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.
The company manufactures, distributes and installs home improvement and building products, with emphasis on brand name consumer products and services holding positions in their markets.
The stock is trading with a P/E ratio of 10.79 and has been as high as $28.59 and as low as $19.84 in the past year. It is currently 14.03% below its 52-week high and 23.89% above its 52-week low. According to the DCF calculator, the company currently looks undervalued with a margin of safety 28%.
During the second quarter compared to the same quarter of a year before, gross margins widened from 29.12% to 33.18% and operating (EBITDA) margins rose to 14.67% from 12.74%.
Brian Rogers (Trades, Portfolio) is the main shareholder of the company with 2.1% of outstanding shares followed by Daniel Loeb (Trades, Portfolio) with 1.45% and Richard Pzena (Trades, Portfolio) with 1.37% of outstanding shares.
Brandes increased his stake in Embraer S.A. (ERJ) by 16.40% with an impact of 0.63% on his portfolio.
The company is a manufacturer of commercial aircraft. Its commercial aviation business includes aviation-related services. It designs, develops and manufactures a variety of commercial aircraft.
EBIT margin and EBITDA margins were 6.8% and 11.7% in 2Q15 compared to 10.6% and 14.8% in 2Q14. As a result of aircraft deliveries, coupled with revenues from the company's defense and security business, 2Q15 revenues were $457 million more compared to the first quarter.
The stock is trading with a P/E ratio of 31.20 and has been as high as $39.45 and as low as $23.51 in the past year. It is currently 34.40% below its 52-week high and 11.79% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 110%.
Charles Brandes (Trades, Portfolio) is the main shareholder of the company with 6.27% of outstanding shares followed by James Barrow (Trades, Portfolio) with 2.8% and Ken Fisher (Trades, Portfolio) with 2.05% of outstanding shares.
He increased his stake in Copa Holdings SA (CPA) by 58.41% with an impact of 0.55% on his portfolio.
The company is a Latin American provider of airline passenger and cargo service through its two main operating subsidiaries, Copa Airlines and Copa Colombia.
The stock is trading with a P/E ratio of 11.07 and has been as high as $121.25 and as low as $39.03 in the past year. It is currently 65.71% below its 52-week high and 6.53% above its 52-week low. According to the DCF calculator, the company currently looks undervalued with a margin of safety 58%.
The company reported the second quarter with a 64.7% decrease in adjusted net income compared to 2Q14. Operating income as well had a decrease of 62.5% compared to the same quarter of a year before. These results reflect lower passenger yields mainly driven by the reduction in Venezuelan yields from the transition to all U.S. dollar ticket sales.
Charles Brandes (Trades, Portfolio) is the main shareholder of the company with 3.03% of outstanding shares followed by NWQ Managers (Trades, Portfolio) with 1.27% and James Barrow (Trades, Portfolio) with 0.01% of outstanding shares.
He increased his stake in Shinhan Financial Group Co. Ltd. (SHG) by 609.52% with an impact of 0.51% on his portfolio.
The company provides financial services, including commercial banking, credit card, securities brokerage, life insurance and asset management.
The stock is trading with a P/E ratio of 8.05 and has been as high as $49.02 and as low as $31.75 in the past year. It is currently 32.19% below its 52-week high and 4.69% above its 52-week low. According to the DCF calculator, the company currently looks undervalued with a margin of safety 46%.
Compared to 2Q14, net interest income margins narrowed from 41.73% to 41.37% during the second quarter. Earnings growth from operating margin had improvements from 2.93% YOY in the first quarter to 11.71% YOY in the second quarter. Return on Equality and return on assets had improvement from 1Q15 to 2Q15.
Even here, Charles Brandes (Trades, Portfolio) is the main shareholder of the company with an easy stake of 0.26% of outstanding shares followed by Ken Fisher (Trades, Portfolio) with 0.02% of outstanding shares and Jim Simons (Trades, Portfolio) and Richard Pzena (Trades, Portfolio) that holds 0.01% each one of outstanding shares.
He increased his stake in Merck & Co. Inc. (MRK) by 26.81% with an impact of 0.44% on his portfolio.
The company is a health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures.
The stock is trading with a P/E ratio of 14.47 and has been as high as $63.62 and as low as $45.69 in the past year. It is currently 22.45% below its 52-week high and 7.99% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 2%.
Merck reported the second quarter with non-GAAP EPS of 86 cents, which increased by 62 cents, but worldwide sales decreased by 11%. During this quarter the company made significant progress in two of its most important assets, the KEYTRUDA and hepatitis C programs, and will be fully prepared to take advantage of these potentially breakthrough opportunities.
Vanguard Health Care Fund (Trades, Portfolio) is the main hedge fund of the company with 1.62% of outstanding shares followed by James Barrow (Trades, Portfolio) with 0.91% and Dodge & Cox with 0.88%.
He increased his stake in Telefonica Brasil SA. (VIV) by 25.17% with an impact of 0.44% on his portfolio.
The company provides fixed-line telecommunications services in Sao Paulo under concession agreements granted by the Brazilian government in connection with the restructuring and privatization of the Telebras System.
The stock is trading with a P/E ratio of 10.26 and has been as high as $21.35 and as low as $8.66 in the past year. It is currently 57.42% below its 52-week high and 4.97% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 44%.
During the second quarter the company reported year-on-year growth of 13% in accesses, 12.4% in revenues, 6.8% in OIBDA and 70.4% in net income, in which these results confirm the strength of the new growth cycle initiated the last quarter.
Charles Brandes (Trades, Portfolio) holds 0.71% of outstanding shares of the company. The second shareholder is Daniel Loeb (Trades, Portfolio) with 0.44%, followed by Jeremy Grantham (Trades, Portfolio) with 0.39%.
