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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone, and KT&G after realizing intrinsic value targets, redeploying cash into Capgemini and Pernod Ricard."
For the quarter ended June 30, 2025, the Brandes International Equity Fund (Class I) rose 10.42%, underperforming the MSCI EAFE Index (11.78%) but outperforming the MSCI EAFE Value Index (10.11%). Key contributors included STMicroelectronics, TSMC, Cemex, Heidelberg Materials, J Sainsbury, Tesco, and Hana Financial Group. Detractors included healthcare and energy overweights, notably TotalEnergies, Petrobras, Sanofi, Takeda, Alibaba, Budweiser APAC, Kubota, Wilmar, and Swatch. In terms of portfolio activity, the Fund fully exited Rolls-Royce, KT&G, and Danone as they reached their intrinsic value estimates, and added to existing holdings such as Capgemini and Pernod Ricard. The Fund maintains overweights in consumer staples, healthcare, and technology, while holding significant underweights in financials and industrials. Valuation metrics for international value stocks remain near historic discounts relative to growth, supporting a positive mid-to-long term outlook.
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