13F-HR 1 v165870_13fhr.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2009 ------------------ Check here if Amendment |_|; Amendment Number: __ This Amendment (Check only one.): |_| is a restatement. |_| adds new holding entries. Institutional Investment Manager Filing this Report: Name: Brandes Investment Partners, L.P. -------------------------------------------------------------------- Address: 11988 El Camino Real, Suite 500 -------------------------------------------------------------------- San Diego, CA 92130 -------------------------------------------------------------------- Form 13F File Number: 28-5620 -------------------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Adelaide Pund -------------------------------------------------------------------- Title: Head of Compliance -------------------------------------------------------------------- Phone: (858) 755-0239 -------------------------------------------------------------------- Signature, Place, and Date of Signing: /s/ Adelaide Pund San Diego, CA 11/12/09 --------------------------------- ------------------------ ------------- [Signature] [City, State] [Date] Report type (Check only one.): |X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) |_| 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager (s).) |_| 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Report Summary: Number of Other Included Managers: 0 ------------------------------ Form 13F Information Table Entry Total: 221 ------------------------------ Form 13F Information Table Value Total: $ 21,322,056 ------------------------------ (thousands) 13F Holdings Reporting Manager: Brandes Investment Partners Position As of Date: 9/30/2009

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 NAME OF ISSUER TITLE CUSIP VALUE SHRS OR SH/ PR/ INVESTMENT OTHER VOTING AUTHORITY OF CLASS (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ----------------------------------------------------------------------------------------------------------------------------------- AT&T Inc. COMM 00206R102 $390,015 14,439,652 SH Sole 14,439,652 Abington Bancorp Inc. COMM 00350L109 $234 30,180 SH Sole 30,180 AFP Provida COMM 00709P108 $1,488 43,250 SH Sole 43,250 Aegon NV COMM 007924103 $203,032 23,999,047 SH Sole 23,999,047 Alcatel-Lucent COMM 013904305 $314,677 70,084,016 SH Sole 70,084,016 AllianceBernstein Holding LP COMM 01881G106 $367 13,460 SH Sole 13,460 American Electric Power Co Inc. COMM 025537101 $8,832 284,986 SH Sole 284,986 American Express Co COMM 025816109 $148,256 4,373,335 SH Sole 4,373,335 Arbitron Inc COMM 03875Q108 $337 16,210 SH Sole 16,210 Arlington Asset Investment Corp. COMM 041356106 $1,636 3,339,090 SH Sole 3,339,090 ArvinMeritor, Inc. COMM 043353101 $5,232 669,060 SH Sole 669,060 Ashland Inc. COMM 044209104 $824 19,060 SH Sole 19,060 AstraZeneca Plc COMM 046353108 $278,574 6,197,419 