BI
	Brandes Investment Partners, LP 13F
	Brandes Investment

	Last update 2024-11-14	186 Stocks (6 new)
	Value $8.89 Bil	Turnover 8 %
	Countries: Top Holdings: ERJ(4.06%)CAE(3.10%)WFC(2.56%)FI(2.48%)CMCSA(2.44%) Portfolio Report

Brandes Investment Partners, LP Profile

Brandes Investment Partners, LP was founded by Charles Brandes in 1974. The firm operates several funds, including the U.S. Equity and Global Equity Funds. As a leading investment advisory firm specializing in managing a variety of global equity and fixed-income assets for investors worldwide, Brandes Investment Partners, LP was among the first investment firms to invest globally using a value approach.

Brandes Investment Partners, LP Investing Philosophy

As a Benjamin Graham disciple, Brandes Investments Partners, LP 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.

Brandes Investment Partners, LP Portfolio and Latest Trades

Ticker
Ticker
WTW
GD
CAE
CAE
ERJ
CI
CX
WTW
CX
GD
TFC
CTVA
AMAT
ERJ
DRQ
CAE
SNY
ERJ
INVX
MRK
UBS
FTRE
WFC
CTSH
UBS
ERJ
CTSH
FTI
BAC
HCA
FTRE
BABA
OTEX
TAK
PFE
MU
TAK
ACGL
SAP
SNY
ERJ
NWLI
TSM
DOX
AMAT
MCK
CTVA
TXT
FOX
OTEX
CX
TTE
GSK
CX
SHEL
TTE
SNN
SAP
ORI
HXL
GSK
ORI
SHEL
CMCSA
GRFS
MU
HCA
WPP
WFC
MU
BK
GRFS
ETR
WRB
ORI
CX
DOX
ELAN
MU
KNX
WFC
PNC
PFE
PFE
FDX
JPM
NVS
CMCSA
E
EPC
CAH
CX
KVUE
HMC
BABA
WPP
E
WKC
DOX
HMC

