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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Brandes International Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Brandes International Equity Fund gained 10.42% in Q2, 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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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Growth Outlook
Market outlook remains above average conviction: The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Risk Appetite
Risk appetite posture is above average conviction: The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Forward Guidance
Forward guidance signal: The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Language Signal
Tone analysis indicates above average conviction language: The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Brandes International Equity Fund gained 10.42% in Q2, underperforming the broader EAFE index but beating its value counterpart. The fund completely exited Rolls-Royce, Danone,...
