Brandes

Q2 2026 13F · by Kenneth Little, portfolio manager

As of: Jun 30, 2026
Filed: Aug 10, 2026
US stock: $14.3B · prev $14.1B
Positions: 193 · prev 186
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%

Moves201 since the prior filing

+10.9 pp in · −11.0 pp out

New 18 +2.14 pp
Added 104 +8.81 pp
Trimmed 68 −10.07 pp
Exited 11 −0.93 pp

The book

Diversified · behaves like 87 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 46% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions12% of US stock

Positions193 in this filing · 11 exited


CAECAE Inc.	3.23%	18,397,515	$461M	added+16%	+0.30 pp	17 q
EMBJEmbraer S.A.	2.70%	6,036,219	$385M	added+6%	+0.30 pp	49 q
MHKMohawk Industries, Inc.	2.38%	2,797,526	$339M	added+7%	+0.56 pp	31 q
OTEXOpen Text Corp	2.03%	13,061,929	$289M	added+8%	+0.12 pp	20 q
GRFSGrifois, S.A.	1.88%	37,816,285	$268M	added+4%	−0.18 pp	23 q
NICENICE Ltd	1.82%	2,861,960	$260M	added+28%	+0.08 pp	3 q
BDXBecton, Dickinson and Co.	1.77%	1,671,540	$253M	added+10%	+0.08 pp	5 q
TIGOMillicom International Cellular S.A.	1.75%	2,754,039	$250M	trimmed−16%	+0.02 pp	17 q
MRKMerck & Co., Inc.	1.72%	1,910,947	$246M	trimmed−17%	−0.24 pp	49 q
CNHCnh Industrial N.v.	1.72%	21,878,681	$246M	added×8.0	+1.51 pp	9 q
CCitigroup Inc.	1.64%	1,670,362	$234M	trimmed−32%	−0.32 pp	49 q
CIThe Cigna Group	1.63%	843,317	$232M	trimmed−16%	−0.27 pp	31 q
TXTTextron, Inc.	1.62%	2,521,792	$231M	trimmed−11%	−0.14 pp	26 q
DOXAmdocs Limited	1.62%	4,581,633	$232M	trimmed−2%	−0.53 pp	49 q
BACBank of America Corporation	1.52%	3,803,522	$217M	trimmed−17%	−0.06 pp	49 q
HXLHexcel Corporation	1.50%	2,134,549	$214M	trimmed−4%	+0.22 pp	8 q
ICLRIcon Plc	1.44%	1,185,774	$206M	trimmed−17%	+0.32 pp	5 q
EPCEdgewell Personal Care Company	1.33%	7,059,831	$190M	added+5%	+0.31 pp	35 q
WFCWells Fargo & Co.	1.33%	2,290,534	$189M	trimmed−17%	−0.22 pp	49 q
AJGArthur J. Gallagher & Co.	1.31%	813,014	$187M	added+16%	+0.24 pp	2 q
PFEPfizer Inc.	1.29%	7,634,806	$184M	trimmed−16%	−0.52 pp	49 q
EFXEquifax, Incorporated	1.28%	1,152,350	$183M	added+54%	+0.33 pp	2 q
SNYSanofi	1.24%	4,136,417	$176M	added+11%	−0.03 pp	49 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.24%	424,159	$176M	trimmed−32%	+0.05 pp	6 q
FDXFedEx Corporation	1.23%	561,978	$176M	trimmed−20%	−0.55 pp	30 q
CVSCvs Health Corporation	1.21%	1,674,319	$173M	trimmed−15%	+0.21 pp	38 q
PGRProgressive Corporation	1.21%	789,561	$172M	trimmed−9%	−0.01 pp	3 q
