Charles Brandes

Charles Brandes

Last Update: 05-12-2016

Number of Stocks: 187
Number of New Stocks: 29

Total Value: $6,992 Mil
Q/Q Turnover: 7%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Charles Brandes Watch

  • Brandes Funds Comments on Publicis

    Publicis (XPAR:PUB) is the world’s third-largest global ad agency holding company, with many valuable brands such as Saatchi & Saatchi, Leo Burnett, Razorfish, ZenithOptimedia, and Starcom MediaVest. Publicis has historically been a well-run company with a sound balance sheet and industry-leading margins.


    In our view, the business model of ad agencies has attractive economics given their variable cost structure, industry consolidation, and exposure to long-term ad spending and global gross domestic product growth. While the industry as a whole appears to be valued somewhat fully by the market, Publicis has been the recent exception due to concerns over slowing organic growth, a handful of recent account losses and its acquisition of Sapient (its largest acquisition to date), which was seen as expensive.

      


  • Brandes Funds Comments on Credit Suisse

    Credit Suisse (NYSE:CS) saw its shares fall over 30% in the quarter as the market remained concerned about the company’s restructuring and its negative effect on financial results over the next year. Nonetheless, we continue to believe Credit Suisse has an economically attractive business model and is significantly discounted at its valuation of 0.7x tangible book value as of March 31.


    From Brandes International Equity Fund first quarter 2016 commentary.

      


  • Brandes Funds Comments on Barclays

    Barclays (LSE:BARC) declined as it announced a dividend cut and a rationalization of some of its businesses in efforts to focus on its core U.K. and U.S. markets and improve its capital position. Trading at 50% of tangible book value at quarter end, Barclays offers, in our opinion, an attractive risk/reward tradeoff as we believe it should see the benefits of its restructuring over the next couple of years.


    From Brandes International Equity Fund first quarter 2016 commentary.

      


  • Brandes International Equity Fund Q1 Commentary

    Market Overview

      


  • Brandes Funds Comments on Embraer

    Brazilian regional jet manufacturer Embraer (NYSE:ERJ) also weighed on returns as the real’s appreciation presented a headwind for the company, which derives the majority of its sales outside Brazil. Moreover, Embraer’s 2015 earnings indicated margin compression and the company issued guidance that was lower than market expectations. Pressure on the defense segment also hurt performance.


    The margin compression was not surprising to us given the product transition that is underway in Embraer’s commercial aircraft division. With regard to the defense segment, we see the issue astemporary as it is driven by a cut in the Brazilian defense budget and we believe Embraer will generate more defense revenue from abroad over the longer term. Accordingly, it is our view that the long-term investment thesis for Embraer remains compelling.

      


  • The Investors’ Dilemma: Why 2016 May Be a Turning Point - Brandes Investment Funds

    Many institutional investors ostensibly support the idea of focusing on long-term horizons. “Short-termism” suggests speculation, with exposure to the randomness of volatile markets. For institutions, the investors’ dilemma is that their obligations are long term but regulatory and behavioral pressures increasingly exert short-term influences on their decisions. Institutional funds and their investment managers are stewards of the capital entrusted to them, with liabilities that may have a multi-decade or even a multi-generational time horizon. They must maintain a long-term perspective.

      


  • Avon's Price Looks Attractive Enough

    Avon Products Inc. (NYSE:AVP) is a $1.64 billion market cap company, which is the world's leading direct marketer of cosmetics, toiletries, fashion jewelry and fragrances, with about 6 million sales representatives worldwide.


    Strategic alternatives

      


  • Charles Brandes Trims Stake in South American Petroleum Company

    Charles Brandes (Trades, Portfolio) of Brandes Investment bought more than two dozen new stakes in the first quarter, but most were comparatively small investments in companies serving primarily the Northern Hemisphere. His largest transaction was his reduction of a South American stake.


    Brandes sold more than 37% of his stake in Petroleo Brasileiro SA Petrobras (NYSE:PBR.A), a Brazilian petroleum company. The guru sold 22,297,024 shares for an average price of $3 per share. The transaction had a -1.15% impact on Brandes’ portfolio.

      


  • Brandes Emerging Markets Value Fund 1st Quarter Commentary

    Market Overview

      


  • Guru Stocks With Low PS Ratio, Wide Margin of Safety

    According to GuruFocus' All-in-One Screener, the following are companies with a market cap above $5 billion that are trading with a very low P/S ratio.


    Telecom Italia SpA (TI) is trading at about $12 with a P/S ratio of 1 and an estimated forward P/E multiple of 11.68. The company has a market cap of $22.45 billion and over the last 10 years, the stock has dropped by 61%. During the last 52 weeks, the price has been as high as $14.18 and as low as $8.89.

      


  • Charles Brandes' Top Buys During the 4th Quarter

    Charles Brandes (Trades, Portfolio), chairman of Brandes Investment Partners, increased his stakes in many stocks in the fourth quarter.


    He raised his stake in Credit Suisse Group AG (CS) by 121.44%. The deal had an impact of 0.52% on the portfolio.

      


  • Charles Brandes Bets on Aaron's, Small-Cap ETF

    Charles Brandes (Trades, Portfolio) is the portfolio manager for the US Equity and Global Equity strategies at Brandes Investment Partners, the firm he founded in 1974. During the fourth quarter, he initiated new positions in 13 new stocks, according to data reported by GuruFocus Real Time Picks.

    Aaron’s Inc. (NYSE:AAN)  


  • Brandes Makes a Variety of Reductions in 4th Quarter

    Charles Brandes (Trades, Portfolio), chairman of Brandes Investment Partners, reduced 89 stakes in his portfolio in the fourth quarter. His most noteworthy reductions crisscrossed the globe and spanned an investing spectrum that included several in oil and gas companies but also touched on banking and financial services and technology stocks.