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
WTW	Willis Towers Watson PLC	2023-09-30	Add	+1.65%	● 196.4 ($213.39) 235.08	$310.78	45.64%	Add 201.27%	605,519	404,530
GD	General Dynamics Corp	2023-03-31	Reduce	-1.50%	● 216.75 ($231.05) 248.69	$263.88	14.21%	Reduce -87.93%	29,602	-215,713
CAE	CAE Inc	2024-03-31	Add	+1.43%	● 18.45 ($20.08) 21.46	$23.32	16.11%	Add 10901.94%	5,431,216	5,381,850
CAE	CAE Inc	2024-06-30	Add	+1.29%	● 18.03 ($19.37) 21.1	$23.32	20.37%	Add 103.85%	11,071,485	5,640,269
ERJ	Embraer SA	2024-06-30	Reduce	-1.17%	● 23.79 ($27.07) 30.93	$36.68	35.50%	Reduce -21.75%	12,268,752	-3,409,815
CI	Cigna Corp	2022-12-31	Reduce	-1.15%	● 285.73 ($316.43) 339.3	$284.42	-10.12%	Reduce -33.57%	312,916	-158,105
CX	Cemex SAB de CV	2023-09-30	Reduce	-1.06%	● 6.5 ($7.42) 8.37	$5.54	-25.27%	Reduce -28.34%	18,818,285	-7,442,264
WTW	Willis Towers Watson PLC	2024-09-30	Reduce	-1.06%	● 257.34 ($279.76) 294.53	$310.78	11.09%	Reduce -55.15%	268,502	-330,129
CX	Cemex SAB de CV	2023-06-30	Reduce	-1.02%	● 5.24 ($6.35) 7.3	$5.54	-12.68%	Reduce -24.89%	26,260,549	-8,704,299
GD	General Dynamics Corp	2022-12-31	Reduce	-1.01%	● 220.53 ($243.94) 255.74	$263.88	8.17%	Reduce -42.61%	245,315	-182,110
TFC	Truist Financial Corp	2023-03-31	Reduce	-1.00%	● 30.56 ($43.65) 50.39	$45.58	4.41%	Reduce -65.65%	432,639	-826,965
CTVA	Corteva Inc	2023-12-31	Add	+0.99%	● 43.55 ($47.68) 51.56	$59.44	24.65%	Add 232.89%	1,932,836	1,352,208
AMAT	Applied Materials Inc	2024-03-31	Sold Out	-0.98%	● 149 ($183.46) 212.61	$169.01	-7.87%	Sold Out	0	-399,108
ERJ	Embraer SA	2023-03-31	Add	+0.96%	● 10.66 ($13.31) 16.37	$36.68	175.58%	Add 17.59%	18,484,175	2,764,894
DRQ	Dril-Quip Inc	2024-09-30	Sold Out	-0.85%	● 14.26 ($16.27) 18.59	$15.27	-6.15%	Sold Out	0	-3,732,716
CAE	CAE Inc	2024-09-30	Add	+0.76%	● 16.29 ($17.92) 19.28	$23.32	30.11%	Add 32.69%	14,690,492	3,619,007
SNY	Sanofi SA	2023-03-31	Add	+0.75%	● 45.86 ($48.64) 54.45	$46.55	-4.30%	Add 164.14%	1,036,728	644,231
ERJ	Embraer SA	2022-12-31	Reduce	-0.75%	● 8.54 ($10.15) 11	$36.68	261.38%	Reduce -17.42%	15,719,281	-3,316,103
INVX	Innovex International Inc	2024-09-30	New Buy	+0.74%	● 14.58 ($15.38) 16.41	$13.43	-12.68%	New holding	4,462,382	4,462,382
MRK	Merck & Co Inc	2022-12-31	Reduce	-0.72%	● 87.44 ($102.22) 112.12	$101.93	-0.28%	Reduce -26.57%	877,678	-317,550
UBS	UBS Group AG	2022-12-31	Reduce	-0.69%	● 13.99 ($17.01) 18.8	$31.91	87.57%	Reduce -93.84%	117,464	-1,790,708
FTRE	Fortrea Holdings Inc	2024-09-30	Reduce	-0.69%	● 19.48 ($23.49) 27.92	$19.44	-17.24%	Reduce -98.17%	44,594	-2,393,565
WFC	Wells Fargo & Co	2023-03-31	Add	+0.68%	● 36.23 ($43.59) 48.5	$70.21	61.07%	Add 30.23%	3,689,651	856,484
CTSH	Cognizant Technology Solutions Corp	2022-12-31	Add	+0.68%	● 51.96 ($58.65) 63.02	$79.62	35.75%	Add 105.56%	821,370	421,799
UBS	UBS Group AG	2023-03-31	Add	+0.66%	● 18.2 ($20.86) 22.16	$31.91	52.95%	Add 1240.12%	1,574,155	1,456,691
