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Brandes

Jun 2025 → Jul 2026 · 7 funds

Our archive holds 8 letters from Brandes, behind 8 investment theses and positions in 81 companies. Every quote below is copied verbatim from the letter it came from.

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Brandes’s own letters page
8
Letters
81
Companies
29
Moves
8
Theses

6 strategies

Brandes publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Also filed under Brandes.

What they bought and sold · 29 moves

  • ExitedHyundai Mobis
    June 2026
    “We exited several strong performers, including semiconductor companies Infineon and STMicroelectronics, as well as South Korean auto component manufacturer Hyundai Mobis, which benefited from its ownership in robotics company Boston Dynamics.”
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  • ExitedNutrien
    June 2026
    “We also divested Canadian chemicals business Nutrien and French oil firm TotalEnergies.”
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  • New positionSamsonite Group
    June 2026
    “New additions to the Fund’s portfolio included Japanese hematology business Sysmex and Luxembourg-based luggage manufacturer Samsonite Group.”
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  • ExitedBalfour Beatty
    June 2026
    “Meanwhile, the small cap investment committee exited positions in U.K.-based construction and engineering company Balfour Beatty and uranium company Yellow Cake, as well as machinery business Kennametal.”
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  • ExitedKennametal
    June 2026
    “Meanwhile, the small cap investment committee exited positions in U.K.-based construction and engineering company Balfour Beatty and uranium company Yellow Cake, as well as machinery business Kennametal.”
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  • New positionNetEase
    June 2026
    “New purchases included agricultural equipment firm CNH Industrial, Ireland-based ingredients and flavoring business Kerry Group, Chinese gaming company NetEase, and Swedish household products company Essity.”
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  • New positionEssity
    June 2026
    “New purchases included agricultural equipment firm CNH Industrial, Ireland-based ingredients and flavoring business Kerry Group, Chinese gaming company NetEase, and Swedish household products company Essity.”
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  • New positionKerry Group
    June 2026
    “New purchases included agricultural equipment firm CNH Industrial, Ireland-based ingredients and flavoring business Kerry Group, Chinese gaming company NetEase, and Swedish household products company Essity.”
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  • ExitedTotalEnergies
    June 2026
    “We also divested Canadian chemicals business Nutrien and French oil firm TotalEnergies.”
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  • New positionSaudi National Bank
    June 2026
    “The emerging markets investment committee initiated a position in Saudi National Bank.”
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  • ExitedSendas Distribuidora
    June 2026
    “The committee exited positions in Brazilian retailer Sendas Distribuidora, and Hong Kong-based specialty retailer Luk Fook Holdings.”
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  • ExitedLuk Fook Holdings
    June 2026
    “The committee exited positions in Brazilian retailer Sendas Distribuidora, and Hong Kong-based specialty retailer Luk Fook Holdings.”
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  • ExitedASMPT
    June 2026
    “Additionally, the committee reduced exposure to several technology holdings that performed exceptionally well in the quarter, including the full sell of Hong Kong-based semiconductor equipment company ASMPT.”
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  • ExitedTravel + Leisure
    June 2026
    “The Fund experienced a maturity in ADT Inc. and calls of positions in Sealed Air, Goldman Sachs, Travel + Leisure, and Univision Communications.”
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  • ExitedUnivision Communications
    June 2026
    “The Fund experienced a maturity in ADT Inc. and calls of positions in Sealed Air, Goldman Sachs, Travel + Leisure, and Univision Communications.”
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  • ExitedADT Inc.
    June 2026
    “The Fund experienced a maturity in ADT Inc. and calls of positions in Sealed Air, Goldman Sachs, Travel + Leisure, and Univision Communications.”
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  • ExitedSealed Air
    June 2026
    “The Fund experienced a maturity in ADT Inc. and calls of positions in Sealed Air, Goldman Sachs, Travel + Leisure, and Univision Communications.”
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  • ExitedGoldman Sachs
    June 2026
    “The Fund experienced a maturity in ADT Inc. and calls of positions in Sealed Air, Goldman Sachs, Travel + Leisure, and Univision Communications.”
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  • New positionDSM-Firmenich
    June 2026
    “Other contributors included French luxury goods firm Compagnie Financiere Richemont and our recent purchase, Netherlands-based ingredients and fragrance company DSM- Firmenich, which rose after reporting improving earnings.”
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  • ExitedInfineon
    June 2026
    “We exited several strong performers, including semiconductor companies Infineon and STMicroelectronics, as well as South Korean auto component manufacturer Hyundai Mobis, which benefited from its ownership in robotics company Boston Dynamics.”
    Read the letter
  • ExitedSTMicroelectronics
    June 2026
    “We exited several strong performers, including semiconductor companies Infineon and STMicroelectronics, as well as South Korean auto component manufacturer Hyundai Mobis, which benefited from its ownership in robotics company Boston Dynamics.”
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  • AddedSAP
    June 2026
    “We added to the position during the quarter.”
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  • New positionSysmex
    June 2026
    “New additions to the Fund’s portfolio included Japanese hematology business Sysmex and Luxembourg-based luggage manufacturer Samsonite Group.”
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  • New positionCNH Industrial
    June 2026
    “New purchases included agricultural equipment firm CNH Industrial, Ireland-based ingredients and flavoring business Kerry Group, Chinese gaming company NetEase, and Swedish household products company Essity.”
    Read the letter
  • ExitedYellow Cake
    June 2026
    “Meanwhile, the small cap investment committee exited positions in U.K.-based construction and engineering company Balfour Beatty and uranium company Yellow Cake, as well as machinery business Kennametal.”
    Read the letter
  • AddedSabre GLBL Inc
    June 2026
    “We initiated a position and subsequently added to the Fund’s exposure in the second half of 2025.”
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  • New positionZoetis Inc
    June 2026
    “The investment committee initiated a new position in U.S.- based animal health care firm Zoetis.”
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  • ExitedMicron Technology Inc
    June 2026
    “With the shares reaching our revised intrinsic value estimate, we exited the position.”
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  • New positionBaxter International Inc.
    June 2026
    “The Fund added new positions in Baxter International Inc. (5.162% coupon, maturing 12/1/51, rated Baa3/BBB-) and American National Group Inc. (7.00% coupon, hybrid security, call date 12/1/30, final maturity 12/1/55, rated BB+).”
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Companies held · 81