    Brandes made his most significant fourth-quarter reduction in his stake in Embraer SA (NYSE:ERJ), a Brazilian aerospace and defense company. Brandes trimmed his stake by more than 8%, selling 980,533 shares for an average price of $29.38 per share. The transaction had a -0.37% impact on Brandes’ portfolio.

      


  • Brandes Investment Trust Comments on MediaTek

    Fund activity was relatively light in the quarter. The emerging markets investment committee initiated a position in Taiwanese semiconductor company MediaTek. MediaTek (TRE:2454) is the world’s second-largest supplier of mobile phone-related semiconductors. The company has benefited significantly over the past few years due in large part to its strong relationships with smartphone vendors in China, where growth has been significant.


    MediaTek competes in a difficult market environment, with relatively low barriers to entry and low customer stickiness. In addition, it is unlikely that MediaTek’s core end market (i.e. Chinese smartphones) can sustain the growth it has delivered in recent years, potentially keeping future returns from being as strong as they have been.

      


  • Brandes Investment Trust Comments on Cemex

    Holdings in Mexico hurt returns in the fourth quarter, notably cement company Cemex (NYSE:CX). With the majority of Cemex’s debt denominated in U.S. dollars, concerns about the impact of rising U.S. interest rates have added to investor worries over intensifying competition in the company’s home market. Although leverage remains a key concern for Cemex, it is not, in our opinion, as big of a risk as it was a few years ago. We have been encouraged by the initiatives the company’s management has taken in terming out debt maturities, locking in lower interest rates, successfully negotiating with key creditors, and minimizing shareholder dilution. Moreover, while rising U.S. rates may be a near-term concern, we view Cemex primarily as a U.S.-dollar denominated business and believe the company has the ability to preserve its long-term earnings power by potentially increasing its prices to offset the impact of any foreign-currency devaluations.


    Brandes Emerging Markets Value Fund fourth quarter commentary.

      


  • Brandes Investment Trust Comments on Adecoagro

    Another positive contributor to returns was Adecoagro (NYSE:AGRO), a Latin American agricultural company with assets in Argentina, Brazil and Uruguay. Adecoagro’s shares, which performed well throughout 2015, benefited in the fourth quarter from a December announcement by the recently elected Argentinian president, Mauricio Macri, that he would sign a decree to lower export taxes on soybeans, corn and wheat.


    Brandes Emerging Markets Value Fund fourth quarter commentary.

      


  • Brandes Investment Trust Comments on APR Energy

    APR (LSE:APR)’s share price increased following the company’s announcement in October that it had agreed to a buyout by a group of investment firms for approximately £175 million. The company supplies interim power plants, mainly in emerging-market countries, and has faced a difficulty in recent years after being forced to exit previously profitable markets.


    Brandes Emerging Markets Value Fund fourth quarter commentary.

      


  • Brandes Investment Trust Comments on Reliance Infrastructure

    Reliance Infrastructure (BOM:500390) performed well after announcing a number of divestment initiatives intended to reduce debt, including the sale of a stake in its Mumbai -based power-transmission business. Additionally, the company has short- listed a number of potential buyers for its cement assets and has been in talks to monetize 11 revenue-generating road projects. These moves should allow Reliance Infrastructure to increase its focus on the defense sector.


    Brandes Emerging Markets Value Fund fourth quarter commentary.

      


  • Brandes Emerging Markets Value Fund 4th Quarter Commentary

    Market Overview

      


  • 10 Fund Managers Are Totally Wrong on GlaxoSmithKline

    There are four big positions by guru investors in GlaxoSmithKline (GSK)  starting with Ken Fisher (Trades, Portfolio) who owns 11.5 million shares, John Rogers (Trades, Portfolio) taking 1.4 million shares, Charles Brandes (Trades, Portfolio) with 4.6 million shares and ending with HOTCHKIS & WILEY at 12.4 million shares.


      


  • Charles Brandes Ups Several Stakes for Consecutive Quarters

    Charles Brandes (Trades, Portfolio) is the founder and chairman of Brandes Investment Partners. He manages multiple portfolios including U.S. Equity and Global Equity. The following stocks are the holdings Brandes increased over the past two quarters.


    Citizens Financial Group Inc. (CFG)

      


  • Brandes Investment Trust Comments on Otsuka Kagu

    Established in 1969, Otsuka Kagu (TSE:8186) is one of Japan’s largest furniture retailers and operates in a fairly fragmented industry. The majority of the company’s sales are generated in the Kanto region, which includes the greater Tokyo metropolitan area. The population in this region has grown over the last two decades as aging baby boomers have been attracted to the conveniences the city offers.

      


  • Brandes Investment Trust Comments on Gedeon Richter

    Gedeon Richter (LSE:0QFP) is a manufacturer of both branded and generic pharmaceutical products. In recent years, the company has been transitioning its business model to become more of a “specialty pharma” with a stronger emphasis on branded drugs, an area that requires more research & development (R&D) effort but historically has been more profitable.


    We began purchasing Gedeon Richter in the first half of 2014. At the time, geopolitical concerns in Russia, Ukraine and other member countries of the Commonwealth of Independent States (CIS), which collectively accounted for over 40% of Gedeon Richter’s revenue, appeared to be overly discounted in the company’s share price. We took comfort in Gedeon Richter’s long history of local operations in the region, including local manufacturing in Russia, which should support its foothold there. Moreover, we believed the market underappreciated the prospects offered by Gedeon Richter’s women’s health division, its diversified exposure to regions with secular growth potential, as well as its R&D optionality.

