pp	29 q
NICENICE Ltd	1.74%	2,229,590	$246M	added×3.2	+1.13 pp	2 q
TIGOMillicom International Cellular S.A.	1.73%	3,261,016	$244M	trimmed−33%	−0.31 pp	16 q
BDXBecton, Dickinson and Co.	1.69%	1,515,604	$238M	added+23%	−0.13 pp	4 q
BACBank of America Corporation	1.58%	4,566,877	$223M	added+4%	−0.26 pp	48 q
WFCWells Fargo & Co.	1.55%	2,754,893	$219M	added+5%	−0.31 pp	48 q
WLKWestlake Corporation	1.52%	1,842,650	$215M	added+10%	+0.58 pp	5 q
KMTKennametal Inc.	1.35%	5,265,280	$190M	trimmed−49%	−0.86 pp	15 q
CTSHCognizant Technology Solutions	1.32%	3,042,840	$187M	added+31%	−0.15 pp	39 q
CMCSAComcast Corp	1.31%	6,429,738	$185M	added+7%	−0.05 pp	34 q
HXLHexcel Corporation	1.28%	2,234,325	$181M	trimmed−11%	−0.13 pp	7 q
EPAMEpam Systems, Inc.	1.27%	1,325,054	$179M	added+35%	−0.26 pp	4 q
SNYSanofi	1.27%	3,723,100	$179M	added+28%	+0.20 pp	48 q
PGRProgressive Corporation	1.22%	868,688	$172M	added+44%	+0.18 pp	2 q
PNCPNC Financial Services Group	1.20%	814,000	$169M	added+2%	−0.07 pp	48 q
ACGLArch Capital Group Ltd	1.20%	1,772,372	$170M	added+4%	−0.05 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.19%	621,884	$168M	added+55%	+0.18 pp	5 q
HCAHCA Healthcare, Inc.	1.15%	343,224	$162M	trimmed−11%	−0.22 pp	36 q
INVXInnovex International, Inc.	1.14%	6,583,415	$161M	trimmed−14%	−0.13 pp	22 q
ICLRIcon Plc	1.12%	1,435,053	$159M	added+85%	+0.04 pp	4 q
GLOBGlobant S.a.	1.12%	3,424,400	$158M	added+43%	−0.07 pp	3 q
AJGArthur J. Gallagher & Co.	1.07%	701,260	$152M	new	+1.07 pp	new
MCKMcKesson Corporation	1.06%	172,487	$149M	trimmed−8%	−0.12 pp	41 q
ARLOArlo Technologies, Inc.	1.03%	10,218,854	$145M	added+25%	+0.16 pp	29 q
EPCEdgewell Personal Care Company	1.02%	6,721,077	$143M	added+10%	+0.23 pp	34 q
CVSCvs Health Corporation	1.00%	1,969,801	$141M	added+7%	−0.11 pp	37 q
EFXEquifax, Incorporated	0.95%	747,201	$135M	new	+0.95 pp	new
MUMicron Technology, Inc.	0.94%	391,792	$132M	trimmed−34%	−0.34 pp	23 q
EMREmerson Electric Co.	0.88%	953,506	$125M	added+5%	−0.04 pp	43 q
IMKTAIngles Markets Inc	0.80%	1,252,284	$113M	added+4%	+0.17 pp	13 q
NGGNational Grid PLC	0.79%	1,312,011	$111M	added+68%	+0.33 pp	2 q
FISVFiserv, Inc.	0.76%	1,927,031	$108M	added+7%	−0.16 pp	20 q
CXCemex S.A.B. de C.V.	0.74%	9,098,991	$104M	trimmed−29%	−0.38 pp	48 q
SLBSLB Limited	0.74%	2,042,013	$105M	added+5%	+0.17 pp	7 q
GOOGLAlphabet Inc. Class A	0.72%	353,899	$102M	added+6%	−0.08 pp	15 q
CVXChevron Corporation	0.71%	483,160	$100M	trimmed−17%	+0.03 pp	48 q
WKCWorld Kinect Corporation	0.70%	4,289,840	$99M	added+12%	+0.01 pp	37 q
EVRGEvergy, Inc.	0.69%	1,186,371	$97M	added+4%	+0.06 pp	6 q
