Cambiar Investors
Cambiar International Equity
International Large-cap
Mar 2025 → Sep 2026
Our archive holds 6 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.
6 letters in 2 years · follow all of Cambiar Investors for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · CAMIX
- YTD+2.6%index +10.3%
- 1Y+5.8%index +15.7%
- 3Y · /yr+14.9%index +18.4%
- 5Y · /yr+5.3%index +9.3%
- 10Y · /yr+4.9%index +9.1%
- Inception · /yr+6.7%index +5.8%
Index: MSCI EAFE
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Cambiar International Equity | +2.6% | +5.8% | +14.9% | +5.3% | +4.9% | +6.7% |
| MSCI EAFE | +10.3% | +15.7% | +18.4% | +9.3% | +9.1% | +5.8% |
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 team made the decision to part ways with low cost airline Ryanair.
We did increase our exposure during 3Q with the purchase of Petroleo Brasileiro (PBR).
- AddedCarlsbergJun 2026
Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.
Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.
- ExitedBarry CallebautJun 2026
Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.
Additions included Canadian National Railway (CNI) and MTU Aero Engines (MTUAY).
Additions included Canadian National Railway (CNI) and MTU Aero Engines (MTUAY).
Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.
We subsequently decided to sell Recruit and maintain positions in Publicis and SAP.
we increased our allocation to Utilities with the purchase of Energias de Portugal (EDP).
Also held
Its investment theses
- Petroleo Brasileiro (Petrobras)Sep 2026Petrobras offers the widest valuation opportunity in global energy, running the best offshore upstream business with growing low-cost Atlantic Basin crude production and improving refining spreads, with risks already reflected in its valuation.
- Grab HoldingsSep 2026Grab operates the dominant Southeast Asian rideshare and delivery network with a competitive moat in mapping and payments, growing demand, and a high-conviction holding despite fuel-price-driven stock weakness.
- Energias de PortugalMar 2026Energias de Portugal is an integrated utility with cost-advantaged assets and secular growth tailwinds from datacenters and power demand.