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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.

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.



For the details of Charles Brandes's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Charles+Brandes

This is the sector weightings of his portfolio:

Telecommunications 19.8%
Technology 16%
Financials 14.3%
Oil & Gas 13.2%
Health Care 10.4%
Industrials 7.5%
Consumer Services 5.9%
Consumer Goods 4%
Utilities 1.4%
Basic Materials 0.3%


These are the top 5 holdings of Charles Brandes

  1. PFIZER INC. (PFE) - 25,011,973 shares, 3.48% of the total portfolio. Shares reduced by 8.89%
  2. CENTRAIS ELECTRICAS BRASILEIRAS S.A.ELETROBRAS (EBR) - 30,739,759 shares, 3.26% of the total portfolio. Shares reduced by 4.08%
  3. Microsoft Corp. (MSFT) - 16,227,868 shares, 2.82% of the total portfolio. Shares added by 12.34%
  4. TELEFONOS DE MEXICO SA DE CV (TMX) - 20,557,291 shares, 2.57% of the total portfolio. Shares reduced by 7.96%
  5. PETROLEO BRASILEIRO S.A. (PBR.A) - 9,960,308 shares, 2.42% of the total portfolio. Shares added by 0.21%


Added: Western Digital Corp. (WDC)

Charles Brandes added to his holdings in Western Digital Corp. by 40.71%. His purchase prices were between $29.44 and $37.71, with an estimated average price of $33.83. The impact to his portfolio due to this purchase was 0.48%. His holdings were 6,481,640 shares as of 03/31/2011.

Western Digital Corp. designs, develops, manufactures and markets a broad line of hard drives featuring leading-edge technology. Western Digital Corp. has a market cap of $8.42 billion; its shares were traded at around $36.35 with a P/E ratio of 9.8 and P/S ratio of 0.9. Western Digital Corp. had an annual average earnings growth of 40.2% over the past 5 years.

Added: Merck & Co. Inc. (MRK)

Charles Brandes added to his holdings in Merck & Co. Inc. by 45.89%. His purchase prices were between $31.08 and $37.35, with an estimated average price of $33.51. The impact to his portfolio due to this purchase was 0.38%. His holdings were 5,390,083 shares as of 03/31/2011.

Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Merck & Co. Inc. has a market cap of $115.25 billion; its shares were traded at around $37.38 with a P/E ratio of 10.6 and P/S ratio of 2.5. The dividend yield of Merck & Co. Inc. stocks is 4.1%.

Added: Microsoft Corp. (MSFT)

Charles Brandes added to his holdings in Microsoft Corp. by 12.34%. His purchase prices were between $24.78 and $28.87, with an estimated average price of $27.04. The impact to his portfolio due to this purchase was 0.31%. His holdings were 16,227,868 shares as of 03/31/2011.

Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $207.67 billion; its shares were traded at around $24.715 with a P/E ratio of 10.1 and P/S ratio of 3.3. The dividend yield of Microsoft Corp. stocks is 2.6%. Microsoft Corp. had an annual average earnings growth of 12.6% over the past 10 years. GuruFocus rated Microsoft Corp. the business predictability rank of 3-star.

Added: Honda Motor Co. Ltd. (HMC)

Charles Brandes added to his holdings in Honda Motor Co. Ltd. by 65.52%. His purchase prices were between $36.81 and $44.49, with an estimated average price of $41.14. The impact to his portfolio due to this purchase was 0.22%. His holdings were 2,201,437 shares as of 03/31/2011.

Honda manufactures a wide range of products, including motorcycles, ATVs, generators, marine engines, lawn and garden equipment and automobiles. Honda Motor Co. Ltd. has a market cap of $68.24 billion; its shares were traded at around $37.86 with a P/E ratio of 11 and P/S ratio of 0.6. The dividend yield of Honda Motor Co. Ltd. stocks is 1.1%.

Added: Masco Corp. (MAS)

Charles Brandes added to his holdings in Masco Corp. by 21.47%. His purchase prices were between $12.66 and $14.77, with an estimated average price of $13.66. The impact to his portfolio due to this purchase was 0.18%. His holdings were 10,908,852 shares as of 03/31/2011.

Masco Corporation is the country's manufacturer of home improvement and building products that bring the highest quality and value to your home and family. Masco Corp. has a market cap of $4.95 billion; its shares were traded at around $13.81 with a P/E ratio of 98.6 and P/S ratio of 0.6. The dividend yield of Masco Corp. stocks is 2.1%.