      


  • Brandes Investment Trust Comments on Unilever

    One of the world’s largest consumer product companies, Unilever (NYSE:UL) maintains a leadership position in many food, household and personal care categories. We initially purchased the shares when many questioned the company’s ability to sustain revenue growth. Despite market concerns, we saw a solid business in Unilever that generated strong free cash flow while trading at a discount to our estimate of its intrinsic value. Recently, the market started to show some appreciation for Unilever’s strengths and potential for operating-margin improvement, driving its shares to trade at high multiples of earnings compared to levels seen over the past decade. We exited our position when the shares rose toward our estimate of their true worth,.


    From the Brandes Global Equity Income Fund letter for the year ended Sept. 30, 2015.

      


  • Brandes Investment Trust Comments on Schneider Electric

    Schneider (XPAR:SU)’s key businesses include operations in low-voltage and building automation, discrete and process automation, critical power and cooling, and medium voltage and grid automation. Given that emerging markets make up nearly 45% of Schneider’s sales, some may be worried that potentially slowing economic growth in many developing countries would negatively affect the company’s businesses, especially those which are construction-driven. Additionally, the company has a penchant for mergers and acquisitions, which can carry risks of overpayment as well as integration and execution uncertainties.



    We believe these risks are more than fully reflected in Schneider’s share price. Among other positive attributes, Schneider has generated high returns on incremental capital and possesses a reasonably healthy balance sheet with strong free cash flow.

      


  • Brandes Investment Trust Comments on Leucadia

    Leucadia (NYSE:LUK) is a diversified holding company with interests in various businesses, ranging from investment banking, asset management, and commercial mortgage banking & servicing to beef processing and oil & gas exploration. Despite a market capitalization in excess of $5 billion, Leucadia has lacked coverage by Wall Street research analysts.



    We believe Leucadia has a number of positive attributes. The company is conservatively capitalized and traded at less than its reported book value. Additionally, Leucadia has a history of being strategic and value oriented, and we appreciate that management’s significant ownership aligns its incentives with shareholder interests. These factors led us to conclude that the shares were trading at an attractive discount to our estimate of the company’s intrinsic value.

      


  • Brandes Investment Trust Comments on Emerson Electric

    Emerson Electric (NYSE:EMR) is another high-quality company with a strong competitive position, conservative balance sheet and attractive long-term returns on capital. Similar to Schneider’s case, over the last few years, the market has become concerned about Emerson’s exposure to emerging markets. Investors also seem worried about the cyclicality of its process automation business, particularly its high exposure to the oil & gas end market.



    Despite the negative sentiment, we believe Emerson is well positioned to continue generating value in each of its business segments, which have attractive long-term growth prospects based on our analysis. While concerns surrounding Emerson’s oil & gas exposure and the cyclicality of the process automation business are warranted, we feel that its shares are overly discounted at the company’s current valuation.

      


  • Brandes Investment Trust Comments on Toyota

    Automaker Toyota (NYSE:TM) was sold in the second quarter of 2015.We initially purchased Toyota in 2010 as the company suffered from news of unintended acceleration in some of its vehicles and the resulting recall, causing its stock to trade at a significant discount compared to its history and its peers. Toyota also faced major challenges from low automobile demand in its major markets and a strong yen, which made cars exported from Japan less competitive.



    Over the past several years, Toyota has managed to address the recall issue, which led to improved investor sentiment. Additionally, the weakening yen, combined with a strong recovery in automobile demand in many markets, especially in the United States, drove up Toyota’s share price significantly over the last year. We decided to divest our position after Toyota’s shares appreciated to our estimate of the company’s long-term intrinsic value.

      


  • Brandes Global Equity Fund Annual Letter 2015

    Dear Fellow Investor,


    Market-moving headlines sent global equity markets lower and volatility higher in the last 12 months amid a string of concerns that have kept uncertainties afloat.

      


  • Brandes Investment Trust Comments on Schneider Electric

    Schneider (XPAR:SU) provides electrical products and systems addressing a wide range of industrial, commercial and consumer markets. Key businesses include operations in low-voltage and building automation, discrete and process automation, critical power and cooling, and medium voltage and grid automation. Schneider’s revenues are fairly diversified, with 28% generated in Western Europe, 28% in Asia Pacific, 25% in North America and 19% in the rest of the world.


    The market appears to underappreciate Schneider’s potential. Given that emerging markets make up nearly 45% of the company’s sales, some may be worried that potentially slowing economic growth in many developing countries would negatively affect Schneider’s businesses, especially those which are construction-driven. Additionally, the company has shown a penchant for mergers and acquisitions, which can carry risks of overpayment as well as integration and execution uncertainties.

      


  • Brandes Investment Trust Comments on Petrobras

    Among the names above, Petrobras hurt returns the most. The company’s shares continued to suffer as a result of a number of factors, including the economic situation in Brazil, a corruption scandal and a recent debt downgrade. While we recognize that the risks to our investment continue to be elevated given Petrobras’ levered balance sheet, high incremental funding needs over the next five years, current low oil price and the uncertain political environment in Brazil, we believe the risk/reward tradeoff remains attractive at the company’s current valuation. Over the longer term, we see a number of reasons for optimism, including:




  • Brandes International Equity Fund Annual Letter 2015

    Dear Fellow Investor,

      


  • 5 Guru Picks in Volatile Biotech Industry

    Biotech and pharmaceutical stocks made some of the biggest headlines this year, as 2015 saw massive waves of M&A activity, including the Pfizer (NYSE:PFE) and Allergan (NYSE:AGN) merger, the second-largest deal of all time valued at $160 billion. Other companies found themselves in the spotlight for less than desirable reasons, such as Valeant Pharmaceuticals (NYSE:VRX), whose stock has tanked in the past several months.


