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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategically entering a key position in SMC Corporation."
For the third quarter of 2025, the Brandes International Equity Fund rose 8.11% (Class I), outperforming the MSCI EAFE Index's 4.77% return. Key contributors included emerging market tech holdings (Alibaba, Samsung, TSMC) alongside turnaround and operational improvement stories like Kering and Cemex. French political uncertainty acted as a short-term performance detractor for holdings like Capgemini, Sanofi, and Publicis. In terms of portfolio activity, the Fund initiated a position in Japanese industrial leader SMC Corporation and divested Hana Financial and Heidelberg Materials. Geographically, the Fund continues to emphasize European and select emerging markets, maintaining confidence in its balance of defensive and cyclical exposures.
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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 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Growth Outlook
Market outlook remains above average conviction: Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Risk Appetite
Risk appetite posture is above average conviction: Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Forward Guidance
Forward guidance signal: Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Language Signal
Tone analysis indicates above average conviction language: Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
Time Horizon
Investment time horizon reflects a high conviction orientation. Brandes International Equity Fund gained 8.11% in Q3 2025, outperforming its benchmark by capturing gains in emerging market tech and selective value turnarounds, while strategical...