Added: Crh Public Ltd. Company (CRH)

Charles Brandes added to his holdings in Crh Public Ltd. Company by 65.57%. His purchase prices were between $18.58 and $23.6, with an estimated average price of $21.65. The impact to his portfolio due to this purchase was 0.17%. His holdings were 2,615,686 shares as of 03/31/2011.

CRH plc manufactures cement, concrete products, aggregates, roofing, instulation and other building materials. Crh Public Ltd. Company has a market cap of $16.31 billion; its shares were traded at around $22.99 with and P/S ratio of 0.7. The dividend yield of Crh Public Ltd. Company stocks is 3.8%.

Added: Eli Lilly & Co. (LLY)

Charles Brandes added to his holdings in Eli Lilly & Co. by 9.66%. His purchase prices were between $33.63 and $35.84, with an estimated average price of $34.79. The impact to his portfolio due to this purchase was 0.14%. His holdings were 6,666,826 shares as of 03/31/2011.

Eli Lilly and Company discovers, develops, manufactures, and sells products in one significant business segment -pharmaceutical products. Eli Lilly & Co. has a market cap of $44.81 billion; its shares were traded at around $38.71 with a P/E ratio of 8.1 and P/S ratio of 2. The dividend yield of Eli Lilly & Co. stocks is 5%. Eli Lilly & Co. had an annual average earnings growth of 1.3% over the past 10 years.

Added: Banco Santander Sa (BSBR)

Charles Brandes added to his holdings in Banco Santander Sa by 55.5%. His purchase prices were between $11.17 and $13.69, with an estimated average price of $12.19. The impact to his portfolio due to this purchase was 0.1%. His holdings were 3,209,173 shares as of 03/31/2011.

Banco Santander Sa has a market cap of $22.88 billion; its shares were traded at around $10.85 with a P/E ratio of 1.5 and P/S ratio of 0.8. The dividend yield of Banco Santander Sa stocks is 2.3%.

Added: Bb&t Corp. (BBT)

Charles Brandes added to his holdings in Bb&t Corp. by 13.42%. His purchase prices were between $26.29 and $29.17, with an estimated average price of $27.45. The impact to his portfolio due to this purchase was 0.09%. His holdings were 4,191,239 shares as of 03/31/2011.

BB&T Corporation is a multi-bank holding company. The company offers full-service commercial and retail banking and additional financial services such as insurance, corporate finance, international banking, leasing and trust. Bb&t Corp. has a market cap of $19.01 billion; its shares were traded at around $27.31 with a P/E ratio of 22.4 and P/S ratio of 1.7. The dividend yield of Bb&t Corp. stocks is 2.2%.

Added: The Jones Group Inc. (JNY)

Charles Brandes added to his holdings in The Jones Group Inc. by 883.86%. His purchase prices were between $12.26 and $15.94, with an estimated average price of $13.38. The impact to his portfolio due to this purchase was 0.08%. His holdings were 935,378 shares as of 03/31/2011.

The Jones Group Inc. operates as a global designer, marketer and wholesaler of lifestyle brands across five divisions: apparel, footwear, jeans wear, jewelry and handbags. The Jones Group Inc. has a market cap of $1.16 billion; its shares were traded at around $13.13 with a P/E ratio of 9.2 and P/S ratio of 0.3. The dividend yield of The Jones Group Inc. stocks is 1.6%.

Added: Posco (PKX)

Charles Brandes added to his holdings in Posco by 94.54%. His purchase prices were between $100.5 and $117.57, with an estimated average price of $107.25. The impact to his portfolio due to this purchase was 0.05%. His holdings were 129,325 shares as of 03/31/2011.

POSCO, formerly known as Pohang Iron & Steel Company Ltd. Posco has a market cap of $36.77 billion; its shares were traded at around $105.43 with a P/E ratio of 7.2 and P/S ratio of 0.7. The dividend yield of Posco stocks is 1.8%. Posco had an annual average earnings growth of 13.9% over the past 10 years.

Added: Seagate Technology (STX)

Charles Brandes added to his holdings in Seagate Technology by 275.44%. His purchase prices were between $12.29 and $15.03, with an estimated average price of $13.83. The impact to his portfolio due to this purchase was 0.04%. His holdings were 528,150 shares as of 03/31/2011.