    Using GuruFocus’ All-in-One Screener, there are several stocks in the industry held by a wide number of gurus that may be worth more research, even in the often volatile pharmaceutical sector.

      


  • Charles Brandes' Holdings With High Yields

    Charles Brandes (Trades, Portfolio) is the chairman of Brandes Investment Partners. He started the firm in 1974 and manages multiple portfolios including U.S. Equity and Global Equity. Here is a look at his holdings with high yields.


    Mobile TeleSystems PJSC (MBT)

      


  • Brandes Investment Trust Comments on Companhia de Saneamento Basico de Estado de São Paulo

    During the quarter, we also took advantage of the decline in Brazilian equities to selectively add to a number of our positions there, including in government-owned water utility Companhia de Saneamento Basico de Estado de São Paulo (Sabesp) (NYSE:SBS).


    Sabesp provides public water and sewage services to a broad range of customers in São Paulo, Brazil’s richest and most populous state. São Paulo has recently been grappling with the worst drought in 80 years. Water levels in the Cantareira system of reservoirs, which normally supplies roughly half of the 20 million residents, have fallen to just 5% of capacity. In our view, the necessary cutbacks on water deliveries will result in Sabesp earning below its regulated rate of return. This will likely continue until the drought is over or the company is able to supplement the state’s water supply. While the investment committee cannot predict the weather, we feel that Sabesp remains an attractive investment opportunity that merits a continued inclusion in the Fund.

      


  • Brandes Investment Trust Comments on Chemical Works of Gedeon Richter

    Other major Fund activity included the full sale of Chemical Works of Gedeon Richter (BUD:RICHTER), a Hungary-based manufacturer of both branded and generic pharmaceutical products. In recent years, the company has been transitioning its business model to become more of a “specialty pharma” with a stronger emphasis on branded drugs, an area that requires more research & development (R&D) effort but historically has been more profitable.


    We began purchasing Gedeon Richter during the first half of 2014. At the time, geopolitical concerns in Russia, Ukraine and other member countries of the Commonwealth of Independent States (CIS), which collectively accounted for over 40% of Gedeon Richter’s revenue, appeared to be overly discounted for in the company’s share price. We took comfort in Gedeon Richter’s long history of local operations in the region, including local manufacturing in Russia, which should support its foothold there. Moreover, we believed the market underappreciated the prospects offered by Gedeon Richter’s women’s health division, its diversified exposure to regions with positive secular growth potential, as well as its R&D optionality.

      


  • Brandes Investment Trust Comments on Sociedad Quimica y Minera de Chile

    In the third quarter, the emerging markets investment committee initiated a position in Sociedad Quimica y Minera de Chile (NYSE:SQM). Founded in 1968 and headquartered in Santiago, Chile, SQM produces and distributes specialty plant nutrition solutions, potassium fertilizers, industrial chemicals, iodine and its derivatives, as well as lithium and its derivatives.


    For much of 2014 and 2015, SQM’s reputation has been marred by governance concerns. In March 2015, Canada-based PotashCorp withdrew its board members after clashing with controller Julio Ponce over the handling of a tax probe and allegations of payments to politicians by SQM.

      


  • Brandes Investment Trust Comments on Yue Yuen

    Additionally, the Fund benefited from its position in Hong Kong-based Yue Yuen (HKSE:00551), whose share price increased after it announced strong results for the first half of 2015. Yue Yuen is the world’s largest manufacturer of athletic and casual footwear, operating as an original equipment manufacturer (OEM) and original design manufacturer (ODM) for major brands such as Nike, Adidas, Reebok, Asics, New Balance and Puma.

      


  • Brandes Investment Trust Comments on O2 Czech Republic

    During the period, O2 Czech Republic (LSE:O2CZ) contributed positively to performance. The telecommunication services company finalized the spin- off of its infrastructure assets into a new entity in early June and its share price moved higher in the third quarter as its majority owner, PPF, continued its buyout of the company. In August, PPF disclosed that it owned nearly 85% of O2 Czech Republic and confirmed that it would not attempt to raise its stake above 90%.

      


  • Brandes Investment Trust Comments on Panamanian Copa Holdings

    Another major performance detractor during the quarter was Indonesian telecommunication services provider XL Axiata (OTCPK:PTXKY). In March 2015, the company announced a new business strategy which included a shift in focus from customer volume to service quality. Effectively, the company raised the price of starter SIM packs while aiming to upgrade its data services—a move which may stifle volume in the near term but could potentially boost longer-term profitability. Since the announcement, the market has reacted negatively to the fact that XL Axiata’s 2015 revenue and EBITDA will likely remain stagnant compared to last year as the company seeks to clean up its subscriber base and attempts to reprice. We view the company’s action as a bold but sensible strategy to generate greater long-term value.

      


  • Brandes Investment Trust Comments on Panamanian Copa Holdings

    For Panamanian Copa Holdings (NYSE:CPA), the share-price decline could be attributed primarily to weak demand and currency depreciation in a number of its end markets, especially Brazil, Venezuela and Colombia. Additionally, overcapacity, which we consider a near-term challenge, has negatively affected the airline industry in Latin America in general.

      


  • Brandes Emerging Markets Value Fund Comments on POSCO

    South Korea-based POSCO (PKS) saw its share price fall due to investor fears of slowing economic growth in China, one of the company’s revenue sources. We have factored China’s slowdown into our valuation for POSCO and believe the company offers competitive advantages that may not be fully reflected in its share price.

