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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in Mondi and National Grid, while exiting long-term holding Tesco."
In Q4 2025, the Brandes International Equity Strategy rose 5.67% net of fees, outperforming its MSCI EAFE Index benchmark (+4.86%) but underperforming the MSCI EAFE Value Index (+7.83%). For the full year 2025, the strategy gained 39.13% net of fees, driven by strong stock selection across emerging markets (e.g., Samsung, Cemex) and European industrials (e.g., Deutsche Post). Detractors during the quarter included beverage firms Pernod Ricard and Budweiser Brewing APAC due to demand headwinds, as well as Alibaba. Brandes initiated three new positions in U.K.-based companies (Mondi, National Grid, Diageo) and divested from Mitsubishi UFJ and Tesco. The portfolio remains positioned with major overweights in consumer staples, consumer discretionary, and health care, while holding underweights in financials and industrials.
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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 Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Growth Outlook
Market outlook remains above average conviction: Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Risk Appetite
Risk appetite posture is above average conviction: Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Forward Guidance
Forward guidance signal: Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Language Signal
Tone analysis indicates above average conviction language: Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
Time Horizon
Investment time horizon reflects a high conviction orientation. Brandes International Equity Strategy outperformed its core benchmark with a strong 39.13% net return in 2025. The fund capitalized on market cyclicality by initiating positions in...
