Brandes
Brandes IP International Equity Fund
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Brandes for every strategy.
What it bought and sold
We also divested Canadian chemicals business Nutrien and French oil firm TotalEnergies.
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.
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.
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.
We added to the position during the quarter.
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.
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.
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.
- ExitedHyundai MobisJun 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.
- New positionDSM-FirmenichJun 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.
- ExitedNutrienJun 2026
We also divested Canadian chemicals business Nutrien and French oil firm TotalEnergies.
Also held
- Astellas Pharma
- Wal-Mart de Mexico
- Trip.com
- Alibaba Group Holding
- Capgemini
- Petrobras
- NICE
- Takeda Pharmaceutical
- Open Text
- Samsung Electronics
- Taiwan Semiconductor Manufacturing Company
- Compagnie Financiere Richemont
- Sanofi
Its investment theses
- SAP SEJun 2026SAP 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.
- Kerry GroupJun 2026Kerry 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.
- NetEase, Inc.Jun 2026NetEase, 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.