      


  • Brandes Emerging Markets Value Fund 3rd Quarter Commentary

    The last three months proved to be a continuation of challenging conditions for emerging markets, with the asset class generating the worst quarterly returns since the third quarter of 2011.

      


  • Charles Brandes Buys Stakes in Emerson Electric, Johnson & Johnson

    Charles Brandes (Trades, Portfolio), chairman of Brandes Investment Partners, the firm he founded in 1974, is an adherent of value investing, applying its principles to the portfolios that are managed by the firm as well as his own. The strategy has been successful. Last year, when many investors struggled in a challenging environment, Brandes’ U.S. Value Equity Fund produced positive returns exceeding 13%.


    Brandes’ most noteworthy transaction in the third quarter was his purchase of a 2,571,543-share stake in Emerson Electric Co. (NYSE:EMR), a Ferguson, Mo.-based electrical equipment company. Brandes paid an average price of $49.17 per share. The deal had a 1.66% impact on Brandes’ portfolio.

      


  • Charles Brandes Comments on Emerson Electric

    Within our U.S. Value Equity Strategy, we added Emerson Electric (NYSE:EMR) and Johnson & Johnson during the quarter. Emerson Electric produces electrical products and systems addressing a wide range of industrial, commercial, and consumer markets. Emerson’s positive attributes include strong market positions in the majority of its businesses, a long track record of better margins than its peers, and a healthy balance sheet.

    From Charles Brandes (Trades, Portfolio)' third quarter 2015 commentary, Volatility: Misbehaving—In Action.  


  • Charles Brandes Comments on Johnson & Johnson

    Healthcare giant Johnson & Johnson (NYSE:JNJ), which has diverse operations in pharmaceuticals, medical devices, biotechnology and consumer health, has faced potential competition in its pharmaceutical segment and lingering concerns over product recalls and manufacturing issues in its consumer segment. Nonetheless, we believe the company’s fundamentals remain attractive, including its strong competitive position and balance sheet, as well as a history of prudent capital deployment. The company generates approximately 70% of its revenues from businesses which command a #1 or #2 global market share, and 25% from products launched over the last five years. Speaking to the strength of its balance sheet, Johnson & Johnson is one of only four U.S. industrial companies with a AAA credit rating from both S&P and Moody’s.

    From Charles Brandes (Trades, Portfolio)' third quarter 2015 commentary, Volatility: Misbehaving—In Action.  


  • Brandes Quarterly Commentary - Volatility: Misbehaving—In Action

    Volatility: Misbehaving—In Action

      


  • Charles Brandes' Most Weighted Trades in Q2 2015

    Charles Brandes is the chairman of Brandes Investment Partners. He manages a portfolio composed of 195 stocks with a total value of $7.80 billion and the following are his most weighted trades in the last quarter :


    He reduced his stake in Masco Corp. (MAS) by 34.23% with an impact of 0.67% on his portfolio.

      


  • Guru Stocks at 52-Week Lows: HSBC Holdings, Unilever, Banco Santander, Duke Energy, Itau Unibanco

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    HSBC Holdings PLC reached the 52-week low of $39.61

      


  • Charles Brandes Beefs Up Second-Most Valuable Stake in Portfolio

    Value investor Charles Brandes (Trades, Portfolio), chairman of Brandes Investment Partners, which he founded in 1974, applies Benjamin Graham’s principles to all the portfolios managed by his firm. That approach produced returns of 13.34% last year, 37.6% in 2013 and 18.54% in 2012.


    In his second-quarter dealings, Brandes’ mix of buys and sales were normal for him, although he added to more stakes than is typical for him. Brandes added to his positions in 111 companies in the second quarter. Many of those additions were modest, but some were significant.

      


  • 5-year lows: UTi Worldwide Inc, Investors Real Estate Trust, Adtran Inc, and BreitBurn Energy Partners LP

    According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: UTi Worldwide Inc, Investors Real Estate Trust, Adtran Inc, and BreitBurn Energy Partners LP


    UTi Worldwide Inc (NAS:UTIW) Reached $9.05

      


  • Avon's Price Close to 10-Year Low

    In this article, let's take a look at Avon Products Inc. (NYSE:AVP), a $2.68 billion market cap company, which is the world's leading direct marketer of cosmetics, toiletries, fashion jewelry and fragrances, with about 6 million sales representatives worldwide.


    Price Performance

      


  • Misbehaving During Periods of Dislocation - Brandes

    Focus on the Long-Term Company Fundamentals


    It’s the season for reading lists and one book making the rounds at Brandes is "Misbehaving: The Making of Behavioral Economics," by Richard Thaler. In this excellent compendium of his work, Mr. Thaler reminds us of the many reasons why investors and markets often act irrationally and how that can create potential opportunities value investors can exploit. In this commentary, we reflect on Thaler’s messages about human behavior and Benjamin Graham’s value investment fundamentals against the backdrop of a potential global economic slowdown.

      


  • Charles Brandes: Value Bond Strategy Can Uncover Hidden Gems



  • Charles Brandes' Q1 2015 Commentary - Seeking Pockets of Value in Divergent Markets



  • Chevron Corporation´s Dividend Sustainability Analysis

    In this article, let's analyze the sustainability of dividends using coverage ratios in the case of Chevron Corporation (NYSE:CVX).


    MM Dividend Irrelevance Theory

      


  • Charles Brandes Invests in South American-based Companies in Q1

    Charles Brandes (Trades, Portfolio) saw much opportunity in South America during the first quarter, as three of his five largest purchases are based in Brazil or Chile, according to GuruFocus Real Time Picks.