Seagate Technology is the worldwide leader in the design, manufacture and marketing of hard disc drives, providing products for a wide-range of applications, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Branded Solutions. Seagate Technology has a market cap of $7.51 billion; its shares were traded at around $16.57 with a P/E ratio of 10 and P/S ratio of 0.7. The dividend yield of Seagate Technology stocks is 4.3%.

Added: Kb Financial Group Inc (KB)

Charles Brandes added to his holdings in Kb Financial Group Inc by 67.39%. His purchase prices were between $48.02 and $55, with an estimated average price of $51.48. The impact to his portfolio due to this purchase was 0.03%. His holdings were 221,679 shares as of 03/31/2011.

KOOKMIN BANK, formerly KB Financial Group Inc., is a commercial bank in Korea. Kb Financial Group Inc has a market cap of $18.88 billion; its shares were traded at around $48.86 with a P/E ratio of 28.7 and P/S ratio of 0.9. The dividend yield of Kb Financial Group Inc stocks is 0.2%.

Added: Kraft Foods Inc. (KFT)

Charles Brandes added to his holdings in Kraft Foods Inc. by 33.84%. His purchase prices were between $30.49 and $31.84, with an estimated average price of $31.21. The impact to his portfolio due to this purchase was 0.03%. His holdings were 500,861 shares as of 03/31/2011.

Kraft Foods, Inc. is the largest branded food and beverage company headquartered in the U. Kraft Foods Inc. has a market cap of $61.17 billion; its shares were traded at around $34.99 with a P/E ratio of 17 and P/S ratio of 1.2. The dividend yield of Kraft Foods Inc. stocks is 3.4%. Kraft Foods Inc. had an annual average earnings growth of 2.3% over the past 5 years.

Added: Public Service Enterprise Group (PEG)

Charles Brandes added to his holdings in Public Service Enterprise Group by 25.16%. His purchase prices were between $30.32 and $33.12, with an estimated average price of $31.9. The impact to his portfolio due to this purchase was 0.01%. His holdings were 291,807 shares as of 03/31/2011.

Public Service Entertainment Group has been an active participant in the ongoing policy debate on how the energy industry can best contribute to achieving the nation's environmental objectives. Public Service Enterprise Group has a market cap of $17.3 billion; its shares were traded at around $34.18 with a P/E ratio of 10.8 and P/S ratio of 1.4. The dividend yield of Public Service Enterprise Group stocks is 4.1%. Public Service Enterprise Group had an annual average earnings growth of 3.8% over the past 10 years.

Added: China Mobile Ltd. (CHL)

Charles Brandes added to his holdings in China Mobile Ltd. by 108.64%. His purchase prices were between $44.83 and $50.44, with an estimated average price of $48.09. The impact to his portfolio due to this purchase was 0.01%. His holdings were 66,410 shares as of 03/31/2011.

China Mobile offers mobile communications services principally using Global System for Mobile Communications, or GSM, which is a pan-European mobile telephone system based on digital transmission and mobile communications network architecture with roaming capabilities. China Mobile Ltd. has a market cap of $179.39 billion; its shares were traded at around $44.7 with and P/S ratio of 2.5. The dividend yield of China Mobile Ltd. stocks is 3.9%.

Added: Diageo Plc (DEO)

Charles Brandes added to his holdings in Diageo Plc by 226.15%. His purchase prices were between $71.76 and $80.74, with an estimated average price of $76.83. The impact to his portfolio due to this purchase was 0.01%. His holdings were 41,261 shares as of 03/31/2011.

Diageo is an multinational branded food and drinks company. Diageo Plc has a market cap of $52.4 billion; its shares were traded at around $83.76 with and P/S ratio of 3.4. The dividend yield of Diageo Plc stocks is 3%.

Added: Shinhan Financial Group Co.ltd. (SHG)

Charles Brandes added to his holdings in Shinhan Financial Group Co.ltd. by 38.51%. His purchase prices were between $82.76 and $96.54, with an estimated average price of $89.36. The impact to his portfolio due to this purchase was 0.01%. His holdings were 37,624 shares as of 03/31/2011.

Shinhan Financial Group is Korea's largest financial services company. Shinhan Financial Group Co.ltd. has a market cap of $21.1 billion; its shares were traded at around $88.99 with and P/S ratio of 1. The dividend yield of Shinhan Financial Group Co.ltd. stocks is 1.2%.