Every company Brandes has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 8

  • Saudi National Bank
    June 2026

    Saudi National Bank is Saudi Arabia’s largest bank, backed by Vision 2030 tailwinds, with a dominant franchise, improving execution, and an attractive valuation.

    Read the full thesis
  • SAP SE
    June 2026

    SAP SE is a mission-critical enterprise software company with deep customer relationships and embedded workflows, and the fund believes its ability to integrate AI into existing products creates a long-term opportunity.

    Read the full thesis
  • Kerry Group
    June 2026

    Kerry Group is a global specialty ingredients and taste-and-nutrition leader that the fund views as an undervalued defensive compounder with structural tailwinds and earnings recovery potential.

    Read the full thesis
  • NetEase, Inc.
    June 2026

    NetEase, Inc. is a leading Chinese game developer whose long-lived franchises, net cash balance sheet, and attractive valuation support the fund’s view that the market underappreciates its durable earnings and growth potential.

    Read the full thesis
  • Sysmex
    June 2026

    Sysmex is a global hematology diagnostics leader with a recurring revenue model, strong market share, and attractive risk-reward after China-driven weakness.

    Read the full thesis
  • SAP SE
    June 2026

    SAP SE is a mission-critical enterprise software company with deep customer relationships and AI integration potential that the fund views as a long-term opportunity.

    Read the full thesis
  • Zoetis
    June 2026

    Zoetis is the global leader in animal health with strong returns on capital, secular growth tailwinds, high barriers to entry, and an attractive valuation opportunity.

    Read the full thesis
  • Micron
    June 2026

    Micron is a memory semiconductor company whose thesis combined structural industry improvements, secular demand tailwinds, AI-driven memory demand, and initially attractive valuation.

    Read the full thesis

Letter archive · 8

2026

2025

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