GHMGraham Corporation	0.65%	1,170,981	$92M	trimmed−6%	+0.04 pp	25 q
WTWWillis Towers Watson Public Limited Company	0.62%	299,036	$87M	added+9%	−0.07 pp	17 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.61%	1,485,532	$86M	added+5%	+0.05 pp	8 q
OMCOmnicom Group Inc.	0.61%	1,145,912	$86M	added+5%	−0.06 pp	35 q
GOOGAlphabet Inc. Class C	0.60%	293,577	$84M	added+4%	−0.08 pp	37 q
PZZAPapa John's International Inc	0.60%	2,632,804	$85M	added×7.1	+0.49 pp	5 q
BABAAlibaba Group Holding Limited	0.59%	666,113	$84M	added+4%	−0.12 pp	26 q
MOG.AMoog Inc.	0.59%	286,709	$84M	trimmed−20%	−0.07 pp	19 q
CPACopa Holdings, S.A.	0.59%	736,228	$84M	added+13%	−0.01 pp	30 q
SSNCSS&C Technologies Inc	0.58%	1,205,943	$81M	added+15%	−0.12 pp	12 q
TAKTakeda Pharmaceutical Company Limited	0.58%	4,430,642	$82M	added+14%	+0.12 pp	30 q
GSKGSK plc	0.57%	1,453,002	$80M	trimmed−16%	−0.07 pp	15 q
IFFInternational Flavors & Fragrances Inc.	0.57%	1,105,503	$80M	added+6%	+0.03 pp	10 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.56%	4,235,628	$79M	trimmed−23%	+0.09 pp	48 q
SAPSap SE	0.56%	465,756	$80M	added×2.0	+0.14 pp	16 q
AMXAmerica Movil S.A.B de C.V	0.54%	3,015,888	$77M	added+9%	+0.11 pp	9 q
PKEPark Aerospace Corp.	0.54%	2,782,337	$76M	trimmed−13%	+0.02 pp	23 q
CTVACorteva, Inc.	0.53%	895,553	$75M	trimmed−61%	−0.65 pp	24 q
TAPMolson Coors Beverage Company Class B	0.50%	1,639,212	$71M	added×15.3	+0.46 pp	18 q
NTRNutrien Ltd.	0.50%	943,685	$71M	trimmed−49%	−0.37 pp	7 q
TGTTarget Corporation	0.49%	573,155	$69M	added+5%	+0.08 pp	4 q
UNFUnifirst Corp	0.49%	274,466	$69M	trimmed−25%	−0.05 pp	12 q
ABEVAmbev S.a.	0.48%	23,075,673	$67M	added+2%	+0.06 pp	24 q
JNJJohnson & Johnson	0.48%	279,660	$68M	trimmed−33%	−0.18 pp	43 q
ELANElanco Animal Health Incorporated	0.47%	2,778,908	$66M	trimmed−34%	−0.25 pp	15 q
LHLabcorp Holdings Inc.	0.46%	245,306	$65M	added+10%	+0.03 pp	8 q
NTGRNETGEAR, Inc.	0.46%	3,001,669	$66M	added+62%	+0.11 pp	36 q
SYYSysco Corporation	0.46%	905,717	$65M	added+6%	−0.02 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.46%	190,238	$64M	added+5%	+0.04 pp	32 q
TTETotalEnergies SE	0.46%	693,857	$65M	trimmed−16%	+0.05 pp	2 q
INGRIngredion Incorporated	0.45%	566,205	$64M	added+40%	+0.11 pp	26 q
ARWArrow Electronics, Inc.	0.44%	431,768	$62M	added+5%	+0.10 pp	41 q
KVUEKenvue Inc.	0.43%	3,484,968	$60M	added+13%	+0.02 pp	9 q
MTXMinerals Technologies Inc	0.42%	840,959	$60M	added+3%	+0.04 pp	6 q
ALSNAllison Transmission Holdings, Inc.	0.41%	500,894	$59M	added+5%	+0.05 pp	2 q
