Charles Brandes

Charles Brandes

Last Update: 2014-11-12

Number of Stocks: 160
Number of New Stocks: 18

Total Value: $7,543 Mil
Q/Q Turnover: 6%

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

Charles Brandes Watch

  • Telecom Italia's Next Deal

    When Madrid based Telefonica (TEF), which is held by Charles Brandes and Mario Gabelli, decided to take control of Telco, the company which exercises de facto control over Telecom Italia (TI) with its 22.4% stake, it was clear that the over leveraged Italian company would have to do something about its Latin American assets.

    Last month, the former Italian monopoly decided to sell its stake in Telecom Argentina (TEO) to the Mexican investor David Martinez for just about $1 billion. Now, the Brazilian antitrust regulator is telling Telefonica to either reduce its investment in Telecom Italia, which controls TIM Brazil, or sell a stake in its Brazilian business, Vivo. The reason is clear. Vivo and TIM Brazil control over half of the country's mobile market. Most probably, the solution will come from Telecom Italia's side. I think the Milan-based company will finally decide to sell TIM Brazil in order to keep reducing its debt pile. That said, is selling TIM Brazil a good thing for Telecom Italia's shareholders?  


  • Charles Brandes Q3 Commentary - Emerging-Markets Concerns Rising — So Are Select Opportunities

    Uncertainties Create Potentially Attractive Valuations for Stock Pickers

    Executive Summary  


  • Six Sells in Review - The Charles Brandes Third Quarter Update

    The third quarter portfolio of Brandes Investment, managed by Guru Charles Brandes, shows 42 reductions and sellouts combined. The recent Brandes’s portfolio lists 172 stocks, 27 of them new, and a total value at $7.76 billion. The quarter-over-quarter turnover is 5%. The portfolio is weighted with financial services at 20.8%, technology at 19.7% and communication services at 16.6%. Charles Brandes is averaging a return of 9.29% over 12 months. In 2012, he returned 18.54% against the S&P 500’s 15.4%.

    Here’s a review of six of Brandes’s sells, as of Sept. 30, 2013.  


  • Guru Charles Brandes' Third Quarter Top Holdings

    A disciple of value investing Guru Benjamin Graham, Charles Brandes founded Brandes Investment Partners in 1974. Brandes' funds continue to perform well, with both the Global Equity fund and the International Equity fund producing double digit returns over the past year.

    Over the third quarter, Brandes bought 27 new stocks bringing his total number of stocks held to 172. The guru’s portfolio is currently valued at over $7.7 billion.  


  • One Telecom Trade to Consider

    Despite its high leverage and its troubles at its home market, I have liked Madrid-based Telefonica (TEF), which is held by Charles Brandes and David Dreman - for over a year now. The reason was simple: My estimated value for Telefonica was well below its stock's price. The value of its Latin American operations (over 50% of the company's top-line) provided some support for the company's profitability level while its strategy of cutting debt through asset sales (such as the sale of its O2 UK broadband business and 40% of Telefonica Central America) was working even better than I had initially expected. Apparently, the market recognized Telefonica's value since the shares are up by 30% year to date. As a direct result of the surging stock price, Telefonica's price is not as attractive as it used to be. The company now trades at 10.8% 2014 adjusted equity free cash flow yield and 5.7 times EV/EBITDA.

    A Deal with Trans-Atlantic Consequences  


  • The Alchemist’s Way - Charles Brandes High-Impact Sells in Review

    The Gurus can teach us many things. A huge financial loss can be experiential fire. In the alchemical process of smelting inner wealth from outer loss, that fire can transform a mere billionaire into a wise Guru.

    Charles Brandes, for example, demonstrates that it’s not just about money, it’s about character. Not many investors can survive and thrive after free-falling a drop of more than $100 billion in assets under management, but Brandes did, and he is still one of America’s richest. According to Forbes, as of March 2013, Brandes Investment Partners managed around $27.2 billion, a far cry from the firm’s $120 billion six years ago.  


