
	Charles Brandes 13F
	Brandes Investment

	Last update 2023-02-13	138 Stocks (2 new)
	Value $3.57 Bil	Turnover 3 %
	Top Holdings: ERJ(4.82%) CX(3.53%) WFC(3.28%) CVX(3.07%) CI(2.91%) Portfolio Report

Charles Brandes Profile

Charles Brandes is the founder and former chairman of Brandes Investment Partners. He started the firm in 1974. Before retiring in 2018, he managed multiple portfolios, including the U.S. Equity and Global Equity Funds. He is the author of the book, “Value Investing Today.”
As a leading investment advisory firm specializing in managing a variety of global equity and fixed-income assets for investors worldwide, Brandes was among the first investment firms to invest globally using a value approach.

Charles Brandes Investing Philosophy

As a Benjamin Graham disciple, Brandes’ firm consistently applies classic value investing principles to all the portfolios it manages. It seeks to purchase out-of-favor securities that are trading at discounts to their intrinsic values. It then holds them until the market recognizes their true worth.

Charles Brandes Portfolio and Latest Trades

Ticker
Ticker
CI
GD
ERJ
MRK
UBS
CTSH
MU
TAK
TTE
SHEL
ORI
SAP
GSK
CX
PFE
WFC
NVS
BABA
WPP
E
HMC
PBR.A
CAH
GRFS
VIV
C
TMHC
BAC
FISV
MCK
CVS
MUFG
TIGO
AIG
CMCSA
ENIC
ORAN
SNY
ABEV
FDX
FTI
HAL
CS
DOX
BUD
UL
PHG
TXT
BP
KOF
GOOGL
EMR
BK
HCA
PAHC
TFC
HLN
STT
OMF
AMAT
AVDL
SHG
KMT
BCS
EPC
JCI
JPM
MHK
PKX
AEG
TM
CHK
CVX
CTVA
NWG
DRQ
JNJ
ARLO
WTW
CPA
INT
FLEX
INGR
IXUS
CRH
NWLI
ZTO
GHM
MOG.A
NTGR
OMC
CHNG
FLS
LH
PNC
AZO
TSM
UTHR
CSCO
EGRX