HALHalliburton Company	1.19%	4,979,851	$169M	trimmed−21%	−0.55 pp	30 q
PNCPNC Financial Services Group	1.17%	677,618	$167M	trimmed−17%	−0.03 pp	49 q
SHELShell plc	1.16%	2,127,279	$165M	trimmed−23%	−0.65 pp	18 q
ACGLArch Capital Group Ltd	1.03%	1,518,218	$147M	trimmed−14%	−0.17 pp	9 q
ARLOArlo Technologies, Inc.	1.02%	10,753,652	$145M	added+5%	−0.01 pp	30 q
WKCWorld Kinect Corporation	1.02%	4,399,303	$145M	added+3%	+0.32 pp	38 q
INVXInnovex International, Inc.	1.00%	5,727,445	$142M	trimmed−13%	−0.14 pp	23 q
CPBThe Campbell's Company	0.99%	6,334,950	$141M	added×37.9	+0.96 pp	11 q
CMCSAComcast Corp	0.97%	5,626,422	$138M	trimmed−12%	−0.34 pp	35 q
ZTSZoetis Inc.	0.97%	1,930,651	$139M	new	+0.97 pp	new
GHMGraham Corporation	0.94%	1,079,699	$134M	trimmed−8%	+0.29 pp	26 q
HCAHCA Healthcare, Inc.	0.85%	311,035	$121M	trimmed−9%	−0.30 pp	37 q
CXCemex S.A.B. de C.V.	0.84%	9,957,989	$119M	added+9%	+0.10 pp	49 q
CPACopa Holdings, S.A.	0.84%	769,630	$120M	added+5%	+0.25 pp	31 q
EMREmerson Electric Co.	0.82%	813,136	$116M	trimmed−15%	−0.06 pp	44 q
INGRIngredion Incorporated	0.81%	1,227,467	$116M	added×2.2	+0.36 pp	27 q
GLOBGlobant S.a.	0.81%	4,000,333	$116M	added+17%	−0.31 pp	4 q
WLKWestlake Corporation	0.80%	1,572,939	$115M	trimmed−15%	−0.72 pp	6 q
IMKTAIngles Markets Inc	0.78%	1,260,027	$112M	added+1%	−0.02 pp	14 q
NGGNational Grid PLC	0.78%	1,345,982	$112M	added+3%	−0.01 pp	3 q
MCKMcKesson Corporation	0.74%	140,534	$106M	trimmed−19%	−0.32 pp	42 q
GOOGAlphabet Inc. Class C	0.73%	296,414	$105M	added+1%	+0.13 pp	38 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.70%	1,276,459	$99M	trimmed−14%	+0.09 pp	9 q
PZZAPapa John's International Inc	0.70%	2,730,683	$100M	added+4%	+0.10 pp	6 q
CTSHCognizant Technology Solutions	0.69%	2,553,185	$99M	trimmed−16%	−0.63 pp	40 q
PKEPark Aerospace Corp.	0.68%	2,540,044	$97M	trimmed−9%	+0.14 pp	24 q
PBHPrestige Consumer Healthcare Inc.	0.68%	2,051,060	$97M	added×2.4	+0.32 pp	24 q
SLBSLB Limited	0.67%	2,060,834	$96M	added+1%	−0.07 pp	8 q
SAPSap SE	0.66%	614,006	$95M	added+32%	+0.10 pp	17 q
BABAAlibaba Group Holding Limited	0.65%	962,215	$92M	added+44%	+0.06 pp	27 q
EPAMEpam Systems, Inc.	0.65%	1,173,823	$93M	trimmed−11%	−0.62 pp	5 q
SSNCSS&C Technologies Inc	0.64%	1,464,214	$91M	added+21%	+0.06 pp	13 q
SMGThe Scotts Miracle-Gro Company	0.64%	1,335,820	$91M	added+65%	+0.29 pp	17 q
JBSJbs N.v.	0.64%	7,693,893	$91M	added×2.6	+0.26 pp	3 q
