Brandes Investment Partners portfolio

What changed this quarter

187 positions with a change (16 new, 96 added to, 65 trimmed, 10 sold); also, 1 exited through an acquisition or merger, 1 entered through a spin-off. 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• CNH Industrial+704%more sharesIncreased
  0.2% → 1.7%
• Zoetis+1.0 ppof portfolioNew
  — → 1.0%
• Campbell's+3,689%more sharesIncreased
  under 0.1% → 1.0%
• Micron Technology−99%fewer sharesReduced
  0.9% → under 0.1%
• Kennametal−66%fewer sharesReduced
  1.3% → 0.4%
• Citigroup−32%fewer sharesReduced
  2.0% → 1.6%
• UnitedHealth Group−32%fewer sharesReduced
  1.2% → 1.2%
• Moog−61%fewer sharesReduced
  0.6% → 0.3%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• CAECAE3.2%
• EmbraerEMBJ2.7%
• Mohawk IndustriesMHK2.4%
• Open TextOTEX2.0%
• GrifolsGRFS1.9%
• NICENICE1.8%
• Becton, DickinsonBDX1.8%
• Millicom International CellularTIGO1.8%
• CNH IndustrialCNH1.7%
• MerckMRK1.7%
• CitigroupC1.6%
• Cigna GroupCI1.6%
• AmdocsDOX1.6%
• TextronTXT1.6%
• Bank of AmericaBAC1.5%
• HexcelHXL1.5%
• IconICLR1.4%
• AlphabetGOOG · GOOGL1.3%
• Edgewell Personal CareEPC1.3%
• Wells FargoWFC1.3%
• Arthur J. GallagherAJG1.3%
• PfizerPFE1.3%
• EquifaxEFX1.3%
• SanofiSNY1.2%
• UnitedHealth GroupUNH1.2%
• FedExFDX1.2%
• CVS HealthCVS1.2%
• ProgressivePGR1.2%
• HalliburtonHAL1.2%
• PNC Financial Services GroupPNC1.2%
• ShellSHEL1.2%
• Arch Capital GroupACGL1.0%
• ARLO TechnologiesARLO1.0%
• World KinectWKC1.0%
• Innovex InternationalINVX1.0%
• Campbell'sCPB1.0%
• ZoetisZTS1.0%
• ComcastCMCSA1.0%
• GrahamGHM0.9%
• HCA HealthcareHCA0.9%
• Copa HoldingsCPA0.8%
• Cemex SAB De CVCX0.8%
• Emerson ElectricEMR0.8%
• IngredionINGR0.8%
• GlobantGLOB0.8%
• WestlakeWLK0.8%
• Ingles MarketsIMKTA0.8%
• National GridNGG0.8%
• McKESSONMCK0.7%
• Papa John’s InternationalPZZA0.7%
• Knight-Swift Transportation HoldingsKNX0.7%
• Cognizant Technology SolutionsCTSH0.7%
• Prestige Consumer HealthcarePBH0.7%
• Park AerospacePKE0.7%
• SLBSLB0.7%
• SAPSAP0.7%
• EPAM SystemsEPAM0.7%
• Alibaba Group HoldingBABA0.6%
• JBSJBS0.6%
• Scotts Miracle-GroSMG0.6%
• Ss&c Technologies HoldingsSSNC0.6%
• International Flavors & FragrancesIFF0.6%
• Arrow ElectronicsARW0.6%
• SyscoSYY0.6%
• Molson Coors BeverageTAP0.6%
• Omnicom GroupOMC0.6%
• Orion Group HoldingsORN0.6%
• Taiwan Semiconductor ManufacturingTSM0.6%
• ChevronCVX0.6%
• Willis Towers WatsonWTW0.6%
• America Movil SAB De Cv/AMX0.6%
• FiservFISV0.6%
• GSKGSK0.5%
• EvergyEVRG0.5%
• CortevaCTVA0.5%
• AutoZoneAZO0.5%
• TargetTGT0.5%
• Elanco Animal HealthELAN0.5%
• Takeda PharmaceuticalTAK0.5%
• Joint Stock Company Kaspi.kzKSPI0.5%
• Johnson & JohnsonJNJ0.5%
• Labcorp HoldingsLH0.5%
• KenvueKVUE0.5%
• UBS GroupUBS0.5%
• Foster L BFSTR0.5%
• AmbevABEV0.5%
• KennametalKMT0.4%
• Smith & NephewSNN0.4%
• Cardinal HealthCAH0.4%
• LKQLKQ0.4%
• Koninklijke PhilipsPHG0.4%
• Capital One FinancialCOF0.4%
• Allison Transmission HoldingsALSN0.4%
• DiageoDEO0.4%
• Telefonica BrasilVIV0.4%
• State StreetSTT0.4%
• NeteaseNTES0.3%
• JPMorgan ChaseJPM0.3%
• MoogMOG/A0.3%