SH Sole 6,197,419 BB&T Corporation COMM 054937107 $117,810 4,324,908 SH Sole 4,324,908 BP Plc COMM 055622104 $35,831 673,136 SH Sole 673,136 Bank of America Corp. COMM 060505104 $302,221 17,861,734 SH Sole 17,861,734 Bank of Montreal COMM 063671101 $549 10,890 SH Sole 10,890 Barclays Plc - Spon COMM 06738E204 $88,498 3,743,566 SH Sole 3,743,566 Biovail Corporation COMM 09067J109 $12,668 820,970 SH Sole 820,970 Biovail Corporation COMM 09067J109 $1,746 113,480 SH Sole 113,480 Black and Decker Corporation COMM 091797100 $22,817 492,916 SH Sole 492,916 BorgWarner, Inc. COMM 099724106 $2,774 91,665 SH Sole 91,665 Boston Scientific Corp COMM 101137107 $346,345 32,704,872 SH Sole 32,704,872 Brasil Telecom Part SA Prf COMM 105530109 $208,783 3,917,128 SH Sole 3,917,128 Braskem SA Preferred COMM 105532105 $11,669 926,812 SH Sole 926,812 Briggs & Stratton Corp COMM 109043109 $13,286 684,514 SH Sole 684,514 Bristol-Myers Squibb Co. COMM 110122108 $394,313 17,509,448 SH Sole 17,509,448 British Sky Broadcasting Grp COMM 111013108 $73,227 2,004,575 SH Sole 2,004,575 Brunswick Corp. COMM 117043109 $1,991 166,196 SH Sole 166,196 Callaway Golf Company COMM 131193104 $260 34,185 SH Sole 34,185 Canon, Inc. COMM 138006309 $215,424 5,386,956 SH Sole 5,386,956 Celestica Inc. COMM 15101Q108 $1,134 119,440 SH Sole 119,440 Cemex SA Part. Cert. COMM 151290889 $175,747 13,602,702 SH Sole 13,602,702 Eletrobras COMM 15234Q207 $626,211 40,479,088 SH Sole 40,479,088 Chicopee Bancorp Inc. COMM 168565109 $238 17,980 SH Sole 17,980 Cincinnati Bell Inc COMM 171871106 $1,382 394,972 SH Sole 394,972 Cincinnati Financial Corporation COMM 172062101 $603 23,183 SH Sole 23,183 Cisco Systems, Inc. COMM 17275R102 $215,067 9,136,219 SH Sole 9,136,219 Citigroup Inc. COMM 172967101 $211,159 43,627,902 SH Sole 43,627,902 Kenneth Cole Prod Inc CL- A COMM 193294105 $4,438 442,467 SH Sole 442,467 CIA Saneamento Basico COMM 20441A102 $7,175 189,162 SH Sole 189,162 CIA Paranaense Energ Pfd COMM 20441B407 $1,228 69,660 SH Sole 69,660 Conoco Phillips COMM 20825C104 $2,771 61,370 SH Sole 61,370 Cooper Tire & Rubber Company COMM 216831107 $555 31,593 SH Sole 31,593 Cott Corporation COMM 22163N106 $1,065 144,925 SH Sole 144,925 Cymer Inc. COMM 232572107 $541 13,922 SH Sole 13,922 Cynosure Inc. COMM 232577205 $336 28,877 SH Sole 28,877 D.R. Horton Inc. COMM 23331A109 $5,862 513,742 SH Sole 513,742 Dell, Inc. COMM 24702R101 $464,023 30,407,801 SH Sole 30,407,801 Deutsche Telekom AG COMM 251566105 $382,012 27,965,770 SH Sole 27,965,770 Dillards, Inc. A Shrs COMM 254067101 $20,956 1,486,211 SH Sole 1,486,211 Dow Chemical Co. COMM 260543103 $498,366 19,116,448 SH Sole 19,116,448 E I Du Pont Nemours & Co COMM 263534109 $174,453 5,427,922 SH Sole 5,427,922 Dynegy Inc Cl A Shs COMM 26817G102 $1,168 458,055 SH Sole 458,055 ENI S.p.A. COMM 26874R108 $177,101 3,552,687 SH Sole 3,552,687 EBAY Inc COMM 