Added: Cynosure Inc. (CYNO)

Charles Brandes added to his holdings in Cynosure Inc. by 106.12%. His purchase prices were between $10.23 and $14.43, with an estimated average price of $12.15. The impact to his portfolio due to this purchase was 0.01%. His holdings were 79,678 shares as of 03/31/2011.

Cynosure, Inc. develops and markets aesthetic treatment systems that are used by physicians and other practitioners to perform non-invasive procedures to remove hair, treat vascular lesions, rejuvenate skin through the treatment of shallow vascular and pigmented lesions and temporarily reduce the appearance of cellulite. Cynosure Inc. has a market cap of $127.1 million; its shares were traded at around $13.19 with and P/S ratio of 1.6.

New Purchase: Jp Morgan Chase (JPM)

Charles Brandes initiated holdings in Jp Morgan Chase. His purchase prices were between $42.42 and $48, with an estimated average price of $45.34. The impact to his portfolio due to this purchase was 0.09%. His holdings were 279,327 shares as of 03/31/2011.

J.P. Morgan Chase & Co. is a global financial services firm. Jp Morgan Chase has a market cap of $175.27 billion; its shares were traded at around $44 with a P/E ratio of 9.8 and P/S ratio of 1.7. The dividend yield of Jp Morgan Chase stocks is 2.3%.

New Purchase: Procter & Gamble Company (PG)

Charles Brandes initiated holdings in Procter & Gamble Company. His purchase prices were between $59.73 and $66.7, with an estimated average price of $63.31. The impact to his portfolio due to this purchase was 0.07%. His holdings were 168,128 shares as of 03/31/2011.

The Procter & Gamble Company manufactures and markets a broad range of consumer products in many countries throughout the world. Procter & Gamble Company has a market cap of $188.94 billion; its shares were traded at around $67.46 with a P/E ratio of 17.6 and P/S ratio of 2.4. The dividend yield of Procter & Gamble Company stocks is 3.1%. Procter & Gamble Company had an annual average earnings growth of 12.3% over the past 10 years. GuruFocus rated Procter & Gamble Company the business predictability rank of 3.5-star.

New Purchase: Comcast Corp. Special (CMCSK)

Charles Brandes initiated holdings in Comcast Corp. Special. His purchase prices were between $20.81 and $24.33, with an estimated average price of $22.55. The impact to his portfolio due to this purchase was 0.07%. His holdings were 425,229 shares as of 03/31/2011.

Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $69.07 billion; its shares were traded at around $23.89 with a P/E ratio of 17.7 and P/S ratio of 1.8. The dividend yield of Comcast Corp. Special stocks is 1.9%. Comcast Corp. Special had an annual average earnings growth of 14.9% over the past 10 years.

New Purchase: Capitol Federal Financial Inc (CFFN)

Charles Brandes initiated holdings in Capitol Federal Financial Inc. His purchase prices were between $11.2 and $12.64, with an estimated average price of $11.93. The impact to his portfolio due to this purchase was 0.03%. His holdings were 358,700 shares as of 03/31/2011.

Capitol Federal Financial is a federally chartered mid-tier holding company. Capitol Federal Financial Inc has a market cap of $1.98 billion; its shares were traded at around $11.82 with a P/E ratio of 30.8 and P/S ratio of 4.8. The dividend yield of Capitol Federal Financial Inc stocks is 2.6%.

New Purchase: Calmaine Foods Inc. (CALM)

Charles Brandes initiated holdings in Calmaine Foods Inc.. His purchase prices were between $27.21 and $31.58, with an estimated average price of $28.51. The impact to his portfolio due to this purchase was 0.01%. His holdings were 29,025 shares as of 03/31/2011.

Cal-Maine Foods, Inc. is engaged in the production, cleaning, grading, and packaging of fresh shell eggs for sale to shell egg retailers. Calmaine Foods Inc. has a market cap of $674.8 million; its shares were traded at around $28.275 with a P/E ratio of 9.9 and P/S ratio of 0.7. The dividend yield of Calmaine Foods Inc. stocks is 6.7%.

Reduced: Dow Chemical Company (DOW)

Charles Brandes reduced to his holdings in Dow Chemical Company by 88.52%. His sale prices were between $34.14 and $38.76, with an estimated average price of $36.47. The impact to his portfolio due to this sale was -1.54%. Charles Brandes still held 773,943 shares as of 03/31/2011.

