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.
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.
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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.
The Cambiar SMID Fund lagged in a speculative 2025 market that favored non-earning companies, but saw improved relative dynamics in Q4 as capital began rotating back into the fund's core quality value holdings.
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The Cambiar SMID Fund lagged in a speculative 2025 market that favored non-earning companies, but saw improved relative dynamics in Q4 as capital began rotating back into the fund's core quality value holdings.
The Strategy actively repositioned into high-conviction AI infrastructure, resilient Canadian retailers, and structurally superior banks to navigate a heavy value-driven rotation and capitalize on a weakening U.S. dollar.
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The Strategy actively repositioned into high-conviction AI infrastructure, resilient Canadian retailers, and structurally superior banks to navigate a heavy value-driven rotation and capitalize on a weakening U.S. dollar.
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.
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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.
