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
The Brandes International Equity Fund returned 3.10% net of fees in the third quarter of 2026, outperforming the MSCI EAFE Index benchmark return of 0.81%, while trailing the MSCI EAFE Value Index return of 4.27%. For the year-to-date period through September 30, 2026, the fund gained 9.56% net of fees, slightly trailing the benchmark's 10.33% advance. Relative performance during the quarter benefited from a sharp rotation within technology away from artificial intelligence infrastructure hardware toward enterprise software and IT services, alongside strong contributions from select emerging-market and pharmaceutical holdings. Macroeconomic crosscurrents remained volatile across the year, marked by shifting market leadership, geopolitical conflicts, persistent inflation, and elevated valuation dispersion. While AI-related capital expenditure dominated market momentum earlier in the year, the third quarter saw value factors regain relative strength as investors reassessed hardware disruption risks. In response, the portfolio maintains substantial active weights in health care, consumer staples, and consumer discretionary franchises possessing durable demand and pricing power, while holding defensive underweight allocations in financials, industrials, and hardware technology. Portfolio turnover during the quarter was active. The fund initiated new positions in Brazilian animal-protein producer JBS and Japanese entertainment franchise leader Nintendo, both offering mispriced cash flow generation and margin recovery. Conversely, the manager eliminated South Korean giant Samsung Electronics, Dutch specialty ingredients maker DSM-Firmenich, and German logistics provider DHL after each reached intrinsic value estimates, leaving the portfolio with zero direct exposure to South Korea while reallocating capital into Latin America and China.
Invest in fundamentally sound international businesses trading at substantial discounts to intrinsic value where temporary cyclical, political, or technological concerns provide a margin of safety and long-term capital appreciation potential.
Valuation dispersion across international markets provides patient investors with compelling risk-reward opportunities in companies where near-term cyclical challenges are priced in while long-term cash flow durability remains underappreciated.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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