Dow Chemical Company is a science and technology company that provides innovative chemical, plastic and agricultural products and services to many essential consumer markets. Dow Chemical Company has a market cap of $43.23 billion; its shares were traded at around $36.85 with a P/E ratio of 15.5 and P/S ratio of 0.8. The dividend yield of Dow Chemical Company stocks is 1.7%.

Reduced: Texas Instruments Inc. (TXN)

Charles Brandes reduced to his holdings in Texas Instruments Inc. by 47.24%. His sale prices were between $32.5 and $36.56, with an estimated average price of $34.57. The impact to his portfolio due to this sale was -1.06%. Charles Brandes still held 4,971,934 shares as of 03/31/2011.

Texas Instruments, Inc. is a global semiconductor company and one of the world's designers and suppliers of digital signal processors and analog integrated circuits, the engines driving the digitization of electronics. Texas Instruments Inc. has a market cap of $40.88 billion; its shares were traded at around $34.97 with a P/E ratio of 13.7 and P/S ratio of 3. The dividend yield of Texas Instruments Inc. stocks is 1.5%. Texas Instruments Inc. had an annual average earnings growth of 7.9% over the past 5 years.

Reduced: Valero Energy Corp. (VLO)

Charles Brandes reduced to his holdings in Valero Energy Corp. by 30.61%. His sale prices were between $23.12 and $30.73, with an estimated average price of $26.86. The impact to his portfolio due to this sale was -1.02%. Charles Brandes still held 11,378,397 shares as of 03/31/2011.

Valero Energy Corporation owns and operates refineries in the United States and Canada with a combined throughput capacity of approximately two million BPD, making it one of the nation's top refiners of petroleum products. Valero Energy Corp. has a market cap of $15.08 billion; its shares were traded at around $26.51 with a P/E ratio of 10.2 and P/S ratio of 0.2. The dividend yield of Valero Energy Corp. stocks is 0.8%. Valero Energy Corp. had an annual average earnings growth of 28.6% over the past 10 years.

Reduced: Alcatellucent (ALU)

Charles Brandes reduced to his holdings in Alcatellucent by 53.14%. His sale prices were between $2.96 and $5.81, with an estimated average price of $4.28. The impact to his portfolio due to this sale was -0.99%. Charles Brandes still held 21,934,775 shares as of 03/31/2011.

Alcatel builds next generation networks, delivering integrated end-to-end voice and data communications solutions to established and new carriers, as well as enterprises and consumers worldwide. Alcatellucent has a market cap of $13.54 billion; its shares were traded at around $5.84 with a P/E ratio of 26.5 and P/S ratio of 0.6.

Reduced: Ubs Ag (UBS)

Charles Brandes reduced to his holdings in Ubs Ag by 77.91%. His sale prices were between $16.32 and $19.94, with an estimated average price of $18.36. The impact to his portfolio due to this sale was -0.95%. Charles Brandes still held 2,175,742 shares as of 03/31/2011.

UBS AG is one of the world's financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change. Ubs Ag has a market cap of $70.61 billion; its shares were traded at around $18.62 with a P/E ratio of 10.3 and P/S ratio of 3.1. Ubs Ag had an annual average earnings growth of 32.8% over the past 10 years.

Reduced: Suntrust Banks Inc. (STI)

Charles Brandes reduced to his holdings in Suntrust Banks Inc. by 95.94%. His sale prices were between $27.97 and $32.53, with an estimated average price of $29.84. The impact to his portfolio due to this sale was -0.47%. Charles Brandes still held 100,229 shares as of 03/31/2011.

SunTrust Banks, Inc. is a commercial banking organization. Suntrust Banks Inc. has a market cap of $15.41 billion; its shares were traded at around $28.77 with a P/E ratio of 56.5 and P/S ratio of 1.5. The dividend yield of Suntrust Banks Inc. stocks is 0.1%.

Reduced: Fifth Third Bancorp (FITB)

Charles Brandes reduced to his holdings in Fifth Third Bancorp by 93.6%. His sale prices were between $13.4 and $15.52, with an estimated average price of $14.48. The impact to his portfolio due to this sale was -0.44%. Charles Brandes still held 356,835 shares as of 03/31/2011.

Fifth Third Bancorp is a registered financial holding company and a multi-bank holding company. Fifth Third Bancorp has a market cap of $11.93 billion; its shares were traded at around $13 with a P/E ratio of 16 and P/S ratio of 1.6. The dividend yield of Fifth Third Bancorp stocks is 1.9%.