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
CI	Cigna Corp	2022-12-31	Reduce	-1.15%	● 285.73 ($316.43) 339.3	$260.21	-17.77%	Reduce -33.57%	312,916	-158,105
GD	General Dynamics Corp	2022-12-31	Reduce	-1.01%	● 220.53 ($243.94) 255.74	$223.50	-8.38%	Reduce -42.61%	245,315	-182,110
ERJ	Embraer SA	2022-12-31	Reduce	-0.75%	● 8.54 ($10.15) 11	$15.48	52.51%	Reduce -17.42%	15,719,281	-3,316,103
MRK	Merck & Co Inc	2022-12-31	Reduce	-0.72%	● 87.44 ($102.22) 112.12	$104.80	2.52%	Reduce -26.57%	877,678	-317,550
UBS	UBS Group AG	2022-12-31	Reduce	-0.69%	● 13.99 ($17.01) 18.8	$18.99	11.64%	Reduce -93.84%	117,464	-1,790,708
CTSH	Cognizant Technology Solutions Corp	2022-12-31	Add	+0.68%	● 51.96 ($58.65) 63.02	$58.65	0%	Add 105.56%	821,370	421,799
MU	Micron Technology Inc	2022-12-31	Add	+0.60%	● 49.12 ($54.72) 63.1	$61.16	11.77%	Add 109.76%	814,885	426,400
TAK	Takeda Pharmaceutical Co Ltd	2022-12-31	Reduce	-0.60%	● 12.42 ($13.97) 15.62	$16.36	17.11%	Reduce -93.67%	118,420	-1,752,623
TTE	TotalEnergies SE	2022-12-31	Reduce	-0.47%	● 48.32 ($57.08) 63.38	$55.70	-2.42%	Reduce -93.93%	24,936	-385,934
SHEL	Shell PLC	2022-12-31	Reduce	-0.46%	● 50.18 ($55.12) 58.47	$54.57	-1.00%	Reduce -43.49%	455,200	-350,294
ORI	Old Republic International Corp	2022-12-31	Reduce	-0.45%	● 21.4 ($23.45) 24.5	$24.01	2.39%	Reduce -35.14%	1,530,780	-829,278
SAP	SAP SE	2022-12-31	Reduce	-0.45%	● 82.51 ($100.11) 112.03	$123.29	23.15%	Reduce -92.61%	17,164	-215,167
GSK	GSK PLC	2022-12-31	Reduce	-0.44%	● 30 ($33.31) 37.92	$34.38	3.21%	Reduce -96.4%	21,388	-572,391
CX	Cemex SAB de CV	2022-12-31	Reduce	-0.38%	● 3.2 ($4) 4.59	$5.02	25.50%	Reduce -11.95%	31,051,840	-4,213,966
PFE	Pfizer Inc	2022-12-31	Reduce	-0.37%	● 41.75 ($47.94) 54.48	$40.39	-15.75%	Reduce -13.98%	1,979,570	-321,654
WFC	Wells Fargo & Co	2022-12-31	Reduce	-0.37%	● 40.23 ($44.26) 47.95	$36.23	-18.14%	Reduce -11.01%	2,833,167	-350,526
NVS	Novartis AG	2022-12-31	Reduce	-0.36%	● 75.31 ($84.23) 92.53	$83.59	-0.76%	Reduce -90.62%	18,611	-179,904
BABA	Alibaba Group Holding Ltd	2022-12-31	Reduce	-0.35%	● 63.15 ($78.85) 94.17	$86.90	10.21%	Reduce -92.35%	13,816	-166,881
WPP	WPP PLC	2022-12-31	Reduce	-0.35%	● 40.81 ($47.59) 53.67	$56.36	18.43%	Reduce -95.84%	14,388	-331,473
E	Eni SpA	2022-12-31	Reduce	-0.34%	● 21.95 ($26.97) 30.05	$26.31	-2.45%	Reduce -92.39%	50,828	-617,431
HMC	Honda Motor Co Ltd	2022-12-31	Reduce	-0.34%	● 21.67 ($23.16) 24.6	$25.70	10.97%	Reduce -92.87%	46,776	-609,379
PBR.A	Petroleo Brasileiro SA Petrobras	2022-12-31	Reduce	-0.34%	● 8.11 ($10.73) 14.68	$8.70	-18.92%	Reduce -84.05%	226,351	-1,192,871
CAH	Cardinal Health Inc	2022-12-31	Reduce	-0.33%	● 67.86 ($75.98) 80.98	$70.37	-7.38%	Reduce -13.55%	1,194,008	-187,133
GRFS	Grifols SA	2022-12-31	Add	+0.32%	● 5.96 ($7.28) 8.53	$6.85	-5.91%	Add 20.82%	7,716,658	1,329,845
VIV	Telefonica Brasil SA	2022-12-31	Reduce	-0.32%	● 6.92 ($7.47) 8.21	$7.38	-1.20%	Reduce -90.84%	161,814	-1,604,770
