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Brandes

Jun 2025 → Oct 2026 · 9 funds

Our archive holds 12 letters from Brandes, behind 15 investment theses and positions in 129 companies. Every quote below is copied verbatim from the letter it came from.

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Brandes’s own letters page
12
Letters
129
Companies
46
Moves
15
Theses

8 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Brandes.

What they bought and sold · 46 moves

  • ExitedTopsports International
    September 2026
    “The committee exited the Fund’s position in Chinese specialty retailer Topsports International.”
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  • New positionWen’s Foodstuff Group
    September 2026
    “The emerging markets investment committee initiated positions in China-based Wen’s Foodstuff Group, telecom Liberty Latin America, and Taiwanese household durables company Nien Made Enterprise Co.”
    Read the letter
  • TrimmedSamsung Electronics Co Ltd
    September 2026
    “Following their strong share-price appreciation, we reduced the Fund’s positions in each of these holdings.”
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  • TrimmedSK Hynix
    September 2026
    “Following their strong share-price appreciation, we reduced the Fund’s positions in each of these holdings.”
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  • New positionHDFC Bank
    September 2026
    “During the quarter, we initiated positions in India-based HDFC Bank, France-based luxury goods company LVMH, and U.S.-based companies Omnicom Group and Intercontinental Exchange.”
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  • New positionOmnicom Group
    September 2026
    “During the quarter, we initiated positions in India-based HDFC Bank, France-based luxury goods company LVMH, and U.S.-based companies Omnicom Group and Intercontinental Exchange.”
    Read the letter
  • New positionNien Made Enterprise Co
    September 2026
    “The emerging markets investment committee initiated positions in China-based Wen’s Foodstuff Group, telecom Liberty Latin America, and Taiwanese household durables company Nien Made Enterprise Co.”
    Read the letter
  • New positionIntercontinental Exchange
    September 2026
    “During the quarter, we initiated positions in India-based HDFC Bank, France-based luxury goods company LVMH, and U.S.-based companies Omnicom Group and Intercontinental Exchange.”
    Read the letter
  • New positionLiberty Latin America
    September 2026
    “The emerging markets investment committee initiated positions in China-based Wen’s Foodstuff Group, telecom Liberty Latin America, and Taiwanese household durables company Nien Made Enterprise Co.”
    Read the letter
  • AddedSAP SE
    September 2026
    “We added to the position earlier in the year when investors were more focused on disruption risk.”
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  • New positionLVMH
    September 2026
    “During the quarter, we initiated positions in India-based HDFC Bank, France-based luxury goods company LVMH, and U.S.-based companies Omnicom Group and Intercontinental Exchange.”
    Read the letter
  • 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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  • ExitedTotalEnergies
    June 2026
    “We also divested Canadian chemicals business Nutrien and French oil firm TotalEnergies.”
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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 positionThe Campbell's Company
    June 2026
    “the small-cap investment committee added two food products businesses, The Campbell’s Company and Conagra Brands, as well as building products company Fortune Brands Innovations.”
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  • 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 positionConagra Brands
    June 2026
    “the small-cap investment committee added two food products businesses, The Campbell’s Company and Conagra Brands, as well as building products company Fortune Brands Innovations.”
    Read the letter
  • 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.”
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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 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
  • 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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  • 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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  • ExitedLuk Fook Holdings
    June 2026
    “The committee exited positions in Brazilian retailer Sendas Distribuidora, and Hong Kong-based specialty retailer Luk Fook Holdings.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    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
  • New positionSaudi National Bank
    June 2026
    “The emerging markets investment committee initiated a position in Saudi National Bank.”
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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.”
    Read the letter
  • AddedSAP
    June 2026
    “We added to the position during the quarter.”
    Read the letter
  • 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.”
    Read the letter

Showing the 30 most recent of 46 recorded moves.

Companies held · 129

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

Theses · 15

  • Wen's Foodstuff Group
    September 2026

    Wen's Foodstuff Group offers scale, a low-cost position, and undervalued normalized earnings power through the cycle.

    Read the full thesis
  • Liberty Latin America
    September 2026

    Liberty Latin America is viewed as a special situation with undervalued franchises and upside from resolving the Puerto Rico overhang.

    Read the full thesis
  • SAP SE
    September 2026

    SAP SE offers mission-critical enterprise software with high switching costs and cloud/AI adoption that may strengthen its installed base.

    Read the full thesis
  • HDFC Bank
    September 2026

    HDFC Bank is India's largest private bank with a strong deposit franchise, high asset quality and recovery potential after merger-related pressure.

    Read the full thesis
  • LVMH Moet Hennessy Louis Vuitton SE
    September 2026

    LVMH Moet Hennessy Louis Vuitton SE owns exceptional luxury brands with strong distribution and recovery potential at an attractive valuation.

    Read the full thesis
  • Omnicom Group Inc.
    September 2026

    Omnicom Group Inc. has greater scale and improved capabilities after the Interpublic deal, with attractive valuation and cash generation.

    Read the full thesis
  • Intercontinental Exchange, Inc.
    September 2026

    Intercontinental Exchange, Inc. combines exchange, data and mortgage-tech businesses with network effects, recurring revenue and strong free cash flow.

    Read the full thesis
  • 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

Letter archive · 12

2026

2025

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