  • Is Now the Time to Go Long BlackBerry?

    After having pre-announced dismal second quarter 2014 results, BlackBerry (BBRY) said it reached a preliminary deal to take the company private for $4.7 billion in cash ($9 per share). The company is indeed in terrible conditions. Second quarter 2014 sales were projected at just $1.6 billion, roughly half consensus of $3.1 billion. Volumes came down by 45% quarter over quarter (qoq) and BB10 hasn’t built any momentum yet. That said, there is a fair price for every asset and somebody has finally made a bid for the entire enterprise. Should you go long BlackBerry now?

    The Preliminary Deal  


  • Go Global for Profits

    Investors often suffer from home-team syndrome. U.S. investors are particularly guilty of looking at only the stocks located in their home markets and ignoring the rest of the world.

    The truth is that while something on the order of 11,000 stocks trade here in the U.S., shares of more than 50,000 companies trade around the world. More than 1,800 companies trade on one of the various U.S. exchanges, giving us unprecedented access to foreign securities.  


  • Industrial Look: Eye on Japan’s Imaging Companies with High Yield

    In the 80s and 90s, it seemed everyone had to own a prized Nikon camera. The digital revolution came along and obliterated much of the demand for film and dark rooms. Then camera technology became universal in smart phones, yet again reorganizing the demand for cameras and how we capture images. Moreover, advances to digital imaging technology translated well beyond cameras to copiers, printers, scanners, microscopes, telescopes and other precision instruments.

    Here’s a look at two long-established Japanese camera and imaging equipment companies in a 52-week low. The companies selected are more than 20% off a 52-week high.  


  • Should You Start Buying European Telecom Companies?

    The European telecom sector, which is extremely competitive, has been operating under great pressure during the past few years. Stiff price competition has shrunk earnings making highly indebted companies such as Telefonica (TEF) or Telecom Italia (TI) lose value faster than ever. The economy did not help either. The European five-year recession also made consumers much more price sensitive making churn jump to all-time highs.

    Now the industry's picture is changing for the best. At a time when the European economy seems to be coming back, the sector is finally consolidating and price-competition has dramatically slowed. Let's analyze my favorite two telecom plays.  


  • Charles Brandes Top Second Quarter Portfolio Changes

    A disciple of value investing Guru Benjamin Graham, Charles Brandes founded Brandes Investment Partners in 1974. Brandes' funds continue to perform well, with both the Global Equity fund and the International Equity fund producing double-digit returns over the past year.

    Over the second quarter, Brandes bought 11 new stocks bringing his total number of stocks held to 169. The guru’s portfolio is currently valued at over $7.9 billion.  


  • Charles Brandes' Top 5 Holdings

    A disciple of value investing Guru Benjamin Graham, Charles Brandes founded Brandes Investment Partners in 1974. Brandes' funds continue to perform well, with both the Global Equity fund and the International Equity fund producing double digit returns over the past year.

    Over the second quarter, Brandes bought 11 new stocks bringing his total number of stocks held to 169. The guru’s portfolio is currently valued at over $7.9 billion.  


  • Charles Brandes - The Market Has Taught Me to Ignore the Market Most of the Time

    Value investor Charles Brandes was interviewed by Business Outlook India:

    Volatility, they say, is a friend of value investors. But the crisis of 2008 proved to be an exception to the rule. Take the case of Charles Brandes, the 70-year-old founder of Brandes Investment Partners, who saw assets under management wilt from an eye-popping $111 billion at the end of 2007 to around $21 billion in a span of five years. But the turn of events has not shaken the confidence of the dyed-in-the-wool value investor, who believes that so long as human nature doesn’t change, value investing will remain an effective long-term investment strategy. Incidentally, Brandes is among the privileged few to have legendary value investor, Benjamin Graham, as a mentor. Their relationship began in 1972 when Graham walked into a brokerage where Brandes worked, wanting to buy a stock. Those initial learnings from Graham have since become the foundation of Brandes’ investment philosophy for the past 39 years. Among the very first to have started investing in emerging markets way back in 1982, Brandes believes that while volatility can distort prices in the near term, the value of a business is eventually reflected in stock prices over the long term.  


