Brandes
Brandes IP Emerging Markets Value Fund
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Brandes for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Class A
- YTD+20.5%index +23.4%
- 1Y+30.3%index +29.2%
- 3Y · /yr+25.8%index +24.1%
- 5Y · /yr+13.4%index +8.9%
- 10Y · /yr+8.4%index +9.1%
- Inception · /yr+7.6%index +6.8%
Index: MSCI Emerging Markets Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Brandes IP Emerging Markets Value Fund | +20.5% | +30.3% | +25.8% | +13.4% | +8.4% | +7.6% |
| MSCI Emerging Markets Index | +23.4% | +29.2% | +24.1% | +8.9% | +9.1% | +6.8% |
Since inception: Since Inception 8/20/1996
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
The committee exited the Fund’s position in Chinese specialty retailer Topsports International.
- New positionWen’s Foodstuff GroupSep 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.
Following their strong share-price appreciation, we reduced the Fund’s positions in each of these holdings.
Following their strong share-price appreciation, we reduced the Fund’s positions in each of these holdings.
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.
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.
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.
The committee exited positions in Brazilian retailer Sendas Distribuidora, and Hong Kong-based specialty retailer Luk Fook Holdings.
- New positionSaudi National BankJun 2026
The emerging markets investment committee initiated a position in Saudi National Bank.
The committee exited positions in Brazilian retailer Sendas Distribuidora, and Hong Kong-based specialty retailer Luk Fook Holdings.
Also held
- Bank of the Philippine Islands
- Embraer
- Trip.com
- Petrobras
- TIM
- Telefonica Brasil
- Millicom International Cellular
- HDFC Bank Ltd
- Nova Ljubljanska Banka
- Wal-Mart de Mexico
- Wiwynn Corp
- America Movil
- TBC Bank Group PLC
- Globant
- Alibaba Group Holding Ltd
- Hana Financial Group
- Copa Holdings SA
- Bank Rakyat Indonesia Persero Tbk PT
- NetEase
- TBC Bank
- Bank Rakyat Indonesia
- Bladex
- Telkom Indonesia
- Alibaba Group Holding
- Copa Holdings
- Erste Group
Its investment theses
- Wen's Foodstuff GroupSep 2026Wen's Foodstuff Group offers scale, a low-cost position, and undervalued normalized earnings power through the cycle.
- Liberty Latin AmericaSep 2026Liberty Latin America is viewed as a special situation with undervalued franchises and upside from resolving the Puerto Rico overhang.
- Saudi National BankJun 2026Saudi National Bank is Saudi Arabia’s largest bank, backed by Vision 2030 tailwinds, with a dominant franchise, improving execution, and an attractive valuation.