ORNOrion Group Holdings, Inc	0.40%	5,159,835	$56M	added+3%	+0.02 pp	48 q
CAHCardinal Health, Inc.	0.39%	257,924	$55M	trimmed−67%	−0.83 pp	36 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.39%	744,099	$55M	added+33%	+0.06 pp	3 q
PHGKoninklijke Philips N.v.	0.39%	1,988,923	$54M	added+15%	+0.03 pp	16 q
UBSUBS Group AG	0.38%	1,368,472	$53M	trimmed−0%	−0.10 pp	46 q
JBSJbs N.v.	0.38%	2,982,674	$54M	added+78%	+0.20 pp	2 q
AZOAutoZone, Inc.	0.36%	15,044	$51M	added+32%	+0.07 pp	21 q
PBHPrestige Consumer Healthcare Inc.	0.36%	854,119	$51M	added+41%	+0.08 pp	23 q
SMGThe Scotts Miracle-Gro Company	0.35%	808,807	$49M	added+10%	+0.02 pp	16 q
FLEXFlex Ltd.	0.35%	757,115	$50M	trimmed−6%	−0.02 pp	30 q
LKQLKQ Corporation	0.34%	1,627,869	$48M	trimmed−14%	−0.10 pp	7 q
STTState Street Corporation	0.34%	374,383	$47M	added+1%	−0.02 pp	48 q
BNYBank of New York Mellon Corporation	0.31%	375,005	$44M	trimmed−2%	−0.03 pp	48 q
TCOMTrip.com Group Limited	0.31%	867,912	$43M	added×29.0	+0.29 pp	2 q
JPMJPMorgan Chase & Co.	0.30%	145,662	$43M	trimmed−10%	−0.09 pp	48 q
SNNSmith & Nephew plc	0.30%	1,342,198	$43M	added+14%	+0.01 pp	10 q
ETREntergy Corporation	0.29%	370,712	$42M	trimmed−6%	+0.01 pp	8 q
FSTRFoster (Lb) Co	0.29%	1,481,323	$41M	added+9%	+0.01 pp	21 q
LWLamb Weston Holdings, Inc.	0.28%	942,284	$40M	new	+0.28 pp	new
VIVTelefonica Brasil, S.A.	0.28%	2,450,386	$39M	added+8%	+0.07 pp	48 q
STMSTMicroelectronics N.V.	0.27%	1,098,931	$38M	trimmed−30%	−0.04 pp	6 q
TFCTruist Financial Corporation	0.27%	832,427	$38M	added+4%	−0.03 pp	48 q
DEODiageo plc	0.26%	501,973	$37M	added+66%	+0.06 pp	6 q
FMSFresenius Medical Care AG	0.26%	1,610,849	$36M	new	+0.26 pp	new
QRVOQorvo, Inc.	0.25%	464,880	$36M	added+5%	−0.03 pp	17 q
WRBW.R. Berkley Corporation	0.24%	513,217	$34M	trimmed−37%	−0.20 pp	13 q
MSMMSC Industrial Direct Co., Inc. Class A	0.24%	372,515	$34M	added+17%	+0.04 pp	7 q
HMCHonda Motor Co., Ltd.	0.21%	1,229,723	$30M	added+29%	0.00 pp	48 q
CNHCnh Industrial N.v.	0.21%	2,720,192	$30M	added+1%	+0.02 pp	8 q
NVSNovartis AG	0.20%	189,570	$29M	trimmed−28%	−0.08 pp	22 q
UTMDUtah Medical Products Inc	0.20%	449,279	$28M	added+28%	+0.05 pp	13 q
TKRThe Timken Company	0.18%	253,187	$25M	trimmed−62%	−0.25 pp	6 q
ENICEnel Chile S.A.	0.17%	6,009,907	$24M	added+14%	+0.01 pp	40 q
AOUTAmerican Outdoor Brands, Inc.	0.16%	2,428,930	$23M	added+29%	+0.05 pp	11 q
SONSonoco Products Company	0.15%	403,630	$22M	added+10%	+0.03 pp	10 q
WATWaters Corp	0.15%	69,454	$21M	new	+0.15 pp	new
MOVMovado Group, Inc.	0.13%	739,192	$18M	added+5%	+0.02 pp	4 q
WPPWpp PLC	0.10%	898,714	$14M	added+28%	−0.02 pp	35 q