278642103 $194,243 8,230,631 SH Sole 8,230,631 Edison International COMM 281020107 $9,325 277,685 SH Sole 277,685 Electronics for Imaging, Inc. COMM 286082102 $691 61,355 SH Sole 61,355 Empressa Brasileira De Aero. COMM 29081M102 $32,776 1,428,781 SH Sole 1,428,781 Ericsson (L.M.) Telephone COMM 294821608 $218,320 21,788,385 SH Sole 21,788,385 Ethan Allen Interiors Inc. COMM 297602104 $209 12,640 SH Sole 12,640 FedEx Corp COMM 31428X106 $2,918 38,792 SH Sole 38,792 Fidelity National Financial Inc. COMM 31620R105 $1,316 87,280 SH Sole 87,280 Fifth Third Bancorp COMM 316773100 $201,929 19,933,799 SH Sole 19,933,799 Finisar Corporation COMM 31787A101 $726 73,220 SH Sole 73,220 Finisar Corporation COMM 31787A507 $1,325 136,913 SH Sole 136,913 First American Corporation COMM 318522307 $5,910 182,576 SH Sole 182,576 Fortune Brands Inc. COMM 349631101 $2,918 67,890 SH Sole 67,890 France Telecom SA COMM 35177Q105 $272,053 10,105,987 SH Sole 10,105,987 FUJIFILM Holdings Corp COMM 35958N107 $184,029 6,127,403 SH Sole 6,127,403 Arthur J. Gallagher & Co COMM 363576109 $6,542 268,430 SH Sole 268,430 General Electric Company COMM 369604103 $275,255 16,763,416 SH Sole 16,763,416 GlaxoSmithKline Plc COMM 37733W105 $285,957 7,237,594 SH Sole 7,237,594 Goodyear Tire & Rubber Co COMM 382550101 $325 19,100 SH Sole 19,100 Grupo Televisa SA COMM 40049J206 $3,541 190,496 SH Sole 190,496 HSBC Holdings Plc COMM 404280406 $188,456 3,286,072 SH Sole 3,286,072 Hampden Bancorp Inc COMM 40867E107 $202 18,590 SH Sole 18,590 Harley-Davidson Inc. COMM 412822108 $605 26,320 SH Sole 26,320 Harman Intl Industries, Inc. COMM 413086109 $1,686 49,775 SH Sole 49,775 Health Management Assc. Inc CL A COMM 421933102 $7,150 954,632 SH Sole 954,632 Hewlett-Packard Company COMM 428236103 $10,107 214,082 SH Sole 214,082 Hitachi, Ltd. COMM 433578507 $65,065 2,124,215 SH Sole 2,124,215 Home Bancorp Inc COMM 43689E107 $252 20,737 SH Sole 20,737 The Home Depot, Inc. COMM 437076102 $399,723 15,004,616 SH Sole 15,004,616 Home Federal Bancorp Inc./MD COMM 43710G105 $218 19,050 SH Sole 19,050 Honda Motor Company COMM 438128308 $33,062 1,090,782 SH Sole 1,090,782 Huntsman Corporation COMM 447011107 $6,320 693,702 SH Sole 693,702 Integral Systems Inc COMM 45810H107 $391 56,730 SH Sole 56,730 Intel Corporation COMM 458140100 $460,151 23,513,105 SH Sole 23,513,105 Intl Flavors & Fragrance COMM 459506101 $17,010 448,456 SH Sole 448,456 Intertape Polymer Group Inc COMM 460919103 $6,910 2,607,378 SH Sole 2,607,378 Intertape Polymer Group Inc COMM 460919103 $6,240 2,351,092 SH Sole 2,351,092 Investors Bancorp Inc COMM 46146P102 $280 26,430 SH Sole 26,430 JAKKS Pacific, Inc. COMM 47012E106 $7,605 531,045 SH Sole 531,045 Jones Lang LaSalle Inc COMM 48020Q107 $1,164 24,568 SH Sole 24,568 KB Financial Group Inc COMM 48241A105 $3,872 75,232 SH Sole 75,232 KT Corporation COMM 48268K101 $199,518 11,479,724 