C	Citigroup Inc	2022-12-31	Reduce	-0.31%	● 40.45 ($45.43) 50.19	$43.11	-5.11%	Reduce -12.61%	1,948,735	-281,071
TMHC	Taylor Morrison Home Corp	2022-12-31	Reduce	-0.31%	● 23.85 ($27.87) 31.32	$36.78	31.97%	Reduce -61.98%	312,120	-508,855
BAC	Bank of America Corp	2022-12-31	Reduce	-0.30%	● 29.77 ($34.44) 38.41	$27.14	-21.20%	Reduce -11.88%	2,847,531	-384,003
FISV	Fiserv Inc	2022-12-31	Reduce	-0.29%	● 93.7 ($99.59) 105.46	$112.52	12.98%	Reduce -11.55%	903,722	-118,012
MCK	McKesson Corp	2022-12-31	Reduce	-0.29%	● 345.39 ($372.97) 397.58	$346.56	-7.08%	Reduce -11.33%	253,801	-32,415
CVS	CVS Health Corp	2022-12-31	Reduce	-0.28%	● 87.84 ($96.49) 103.79	$73.26	-24.08%	Reduce -12.09%	821,919	-113,043
MUFG	Mitsubishi UFJ Financial Group Inc	2022-12-31	Reduce	-0.25%	● 4.35 ($5.17) 6.69	$6.26	21.08%	Reduce -90.34%	225,424	-2,108,657
TIGO	Millicom International Cellular SA	2022-12-31	Add	+0.24%	● 10.56 ($12.52) 13.95	$17.45	39.38%	Add 25.04%	3,396,711	680,189
AIG	American International Group Inc	2022-12-31	Reduce	-0.24%	● 48.05 ($58.19) 63.63	$47.34	-18.65%	Reduce -11.78%	1,464,485	-195,473
CMCSA	Comcast Corp	2022-12-31	Reduce	-0.23%	● 28.68 ($33.08) 36.71	$35.92	8.59%	Reduce -10.94%	2,446,983	-300,569
ENIC	Enel Chile SA	2022-12-31	Reduce	-0.23%	● 1.36 ($1.84) 2.25	$2.35	27.72%	Reduce -85.07%	1,125,889	-6,415,920
ORAN	Orange SA	2022-12-31	Reduce	-0.23%	● 8.86 ($9.66) 10.28	$11.57	19.77%	Reduce -94.36%	56,622	-947,497
SNY	Sanofi SA	2022-12-31	Reduce	-0.23%	● 38.86 ($43.89) 48.55	$52.61	19.87%	Reduce -36.58%	392,497	-226,346
ABEV	Ambev SA	2022-12-31	Reduce	-0.23%	● 2.72 ($2.91) 3.24	$2.63	-9.62%	Reduce -92.25%	262,295	-3,121,541
FDX	FedEx Corp	2022-12-31	Reduce	-0.22%	● 150.14 ($166.18) 182.22	$217.60	30.94%	Reduce -12.69%	390,547	-56,764
FTI	TechnipFMC PLC	2022-12-31	Reduce	-0.22%	● 8.93 ($11.19) 12.89	$12.51	11.80%	Reduce -32.64%	2,001,904	-970,104
HAL	Halliburton Co	2022-12-31	Reduce	-0.22%	● 26.38 ($35.39) 39.54	$29.60	-16.36%	Reduce -11.46%	2,610,409	-337,755
CS	Credit Suisse Group AG	2022-12-31	Reduce	-0.21%	● 2.99 ($3.89) 4.85	$0.86	-77.86%	Reduce -85.53%	352,020	-2,080,415
DOX	Amdocs Ltd	2022-12-31	Reduce	-0.21%	● 79.01 ($85.06) 90.95	$94.00	10.51%	Reduce -9.42%	978,197	-101,721
BUD	Anheuser-Busch InBev SA/NV	2022-12-31	Reduce	-0.21%	● 44.9 ($53.7) 61.14	$62.18	15.79%	Reduce -90.16%	19,359	-177,431
UL	Unilever PLC	2022-12-31	Reduce	-0.21%	● 43.24 ($47.57) 51.5	$51.39	8.03%	Reduce -90.54%	19,053	-182,367
PHG	Koninklijke Philips NV	2022-12-31	Reduce	-0.20%	● 11.75 ($14.08) 16.47	$16.18	14.91%	Reduce -83.79%	95,099	-491,470
TXT	Textron Inc	2022-12-31	Reduce	-0.20%	● 59.84 ($67.89) 73.57	$67.74	-0.22%	Reduce -16.38%	682,653	-133,736
BP	BP PLC	2022-12-31	Sold Out	-0.20%	● 29.81 ($33.28) 35.9	$35.88	7.81%	Sold Out	0	-268,166
KOF	Coca-Cola Femsa SAB de CV	2022-12-31	Sold Out	-0.20%	● 58.73 ($65.1) 70.16	$78.66	20.83%	Sold Out	0	-127,557