    His firm’s U.S. Value Equity strategy returned 17.3% over the past three years, slightly outperforming the S&P 500’s 16.11% over the same period. During the first quarter, Brandes purchased 39 new holdings, with the majority of assets in the financial services sector at 26.5%.

      


  • Weekly Guru Bargains Highlights: SBUX, EC, FCX, NOV, PBR.A

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.

    Starbucks Corp (NASDAQ:SBUX): Down 34% Since Jim Simons (Trades, Portfolio) Bought In the Quarter Ended on 2014-12-31  


  • Weekly 3-Year Low Highlight: VSI, UTIW, AIXG, VRA

    According to GuruFocus list of 3-year lows, Vitamin Shoppe Inc (NYSE:VSI), UTi Worldwide Inc (NASDAQ:UTIW), Aixtron SE (NASDAQ:AIXG) and Vera Bradley Inc. (NASDAQ:VRA) have all reached their 3-year lows.


    Vitamin Shoppe Inc (NYSE:VSI) reached $38.58

      


  • Weekly Guru Bargains Highlights: PBR.A, VALE, SBUX, EC, FCX

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Petroleo Brasileiro SA Petrobras: Down 24% since Charles Brandes (Trades, Portfolio) bought in the quarter ended on 2014-12-31

      


  • Weekly 3-Year Low Highlights: TKC, IRET, BV, PTNR

    According to GuruFocus list of 3-year lows; Turkcell Iletisim Hizmetleri AS, Investors Real Estate Trust, Bazaarvoice Inc, Partner Communications Co Ltd have all reached their 3-year lows.


    Turkcell Iletisim Hizmetleri AS (NYSE:TKC) Reached $10.90

      


  • Charles Brandes' Top Growth Stocks

    Charles Brandes (Trades, Portfolio) (a Benjamin Graham disciple) is the chairman of Brandes Investment Partners. He started the firm in 1974. He manages multiple portfolios including US equity and Global Equity. Charles Brandes (Trades, Portfolio) is listed as #488 in the Forbes List of World's Richest People with a net worth of $2 billion. He is author of the book Value Investing Today


    His Hedge Fund has a total value of $7,090 Mil and is composed of 162 stocks. According to GuruFocus’ Top Growth Stocks of Brandes’ Portfolio, Western Digital Corp (WDC), Express Scripts Holding Co(ESRX), Copa Holdings SA (CPA), People's United Financial Inc (PBCT) are the stocks with Top Growing EBITDA.

      


  • Target Bouncing Back From Security Breach

    Nearly a year after its infamous security breach, Minneapolis-based Target (NYSE:TGT) was showing signs of bouncing back. But now, more than a year later, there seems to be no doubt of it. Happy days are here again.


    Sales and earnings are up. Revenue is up. The stock price is higher than it has ever been.

      


  • Weekly Guru Bargains Highlights: ITUB, PBR.A, SSL, APA, NOV

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Itau Unibanco Holding SA (NYSE:ITUB): Down 21% Since Howard Marks (Trades, Portfolio) Bought In the Quarter Ended on 2014-12-31

      


  • Emerging Markets Are Cheap Enough To Make The Elevated Risks Worth It – Charles Brandes

    According to Charles Brandes (Trades, Portfolio) the best valuations today are in emerging markets. While investing there involves taking on more risk, the discounted prices make it worthwhile.


    The cheapest of all markets is Russia thanks to the combination of the Ukraine situation and the low price of oil.

      


  • BNY Mellon Achieved a Leading Position in the Market

    In this article, let's take a look at The Bank of New York Mellon Corporation (NYSE:BK), a $43.89 billion market cap company, which is a leader in securities processing, and also provides a range of banking, asset management and other financial services.


    Top Three Custody Bank

      


  • Guru Stocks at 52-Week Lows: HSBC, AXP, RL, SNI, CNP

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    HSBC Holdings PLC (NYSE:HSBC) reached the 52-week low of $46.13

      


  • Weekly Guru Bargains Highlights: PBR.A, S, E, NOV, EC

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Petroleo Brasileiro SA Petrobras (NYSE:PBR.A): Down 37% since Charles Brandes (Trades, Portfolio) bought in the quarter ended on 2014-12-31

      


  • Cisco´s Results Beat Wall Street Expectations

    In this article, let's take a look at Cisco Systems, Inc. (NASDAQ:CSCO), a $148.81 billion market cap company, which is a tech giant and today is a trending stock in the market.


    Reversing Direction

      


  • A Look at Charles Brandes' New Buys

    Charles Brandes (Trades, Portfolio) is the chairman of Brandes Investment Partners. He started the firm in 1974. He manages multiple portfolios including US equity and Global Equity. Charles Brandes (Trades, Portfolio) is listed as #488 in the Forbes List of World's Richest People with a net worth of $2 billion. He is author of the book Value Investing Today.


    He is a Benjamin Graham disciple. Brandes consistently applies value investing to all portfolios managed by the Partnership. He seeks to purchase out-of-favor securities that are trading at discounts to their intrinsic values, and then hold them until the market recognizes their true worth.

      


  • Charles Brandes' Top Buys During Q4

    Charles Brandes (Trades, Portfolio) founded Brandes Investment Partners in 1974, which manages a variety of global equity and fixed-income assets for investors worldwide.


    Brandes and the firm follow Ben Graham’s value investing approach. Brandes even met the legendary father of value investing at the beginning of his career while working the front desk of a small brokerage firm in California. According to the firm’s website, Brandes’ conversations and correspondence with Graham would solidify his conviction to follow the value investing strategy.