NTESNetEase, inc.	0.09%	109,401	$12M	new	+0.09 pp	new
XRAYDENTSPLY SIRONA Inc.	0.08%	939,106	$11M	added+10%	+0.01 pp	13 q
IPGPIPG Photonics Corporation	0.08%	97,092	$11M	trimmed−36%	0.00 pp	10 q
SCHLScholastic Corp	0.08%	291,888	$11M	added+4%	+0.02 pp	10 q
MDPediatrix Medical Group, Inc.	0.07%	465,941	$10M	added+5%	0.00 pp	34 q
HCSGHealthcare Services Group	0.06%	458,556	$9M	trimmed−35%	−0.04 pp	15 q
HURCHurco Cos Inc	0.06%	591,406	$9M	added+17%	0.00 pp	21 q
NKSHNational Bankshares Inc/VA	0.05%	193,422	$7M	trimmed−21%	−0.01 pp	21 q
RGPResources Connection	0.05%	1,811,479	$7M	added+26%	−0.01 pp	8 q
IQVIQVIA Holdings Inc.	0.04%	29,496	$5M	held	—	4 q
IXUSiShares Core MSCI Total International Stock ETF	0.04%	68,387	$6M	trimmed−53%	−0.05 pp	3 q
LNSRLENSAR, Inc.	0.04%	1,025,176	$6M	added+20%	−0.04 pp	13 q
NPKNational Presto Industries, Inc.	0.04%	40,208	$6M	trimmed−43%	−0.02 pp	27 q
OMFOneMain Holdings, Inc.	0.04%	116,751	$6M	added0%	−0.02 pp	21 q
ZBHZimmer Biomet Holdings, Inc.	0.04%	59,440	$5M	added+22%	+0.01 pp	10 q
BRCBrady Corporation	0.03%	59,318	$5M	trimmed−4%	−0.01 pp	4 q
CPBThe Campbell's Company	0.03%	167,214	$4M	added+48%	+0.01 pp	10 q
CENTACentral Garden & Pet Company	0.03%	119,994	$4M	added+41%	+0.01 pp	2 q
CFGCitizens Financial Group, Inc.	0.03%	76,001	$5M	added+12%	0.00 pp	10 q
FFIVF5, Inc.	0.03%	12,928	$4M	added+7%	+0.01 pp	25 q
OGNOrganon & Co.	0.03%	691,625	$4M	added+14%	0.00 pp	10 q
TFXTeleflex Incorporated	0.03%	33,109	$4M	new	+0.03 pp	new
TIMBTim S.a.	0.03%	160,786	$4M	added+7%	+0.01 pp	13 q
BAPCredicorp LTD	0.03%	14,575	$5M	trimmed−7%	0.00 pp	13 q
AGCOAGCO Corporation	0.02%	24,922	$3M	added+15%	0.00 pp	6 q
AVTAvnet, Inc.	0.02%	37,755	$2M	added+15%	+0.01 pp	10 q
EXEExpand Energy Corporation	0.02%	26,303	$3M	added+14%	0.00 pp	21 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.02%	30,875	$3M	added+3%	0.00 pp	13 q
CAGConagra Brands, Inc.	0.02%	148,610	$2M	new	+0.02 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	22,647	$3M	added+7%	0.00 pp	8 q
FTREFortrea Holdings Inc.	0.02%	307,267	$3M	added+10%	−0.02 pp	11 q
HDBHDFC Bank Limited	0.02%	119,206	$3M	added+32%	−0.01 pp	13 q
HTLDHeartland Express Inc	0.02%	276,427	$3M	added+13%	0.00 pp	9 q
MZTIThe Marzetti Company	0.02%	17,317	$2M	added+57%	+0.01 pp	10 q
LEVILevi Strauss & Co. Class A	0.02%	124,693	$2M	added+13%	0.00 pp	10 q
TLKPT Telekomunikasi Indonesia	0.02%	165,762	$3M	added+3%	−0.01 pp	6 q
SEICSEI Investments Co	0.02%	40,604	$3M	added+14%	0.00 pp	10 q
SHGShinhan Financial Group Co Ltd	0.02%	53,592	$3M	trimmed−13%	−0.01 pp	48 q