GOOGL	Alphabet Inc	2022-12-31	Add	+0.19%	● 83.43 ($95.03) 104.48	$105.44	10.95%	Add 36.32%	295,699	78,777
EMR	Emerson Electric Co	2022-12-31	Reduce	-0.18%	● 75.54 ($89.89) 98.07	$82.89	-7.79%	Reduce -13.04%	620,439	-93,073
BK	Bank of New York Mellon Corp	2022-12-31	Reduce	-0.18%	● 37.29 ($42.89) 45.9	$42.75	-0.33%	Reduce -14.28%	1,067,964	-177,895
HCA	HCA Healthcare Inc	2022-12-31	Reduce	-0.17%	● 193.26 ($223.97) 244.7	$254.22	13.51%	Reduce -11.43%	268,806	-34,703
PAHC	Phibro Animal Health Corp	2022-12-31	Add	+0.17%	● 12.05 ($13.41) 14.91	$14.68	9.47%	Add 221.57%	639,341	440,521
TFC	Truist Financial Corp	2022-12-31	Reduce	-0.17%	● 40.42 ($43.87) 47.26	$32.89	-25.03%	Reduce -10.71%	1,259,604	-151,100
HLN	Haleon PLC	2022-12-31	Reduce	-0.16%	● 5.96 ($6.8) 8.06	$8.17	20.15%	Reduce -94.4%	59,390	-1,001,232
STT	State Street Corporation	2022-12-31	Reduce	-0.16%	● 60.16 ($73.64) 81.33	$71.65	-2.70%	Reduce -11.75%	755,456	-100,587
OMF	OneMain Holdings Inc	2022-12-31	Reduce	-0.15%	● 30.02 ($35.45) 42.04	$34.34	-3.13%	Reduce -12.26%	1,393,147	-194,690
AMAT	Applied Materials Inc	2022-12-31	Reduce	-0.14%	● 74.41 ($95.95) 111.87	$119.53	24.58%	Reduce -11.4%	504,603	-64,940
AVDL	Avadel Pharmaceuticals PLC	2022-12-31	Reduce	-0.14%	● 5.02 ($7.01) 10	$9.44	34.66%	Reduce -38.69%	1,655,260	-1,044,535
SHG	Shinhan Financial Group Co Ltd	2022-12-31	Reduce	-0.14%	● 23.59 ($26.93) 29.67	$26.55	-1.41%	Reduce -90.53%	25,257	-241,391
KMT	Kennametal Inc	2022-12-31	Reduce	-0.13%	● 21.8 ($24.77) 27.22	$25.76	4.00%	Reduce -74.23%	80,459	-231,736
BCS	Barclays PLC	2022-12-31	Reduce	-0.13%	● 6.05 ($7.29) 8.07	$6.60	-9.47%	Reduce -93.92%	51,459	-794,523
EPC	Edgewell Personal Care Co	2022-12-31	Reduce	-0.12%	● 36.54 ($39.72) 43.21	$41.78	5.19%	Reduce -14.13%	741,173	-121,926
JCI	Johnson Controls International PLC	2022-12-31	Reduce	-0.12%	● 50.44 ($61.18) 68.12	$58.23	-4.82%	Reduce -40.79%	137,956	-95,032
JPM	JPMorgan Chase & Co	2022-12-31	Reduce	-0.12%	● 101.96 ($126.71) 138.18	$124.91	-1.42%	Reduce -11.07%	356,556	-44,393
MHK	Mohawk Industries Inc	2022-12-31	Reduce	-0.12%	● 87.98 ($98.06) 109.8	$95.40	-2.71%	Reduce -10.97%	395,398	-48,700
PKX	POSCO Holdings Inc	2022-12-31	Reduce	-0.12%	● 38.27 ($49.56) 57.06	$61.85	24.80%	Reduce -89.08%	15,882	-129,572
AEG	Aegon NV	2022-12-31	Reduce	-0.12%	● 3.77 ($4.63) 5.14	$4.12	-11.02%	Reduce -88.55%	154,618	-1,196,226
TM	Toyota Motor Corp	2022-12-31	Sold Out	-0.12%	● 132.97 ($139.43) 148.27	$136.65	-1.99%	Sold Out	0	-34,828
CHK	Chesapeake Energy Corp	2022-12-31	Reduce	-0.11%	● 93.63 ($99.07) 104.75	$74.30	-25.00%	Reduce -26.67%	119,755	-43,546
CVX	Chevron Corp	2022-12-31	Reduce	-0.11%	● 151.73 ($174.51) 188.05	$156.06	-10.57%	Reduce -4.49%	610,703	-28,713
CTVA	Corteva Inc	2022-12-31	Reduce	-0.11%	● 58.3 ($63.29) 67.31	$56.84	-10.19%	Reduce -30%	177,682	-76,142
NWG	NatWest Group PLC	2022-12-31	Sold Out	-0.11%	● 4.71 ($5.86) 6.6	$6.43	9.73%	Sold Out	0	-839,162
DRQ	Dril-Quip Inc	2022-12-31	Add	+0.10%	● 20.2 ($23.83) 27.17	$26.95	13.09%	Add 11.36%	1,294,224	132,037