SH Sole 11,479,724 KB Home COMM 48666K109 $4,389 264,220 SH Sole 264,220 Kelly Services, Inc. A Shrs COMM 488152208 $556 45,199 SH Sole 45,199 KeyCorp COMM 493267108 $68,380 10,519,996 SH Sole 10,519,996 King Pharmaceuticals, Inc. COMM 495582108 $16,416 1,524,254 SH Sole 1,524,254 Kingsway Financial Svcs Inc. COMM 496904103 $2,517 590,730 SH Sole 590,730 Kingsway Financial Svcs Inc. COMM 496904103 $1,477 347,070 SH Sole 347,070 Korea Electric Power Corp COMM 500631106 $284,461 18,665,389 SH Sole 18,665,389 Kroger Co. COMM 501044101 $75,887 3,676,696 SH Sole 3,676,696 Lam Research Corporation COMM 512807108 $1,823 53,370 SH Sole 53,370 Legacy Bancorp Inc. COMM 52463G105 $253 24,122 SH Sole 24,122 Lennar Corp. Cl A COMM 526057104 $10,232 718,051 SH Sole 718,051 Lennar Corporation B Shs COMM 526057302 $3,000 265,481 SH Sole 265,481 Eli Lilly and Company COMM 532457108 $111,400 3,372,696 SH Sole 3,372,696 Louisiana Pacific Corporation COMM 546347105 $592 88,748 SH Sole 88,748 Lowes Cos Inc COMM 548661107 $27,974 1,335,933 SH Sole 1,335,933 MDS Inc COMM 55269P302 $3,192 389,790 SH Sole 389,790 MDS Inc COMM 55269P302 $1,742 213,360 SH Sole 213,360 MI Developments, Inc SV Cl A COMM 55304X104 $10,380 771,754 SH Sole 771,754 Magna International Cl A COMM 559222401 $62,016 1,458,521 SH Sole 1,458,521 Magna International Cl A COMM 559222401 $2,222 52,300 SH Sole 52,300 Magyar Telekom PLC COMM 559776109 $11,140 506,379 SH Sole 506,379 Makita Corporation Sponsored COMM 560877300 $1,372 43,482 SH Sole 43,482 Marathon Oil Corp COMM 565849106 $6,451 202,220 SH Sole 202,220 Marsh & McLennan Companies, Inc. COMM 571748102 $39,265 1,587,731 SH Sole 1,587,731 Marshall & Ilsley Corp. COMM 571837103 $826 102,359 SH Sole 102,359 Masco Corporation COMM 574599106 $140,032 10,838,357 SH Sole 10,838,357 Merck & Co. COMM 589331107 $46,349 1,465,343 SH Sole 1,465,343 Microsoft Corporation COMM 594918104 $522,630 20,319,981 SH Sole 20,319,981 Micron Technology Inc COMM 595112103 $343,843 41,932,048 SH Sole 41,932,048 Mitsubishi UFJ Financial Grp COMM 606822104 $174,066 32,596,715 SH Sole 32,596,715 Mizuho Financial Group Spon COMM 60687Y109 $136,501 34,645,025 SH Sole 34,645,025 Motorola, Inc. COMM 620076109 $343,962 40,042,195 SH Sole 40,042,195 Movado Group Inc COMM 624580106 $298 20,535 SH Sole 20,535 Natuzzi SpA COMM 63905A101 $5,195 1,945,878 SH Sole 1,945,878 News Corporation Inc. B Shs COMM 65248E104 $14,612 1,221,748 SH Sole 1,221,748 Nippon Tel & Tel Corp (NTT) COMM 654624105 $353,086 15,331,569 SH Sole 15,331,569 Nissan Motor Co., Ltd. COMM 654744408 $87,708 6,470,852 SH Sole 6,470,852 Nokia Oyj COMM 654902204 $245,758 16,809,739 SH Sole 16,809,739 NV Energy Inc COMM 67073Y106 $2,497 215,444 SH Sole 215,444 Officemax Inc. COMM 67622P101 $315 25,005 SH Sole 25,005 Old Republic Intl Corporation COMM 680223104 $16,075 1,319,773 SH Sole 1,319,773 PNC Financial