IFFInternational Flavors & Fragrances Inc.	0.63%	1,128,458	$89M	added+2%	+0.06 pp	11 q
ARWArrow Electronics, Inc.	0.61%	408,610	$87M	trimmed−5%	+0.17 pp	42 q
SYYSysco Corporation	0.61%	1,038,308	$87M	added+15%	+0.15 pp	11 q
GOOGLAlphabet Inc. Class A	0.60%	237,789	$85M	trimmed−33%	−0.12 pp	16 q
TAPMolson Coors Beverage Company Class B	0.60%	2,212,781	$86M	added+35%	+0.10 pp	19 q
OMCOmnicom Group Inc.	0.59%	1,163,286	$85M	added+2%	−0.02 pp	36 q
ORNOrion Group Holdings, Inc	0.58%	4,914,450	$83M	trimmed−5%	+0.18 pp	49 q
CVXChevron Corporation	0.57%	488,526	$81M	added+1%	−0.14 pp	49 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.57%	171,703	$82M	trimmed−10%	+0.11 pp	33 q
AMXAmerica Movil S.A.B de C.V	0.56%	3,093,426	$80M	added+3%	+0.02 pp	10 q
FISVFiserv, Inc.	0.56%	1,616,446	$79M	trimmed−16%	−0.20 pp	21 q
WTWWillis Towers Watson Public Limited Company	0.56%	307,861	$80M	added+3%	−0.06 pp	18 q
GSKGSK plc	0.55%	1,483,198	$78M	added+2%	−0.02 pp	16 q
CTVACorteva, Inc.	0.54%	904,680	$77M	added+1%	+0.01 pp	25 q
EVRGEvergy, Inc.	0.54%	890,004	$77M	trimmed−25%	−0.15 pp	7 q
AZOAutoZone, Inc.	0.52%	23,388	$75M	added+55%	+0.16 pp	22 q
TGTTarget Corporation	0.52%	572,399	$75M	trimmed−0%	+0.03 pp	5 q
ELANElanco Animal Health Incorporated	0.51%	2,972,036	$73M	added+7%	+0.04 pp	16 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.51%	833,669	$72M	added+12%	+0.12 pp	4 q
TAKTakeda Pharmaceutical Company Limited	0.51%	4,539,347	$73M	added+2%	−0.07 pp	31 q
JNJJohnson & Johnson	0.49%	276,623	$70M	trimmed−1%	+0.01 pp	44 q
KVUEKenvue Inc.	0.49%	3,630,495	$69M	added+4%	+0.06 pp	10 q
LHLabcorp Holdings Inc.	0.49%	249,524	$70M	added+2%	+0.03 pp	9 q
UBSUBS Group AG	0.49%	1,398,641	$69M	added+2%	+0.11 pp	47 q
ABEVAmbev S.a.	0.45%	20,526,907	$64M	trimmed−11%	−0.03 pp	25 q
FSTRFoster (Lb) Co	0.45%	1,430,840	$65M	trimmed−3%	+0.16 pp	22 q
KMTKennametal Inc.	0.44%	1,785,604	$63M	trimmed−66%	−0.91 pp	16 q
CAHCardinal Health, Inc.	0.43%	259,832	$62M	added+1%	+0.04 pp	37 q
LKQLKQ Corporation	0.43%	2,303,156	$61M	added+41%	+0.09 pp	8 q
SNNSmith & Nephew plc	0.43%	2,148,731	$62M	added+60%	+0.13 pp	11 q
PHGKoninklijke Philips N.v.	0.42%	2,210,252	$60M	added+7%	+0.03 pp	17 q
ALSNAllison Transmission Holdings, Inc.	0.40%	506,716	$57M	added+1%	−0.01 pp	3 q
COFCapital One Financial	0.40%	285,259	$57M	new	+0.40 pp	new
DEODiageo plc	0.38%	680,973	$55M	added+36%	+0.12 pp	7 q
VIVTelefonica Brasil, S.A.	0.37%	3,963,967	$52M	added+62%	+0.09 pp	49 q