JNJ	Johnson & Johnson	2022-12-31	Reduce	-0.10%	● 160.2 ($172.66) 179.76	$152.65	-11.59%	Reduce -14.85%	129,990	-22,663
ARLO	Arlo Technologies Inc	2022-12-31	Add	+0.10%	● 3.15 ($4.11) 5.29	$5.40	31.39%	Add 102.47%	2,049,129	1,037,041
WTW	Willis Towers Watson PLC	2022-12-31	Reduce	-0.09%	● 201.05 ($228.49) 247.56	$226.22	-0.99%	Reduce -10.29%	155,583	-17,851
CPA	Copa Holdings SA	2022-12-31	Reduce	-0.09%	● 68.63 ($78.68) 88.75	$87.50	11.21%	Reduce -10.66%	418,083	-49,884
INT	World Fuel Services Corp	2022-12-31	Reduce	-0.09%	● 24.17 ($26.86) 28.45	$23.88	-11.09%	Reduce -14.72%	866,630	-149,570
FLEX	Flex Ltd	2022-12-31	Reduce	-0.08%	● 16.87 ($19.91) 23.15	$20.99	5.42%	Reduce -15.32%	1,072,116	-193,957
INGR	Ingredion Inc	2022-12-31	Reduce	-0.08%	● 80.57 ($92.23) 100.45	$100.18	8.62%	Reduce -12.02%	266,636	-36,434
IXUS	iShares Core MSCI Total International Stock ETF	2022-12-31	Sold Out	-0.08%	● 50.14 ($55.44) 59.53	$59.93	8.10%	Sold Out	0	-63,642
CRH	CRH PLC	2022-12-31	Sold Out	-0.08%	● 31.86 ($37.43) 40.67	$48.10	28.51%	Sold Out	0	-96,990
NWLI	National Western Life Group Inc	2022-12-31	Reduce	-0.07%	● 170.25 ($213.26) 292.09	$232.02	8.80%	Reduce -13.58%	103,776	-16,303
ZTO	ZTO Express (Cayman) Inc	2022-12-31	Add	+0.07%	● 16.8 ($22.98) 27	$28.51	24.06%	Add 7.14%	1,362,298	90,745
GHM	Graham Corp	2022-12-31	Reduce	-0.06%	● 7.61 ($9.26) 10.95	$12.99	40.28%	Reduce -22.29%	840,827	-241,230
MOG.A	Moog Inc	2022-12-31	Reduce	-0.06%	● 72.61 ($83.69) 89.24	$97.36	16.33%	Reduce -12.55%	228,540	-32,795
NTGR	Netgear Inc	2022-12-31	Reduce	-0.06%	● 17.54 ($19.7) 21.77	$17.30	-12.18%	Reduce -5.82%	1,891,645	-116,971
OMC	Omnicom Group Inc	2022-12-31	Reduce	-0.06%	● 63.57 ($74.24) 81.59	$87.63	18.04%	Reduce -9.43%	336,904	-35,086
CHNG	Change Healthcare Inc	2022-12-31	Sold Out	-0.06%	● 27.49 ($27.49) 27.49	$27.49	0%	Sold Out	0	-90,225
FLS	Flowserve Corp	2022-12-31	Reduce	-0.05%	● 24.43 ($29.18) 33.11	$31.47	7.85%	Reduce -41.34%	97,871	-68,974
LH	Laboratory Corp of America Holdings	2022-12-31	Reduce	-0.05%	● 204.3 ($227.5) 248.97	$218.41	-4.00%	Reduce -4.9%	195,925	-10,100
PNC	PNC Financial Services Group Inc	2022-12-31	Add	+0.05%	● 146.12 ($157.38) 168.26	$124.15	-21.11%	Add 2.32%	482,246	10,950
AZO	AutoZone Inc	2022-12-31	Reduce	-0.05%	● 2174 ($2416.82) 2579	$2,329.40	-3.62%	Reduce -10.19%	7,893	-896
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2022-12-31	Add	+0.05%	● 60.28 ($72.34) 82.98	$92.79	28.27%	Add 82.15%	48,995	22,097
UTHR	United Therapeutics Corp	2022-12-31	Reduce	-0.05%	● 205.95 ($252.44) 280.43	$219.94	-12.87%	Reduce -48.94%	9,960	-9,546
CSCO	Cisco Systems Inc	2022-12-31	Reduce	-0.04%	● 39.27 ($45.52) 49.97	$50.51	10.96%	Reduce -12.48%	254,178	-36,230
EGRX	Eagle Pharmaceuticals Inc	2022-12-31	Reduce	-0.04%	● 24.98 ($31.8) 39.73	$26.58	-16.42%	Reduce -11.05%	416,177	-51,680

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