SHCSotera Health Company	0.02%	168,223	$2M	added+13%	0.00 pp	9 q
SUZSuzano S.A.	0.02%	269,437	$3M	added+12%	0.00 pp	11 q
TRUTransUnion	0.02%	34,305	$2M	new	+0.02 pp	new
TSNTyson Foods, Inc.	0.02%	51,203	$3M	new	+0.02 pp	new
UTHRUnited Therapeutics Corp	0.02%	4,281	$3M	added+6%	+0.01 pp	34 q
WHRWhirlpool Corp.	0.02%	62,190	$3M	added+44%	0.00 pp	10 q
ZTOZTO Express (Cayman) Inc.	0.02%	88,827	$2M	trimmed−23%	0.00 pp	28 q
CNACNA Financial Corporation	0.01%	18,264	$838,683	held	—	10 q
EBMTEagle Bancorp Montana, Inc	0.01%	64,963	$1M	trimmed−84%	−0.05 pp	13 q
LSTRLandstar System Inc	0.01%	9,370	$2M	added+23%	0.00 pp	8 q
ORIOld Republic International Corporation	0.01%	40,452	$2M	added+14%	0.00 pp	48 q
RCIRogers Communications, Inc.	0.01%	45,998	$2M	held	—	22 q
HSICHenry Schein Inc	0.01%	25,942	$2M	added+16%	0.00 pp	10 q
SEESealed Air Corp New	0.01%	23,092	$971,019	trimmed−98%	−0.33 pp	10 q
UPSUnited Parcel Service, Inc. Class B	0.01%	11,953	$1M	trimmed−9%	0.00 pp	6 q
VTVanguard Total World Stock ETF	0.01%	9,045	$1M	trimmed−34%	0.00 pp	2 q
VBRVanguard Morningstar Small-Cap Value ETF	0.01%	8,152	$2M	trimmed−83%	−0.07 pp	11 q
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	52,724	$2M	added+12%	0.00 pp	6 q
WFGWest Fraser Timber Co. Ltd	0.01%	14,325	$935,279	added+21%	0.00 pp	2 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	698	$2M	added+5%	0.00 pp	10 q
BTIBritish American Tobacco p.l.c.	0.00%	10,041	$587,097	trimmed−15%	−0.01 pp	12 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.00%	12,392	$210,288	trimmed−44%	0.00 pp	48 q
NWGNatWest Group plc	0.00%	12,878	$191,877	trimmed−97%	−0.07 pp	13 q
VTVVanguard Morningstar Value ETF	0.00%	1,547	$303,521	trimmed−94%	−0.04 pp	6 q
GILGildan Activewear Inc.	—	−1,598,946	—	exited	−0.76 pp	—
UWMCUWM Holdings Corporation	—	−10,471,859	—	exited	−0.35 pp	—
GTESGates Industrial Corporation Ltd.	—	−1,130,476	—	exited	−0.18 pp	—
EENI S.p.A.	—	−410,556	—	exited	−0.12 pp	—
AVDLAvadel Pharmaceuticals	—	−218,425	—	exited	−0.04 pp	—
HOLXHologic Inc	—	−44,864	—	exited	−0.03 pp	—
SEBSeaboard Corporation	—	−463	—	exited	−0.02 pp	—
HSBCHSBC Holdings PLC	—	−10,175	—	exited	−0.01 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−24,869	—	exited	−0.01 pp	—
AIGAmerican International Group, Inc.	—	−4,552	—	exited	0.00 pp	—
GTEGran Tierra Energy Inc.	—	−63,869	—	exited	0.00 pp	—
RTORentokil Initial plc	—	−7,054	—	exited	0.00 pp	—
VEAVanguard FTSE Developed Markets ETF	—	−4,208	—	exited	0.00 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−1,542	—	exited	0.00 pp	—