ERJ	Embraer SA	2024-09-30	Reduce	-0.66%	● 25.9 ($31.72) 36.95	$36.68	15.64%	Reduce -16.72%	10,217,696	-2,051,056
CTSH	Cognizant Technology Solutions Corp	2024-06-30	Add	+0.66%	● 64.26 ($67.8) 71.84	$79.62	17.43%	Add 56.13%	2,191,388	787,808
FTI	TechnipFMC PLC	2023-09-30	Sold Out	-0.65%	● 16.25 ($18.87) 21.41	$30.91	63.80%	Sold Out	0	-1,951,169
BAC	Bank of America Corp	2023-03-31	Add	+0.64%	● 26.97 ($33.01) 36.77	$45.52	37.91%	Add 36.84%	3,896,662	1,049,131
HCA	HCA Healthcare Inc	2023-06-30	Reduce	-0.64%	● 263.68 ($277.79) 303.48	$313.14	12.73%	Reduce -36.03%	202,279	-113,930
FTRE	Fortrea Holdings Inc	2023-09-30	Add	+0.63%	● 25.11 ($29.59) 37	$19.44	-34.30%	Add 483.48%	1,365,068	1,131,114
BABA	Alibaba Group Holding Ltd	2023-03-31	Add	+0.63%	● 81 ($100.17) 120.57	$87.61	-12.54%	Add 2097.26%	303,573	289,757
OTEX	Open Text Corp	2024-09-30	Add	+0.62%	● 28.49 ($31.5) 33.64	$29.63	-5.94%	Add 90.05%	3,487,074	1,652,239
TAK	Takeda Pharmaceutical Co Ltd	2023-03-31	Add	+0.60%	● 15.28 ($15.93) 16.48	$13.45	-15.57%	Add 1435.19%	1,817,972	1,699,552
PFE	Pfizer Inc	2023-12-31	Add	+0.60%	● 26.13 ($30.23) 33.94	$25.57	-15.43%	Add 46.58%	4,334,849	1,377,426
MU	Micron Technology Inc	2022-12-31	Add	+0.60%	● 49.12 ($54.72) 63.1	$101.63	85.72%	Add 109.76%	814,885	426,400
TAK	Takeda Pharmaceutical Co Ltd	2022-12-31	Reduce	-0.60%	● 12.42 ($13.97) 15.62	$13.45	-3.73%	Reduce -93.67%	118,420	-1,752,623
ACGL	Arch Capital Group Ltd	2024-06-30	New Buy	+0.59%	● 89.76 ($97.24) 103.36	$93.90	-3.43%	New holding	476,907	476,907
SAP	SAP SE	2023-03-31	Add	+0.57%	● 103.98 ($117.3) 126.55	$252.95	115.64%	Add 1235.99%	229,310	212,146
SNY	Sanofi SA	2023-12-31	Add	+0.53%	● 43.13 ($48.9) 54.79	$46.55	-4.81%	Add 64.61%	1,770,572	694,957
ERJ	Embraer SA	2024-03-31	Reduce	-0.53%	● 17.1 ($19.85) 27.04	$36.68	84.79%	Reduce -10.72%	15,678,567	-1,883,281
NWLI	National Western Life Group Inc	2023-12-31	Reduce	-0.53%	● 417.19 ($475.72) 486.79	$499.98	5.10%	Reduce -88.33%	8,158	-61,766
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2023-03-31	Add	+0.52%	● 74.03 ($89.76) 97.96	$199.89	122.69%	Add 535.88%	311,551	262,556
DOX	Amdocs Ltd	2024-06-30	Add	+0.52%	● 74.9 ($82.19) 90.23	$87.16	6.05%	Add 31.1%	2,260,811	536,359
AMAT	Applied Materials Inc	2023-09-30	Reduce	-0.51%	● 134.04 ($143.4) 153.99	$169.01	17.86%	Reduce -30.92%	394,139	-176,450
MCK	McKesson Corp	2024-09-30	Add	+0.51%	● 479.06 ($556.84) 630.38	$578.16	3.83%	Add 32.28%	376,309	91,839
CTVA	Corteva Inc	2024-03-31	Add	+0.50%	● 44.41 ($51.65) 57.67	$59.44	15.07%	Add 34.69%	2,603,324	670,488
TXT	Textron Inc	2023-12-31	Add	+0.50%	● 74.36 ($77.54) 80.75	$80.83	4.24%	Add 49.33%	1,235,966	408,290
FOX	Fox Corp	2024-09-30	Sold Out	-0.50%	● 31.8 ($36.05) 38.86	$44.69	23.95%	Sold Out	0	-1,273,492