STTState Street Corporation	0.36%	301,263	$51M	trimmed−20%	+0.02 pp	49 q
JPMJPMorgan Chase & Co.	0.34%	147,529	$48M	added+1%	+0.04 pp	49 q
MOG.AMoog Inc.	0.34%	113,210	$48M	trimmed−61%	−0.25 pp	20 q
NTESNetEase, inc.	0.34%	378,489	$49M	added×3.5	+0.25 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.33%	3,204,870	$47M	trimmed−24%	−0.23 pp	49 q
VEAVanguard FTSE Developed Markets ETF	0.33%	651,601	$46M	new	+0.33 pp	new
FLEXFlex Ltd.	0.33%	290,395	$47M	trimmed−62%	−0.02 pp	31 q
QRVOQorvo, Inc.	0.31%	473,474	$44M	added+2%	+0.06 pp	18 q
FMSFresenius Medical Care AG	0.30%	1,916,090	$43M	added+19%	+0.04 pp	2 q
LWLamb Weston Holdings, Inc.	0.29%	963,237	$42M	added+2%	+0.01 pp	2 q
NTGRNETGEAR, Inc.	0.29%	1,765,836	$41M	trimmed−41%	−0.17 pp	37 q
TFCTruist Financial Corporation	0.29%	834,915	$42M	added0%	+0.02 pp	49 q
ETREntergy Corporation	0.28%	352,005	$40M	trimmed−5%	−0.01 pp	9 q
HMCHonda Motor Co., Ltd.	0.27%	1,412,621	$38M	added+15%	+0.06 pp	49 q
WRBW.R. Berkley Corporation	0.26%	516,132	$36M	added+1%	+0.02 pp	14 q
SONSonoco Products Company	0.26%	664,560	$37M	added+65%	+0.11 pp	11 q
TCOMTrip.com Group Limited	0.24%	871,213	$35M	added0%	−0.07 pp	3 q
UTMDUtah Medical Products Inc	0.23%	475,158	$33M	added+6%	+0.03 pp	14 q
CAGConagra Brands, Inc.	0.22%	2,346,639	$32M	added×15.8	+0.20 pp	2 q
NVSNovartis AG	0.22%	197,593	$31M	added+4%	+0.02 pp	23 q
UNFUnifirst Corp	0.21%	112,591	$30M	trimmed−59%	−0.28 pp	13 q
AOUTAmerican Outdoor Brands, Inc.	0.20%	2,461,409	$29M	added+1%	+0.04 pp	12 q
BRCBrady Corporation	0.20%	309,201	$28M	added×5.2	+0.17 pp	5 q
ENICEnel Chile S.A.	0.20%	6,181,677	$28M	added+3%	+0.03 pp	41 q
MTXMinerals Technologies Inc	0.15%	286,039	$21M	trimmed−66%	−0.27 pp	7 q
TTETotalEnergies SE	0.15%	273,309	$21M	trimmed−61%	−0.31 pp	3 q
ACWIiShares MSCI ACWI ETF	0.13%	120,150	$19M	new	+0.13 pp	new
TKRThe Timken Company	0.13%	129,668	$19M	trimmed−49%	−0.05 pp	7 q
IUSViShares Core S&P U.S. Value ETF	0.12%	153,901	$17M	new	+0.12 pp	new
WPPWpp PLC	0.12%	1,069,789	$17M	added+19%	+0.02 pp	36 q
MSMMSC Industrial Direct Co., Inc. Class A	0.09%	105,896	$13M	trimmed−72%	−0.15 pp	8 q
XRAYDENTSPLY SIRONA Inc.	0.08%	1,127,712	$12M	added+20%	0.00 pp	14 q
IPGPIPG Photonics Corporation	0.08%	103,219	$12M	added+6%	0.00 pp	11 q
HURCHurco Cos Inc	0.07%	417,517	$10M	trimmed−29%	+0.01 pp	22 q
MDPediatrix Medical Group, Inc.	0.07%	402,140	$10M	trimmed−14%	0.00 pp	35 q