Reduced: Regions Financial Corp. (RF)

Charles Brandes reduced to his holdings in Regions Financial Corp. by 52.92%. His sale prices were between $6.88 and $8.02, with an estimated average price of $7.37. The impact to his portfolio due to this sale was -0.24%. Charles Brandes still held 4,212,246 shares as of 03/31/2011.

Regions Financial Corporation is a regional bank holding company and hasbanking-related subsidiaries engaged in mortgage banking, credit life insurance, leasing, and securities brokerage activities with offices in various Southeastern states. Regions Financial Corp. has a market cap of $8.93 billion; its shares were traded at around $7.1 with and P/S ratio of 1.1. The dividend yield of Regions Financial Corp. stocks is 0.6%.

Reduced: Stmicroelectronics N.v. (STM)

Charles Brandes reduced to his holdings in Stmicroelectronics N.v. by 20.44%. His sale prices were between $10.44 and $13.47, with an estimated average price of $12.11. The impact to his portfolio due to this sale was -0.24%. Charles Brandes still held 11,214,944 shares as of 03/31/2011.

STMicroelectronics is a global independent semiconductor company which designs, develops, manufactures and markets a broad range of semiconductor integrated circuits and discrete devices used in a wide variety of microelectronic applications, including telecommunications systems, computer systems, consumer products, automotive products and industrial automation and control systems. Stmicroelectronics N.v. has a market cap of $10.34 billion; its shares were traded at around $11.73 with a P/E ratio of 13.5 and P/S ratio of 1. The dividend yield of Stmicroelectronics N.v. stocks is 2.1%.

Reduced: Embraer S.a. (ERJ)

Charles Brandes reduced to his holdings in Embraer S.a. by 38.85%. His sale prices were between $29.14 and $35.27, with an estimated average price of $32.84. The impact to his portfolio due to this sale was -0.1%. Charles Brandes still held 712,212 shares as of 03/31/2011.

Embraer Air is a customer-oriented company with experience in designing, manufacturing, selling, and supporting aircraft for the world's commercial and defense markets. Embraer S.a. has a market cap of $6.08 billion; its shares were traded at around $32.83 with a P/E ratio of 15.1 and P/S ratio of 1.1.

Reduced: International Flavors (IFF)

Charles Brandes reduced to his holdings in International Flavors by 76.61%. His sale prices were between $54.8 and $62.16, with an estimated average price of $57.5. The impact to his portfolio due to this sale was -0.1%. Charles Brandes still held 73,934 shares as of 03/31/2011.

International Flavors & Fragrances Inc. is a creator and manufacturer of flavor and fragrance products used by other manufacturers to impart or improve flavor or fragrance in a wide variety of consumer products. International Flavors has a market cap of $5.13 billion; its shares were traded at around $63.93 with a P/E ratio of 18 and P/S ratio of 1.9. The dividend yield of International Flavors stocks is 1.7%. International Flavors had an annual average earnings growth of 5% over the past 10 years. GuruFocus rated International Flavors the business predictability rank of 4-star.

Reduced: Mi Developments Inc. (MIM)

Charles Brandes reduced to his holdings in Mi Developments Inc. by 72.84%. His sale prices were between $26.7 and $29.9, with an estimated average price of $27.9. The impact to his portfolio due to this sale was -0.08%. Charles Brandes still held 132,531 shares as of 03/31/2011.

MI Developments Inc. is a real estate operating company engaged in the ownership, management, leasing, development and acquisition of industrial and commercial real estate properties located in North America and Europe. Mi Developments Inc. has a market cap of $1.4 billion; its shares were traded at around $30.4 with and P/S ratio of 3.9. The dividend yield of Mi Developments Inc. stocks is 1.3%.

Reduced: Dst Systems Inc. (DST)

Charles Brandes reduced to his holdings in Dst Systems Inc. by 43.76%. His sale prices were between $44.35 and $52.97, with an estimated average price of $48.8. The impact to his portfolio due to this sale was -0.02%. Charles Brandes still held 91,977 shares as of 03/31/2011.

DST Systems, Inc. provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. Dst Systems Inc. has a market cap of $2.22 billion; its shares were traded at around $47.89 with a P/E ratio of 10.9 and P/S ratio of 0.9. The dividend yield of Dst Systems Inc. stocks is 1.5%. Dst Systems Inc. had an annual average earnings growth of 12.8% over the past 10 years. GuruFocus rated Dst Systems Inc. the business predictability rank of 3.5-star.

