
	Charles Brandes 13F
	Brandes Investment

	Last update 2024-05-15	185 Stocks (7 new)
	Value $7.77 Bil	Turnover 10 %
	Countries: Top Holdings: ERJ(5.37%)WFC(3.32%)BAC(2.47%)CMCSA(2.36%)C(2.31%) Portfolio Report

Charles Brandes Profile

Charles Brandes is the founder and former chairman of Brandes Investment Partners. He started the firm in 1974. Before retiring in 2018, he managed multiple portfolios, including the U.S. Equity and Global Equity Funds. He is the author of the book, “Value Investing Today.”
As a leading investment advisory firm specializing in managing a variety of global equity and fixed-income assets for investors worldwide, Brandes was among the first investment firms to invest globally using a value approach.

Charles Brandes Investing Philosophy

As a Benjamin Graham disciple, Brandes’ firm consistently applies classic value investing principles to all the portfolios it manages. It seeks to purchase out-of-favor securities that are trading at discounts to their intrinsic values. It then holds them until the market recognizes their true worth.

Charles Brandes Portfolio and Latest Trades

Ticker
Ticker
CAE
AMAT
ERJ
CTVA
CX
CMCSA
DOX
JPM
GRFS
AMX
KMT
SHEL
PFE
FDX
NXT
BAC
C
CI
FI
MRK
MU
WFC
LH
MHK
JCI
AEG
PNC
ELAN
CVS
AIG
ZTO
WTW
FTRE
HCA
TARO
OMF
SNY
STT
BK
CVX
CTSH
IXUS
EMR
GOOGL
ABEV
ARLO
TSM
DRQ
MCK
MUFG
BABA
TXT
HAL
SSNC
SAP
WKC
CRH
EGRX
TIGO
NTGR
NVS
PKE
TAK
EPC
HCSG
UBS
PAHC
CAH
VT
VWO
HBI
IMKTA
MOG.A
NPK
PBH
SR
CHK
UTMD
VBR
WPP
GTES
EQC
CPA
HURC
JNJ
PHG
MD
MCY
OMC
ORN
SMG
SHG
SWI
SPR
GOOG
AOUT
BUD
AVDL
BCS
CRD.A