      


  • 3 Undervalued Stocks Using the Peter Lynch Analysis (Part 3)

    From my watch list, these three companies are undervalued based on the Peter Lynch Price Value.


    1) Nu Skin Enterprises Inc (NUS)

      


  • Charles Brandes' 4Q 2014 Commentary - Independent Value Investing: Reflections on an Enduring Strategy

    Commemorating the firm’s 40th anniversary in 2014 was both an accomplishment and a reaffirmation of Brandes Investment Partners’ commitment to value investing and to our clients. In this Q&A, founder and Chairman Charles H. Brandes, CFA, reflects on this important milestone, how he got started in the business and why value’s relevance remains intact today for long-term focused investors.

      


  • Investors Should Consider Xilinx

    In this article, let's take a look at Xilinx Inc. (NASDAQ:XLNX), a $10.43 billion market cap company that is one of the world's leading suppliers of programmable logic chips and related development system software.


    Market share

      


  • A Leading Latin American Provider of Passenger and Cargo Service

    In this article, let's take a look at Copa Holdings SA (NYSE:CPA), a $4.85 billion market cap company, which operates an airline in Panama providing international service throughout North, South and Central America, as well as an airline in Colombia providing domestic scheduled air service.


    New destinations

      


  • Brandes Sells Portions of His Largest Stakes in Third Quarter

    Value investor Charles Brandes (Trades, Portfolio) found value in parting with portions of four of the 10 largest stakes in his portfolio in the third quarter.


    Brandes, who chairs Brandes Investment Partners, which he founded in 1974, sold portions of his holdings in the top two stakes (by shares) in his portfolio – Petroleo Brasileiro SA Petrobras (NYSE:PBR.A) and America Movil SAB de CV (NYSE:AMX). He also sold portions of his fourth-largest stake – Tim Participacoes SA (NYSE:TSU) – and his sixth-largest stake – Embraer S.A. (NYSE:ERJ).

      


  • Weekly 3-Year Low Highlights: BP, HMC, RRC, TX

    According to GuruFocus' list of 3-year lows, BP PLC, Honda Motor Co Ltd, Range Resources Corp, and Ternium SA have all reached their 3-year lows.


    BP PLC (NYSE:BP) Reached $36.10

      


  • Brandes International Equity Fund Q3 Commentary

    Market Overview


    Most international equity markets, including in Europe and Japan, delivered negative results for the third quarter of 2014.

      


  • Guru Stocks at 52-Week Lows: HSBC, SNY, WBK, DCM, BBVA

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    HSBC Holdings PLC (NYSE:HSBC) reached the 52-week low of $47.78

      


  • BB&T's Bright Future Will Help Growth

    In this article, let's take a look at BB&T Corp (NYSE:BBT), a $27.44 billion market cap company with assets of $187 billion on September 30, 2014. It is the 11th-largest U.S. bank by assets, operating some 1,750 branches, mainly in the Southeast U.S.


    Good outlook

      


  • Guru Stocks at 52-Week Lows: RDS.A, CVX, VZ, T, IBM

    Royal Dutch Shell PLC (NYSE:RDS.A) reached the 52-week low of $65.56


    The prices of Royal Dutch Shell PLC (NYSE:RDS.A) shares have declined to close to the 52-week low of $65.56, which is 21.9% off the 52-week high of $83.42. Royal Dutch Shell PLC is owned by 22 Gurus we are tracking. Among them, eight have added to their positions during the past quarter. 8 reduced their positions.

      


  • Value Investor Charles Brandes Thinks Large Russian Companies Are Unbelievably Cheap

    Charles Brandes (Trades, Portfolio) and Canada go a long way back. The famous money manager’s first client was a Canadian who wintered in California, near Brandes’ headquarters in San Diego.


    Back then, Brandes was not a billionaire investor with his name on a fund company that runs $30 billion (U.S.) in assets, jetting into Toronto for meetings and to speak at a high-profile dinner.

      


  • EMC Corp Increases its Focus on Software

    In this article, let's take a look at EMC Corporation (NYSE:EMC), a $60.82 billion market cap company, which is one of the world's largest suppliers of enterprise storage systems.


    Cash is king

      


  • 5-year lows: Digi Internatinoal, Actuate Corp, Sterling Construction Co Inc, and Bluelinx Holdings Inc.

    According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Digi Internatinoal, Actuate Corp, Sterling Construction Co Inc, and Bluelinx Holdings Inc.


    Digi International (NAS:DGII) Reached $7.35

      


  • A Complete List of Books Written By the Gurus

    Reading the techniques and philosophies of successful portfolio managers can be useful to beginning and seasoned investors alike.


    Many of the investors followed by GuruFocus have penned some of the most influential books in the field. The following is a list of books authored by our gurus. Two of these authors are not current active investors, but are nonetheless essential reading for the value investor — Ben Graham and Peter Lynch.

      


  • Target Is Doing Better Nearly a Year After Security Violation

    Nearly a year has passed since the revelation that a massive security breach exposed personal information of more than 100 million Target (NYSE:TGT) customers. The immediate effect was predictable. Customer traffic flow declined dramatically.


    How is the Minneapolis-based retailer doing now?

      


  • Honda's Risks Don't Scare Me

    In this article, let's take a look at Honda Motor Co Ltd (NYSE:HMC), a $55.31 billion market cap company that is one of the world's largest automobile manufacturers and is the largest manufacturer of motorcycles, which operates in an industry that is so cyclical that in bad times even the best automakers could have problems.