Reduced: Magna International (MGA)

Charles Brandes reduced to his holdings in Magna International by 26.27%. His sale prices were between $47.77 and $61.49, with an estimated average price of $54.45. The impact to his portfolio due to this sale was -0.02%. Charles Brandes still held 167,233 shares as of 03/31/2011.

Magna International, Inc. is an independent supplier of original equipment components, assemblies, modules and systems and related tooling for cars and light trucks. Magna International has a market cap of $12.14 billion; its shares were traded at around $49.84 with a P/E ratio of 10.6 and P/S ratio of 0.5. The dividend yield of Magna International stocks is 2%.

Reduced: Nv Energy Inc (NVE)

Charles Brandes reduced to his holdings in Nv Energy Inc by 63.23%. His sale prices were between $13.93 and $14.92, with an estimated average price of $14.52. The impact to his portfolio due to this sale was -0.02%. Charles Brandes still held 89,550 shares as of 03/31/2011.

Sierra Pacific Resources, the holding company for Sierra Pacific Power Company, provide electricity to more than 286,000 customers in the area of northern Nevada and northeastern California, including world-famous Reno and Lake Tahoe. Nv Energy Inc has a market cap of $3.73 billion; its shares were traded at around $15.83 with a P/E ratio of 15.8 and P/S ratio of 1.1. The dividend yield of Nv Energy Inc stocks is 3.1%. Nv Energy Inc had an annual average earnings growth of 6.6% over the past 5 years.

Reduced: Tecumseh Products Company (TECUA)

Charles Brandes reduced to his holdings in Tecumseh Products Company by 40.06%. His sale prices were between $8.58 and $13.52, with an estimated average price of $11.85. The impact to his portfolio due to this sale was -0.01%. Charles Brandes still held 213,902 shares as of 03/31/2011.

Tecumseh Products Company is a full-line, independent global manufacturer of hermetic compressors for air conditioning and refrigeration products, gasoline engines and power train components for lawn and garden applications, and pumps. Tecumseh Products Company has a market cap of $176.5 million; its shares were traded at around $9.55 with and P/S ratio of 0.2.

Reduced: Telus Corp. (TU)

Charles Brandes reduced to his holdings in Telus Corp. by 38.8%. His sale prices were between $43.43 and $48.33, with an estimated average price of $46.43. The impact to his portfolio due to this sale was -0.01%. Charles Brandes still held 19,730 shares as of 03/31/2011.

Telus Corp is the largest telecommunications company in Western Canada and the second largest in the country. Telus Corp. has a market cap of $7.77 billion; its shares were traded at around $52.2 with a P/E ratio of 15.2 and P/S ratio of 0.8. The dividend yield of Telus Corp. stocks is 4%. Telus Corp. had an annual average earnings growth of 22.8% over the past 10 years.

Reduced: Hsbc Holdings Plc (HBC)

Charles Brandes reduced to his holdings in Hsbc Holdings Plc by 49.63%. His sale prices were between $50 and $58.99, with an estimated average price of $54.47. The impact to his portfolio due to this sale was -0.01%. Charles Brandes still held 33,035 shares as of 03/31/2011.

HSBC HOLDINGS is one of the largest banking and financial services organisations in the world. Hsbc Holdings Plc has a market cap of $184.21 billion; its shares were traded at around $52.02 with and P/S ratio of 1.8. The dividend yield of Hsbc Holdings Plc stocks is 3.5%.

Reduced: Rentacenter Inc. (RCII)

Charles Brandes reduced to his holdings in Rentacenter Inc. by 33.65%. His sale prices were between $28.93 and $35.2, with an estimated average price of $32.15. The impact to his portfolio due to this sale was -0.01%. Charles Brandes still held 26,805 shares as of 03/31/2011.

Rent-A-Center operates company owned rent-to-own stores which offer high-quality, durable goods such as consumer electronics, appliances, furniture and accessories to consumers under flexible rental purchase arrangements that allow the customer to obtain ownership of the merchandise at the conclusion of an agreed-upon rental period. Rentacenter Inc. has a market cap of $2.04 billion; its shares were traded at around $32.155 with a P/E ratio of 11.3 and P/S ratio of 0.7. The dividend yield of Rentacenter Inc. stocks is 0.8%. Rentacenter Inc. had an annual average earnings growth of 1.3% over the past 10 years.