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
CAE	CAE Inc	2024-03-31	Add	+1.43%	● 18.45 ($20.08) 21.46	$21.10	5.08%	Add 10901.94%	5,431,216	5,381,850
AMAT	Applied Materials Inc	2024-03-31	Sold Out	-0.98%	● 149 ($183.46) 212.61	$217.49	18.55%	Sold Out	0	-399,108
ERJ	Embraer SA	2024-03-31	Reduce	-0.53%	● 17.1 ($19.85) 27.04	$30.35	52.90%	Reduce -10.72%	15,678,567	-1,883,281
CTVA	Corteva Inc	2024-03-31	Add	+0.50%	● 44.41 ($51.65) 57.67	$57.13	10.61%	Add 34.69%	2,603,324	670,488
CX	Cemex SAB de CV	2024-03-31	Reduce	-0.48%	● 7.41 ($8.01) 9.01	$7.91	-1.25%	Reduce -22.71%	13,838,965	-4,065,878
CMCSA	Comcast Corp	2024-03-31	Add	+0.43%	● 41.24 ($43.14) 46.73	$39.25	-9.02%	Add 22.31%	4,231,023	771,735
DOX	Amdocs Ltd	2024-03-31	Add	+0.38%	● 87.06 ($91.14) 93.57	$82.05	-9.97%	Add 22.94%	1,724,452	321,806
JPM	JPMorgan Chase & Co	2024-03-31	Reduce	-0.37%	● 167.09 ($180.44) 200.3	$202.11	12.01%	Reduce -28.64%	357,057	-143,275
GRFS	Grifols SA	2024-03-31	Add	+0.31%	● 5.47 ($7.81) 11.38	$7.69	-1.54%	Add 26.63%	17,114,866	3,598,855
AMX	America Movil SAB de CV	2024-03-31	New Buy	+0.28%	● 16.86 ($18.41) 19.45	$19.94	8.31%	New holding	1,180,418	1,180,418
KMT	Kennametal Inc	2024-03-31	Add	+0.27%	● 23.41 ($24.62) 25.54	$26.26	6.66%	Add 93.98%	1,726,516	836,482
SHEL	Shell PLC	2024-03-31	Add	+0.27%	● 61.04 ($64.08) 67.42	$73.30	14.39%	Add 28.05%	1,437,840	314,957
PFE	Pfizer Inc	2024-03-31	Add	+0.26%	● 25.89 ($27.75) 29.73	$28.82	3.86%	Add 16.65%	5,056,568	721,719
FDX	FedEx Corp	2024-03-31	Add	+0.24%	● 236.39 ($250.17) 289.74	$259.32	3.66%	Add 13.59%	544,252	65,135
NXT	NEXTracker Inc	2024-03-31	Sold Out	-0.24%	● 41.19 ($53.2) 60.89	$45.98	-13.57%	Sold Out	0	-337,248
BAC	Bank of America Corp	2024-03-31	Add	+0.23%	● 31.73 ($34.33) 37.92	$38.91	13.34%	Add 10.07%	5,057,549	462,880
C	Citigroup Inc	2024-03-31	Add	+0.21%	● 51.11 ($55.65) 63.24	$64.24	15.44%	Add 10.24%	2,835,090	263,252
CI	The Cigna Group	2024-03-31	Add	+0.20%	● 297.82 ($329.18) 363.34	$343.28	4.28%	Add 9.82%	468,991	41,935
FI	Fiserv Inc	2024-03-31	Add	+0.19%	● 131.75 ($145.64) 159.82	$155.01	6.43%	Add 9.2%	1,100,116	92,675
MRK	Merck & Co Inc	2024-03-31	Add	+0.18%	● 113.24 ($123.26) 131.95	$131.73	6.87%	Add 9.16%	1,232,526	103,377
MU	Micron Technology Inc	2024-03-31	Reduce	-0.18%	● 79.5 ($90.51) 119.25	$127.81	41.21%	Reduce -10.43%	1,188,345	-138,311
WFC	Wells Fargo & Co	2024-03-31	Add	+0.18%	● 46.44 ($52.32) 57.96	$62.34	19.15%	Add 5.82%	4,451,212	244,676
LH	Laboratory Corp of America Holdings	2024-03-31	Add	+0.17%	● 209.01 ($220.28) 232.56	$213.21	-3.21%	Add 17.96%	394,156	60,019
MHK	Mohawk Industries Inc	2024-03-31	Add	+0.17%	● 97.57 ($112.34) 130.89	$123.28	9.74%	Add 12.66%	919,466	103,328
JCI	Johnson Controls International PLC	2024-03-31	Add	+0.17%	● 52.4 ($58.24) 65.32	$68.18	17.07%	Add 52.68%	590,477	203,727