    Some risks

      


  • Honda's Prospects Look Bright

    In this article, let's take a look at Honda Motor Co Ltd (NYSE:HMC), a $56.99 billion market cap company that is one of the world's largest automobile manufacturers and the largest manufacturer of motorcycles. It operates in an industry that is so cyclical that in bad times even the best automakers could have problems.


    Brand and reputation

      


  • Weekly 3-Year Low Highlights: IBM, GLF, XXIA, PBY

    According to GuruFocus list of 3-year lows, International Business Machines Corp, GulfMark Offshore Inc, Ixia, and Pep Boys – Manny Moe & Jack, have all reached their 3-year lows.


    International Business Machines Corp (NYSE:IBM) Reached $162.08

      


  • State Street: A Good Business Model

    In this article, let's take a look at State Street Corporation (NYSE:STT), a $29.10 billion market cap bank holding company with more than $27 trillion of assets under custody and $2 trillion of assets under management. It operates in 26 countries and more than 100 geographic markets worldwide.


    Global reach

      


  • Charles Brandes' Q3 2014 Commentary - China at a Crossroads: Brandes Analyst Insights

    “I hear, I know. I see, I remember. I do, I understand”.~ Confucius


    Brandes first invested indirectly in China more than 20 years ago when the primary way of gaining exposure to this vast and growing country was through investments in conglomerates listed on the Hong Kong Stock Exchange, such as Jardine Matheson, Hutchison Whampoa and Hopewell Holdings.

      


  • Philip Morris Plans to Expand in Emerging Markets

    In this article let's take a look at Philip Morris International Inc. (NYSE:PM), the global tobacco giant that sells cigarettes in over 200 countries, which manufactures and markets the number one cigarette brand: Marlboro.


    Asian Markets

      


  • Guru Stocks at 52-Week Lows: GE, BHP, TOT, BP, GSK

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    General Electric Co (NYSE:GE) Reached the 52-Week Low of $24.27

      


  • These Foreign Stocks Are Likely To Outperform

    Using the GuruFocus All-In-One Screener, I searched for large cap stocks with the highest Piotroski F-Score of 9 that are trading on the international exchanges. The Piotroski F-Score is a system based on the fundamentals of a company. It was developed by Joseph Piotroski who earned his Ph.D. in accounting from the University of Michigan and is now an associate professor of accounting at the Stanford University Graduate School of Business.


    The F-Scores are in a range of 0-9 based on nine different criteria. If the company has positive characteristics for a certain criteria, it receives 1 point and all of the points are added up. Piotroski back-tested his idea and found that buying only the companies that scored the highest (8 or 9) over the 20-year period from 1976 to 1996 led to an average out-performance over the market of 13.4 percent. The resulting stocks have met all of the following criteria, and therefore, have the highest score of 9.

      


  • A Fairly Profitable Midwestern Bank

    In this article, let's take a look at Fifth Third Bancorp (NASDAQ:FITB), a $150.37 billion market cap company, which is a diversified financial services company, based in Cincinnati, which operates 1,340 branches in 12 states, with a focus on Ohio, Michigan and Illinois.


    Return over time

      


  • Why Hedge Fund Guru Charles Brandes Sold Out Total S.A.?

    In this article, let´s consider Total S.A. (NYSE:TOT), a $154.1 billion market cap, which has a trailing P/E ratio that indicates that the stock is relatively undervalued (PE 12.6x vs Industry Median 13.9x).


    So in this article, let's take a look at a model that is applicable to stable, mature, dividend-paying firms and try to find the intrinsic value of the stock. Although the model has a number of characteristics that make it useful and appropriate for many applications, it is by no means the be-all and end-all for valuation. The purpose is to force investors to evaluate different assumptions about growth and future prospects.

      


  • I Will Follow Bruce Berkowitz and Move Away From Chesapeake

    In this article, let´s consider Chesapeake Energy Corporation (NYSE:CHK), a $15.74 billion market cap, which has a trailing P/E ratio that indicates that the stock is relatively undervalued (a PE relatively small when compared to the industry median).


    So in this article, let's take a look at a model that is applicable to stable, mature, dividend-paying firms and try to find the intrinsic value of the stock. Although the model has a number of characteristics that make it useful and appropriate for many applications, it is by no means the be-all and end-all for valuation. The purpose is to force investors to evaluate different assumptions about growth and future prospects.

      


  • Target Corp. A Fairly Valued Stock

    In this article, let´s consider Target Corp. (NYSE:TGT), a $39.84 billion market cap, which has a trailing P/E ratio that indicates that the stock is relatively overvalued (PE 26.3x vs Industry Median 21.7x).


    So in this article, let's take a look at a model that is applicable to stable, mature, dividend-paying firms and try to find the intrinsic value of the stock. Although the model has a number of characteristics that make it useful and appropriate for many applications, it is by no means the be-all and end-all for valuation. The purpose is to force investors to evaluate different assumptions about growth and future prospects.

      


  • Advance Auto Parts: A Decade of High Return on Equity

    In this article, let´s see one of the most important financial ratios applying to stockholders, the best measure of performance for a firm's management: the Return on Equity (ROE), and we are going to analyze it in the case of Advance Auto Parts Inc. (NYSE:AAP).


    ROE is calculated as net income applicable to common shares divided by the average book value of common equity: ROE = Net Income / Av. Book Value

      


  • Can BlackBerry Re-Emerge as a Leading Smartphone Maker?

    In this article, let's take a look at BlackBerry Limited (NASDAQ:BBRY), a $5.24 billion market cap company, which is engaged in the design, manufacture and marketing of wireless solutions for the worldwide mobile communications market.


    Strong competition

      


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