Charles Brandes

Charles Brandes

Last Update: 2014-02-10

Number of Stocks: 169
Number of New Stocks: 18

Total Value: $8,103 Mil
Q/Q Turnover: 8%

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

Charles Brandes Watch

  • 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.  


  • Brandes Investment Partners Point of View

    Senior investment professionals at Brandes Investment Partners respond to current questions from clients and candidly discuss our process, holdings, and performance of Brandes portfolios. Below is a list of the topics discussed:


    · What are the portfolios’ greatest strengths and where are we finding value? (4:35)  


  • Brandes Institute On Value vs. Glamour Investing

    MBA programs around the world are still poisoning their students with Efficient Market Hypothesis (EMH) and Capital Asset Pricing Models (CAPM). Despite overwhelming evidence, the proponents of the elegant but wrong theory just would not give in. To them, market is efficient and one cannot have extra gain without assuming extra risk.

    Here is a recent example:  


  • Brandes Institute on Dividend Yield and the Implications of Cash Sitting on Balance Sheets; Top Dividend Yield Stocks: NZT, DTEGY, FTE, VZ, T

    Charles Brandes is Chairman of the Brandes Investment Management, a firm he founded in 1974. The research arm of the firm, the Brandes Institute investigates potential opportunities arising from the influence of behavioral and structural factors on global investing. The Institute’s publications can be found here.

    Recently, The Brandes Institute published a report entitled “Dividend Yield and the Implications of Cash Sitting on Balance Sheets”, writing by Bill Raver.  


  • Charles Brandes on Lessons Learned from Ben Graham; Top Holdings: TEL, PFE, EBR, TXN, MSFT, TMX

    Charles Brandes is Chairman of the Brandes Investment Management, a firm he founded in 1974. He was an acquaintance of Benjamin Graham, the Columbia University professor and widely considered the father of the value investing.

    Dan Richards of Adverisor Perspectives interviewed Charles Brandes on September 17, 2010. GuruFocus has permission to use a few Q&A’s:
    If someone were to ask you, having met with Ben Graham a few times, if there were two or three key things that you took away from those conversations, what would be first on the list?  


  • Charles Brandes on Investing Lessons from Ben Graham

    On September 17, 2010, Dan Richards of Advisor Perspectives interviewed Charles Brandes, of Brandes Investment Partners.

    Brandes met Ben Graham in San Diego where he was working as a stockbroker. Following this encounter, Brandes met with Ben Graham a few times. As a result, Brandes can claim to have learned directly from Ben Graham, making him a member of a very select group. The interview is embedded below:  


  • View on MFC

    S&P lowered their counterparty credit rating from A+ to A....financial strength rating from AA+ to AA...too much appetite for risk  


  • Charles Brandes Buys Archer Daniels Midland Company, Symantec Corp., Corning Inc., Sells Time Warner Cable Inc, Cisco Systems Inc., Harleydavidson Inc.

    Billionaire investor Charles Brandes just reported the portfolio holdings of his firm. These are the details of buys and sells.

    Charles Brandes is the chairman of Brandes Investment Partners. He started the firm in 1974. He manages multiple portfolios including US equity and Global Equity. As of 06/30/2010, Charles Brandes owns 207 stocks with a total value of $15.3 billion. These are the details of the buys and sells.  


  • Charles Brandes: Does Buy and Hold Still Work?

    Does Buy and Hold Still Work? This is the question Brandes Institute trying to answer in their recent research paper. Read the complete research paper by click on Focus-Does Buy and Hold Still Work?

    Also other papers from Brandes Institute:  


  • Value Investing During and After U.S. Recessions: A Historical Perspective

    Since 1926, there have been 15 recessions in the United States (including the Great Depression). These 15 recessions have lasted, on average, 13 months. During these recessions, value stocks tended to perform worse than glamour stocks, falling 5.5% per year on average vs. a 2.5% average decline for glamour stocks.

    Read the complete research by the Brandes Institute  


  • Brandes Institute: Inflation vs. the Value Investors

    The threat of inflation is making some investors cautious about equity markets. They wonder, ‘‘How will it affect my portfolio?’’ Benjamin Graham, widely regarded as the father of value investing, addressed this question in his book, The Intelligent Investor. He wrote, ‘‘There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.’’

    Read the complete article Handout-Inflation vs. the Value Investor  


  • High Growth Charles Brandes Stocks: Valero Energy Corp., SK Telecom Co., Repsol YPF S.A., Barclays PLC, Health Management Associates

    Charles Brandes started the Brandes Investment Partners firm in 1974, and managed $121.7 billion as of September 2007. He manages multiple portfolios including US equity and Global Equity. Charles Brandes 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. As a value investor, Brandes 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 is a disciple of Benjamin Graham. His value equity fund has beaten the market in the past 15 years. His investing discipline has been summarized in his article 10 Core Beliefs: prices fluctuate, have an long term perspective, owning stock is owning the business, don’t let emotions misguide you, focus on the company not on the market, sell when better opportunities come along, “under-performance is inevitable”, and patience is golden.

    His buy & hold brochure shows earnings comparison between short-term “opportunistic” investor with a 1.9% rate of return and the S&P500 with an 8% rate of return for 22 years (page 2). His point is that “the wildness tends to fade overtime”. The market in 2008 & 2009 has been quite volatile. “Stock price fluctuations have been more severe than historical averages…daily price moves of 1%-3%...climbing or falling sharply on a regular basis, investors might be tempted to alter their investment plans. But that can be dangerous. Long-term investors might want to ask themselves if they believe recent levels of volatility will continue or revert toward longer-term averages.” Page 3 & 4 are histogram comparisons of Actual versus Expected rate of returns in the months from year 1926 to 2008 (Exhibit 2 & 3). Clearly, months with 2-5% rate of return were the most frequent; less than 1% of the time did we see 10% or higher returns/losses. Bottom-line, “Market fluctuations certainly can test investors’ long-term conviction,” and the buy-and-hold strategy wins.  


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