AEG	Aegon Ltd	2024-03-31	Sold Out	-0.17%	● 5.55 ($5.82) 6.08	$6.76	16.15%	Sold Out	0	-1,922,545
PNC	PNC Financial Services Group Inc	2024-03-31	Add	+0.16%	● 144.85 ($150.72) 161.6	$161.34	7.05%	Add 10.41%	819,574	77,272
ELAN	Elanco Animal Health Inc	2024-03-31	Reduce	-0.15%	● 14.37 ($15.63) 16.46	$17.04	9.02%	Reduce -18.46%	2,909,023	-658,791
CVS	CVS Health Corp	2024-03-31	Add	+0.15%	● 71.99 ($76.39) 81.42	$56.26	-26.35%	Add 10.31%	1,526,115	142,686
AIG	American International Group Inc	2024-03-31	Add	+0.14%	● 66.75 ($71.37) 78.34	$78.90	10.55%	Add 8.89%	1,738,848	141,939
ZTO	ZTO Express (Cayman) Inc	2024-03-31	Add	+0.14%	● 16.08 ($19.13) 22.61	$21.39	11.81%	Add 26.54%	2,450,863	514,076
WTW	Willis Towers Watson PLC	2024-03-31	Reduce	-0.13%	● 238.87 ($263.04) 277.57	$255.63	-2.82%	Reduce -6.32%	542,117	-36,546
FTRE	Fortrea Holdings Inc	2024-03-31	Add	+0.12%	● 29.99 ($34.68) 40.14	$28.77	-17.04%	Add 13.39%	1,918,815	226,655
HCA	HCA Healthcare Inc	2024-03-31	Add	+0.12%	● 272.08 ($305.59) 333.53	$326.96	6.99%	Add 9.27%	342,843	29,097
TARO	Taro Pharmaceutical Industries Ltd	2024-03-31	Reduce	-0.12%	● 40.97 ($42.12) 43.33	$42.35	0.55%	Reduce -40.32%	283,917	-191,824
OMF	OneMain Holdings Inc	2024-03-31	Add	+0.12%	● 43.91 ($47.76) 51.09	$50.04	4.77%	Add 9.48%	2,098,191	181,707
SNY	Sanofi SA	2024-03-31	Add	+0.12%	● 45.75 ($48.83) 52.48	$49.01	0.37%	Add 10.56%	1,957,492	186,920
STT	State Street Corporation	2024-03-31	Add	+0.12%	● 71.11 ($74.17) 78.43	$77.57	4.58%	Add 13.83%	976,189	118,632
BK	Bank of New York Mellon Corp	2024-03-31	Add	+0.12%	● 51.8 ($55.06) 57.62	$58.80	6.79%	Add 9.01%	1,910,551	157,835
CVX	Chevron Corp	2024-03-31	Add	+0.12%	● 141.82 ($150.9) 157.74	$163.05	8.05%	Add 7.17%	867,584	58,014
CTSH	Cognizant Technology Solutions Corp	2024-03-31	Add	+0.12%	● 71.9 ($76.4) 79.82	$68.86	-9.87%	Add 10.25%	1,403,580	130,488
IXUS	iShares Core MSCI Total International Stock ETF	2024-03-31	Sold Out	-0.12%	● 62.39 ($65.28) 67.92	$69.93	7.12%	Sold Out	0	-117,727
EMR	Emerson Electric Co	2024-03-31	Add	+0.10%	● 91.73 ($102.72) 113.45	$114.82	11.78%	Add 8.71%	871,884	69,849
GOOGL	Alphabet Inc	2024-03-31	Add	+0.10%	● 131.4 ($143.05) 153.51	$172.51	20.59%	Add 15.43%	401,011	53,600
ABEV	Ambev SA	2024-03-31	Add	+0.10%	● 2.45 ($2.6) 2.81	$2.39	-8.08%	Add 35.27%	12,473,645	3,252,251
ARLO	Arlo Technologies Inc	2024-03-31	Add	+0.10%	● 8.48 ($9.99) 13.03	$12.03	20.42%	Add 13.06%	5,087,584	587,616
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2024-03-31	Reduce	-0.10%	● 99.13 ($124.2) 149.2	$155.58	25.27%	Reduce -12.32%	450,128	-63,261
DRQ	Dril-Quip Inc	2024-03-31	Add	+0.09%	● 19.61 ($21.87) 24.91	$19.20	-12.21%	Add 12.55%	2,880,681	321,113
MCK	McKesson Corp	2024-03-31	Reduce	-0.08%	● 473.42 ($507.73) 539.26	$551.56	8.63%	Reduce -3.92%	291,538	-11,889
MUFG	Mitsubishi UFJ Financial Group Inc	2024-03-31	Reduce	-0.08%	● 8.53 ($9.68) 11	$10.30	6.40%	Reduce -23.65%	1,840,728	-570,203
