A Pioneer in Global Value Investing

We appreciate everyone inquiring about our well-being during the tragic wildfires in the Los Angeles area. Thankfully, our operations remain unaffected. Although we feel powerless against the widespread devastation, we deeply admire and support the courageous efforts of the first responders and all those providing aid and comfort to those directly affected. In order to assist with these efforts the firm has made donations to the Los Angeles Fire Department Foundation and the Pasadena Community Foundation Eaton Fire Relief and Recovery Fund through our employee donor-advised fund at the San Diego Foundation.

In December 2024, Brandes was recognized as one of the honorees on Pensions & Investments’ Best Places to Work in Money Management list for 2024.

In this letter, we explore how value exposure could influence the risk and return profile of a diversified portfolio across various cycles. To illustrate this, we created a hypothetical equal-weighted portfolio consisting of the MSCI EAFE Growth Index, the MSCI ACWI ex USA Quality Index, and the MSCI EAFE Momentum Index. We then added the Brandes International Equity Strategy to this portfolio (allocating 25% to each component) to compare its risk and return profiles before and after the addition. As it turns out, value investing is not dead!