OTEX	Open Text Corp	2024-06-30	Add	+0.48%	● 27.7 ($32.07) 38.41	$29.63	-7.61%	Add 236.78%	1,834,835	1,290,011
CX	Cemex SAB de CV	2024-03-31	Reduce	-0.48%	● 7.41 ($8.01) 9.01	$5.54	-30.77%	Reduce -22.71%	13,838,965	-4,065,878
TTE	TotalEnergies SE	2022-12-31	Reduce	-0.47%	● 48.32 ($57.08) 63.38	$56.00	-1.89%	Reduce -93.93%	24,936	-385,934
GSK	GSK PLC	2023-03-31	Add	+0.47%	● 33.5 ($34.99) 36.43	$33.92	-3.04%	Add 2900.95%	641,843	620,455
CX	Cemex SAB de CV	2023-03-31	Add	+0.46%	● 4.12 ($5.08) 5.67	$5.54	9.15%	Add 12.6%	34,964,848	3,913,008
SHEL	Shell PLC	2022-12-31	Reduce	-0.46%	● 50.18 ($55.12) 58.47	$63.59	15.37%	Reduce -43.49%	455,200	-350,294
TTE	TotalEnergies SE	2023-03-31	Add	+0.46%	● 55.7 ($61.5) 64.88	$56.00	-8.94%	Add 1471.55%	391,881	366,945
SNN	Smith & Nephew PLC	2023-12-31	New Buy	+0.45%	● 21.55 ($24.78) 27.43	$25.57	3.17%	New holding	1,095,449	1,095,449
SAP	SAP SE	2022-12-31	Reduce	-0.45%	● 82.51 ($100.11) 112.03	$252.95	152.67%	Reduce -92.61%	17,164	-215,167
ORI	Old Republic International Corp	2022-12-31	Reduce	-0.45%	● 21.4 ($23.45) 24.5	$36.80	56.95%	Reduce -35.14%	1,530,780	-829,278
HXL	Hexcel Corp	2024-09-30	New Buy	+0.45%	● 59.34 ($62.86) 69.03	$63.49	1.01%	New holding	653,607	653,607
GSK	GSK PLC	2022-12-31	Reduce	-0.44%	● 30 ($33.31) 37.92	$33.92	1.85%	Reduce -96.4%	21,388	-572,391
ORI	Old Republic International Corp	2023-09-30	Reduce	-0.44%	● 24.97 ($26.98) 28.18	$36.80	36.42%	Reduce -52.08%	795,565	-864,591
SHEL	Shell PLC	2023-03-31	Add	+0.44%	● 53.95 ($58.83) 62.58	$63.59	8.09%	Add 78.79%	813,866	358,666
CMCSA	Comcast Corp	2024-03-31	Add	+0.43%	● 41.24 ($43.14) 46.73	$39.83	-7.67%	Add 22.31%	4,231,023	771,735
GRFS	Grifols SA	2023-12-31	Add	+0.43%	● 7.71 ($9.31) 11.56	$7.33	-21.32%	Add 22.19%	13,516,011	2,454,730
MU	Micron Technology Inc	2024-06-30	Reduce	-0.43%	● 106.77 ($126.02) 153.45	$101.63	-19.36%	Reduce -24.13%	901,550	-286,795
HCA	HCA Healthcare Inc	2023-12-31	Add	+0.43%	● 221.81 ($247.16) 275.85	$313.14	26.70%	Add 50.14%	313,746	104,774
WPP	WPP PLC	2023-03-31	Add	+0.42%	● 50.09 ($58.54) 63.4	$56.17	-4.05%	Add 2330.87%	349,753	335,365
WFC	Wells Fargo & Co	2024-06-30	Reduce	-0.41%	● 56.41 ($59.04) 62.34	$70.21	18.92%	Reduce -12.31%	3,903,281	-547,931
MU	Micron Technology Inc	2023-03-31	Add	+0.41%	● 50.37 ($58.6) 63.87	$101.63	73.42%	Add 39.69%	1,138,343	323,458
BK	Bank of New York Mellon Corp	2023-03-31	Add	+0.40%	● 42.58 ($48.49) 51.92	$79.09	63.11%	Add 38.54%	1,479,603	411,639
GRFS	Grifols SA	2023-03-31	Add	+0.40%	● 6.65 ($8.67) 10.69	$7.33	-15.51%	Add 33.39%	10,293,456	2,576,798
ETR	Entergy Corp	2024-06-30	New Buy	+0.39%	● 50.31 ($53.9) 57.11	$73.95	37.20%	New holding	598,520	299,260
WRB	WR Berkley Corp	2023-06-30	Add	+0.39%	● 37.12 ($39.36) 42.24	$60.85	54.60%	Add 390.17%	614,058	325,856
ORI	Old Republic International Corp	2024-06-30	Reduce	-0.38%	● 28.64 ($30.62) 32.21	$36.80	20.20%	Reduce -97.64%	23,329	-965,411
