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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in IT services. The fund added Sodexo and exited Engie, maintaining conviction in international value opportunities despite increased market volatility from geopolitical and economic uncertainties."
The Brandes International Equity Fund returned 2.59% in Q1 2026, outperforming the MSCI EAFE Index which fell 1.24%. Energy was the strongest contributor, with Petrobras benefiting from higher oil prices amid Middle East geopolitical tensions. AI-related infrastructure spending supported semiconductor names like Samsung Electronics and STMicroelectronics, while pharmaceutical holdings Takeda and Astellas also performed well. However, concerns about AI disruption weighed on traditional IT services companies like Capgemini and enterprise software vendors including SAP and OpenText. The fund initiated a position in Sodexo, viewing the food services company as attractively valued following operational challenges, while exiting Engie after shares approached intrinsic value estimates. The portfolio maintains overweights in healthcare and consumer staples with significant exposure to Europe and select emerging markets. Despite increased market volatility driven by geopolitical uncertainty and economic growth concerns, the managers remain optimistic about international value opportunities and believe the fund is well-positioned for continued rotation toward value and international equities.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Growth Outlook
Market outlook remains moderate conviction: Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Risk Appetite
Risk appetite posture is low conviction: Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Forward Guidance
Forward guidance signal: Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Language Signal
Tone analysis indicates low conviction language: Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in...
