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 Small Cap Value Fund declined 7.68% net of fees in the third quarter of 2026, slightly lagging the Russell 2000 Index decline of 7.23% and trailing the Russell 2000 Value Index return of -4.91%. Year-to-date through September 30, 2026, the fund gained 13.71% net of fees, performing in line with the Russell 2000 Index. Portfolio sector positioning shifted as the allocation to industrials declined to the second-largest sector weighting, while consumer staples expanded. Industrials, consumer staples, and materials represent the strategy's primary active overweights, balanced by notable underweights in financials, health care, real estate, and energy following complete divestments. Macroeconomic crosscurrents during the period included persistent gross margin compression stemming from freight and commodity cost inflation, softer consumer spending, and geopolitical uncertainty that lengthened industrial enterprise decision cycles. Simultaneously, the manager identified an attractive contrarian environment in small-cap enterprise software and IT services, where broad market fears regarding artificial intelligence disruption appeared overstated, creating mispriced opportunities in businesses possessing proprietary data assets and durable client integration. Portfolio activity featured the initiation of new positions in automotive data spin-off Mobility Global, residential REIT Independence Realty Trust, protein producer Pilgrim's Pride, SIGA Technologies, and Phibro Animal Health. The fund also capitalized on share weakness to add to its existing stake in Scotts Miracle-Gro, while fully liquidating holdings in World Kinect, Timken, Fortune Brands Innovations, and MSC Industrial Direct.
The fund seeks long-term capital appreciation by investing in small-cap companies trading at low valuations with strong balance sheets, compelling growth prospects, and durable free cash flow generation.
The manager is optimistic about the potential of value stocks in general and believes the fund remains well positioned from a long-term risk/reward perspective.
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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