The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
During the third quarter of 2026, the Brandes Core Plus Fixed Income Fund declined -3.01% net of fees (Class I Shares), outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which fell -3.51%. Year-to-date, the Fund delivered a -2.01% return net of fees, outpacing the benchmark by 90 basis points. Relative outperformance was driven by an underweight position in underperforming agency mortgage-backed securities, favorable corporate credit selection, and term structure positioning, maintaining portfolio duration at approximately 94% of the benchmark (6% shorter) while holding 52.74% of assets in U.S. Treasuries. The fixed income environment was characterized by a severe bond market rout as benchmark Treasury yields jumped to multi-decade highs. Macro headwinds included persistent inflation above central bank targets, substantial federal fiscal deficits, massive corporate capital borrowing to finance artificial intelligence infrastructure, and policy tightening under Federal Reserve Chairman Kevin Warsh. The manager contends that higher yields reflect a healthy normalization following fifteen years of central-bank-suppressed rates rather than an aberration. Portfolio activity remained measured given tight credit spreads. The strategy initiated new debt holdings in Amazon, Oracle, and Sopaipilla Investor LLC—a project finance data center bond supported by Meta credit guarantees—while tendering out of Baxter International and seeing Ford Motor Credit mature. Top corporate positive contributors included Gray Media, Sabre Global, and Organon, partially offset by detractions from US Bank and American National Group.
Maximize long-term total return from income and capital appreciation by focusing on thorough bottom-up credit selection, tangible asset coverage, and defensive term structure positioning.
Going forward, continued upward interest rate movement is likely to have a more muted impact on total returns due to attractive baseline yield cushions, though tight spreads warrant an ongoing defensive posture.
Moderate Conviction Bullish
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