BABA	Alibaba Group Holding Ltd	2024-03-31	Add	+0.08%	● 68.05 ($73.26) 78.23	$80.99	10.55%	Add 15.25%	678,821	89,831
TXT	Textron Inc	2024-03-31	Add	+0.07%	● 77.08 ($86.57) 96.25	$88.18	1.86%	Add 4.43%	1,290,773	54,807
HAL	Halliburton Co	2024-03-31	Add	+0.06%	● 33.24 ($35.82) 39.42	$37.36	4.30%	Add 3.18%	3,719,153	114,566
SSNC	SS&C Technologies Holdings Inc	2024-03-31	Add	+0.06%	● 59.34 ($62.1) 64.9	$63.57	2.37%	Add 15.82%	546,198	74,592
SAP	SAP SE	2024-03-31	Reduce	-0.06%	● 148.52 ($177.64) 197.09	$192.44	8.33%	Reduce -8.58%	274,366	-25,763
WKC	World Kinect Corp	2024-03-31	Add	+0.06%	● 21.59 ($23.75) 26.46	$25.13	5.81%	Add 6.65%	2,688,372	167,594
CRH	CRH PLC	2024-03-31	Add	+0.06%	● 66.19 ($76.44) 87.2	$85.64	12.04%	Add 65.57%	125,894	49,855
EGRX	Eagle Pharmaceuticals Inc	2024-03-31	Sold Out	-0.06%	● 4.26 ($5.49) 6.51	$4.61	-16.03%	Sold Out	0	-745,080
TIGO	Millicom International Cellular SA	2024-03-31	Add	+0.05%	● 15.59 ($17.76) 20.23	$24.02	35.25%	Add 3.96%	4,567,057	173,835
NTGR	Netgear Inc	2024-03-31	Add	+0.05%	● 12.86 ($14.56) 15.83	$13.08	-10.16%	Add 7.16%	3,649,330	243,954
NVS	Novartis AG	2024-03-31	Add	+0.05%	● 95.27 ($102.53) 108.47	$103.22	0.67%	Add 23.1%	213,927	40,144
PKE	Park Aerospace Corp	2024-03-31	Add	+0.05%	● 13.82 ($14.85) 16.63	$14.43	-2.83%	Add 14.24%	1,920,853	239,500
TAK	Takeda Pharmaceutical Co Ltd	2024-03-31	Add	+0.05%	● 13.89 ($14.54) 15.04	$13.39	-7.91%	Add 9.48%	2,902,507	251,242
EPC	Edgewell Personal Care Co	2024-03-31	Add	+0.04%	● 35.59 ($37.75) 39.86	$40.43	7.10%	Add 6.89%	1,277,412	82,371
HCSG	Healthcare Services Group Inc	2024-03-31	Add	+0.04%	● 9.01 ($11.09) 12.84	$11.54	4.06%	Add 29.38%	1,175,048	266,843
UBS	UBS Group AG	2024-03-31	Reduce	-0.04%	● 27.05 ($29.54) 31.93	$30.66	3.79%	Reduce -4.01%	1,868,877	-78,098
PAHC	Phibro Animal Health Corp	2024-03-31	Add	+0.04%	● 10.63 ($11.99) 13.68	$18.25	52.21%	Add 11.57%	2,376,558	246,451
CAH	Cardinal Health Inc	2024-03-31	Reduce	-0.04%	● 102.62 ($107.9) 115.62	$97.11	-10.00%	Reduce -2.21%	1,194,209	-26,982
VT	Vanguard Total World Stock ETF	2024-03-31	Sold Out	-0.04%	● 100.68 ($105.74) 110.5	$112.53	6.42%	Sold Out	0	-25,378
VWO	Vanguard FTSE Emerging Markets ETF	2024-03-31	Sold Out	-0.04%	● 39.04 ($40.81) 42.23	$44.40	8.80%	Sold Out	0	-69,293
HBI	Hanesbrands Inc	2024-03-31	Add	+0.03%	● 3.96 ($4.79) 5.8	$4.95	3.34%	Add 8.22%	4,651,133	353,116
IMKTA	Ingles Markets Inc	2024-03-31	Add	+0.03%	● 73.84 ($79.97) 89.13	$74.24	-7.17%	Add 53.78%	93,246	32,611
MOG.A	Moog Inc	2024-03-31	Add	+0.03%	● 139.11 ($147.21) 159.65	$170.07	15.53%	Add 6.04%	285,993	16,285
NPK	National Presto Industries Inc	2024-03-31	Reduce	-0.03%	● 74.66 ($79.07) 83.8	$81.31	2.83%	Reduce -18.62%	91,330	-20,901
PBH	Prestige Consumer Healthcare Inc	2024-03-31	Add	+0.03%	● 58.76 ($66.86) 75.07	$66.46	-0.60%	Add 27.32%	151,650	32,536