Services Group COMM 693475105 $217,529 4,476,826 SH Sole 4,476,826 Palomar Medical Technologies Inc COMM 697529303 $823 50,753 SH Sole 50,753 Partner Communications Co COMM 70211M109 $2,697 143,310 SH Sole 143,310 J.C. Penney Co., Inc. (Hldg Co) COMM 708160106 $7,040 208,585 SH Sole 208,585 Pfizer Inc. COMM 717081103 $547,582 33,086,555 SH Sole 33,086,555 Portugal Telecom, SGPS, SA COMM 737273102 $262,664 24,756,304 SH Sole 24,756,304 Pulte Homes Inc COMM 745867101 $17,884 1,627,308 SH Sole 1,627,308 QLT Inc. COMM 746927102 $4,176 1,128,725 SH Sole 1,128,725 QLT Inc. COMM 746927102 $1,646 447,540 SH Sole 447,540 Quiksilver Inc COMM 74838C106 $1,773 644,700 SH Sole 644,700 Regions Financial Corporation COMM 7591EP100 $63,465 10,219,854 SH Sole 10,219,854 Rent-A-Center Inc COMM 76009N100 $483 25,560 SH Sole 25,560 Repsol YPF SA COMM 76026T205 $679 25,010 SH Sole 25,010 Royal Bank of Scotland PLC COMM 780097689 $30,611 1,803,854 SH Sole 1,803,854 Ryland Group Inc. COMM 783764103 $480 22,775 SH Sole 22,775 SK Telecom Co. Ltd COMM 78440P108 $336,789 19,300,212 SH Sole 19,300,212 Safeway Inc. COMM 786514208 $363,437 18,429,844 SH Sole 18,429,844 SAIA Inc. COMM 78709Y105 $328 20,393 SH Sole 20,393 Sanmina - SCI Corporation COMM 800907206 $15,583 1,812,012 SH Sole 1,812,012 Sanofi-Aventis SA COMM 80105N105 $392,081 10,611,130 SH Sole 10,611,130 Sara Lee Corporation COMM 803111103 $360,313 32,344,109 SH Sole 32,344,109 Schering-Plough Corp COMM 806605101 $232,280 8,222,291 SH Sole 8,222,291 Sierra Wireless COMM 826516106 $1,952 195,600 SH Sole 195,600 Skyline Corporation COMM 830830105 $453 20,073 SH Sole 20,073 Sony Corporation COMM 835699307 $179,041 6,131,556 SH Sole 6,131,556 Sothebys COMM 835898107 $544 31,590 SH Sole 31,590 Spartech Corporation COMM 847220209 $4,053 376,280 SH Sole 376,280 Stewart Info. Service Corp. COMM 860372101 $760 61,420 SH Sole 61,420 STMicroelectronics NY Shares COMM 861012102 $186,457 19,772,764 SH Sole 19,772,764 SunTrust Banks, Inc. COMM 867914103 $65,641 2,910,897 SH Sole 2,910,897 Superior Industries Intl, Inc. COMM 868168105 $374 26,344 SH Sole 26,344 SUPERVALU, INC. COMM 868536103 $107,044 7,107,860 SH Sole 7,107,860 Tecumseh Products Co. Class B COMM 878895101 $416 36,448 SH Sole 36,448 Tecumseh Products Co. Class A. COMM 878895200 $4,403 388,654 SH Sole 388,654 Tele Norte Leste Part Pref COMM 879246106 $324,182 17,252,877 SH Sole 17,252,877 Telecom Argentina SA COMM 879273209 $73,792 4,614,900 SH Sole 4,614,900 Telecom Co. New Zealand Ltd. COMM 879278208 $52,099 5,438,259 SH Sole 5,438,259 Telecom Italia Spa COMM 87927Y102 $404,251 23,060,512 SH Sole 23,060,512 Telebras Pfd COMM 879287308 $12,601 814,581 SH Sole 814,581 Telefonica S.A. COMM 879382208 $196,580 2,371,003 SH Sole 2,371,003 Telefonos de Mexico L Shrs COMM 879403780 $385,514 22,105,168 SH Sole 22,105,168 Telmex International L Shrs COMM 