Reduced: Qlt Inc. (QLTI)

Charles Brandes reduced to his holdings in Qlt Inc. by 35.45%. His sale prices were between $6.62 and $8.5, with an estimated average price of $7.17. The impact to his portfolio due to this sale was -0.01%. Charles Brandes still held 175,850 shares as of 03/31/2011.

QLT PhotoTherapeutics Inc. is a world leader in the development and commercialization of proprietary pharmaceutical products for use in photodynamic therapy, an emerging field of medicine utilizing light-activated drugs in the treatment of disease. Qlt Inc. has a market cap of $386.3 million; its shares were traded at around $7.55 with and P/S ratio of 8.6.

Sold Out: Te Connectivity Ltd (TEL)

Charles Brandes sold out his holdings in Te Connectivity Ltd. His sale prices were between $32.33 and $38.51, with an estimated average price of $35.87.

TE Connectivity Ltd., formerly known as Tyco Electronics Ltd. Te Connectivity Ltd has a market cap of $16.36 billion; its shares were traded at around $36.73 with a P/E ratio of 12.9 and P/S ratio of 1.3. The dividend yield of Te Connectivity Ltd stocks is 1.7%.

Sold Out: Motorola Inc. (MOT)

Charles Brandes sold out his holdings in Motorola Inc.. His sale prices were between $9.07 and $9.11, with an estimated average price of $9.09.

Motorola, Inc. is a global leader in providing integrated communications solutions and embedded electronic solutions. Motorola Inc. has a market cap of $17.28 billion; its shares were traded at around $9.11 . The dividend yield of Motorola Inc. stocks is 2.5%.

Sold Out: Telecom Argentina S.a. (TEO)

Charles Brandes sold out his holdings in Telecom Argentina S.a.. His sale prices were between $22.96 and $26.92, with an estimated average price of $25.04.

TELECOM ARGENTINA holds a license to provide basic telephone service andfixes telecommunications links in the northern region of the ArgentineRepublic. Telecom Argentina S.a. has a market cap of $4.86 billion; its shares were traded at around $24.68 with a P/E ratio of 9.5 and P/S ratio of 1.3. The dividend yield of Telecom Argentina S.a. stocks is 6.3%. Telecom Argentina S.a. had an annual average earnings growth of 35.8% over the past 5 years.

Sold Out: Tenet Healthcare Corp. (THC)

Charles Brandes sold out his holdings in Tenet Healthcare Corp.. His sale prices were between $6.65 and $7.51, with an estimated average price of $6.96.

Tenet Healthcare Corp. is an investor-owned health care services company. Tenet Healthcare Corp. has a market cap of $3.12 billion; its shares were traded at around $6.42 with a P/E ratio of 20 and P/S ratio of 0.3. Tenet Healthcare Corp. had an annual average earnings growth of 10.9% over the past 5 years.

Sold Out: Marathon Oil Corp. (MRO)

Charles Brandes sold out his holdings in Marathon Oil Corp.. His sale prices were between $37.03 and $52.95, with an estimated average price of $46.55.

Marathon Oil Corporation is an energy company engaged in the worldwide exploration, production and transportation of crude oil and natural gas. Marathon Oil Corp. has a market cap of $36.91 billion; its shares were traded at around $51.92 with a P/E ratio of 10.7 and P/S ratio of 0.5. The dividend yield of Marathon Oil Corp. stocks is 1.9%. Marathon Oil Corp. had an annual average earnings growth of 10.5% over the past 10 years.

Sold Out: Telecomunicacoes Brasileiras S.a. Telebras (TBH)

Charles Brandes sold out his holdings in Telecomunicacoes Brasileiras S.a. Telebras. His sale prices were between $6.65 and $8.21, with an estimated average price of $7.27.

Telecomunicacoes Brasileiras S.a. Telebras has a market cap of $1.89 billion; its shares were traded at around $8.9883 . The dividend yield of Telecomunicacoes Brasileiras S.a. Telebras stocks is 4.8%.

Sold Out: Tesoro Corp. (TSO)

Charles Brandes sold out his holdings in Tesoro Corp.. His sale prices were between $17.98 and $27.76, with an estimated average price of $22.14.

Tesoro was founded in 1968 as a company primarily engaged in petroleum exploration and production. Tesoro Corp. has a market cap of $3.45 billion; its shares were traded at around $24.07 with a P/E ratio of 17 and P/S ratio of 0.2. Tesoro Corp. had an annual average earnings growth of 8.4% over the past 10 years.


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