Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
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.
Full Quick Take
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.
The fund achieved benchmark outperformance in Q2 2025 through strong bottom-up stock selection in tech/AI and an out-of-benchmark high-yield bond allocation, despite navigating major tariff-driven market volatility.
Full Quick Take
The fund achieved benchmark outperformance in Q2 2025 through strong bottom-up stock selection in tech/AI and an out-of-benchmark high-yield bond allocation, despite navigating major tariff-driven market volatility.