879690105 $121,256 8,692,211 SH Sole 8,692,211 Telus Corp Non-Voting COMM 87971M202 $2,388 77,000 SH Sole 77,000 Tenet Healthcare Corporation COMM 88033G100 $165,887 28,212,079 SH Sole 28,212,079 Ternium SA COMM 880890108 $2,262 85,040 SH Sole 85,040 Tesoro Corp. COMM 881609101 $7,027 469,091 SH Sole 469,091 Texas Instruments Incorporated COMM 882508104 $460,733 19,448,432 SH Sole 19,448,432 TIM Participacoes Pref SA COMM 88706P106 $81,467 3,311,670 SH Sole 3,311,670 Timberland Company Cl A COMM 887100105 $3,532 253,708 SH Sole 253,708 Tomkins Plc COMM 890030208 $53,573 4,468,180 SH Sole 4,468,180 Toyota Motor Corporation COMM 892331307 $51,812 659,440 SH Sole 659,440 The Travelers Companies, Inc COMM 89417E109 $2,816 57,209 SH Sole 57,209 U.S. Bancorp COMM 902973304 $2,019 92,343 SH Sole 92,343 USG Corp. COMM 903293405 $4,899 285,177 SH Sole 285,177 Unilever PLC COMM 904767704 $3,140 109,494 SH Sole 109,494 Unilever N.V. New York Shrs COMM 904784709 $241,713 8,375,349 SH Sole 8,375,349 Unisys Corp. COMM 909214108 $4,906 1,837,452 SH Sole 1,837,452 UTStarcom Inc COMM 918076100 $370 176,940 SH Sole 176,940 Valassis Communications, Inc. COMM 918866104 $501 28,001 SH Sole 28,001 Valero Energy Corporation COMM 91913Y100 $369,189 19,040,174 SH Sole 19,040,174 Vanguard ETF Financials COMM 92204A405 $318 10,650 SH Sole 10,650 Verizon Communications Inc COMM 92343V104 $360,987 11,925,563 SH Sole 11,925,563 Virtus Investment Partners Inc. COMM 92828Q109 $262 16,794 SH Sole 16,794 Vishay Intertechnology Inc. COMM 928298108 $9,126 1,155,138 SH Sole 1,155,138 Vitran Corp Inc. COMM 92850E107 $1,537 170,366 SH Sole 170,366 Vitran Corp Inc. COMM 92850E107 $1,337 147,740 SH Sole 147,740 Vivo Participacoes S.A. Pfd COMM 92855S200 $129,647 5,134,522 SH Sole 5,134,522 Vodafone Group Plc COMM 92857W209 $10,520 467,564 SH Sole 467,564 Wabash National Corporation COMM 929566107 $1,244 457,425 SH Sole 457,425 Wells Fargo & Company COMM 949746101 $275,776 9,786,215 SH Sole 9,786,215 Whirlpool Corp. COMM 963320106 $31,053 443,869 SH Sole 443,869 Winnebago Industries COMM 974637100 $530 36,030 SH Sole 36,030 Wyeth COMM 983024100 $464,522 9,562,005 SH Sole 9,562,005 Xerox Corporation COMM 984121103 $226,571 29,272,714 SH Sole 29,272,714 Daimler AG COMM D1668R123 $39,610 787,310 SH Sole 787,310 Daimler AG COMM D1668R123 $114,085 2,254,300 SH Sole 2,254,300 Argo Group Int Holdings Ltd. COMM G0464B107 $7,833 232,561 SH Sole 232,561 Willis Group Holdings Limited COMM G96655108 $12,061 427,380 SH Sole 427,380 XL Capital Ltd. COMM G98255105 $105,215 6,026,049 SH Sole 6,026,049 Tyco Electronics Ltd COMM H8912P106 $402,939 18,085,227 SH Sole 18,085,227 Syneron Medical Ltd. COMM M87245102 $14,170 1,241,935 SH Sole 1,241,935 Banco Latinoamericano de Ex COMM P16994132 $34,767 2,444,933 SH Sole 2,444,933 Flextronics Intl Ltd. COMM Y2573F102 $163,460 21,882,211 SH Sole 21,882,211