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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Brandes Core Plus Fixed Income Fund | 1.3% | 4.0% | BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP | Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads | The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026. | View | |
| 2025 Q3 | Oct 21, 2025 | Brandes Core Plus Fixed Income Fund | 1.7% | 5.7% | BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP | credit, duration, Fed policy, fixed income, inflation, rates, Treasuries | The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026. | SABR SABR |
View |
| 2025 Q4 | Jan 23, 2026 | Brandes Core Plus Fixed Income Fund | 0.9% | 6.7% | ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN | Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads | Consumer Price Index is approximately 25% higher since COVID pandemic, the highest rise in nearly forty years. Inflation has outpaced wage growth, creating affordability issues. The manager believes inflation will trend higher rather than moving toward the Fed's 2% target. Early warning signs of credit stress in private credit markets with collapses of subprime issuers and private debt markdowns. Goldman Sachs reports 15% of private credit borrowers cannot cover interest costs. The manager questions whether these are isolated events or signs of broader trouble ahead. Fed cut rates by 1.75% since September 2024 with third consecutive reduction in December. The manager believes the market may be underestimating the ultimate neutral fed funds rate and that the last 18 years of unconventional monetary policy may have skewed perceptions of normal rates. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Timothy M. Doyle | Sabre Corp. | Information Technology | Travel Technology | Bull | NASDAQ | Bonds, Collateral, credit quality, deleveraging, Free Cash Flow, Software, Travel | View Pitch |
| Nov 28, 2025 | Fund Letters | Timothy M. Doyle | Sabre Corp. | Information Technology | Travel Technology | Bull | NASDAQ | Bonds, Collateral, credit quality, deleveraging, Free Cash Flow, Software, Travel | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||