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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Brandes Core Plus Fixed Income Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Underperforming its benchmark. Due to tight credit spreads, sticky inflation, and stress in private credit, the fund is positioned defensively with short duration and a large Treasury cushion."
In Q4 2025, the Brandes Core Plus Fixed Income Fund rose 0.92% (Class I Shares), slightly underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which rose 1.10%. The manager highlights a disconnect between optimistic rate cuts by the Fed and structural macro risks, including a 25% cumulative post-pandemic rise in CPI that has outpaced wage growth. The letter expresses concern over historical complacency in public corporate bond spreads despite early stress warning signs in the private credit market (e.g. Renovo Home Partners write-down to zero). Consequently, the fund continues to tilt into a defensive posture: managing duration roughly 10% shorter than its benchmark, favoring short-maturity corporate bonds with high tangible asset coverage, holding a meaningful allocation of Treasuries for dry powder, and remaining underweight agency MBS.
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