SR	Spire Inc	2024-03-31	New Buy	+0.03%	● 56.77 ($59.8) 63.76	$62.01	3.70%	New holding	39,258	39,258
CHK	Chesapeake Energy Corp	2024-03-31	Add	+0.03%	● 74.89 ($80.29) 88.83	$91.25	13.65%	Add 18.32%	187,994	29,112
UTMD	Utah Medical Products Inc	2024-03-31	Add	+0.03%	● 68.14 ($75.01) 84.23	$69.24	-7.69%	Add 113.55%	70,097	37,272
VBR	Vanguard Small Cap Value ETF	2024-03-31	Reduce	-0.03%	● 172.45 ($180.45) 191.88	$191.11	5.91%	Reduce -69.41%	3,970	-9,009
WPP	WPP PLC	2024-03-31	Add	+0.03%	● 44.63 ($47.13) 50.56	$53.59	13.71%	Add 7.39%	609,579	41,926
GTES	Gates Industrial Corp PLC	2024-03-31	Add	+0.03%	● 12.53 ($14.47) 17.74	$17.00	17.48%	Add 8.53%	1,720,960	135,303
EQC	Equity Commonwealth	2024-03-31	Add	+0.02%	● 18.2 ($18.99) 19.81	$19.60	3.21%	Add 17.8%	614,202	92,803
CPA	Copa Holdings SA	2024-03-31	Add	+0.02%	● 90.29 ($99.39) 105.91	$109.84	10.51%	Add 2.99%	457,858	13,282
HURC	Hurco Companies Inc	2024-03-31	Add	+0.02%	● 19.77 ($23.52) 27.89	$17.77	-24.45%	Add 27.93%	297,186	64,878
JNJ	Johnson & Johnson	2024-03-31	Add	+0.02%	● 155.22 ($159.17) 162.74	$152.67	-4.08%	Add 3.26%	277,274	8,755
PHG	Koninklijke Philips NV	2024-03-31	Add	+0.02%	● 19.87 ($21.41) 24.19	$27.45	28.21%	Add 7.34%	1,380,345	94,410
MD	Pediatrix Medical Group Inc	2024-03-31	Add	+0.02%	● 8.46 ($9.3) 10.03	$8.20	-11.83%	Add 41.24%	651,480	190,232
MCY	Mercury General Corp	2024-03-31	Add	+0.02%	● 37.1 ($44.11) 51.84	$57.41	30.15%	Add 45.43%	115,730	36,150
OMC	Omnicom Group Inc	2024-03-31	Add	+0.02%	● 84.59 ($89.74) 96.76	$97.66	8.83%	Add 2.47%	540,592	13,049
ORN	Orion Group Holdings Inc	2024-03-31	Reduce	-0.02%	● 4.65 ($6.49) 9.39	$9.60	47.92%	Reduce -9.77%	3,009,608	-325,753
SMG	The Scotts Miracle Gro Co	2024-03-31	Add	+0.02%	● 53.53 ($62.12) 74.59	$69.44	11.78%	Add 32.73%	86,131	21,238
SHG	Shinhan Financial Group Co Ltd	2024-03-31	Add	+0.02%	● 27.23 ($32.32) 37.94	$35.64	10.27%	Add 8.32%	523,904	40,261
SWI	SolarWinds Corp	2024-03-31	Add	+0.02%	● 11.47 ($12.19) 13.27	$12.05	-1.15%	Add 44.17%	330,993	101,407
SPR	Spirit AeroSystems Holdings Inc	2024-03-31	Add	+0.02%	● 25.28 ($30.32) 36.07	$30.51	0.63%	Add 15.05%	376,218	49,213
GOOG	Alphabet Inc	2024-03-31	Add	+0.02%	● 132.56 ($144.34) 154.84	$173.88	20.47%	Add 2.25%	399,836	8,798
AOUT	American Outdoor Brands Inc	2024-03-31	Add	+0.02%	● 7.85 ($8.63) 9.5	$8.15	-5.56%	Add 50.9%	408,374	137,752
BUD	Anheuser-Busch InBev SA/NV	2024-03-31	Reduce	-0.02%	● 59.29 ($62.57) 66.15	$66.03	5.53%	Reduce -8.29%	276,847	-25,035
AVDL	Avadel Pharmaceuticals PLC	2024-03-31	Reduce	-0.02%	● 12.55 ($14.89) 17.22	$16.09	8.06%	Reduce -4.65%	1,462,225	-71,389
BCS	Barclays PLC	2024-03-31	Add	+0.02%	● 7.12 ($8.19) 9.45	$10.94	33.58%	Add 7.74%	1,885,793	135,536
CRD.A	Crawford & Co	2024-03-31	Add	+0.02%	● 7.92 ($11.45) 13.37	$9.21	-19.56%	Add 65.72%	413,229	163,872

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