OGNOrganon & Co.	0.07%	729,502	$10M	added+5%	+0.04 pp	11 q
HDBHDFC Bank Limited	0.06%	356,454	$9M	added×3.0	+0.04 pp	14 q
RGPResources Connection	0.06%	2,036,156	$9M	added+12%	+0.01 pp	9 q
SCHLScholastic Corp	0.06%	195,063	$9M	trimmed−33%	−0.02 pp	11 q
HCSGHealthcare Services Group	0.05%	306,221	$8M	trimmed−33%	−0.01 pp	16 q
OMFOneMain Holdings, Inc.	0.05%	124,570	$8M	added+7%	+0.01 pp	22 q
ZBHZimmer Biomet Holdings, Inc.	0.05%	77,925	$7M	added+31%	+0.01 pp	11 q
CFGCitizens Financial Group, Inc.	0.04%	84,109	$6M	added+11%	+0.01 pp	11 q
FFIVF5, Inc.	0.04%	13,649	$6M	added+6%	+0.01 pp	26 q
FBINFortune Brands Innovations, Inc.	0.04%	96,919	$5M	new	+0.04 pp	new
FTREFortrea Holdings Inc.	0.04%	335,408	$6M	added+9%	+0.02 pp	12 q
IQVIQVIA Holdings Inc.	0.04%	29,496	$6M	held	—	5 q
LNSRLENSAR, Inc.	0.04%	1,075,400	$6M	added+5%	0.00 pp	14 q
BAPCredicorp LTD	0.04%	15,006	$6M	added+3%	+0.01 pp	14 q
AVTAvnet, Inc.	0.03%	42,412	$4M	added+12%	+0.01 pp	11 q
BROBrown & Brown, Inc.	0.03%	62,114	$4M	new	+0.03 pp	new
CENTACentral Garden & Pet Company	0.03%	119,994	$5M	held	—	3 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.03%	39,019	$4M	added+26%	+0.01 pp	14 q
MUMicron Technology, Inc.	0.03%	3,477	$4M	trimmed−99%	−0.91 pp	24 q
SEICSEI Investments Co	0.03%	45,834	$4M	added+13%	+0.01 pp	11 q
TFXTeleflex Incorporated	0.03%	37,115	$5M	added+12%	0.00 pp	2 q
VWOVanguard FTSE Emerging Markets ETF	0.03%	59,946	$4M	new	+0.03 pp	new
AGCOAGCO Corporation	0.02%	28,681	$3M	added+15%	0.00 pp	7 q
EXEExpand Energy Corporation	0.02%	29,883	$3M	added+14%	0.00 pp	22 q
COOThe Cooper Companies, Inc.	0.02%	47,938	$3M	new	+0.02 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	26,048	$3M	added+15%	0.00 pp	9 q
EFAiShares MSCI EAFE ETF	0.02%	28,572	$3M	new	+0.02 pp	new
MZTIThe Marzetti Company	0.02%	26,700	$3M	added+54%	0.00 pp	11 q
LSTRLandstar System Inc	0.02%	10,924	$2M	added+17%	+0.01 pp	9 q
LEVILevi Strauss & Co. Class A	0.02%	140,605	$3M	added+13%	0.00 pp	11 q
MATMattel, Inc.	0.02%	192,399	$3M	new	+0.02 pp	new
TLKPT Telekomunikasi Indonesia	0.02%	168,141	$2M	added+1%	0.00 pp	7 q
HSICHenry Schein Inc	0.02%	30,099	$3M	added+16%	+0.01 pp	11 q
SHGShinhan Financial Group Co Ltd	0.02%	54,299	$3M	added+1%	0.00 pp	49 q
SHCSotera Health Company	0.02%	188,969	$3M	added+12%	0.00 pp	10 q
TIMBTim S.a.	0.02%	159,437	$3M	trimmed−1%	−0.01 pp	14 q
TRUTransUnion	0.02%	38,243	$3M	added+11%	0.00 pp	2 q
