Brandes Investment Buys Adecoagro SA, PDL BioPharma Inc, Shire PLC, Sells Microsoft Corp, Telefonaktiebolaget L M Ericsson, Companhia Brasileira De Distribuicao

• New Purchases: JCI, ACWX, EEM, GTS,
• Added Positions: ERJ, AGRO, PDLI, YPF, SHPG, AVDL, MCK, TI, VIV, TMHC,
• Reduced Positions: MSFT, ERIC, CBD, ESRX, CLS, MDC, CX, RCII, SNY, GSK,
• Sold Out: OPK,

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

1. Cemex SAB de CV (CX) - 52,792,531 shares, 8.41% of the total portfolio. Shares reduced by 1.78%
2. Embraer SA (ERJ) - 18,005,367 shares, 8.08% of the total portfolio. Shares added by 11.55%
3. Citigroup Inc (C) - 2,194,903 shares, 3.56% of the total portfolio. Shares reduced by 1.47%
4. Pfizer Inc (PFE) - 3,340,003 shares, 3.32% of the total portfolio. Shares reduced by 2.43%
5. YPF SA (YPF) - 7,899,212 shares, 2.76% of the total portfolio. Shares added by 8.02%

Brandes Investment initiated holding in Johnson Controls International PLC. The purchase prices were between $33.32 and $40.01, with an estimated average price of $36.83. The stock is now traded at around $34.35. The impact to a portfolio due to this purchase was 0.09%. The holding were 107,772 shares as of 2018-09-30.

Brandes Investment initiated holding in iShares MSCI ACWI Ex US Index Fund. The purchase prices were between $46.05 and $48.74, with an estimated average price of $47.53. The stock is now traded at around $44.56. The impact to a portfolio due to this purchase was 0.01%. The holding were 12,402 shares as of 2018-09-30.

Brandes Investment initiated holding in Triple-S Management Corp. The purchase prices were between $18.89 and $39.81, with an estimated average price of $27.9. The stock is now traded at around $20.89. The impact to a portfolio due to this purchase was 0.01%. The holding were 22,671 shares as of 2018-09-30.

Brandes Investment initiated holding in iShares MSCI Emerging Index Fund. The purchase prices were between $41.14 and $45.03, with an estimated average price of $43.16. The stock is now traded at around $39.80. The impact to a portfolio due to this purchase was 0.01%. The holding were 14,219 shares as of 2018-09-30.

Brandes Investment added to a holding in Adecoagro SA by 76.67%. The purchase prices were between $7.01 and $9.02, with an estimated average price of $8.08. The stock is now traded at around $7.28. The impact to a portfolio due to this purchase was 0.56%. The holding were 7,712,716 shares as of 2018-09-30.

Brandes Investment added to a holding in PDL BioPharma Inc by 1343.02%. The purchase prices were between $2.28 and $2.63, with an estimated average price of $2.45. The stock is now traded at around $2.86. The impact to a portfolio due to this purchase was 0.21%. The holding were 3,936,719 shares as of 2018-09-30.

Brandes Investment added to a holding in Shire PLC by 139.13%. The purchase prices were between $166.29 and $181.27, with an estimated average price of $173.02. The stock is now traded at around $180.31. The impact to a portfolio due to this purchase was 0.18%. The holding were 76,860 shares as of 2018-09-30.

Brandes Investment added to a holding in Avadel Pharmaceuticals PLC by 27.47%. The purchase prices were between $4.08 and $7.14, with an estimated average price of $5.41. The stock is now traded at around $3.59. The impact to a portfolio due to this purchase was 0.14%. The holding were 6,335,548 shares as of 2018-09-30.

Brandes Investment added to a holding in Taylor Morrison Home Corp by 23.16%. The purchase prices were between $18.04 and $21.97, with an estimated average price of $19.87. The stock is now traded at around $16.04. The impact to a portfolio due to this purchase was 0.1%. The holding were 1,290,037 shares as of 2018-09-30.

Brandes Investment added to a holding in Taiwan Semiconductor Manufacturing Co Ltd by 145.91%. The purchase prices were between $36.39 and $44.89, with an estimated average price of $41.42. The stock is now traded at around $38.07. The impact to a portfolio due to this purchase was 0.05%. The holding were 76,867 shares as of 2018-09-30.

Brandes Investment sold out a holding in OPKO Health Inc. The sale prices were between $3.29 and $6.29, with an estimated average price of $5.27.

Brandes Investment reduced to a holding in Microsoft Corp by 38.72%. The sale prices were between $99.05 and $114.67, with an estimated average price of $108.32. The stock is now traded at around $109.57. The impact to a portfolio due to this sale was -0.51%. Brandes Investment still held 360,050 shares as of 2018-09-30.

Brandes Investment reduced to a holding in Telefonaktiebolaget L M Ericsson by 55.15%. The sale prices were between $7.56 and $9.06, with an estimated average price of $8.2. The stock is now traded at around $9.01. The impact to a portfolio due to this sale was -0.49%. Brandes Investment still held 2,280,462 shares as of 2018-09-30.

Brandes Investment reduced to a holding in Companhia Brasileira De Distribuicao by 68.73%. The sale prices were between $18.18 and $22.94, with an estimated average price of $20.34. The stock is now traded at around $21.54. The impact to a portfolio due to this sale was -0.36%. Brandes Investment still held 358,764 shares as of 2018-09-30.

Brandes Investment reduced to a holding in M.D.C. Holdings Inc by 39.22%. The sale prices were between $28.61 and $33.1, with an estimated average price of $31.27. The stock is now traded at around $28.74. The impact to a portfolio due to this sale was -0.15%. Brandes Investment still held 325,363 shares as of 2018-09-30.

Brandes Investment reduced to a holding in Rent-A-Center Inc by 42.64%. The sale prices were between $14.15 and $14.86, with an estimated average price of $14.7. The stock is now traded at around $14.43. The impact to a portfolio due to this sale was -0.13%. Brandes Investment still held 514,405 shares as of 2018-09-30.

Brandes Investment reduced to a holding in Popular Inc by 91.49%. The sale prices were between $45.18 and $52.68, with an estimated average price of $49.83. The stock is now traded at around $56.01. The impact to a portfolio due to this sale was -0.09%. Brandes Investment still held 8,348 shares as of 2018-09-30.