  • Five Compelling Reasons to Allocate to Emerging Markets: Brandes Investments

    Many investors are hesitant to allocate a portion of their portfolio to emerging markets, in part due to perceived high risks. Although historically these risks may have presented a barrier, the situation has changed dramatically over the past decade. Emerging markets are no longer the uncharted markets they were in the past—they are advancing economies with growth opportunities and continually improving economic and political conditions.

    Emerging markets may be an attractive investment opportunity now for five compelling reasons:  


  • Ben Graham’s Disciple: Charles H. Brandes

    This is a series on Benjamin Graham’s disciples (direct students in this case), their association with their great master, their investment philosophy, and of course their performance.

    This is basically a beginning of one of our projects, psychological profiling of the legendary value investors, starting with Ben’s disciple with an objective to understand them better from the perspective of their psychological makeup since we believe cognitive psychology or dealing with cognitive biases, not stratospheric IQ give investors an edge over others in investment. The sole purpose of this project is that how investors can takeaway the most out of Graham’s disciples.  


  • Brandes Investment Partners Discusses Euro Debt, Emerging Markets, Japan and Where They Are Finding Value

    Brandes Investment Partners offers their take on virtually all of the most pressing current investing topics: the European debt crisis, emerging markets, volatility, Japan, dividend yields, ETFs and where to find the best value stocks. Some quotes from the interviews:

    . As of February, Japanese market is at the cheapest from price to book, price to sales and price to cash flow in the last 25 years.  


  • Brandes Analyzes: Continuing Uncertainty in Global Equity Markets

    Long-Term Investors Could Benefit from Holding Undervalued Equities Today
    Macroeconomic concerns have remained top of mind among global investors, sending key stock market indices into a volatile trading pattern.  


  • Value Shop Brandes Investment Reports Q2 Portfolio: Buys TEL, CSCO, TAP, WMT, NWLI, GLW, UBS, VIV, PBR.A

    Charles Brandes learned investing from Ben Graham. Probably that is why he is old fashioned with investing. He stays where low valuation is. To understand more about how he and his firm invests, please read the notes we took at the latest Value Investors’ Conference. This is the second quarter portfolio of Brandes Investment. As of 06/30/2011, Brandes Investment owns 185 stocks with a total value of $14.1 billion. These are the details of the buys and sells.

    This is the portfolio chart of Charles Brandes. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.  


  • Value Shop Brandes Investment Reports Q1 Portfolio

    Charles Brandes learned his investment strategy from Ben Graham. He is so old fashioned that he only cares about value, and does not pay much attention to growth. To him, there is such things as value trap. His firm Brandes Investment manages about $100 billion. As of 03/31/2011, Brandes Investment owns 181 stocks with a total value of $14.6 billion. These are the details of the buys and sells.

    To understand more about Charles Brandes, please read GuruFocus’ notes from Annaul Value Investors’ Conference in May.  


  • Value – The New Alternative by Charles Brandes (Notes from Thursday's 8th Value Investors' Conference in Omaha)

    Charles Brandes is the only person who met Ben Graham other than Warren Buffett on our List of Gurus. He gave a presentation at the 8th Value Investor’s Conference at Omaha before the Berkshire Hathaway (BRK.A)(BRK.B) shareholder meeting. More than 172 investors from 20 countries come to Omaha, Neb., on April 28, 2011, for the annual Value Investors’ Conference. The conference was held in L.A. in the previous years, right before the Wesco shareholder meeting. This year it is moved to Omaha. After the conference attendees will be able to join tens of thousands of others at Berkshire’s annual meeting on Saturday.

    The conference is held at the new business school building of the University of Nebraska. The building was sponsored by one of Buffett’s earliest partners before he bought Berkshire. The total amount was $35.5 million.  


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