TSNTyson Foods, Inc.	0.02%	57,135	$3M	added+12%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.02%	4,742	$3M	added+11%	0.00 pp	35 q
WHRWhirlpool Corp.	0.02%	69,336	$3M	added+11%	0.00 pp	11 q
ZBRAZebra Technologies Corporation	0.02%	11,794	$3M	new	+0.02 pp	new
CNACNA Financial Corporation	0.01%	18,009	$875,417	trimmed−1%	0.00 pp	11 q
IWBiShares Russell 1000 ETF	0.01%	2,428	$994,479	new	+0.01 pp	new
IXUSiShares Core MSCI Total International Stock ETF	0.01%	15,146	$1M	trimmed−78%	−0.03 pp	4 q
ORIOld Republic International Corporation	0.01%	45,331	$2M	added+12%	0.00 pp	49 q
RCIRogers Communications, Inc.	0.01%	45,998	$1M	held	—	23 q
STMSTMicroelectronics N.V.	0.01%	26,480	$2M	trimmed−98%	−0.26 pp	7 q
SUZSuzano S.A.	0.01%	267,651	$2M	trimmed−1%	−0.01 pp	12 q
UPSUnited Parcel Service, Inc. Class B	0.01%	7,517	$808,078	trimmed−37%	0.00 pp	7 q
VTVanguard Total World Stock ETF	0.01%	7,180	$1M	trimmed−21%	0.00 pp	3 q
VBRVanguard Morningstar Small-Cap Value ETF	0.01%	3,028	$735,774	trimmed−63%	0.00 pp	12 q
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.	0.01%	54,168	$2M	added+3%	0.00 pp	7 q
WFGWest Fraser Timber Co. Ltd	0.01%	14,469	$979,407	added+1%	0.00 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	0.01%	701	$1M	added0%	0.00 pp	11 q
BNYBank of New York Mellon Corporation	0.00%	4,587	$663,308	trimmed−99%	−0.31 pp	49 q
BTIBritish American Tobacco p.l.c.	0.00%	7,089	$437,817	trimmed−29%	0.00 pp	13 q
EENI S.p.A.	0.00%	4,660	$218,391	new	0.00 pp	new
FDXFFedEx Freight Holding Company, Inc.	0.00%	3,481	$525,630	new	0.00 pp	new
EEMiShares MSCI Emerging Markets ETF	0.00%	3,509	$240,028	new	0.00 pp	new
MUFGMitsubishi UFJ Financial Group, Inc.	0.00%	11,894	$236,567	trimmed−4%	0.00 pp	49 q
UWMCUWM Holdings Corporation	0.00%	10,471,859	$0	new	0.00 pp	new
VEUVanguard FTSE All-World Ex-US ETF	0.00%	3,376	$282,740	new	0.00 pp	new
NTRNutrien Ltd.	—	−943,685	—	exited	−0.50 pp	—
WATWaters Corp	—	−69,454	—	exited	−0.15 pp	—
MOVMovado Group, Inc.	—	−739,192	—	exited	−0.13 pp	—
NKSHNational Bankshares Inc/VA	—	−193,422	—	exited	−0.05 pp	—
NPKNational Presto Industries, Inc.	—	−40,208	—	exited	−0.04 pp	—
HTLDHeartland Express Inc	—	−276,427	—	exited	−0.02 pp	—
ZTOZTO Express (Cayman) Inc.	—	−88,827	—	exited	−0.02 pp	—
EBMTEagle Bancorp Montana, Inc	—	−64,963	—	exited	−0.01 pp	—
SEESealed Air Corp New	—	−23,092	—	exited	−0.01 pp	—
NWGNatWest Group plc	—	−12,878	—	exited	0.00 pp	—
VTVVanguard Morningstar Value ETF	—	−1,547	—	exited	0.00 pp	—