CX	Cemex SAB de CV	2022-12-31	Reduce	-0.38%	● 3.2 ($4) 4.59	$5.54	38.63%	Reduce -11.95%	31,051,840	-4,213,966
DOX	Amdocs Ltd	2024-03-31	Add	+0.38%	● 87.06 ($91.14) 93.57	$87.16	-4.37%	Add 22.94%	1,724,452	321,806
ELAN	Elanco Animal Health Inc	2023-03-31	Add	+0.38%	● 8.79 ($11.8) 14.58	$12.21	3.47%	Add 1124.34%	2,060,972	1,892,639
MU	Micron Technology Inc	2024-09-30	Add	+0.38%	● 86.27 ($104.58) 136.82	$101.63	-2.83%	Add 35.87%	1,224,904	323,354
KNX	Knight-Swift Transportation Holdings Inc	2024-06-30	New Buy	+0.37%	● 46.23 ($48.96) 54.78	$55.60	13.56%	New holding	606,855	606,855
WFC	Wells Fargo & Co	2022-12-31	Reduce	-0.37%	● 40.23 ($44.26) 47.95	$70.21	58.63%	Reduce -11.01%	2,833,167	-350,526
PNC	PNC Financial Services Group Inc	2023-03-31	Add	+0.37%	● 122.13 ($150.79) 168.82	$200.76	33.14%	Add 28.54%	619,882	137,636
PFE	Pfizer Inc	2023-03-31	Add	+0.37%	● 39.39 ($43.19) 51.26	$25.57	-40.81%	Add 21.82%	2,411,559	431,989
PFE	Pfizer Inc	2022-12-31	Reduce	-0.37%	● 41.75 ($47.94) 54.48	$25.57	-46.67%	Reduce -13.98%	1,979,570	-321,654
FDX	FedEx Corp	2023-03-31	Add	+0.37%	● 177.27 ($203.04) 228.49	$282.51	39.14%	Add 19.63%	467,222	76,675
JPM	JPMorgan Chase & Co	2024-03-31	Reduce	-0.37%	● 167.09 ($180.44) 200.3	$239.96	32.99%	Reduce -28.64%	357,057	-143,275
NVS	Novartis AG	2022-12-31	Reduce	-0.36%	● 75.31 ($84.23) 92.53	$98.28	16.67%	Reduce -90.62%	18,611	-179,904
CMCSA	Comcast Corp	2023-03-31	Add	+0.36%	● 35.28 ($37.81) 41.11	$39.83	5.34%	Add 18.35%	2,895,970	448,987
E	Eni SpA	2023-03-31	Add	+0.36%	● 25.8 ($29.28) 32.03	$27.87	-4.82%	Add 1190.82%	656,096	605,268
EPC	Edgewell Personal Care Co	2023-09-30	Add	+0.36%	● 36.67 ($38.61) 41.7	$35.20	-8.83%	Add 87.4%	1,074,269	501,032
CAH	Cardinal Health Inc	2024-09-30	Reduce	-0.36%	● 93.74 ($104.55) 114.66	$117.92	12.79%	Reduce -22.63%	1,017,656	-297,660
CX	Cemex SAB de CV	2024-09-30	Add	+0.35%	● 5.6 ($6.28) 6.88	$5.54	-11.70%	Add 39.75%	18,122,978	5,155,283
KVUE	Kenvue Inc	2024-06-30	Add	+0.35%	● 17.96 ($19.37) 21.23	$22.12	14.20%	Add 3620.88%	1,615,904	1,572,476
HMC	Honda Motor Co Ltd	2023-03-31	Add	+0.35%	● 23.27 ($25.1) 26.7	$25.46	1.45%	Add 1360.59%	683,207	636,431
BABA	Alibaba Group Holding Ltd	2022-12-31	Reduce	-0.35%	● 63.15 ($78.85) 94.17	$87.61	11.11%	Reduce -92.35%	13,816	-166,881
WPP	WPP PLC	2022-12-31	Reduce	-0.35%	● 40.81 ($47.59) 53.67	$56.17	18.03%	Reduce -95.84%	14,388	-331,473
E	Eni SpA	2022-12-31	Reduce	-0.34%	● 21.95 ($26.97) 30.05	$27.87	3.34%	Reduce -92.39%	50,828	-617,431
WKC	World Kinect Corp	2023-12-31	Add	+0.34%	● 18.14 ($21.01) 23.32	$28.13	33.89%	Add 65.54%	2,520,778	998,019
DOX	Amdocs Ltd	2023-12-31	Add	+0.34%	● 78.69 ($83.32) 88.56	$87.16	4.61%	Add 22.15%	1,402,646	254,304
HMC	Honda Motor Co Ltd	2022-12-31	Reduce	-0.34%	● 21.67 ($23.16) 24.6	$25.46	9.95%	Reduce -92.87%	46,776	-609,379

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