A Pioneer in Global Value Investing

As we entered 2025, American exceptionalism emerged as a prominent topic, but the first quarter saw international stocks outperform U.S. stocks and value stocks outshine growth stocks. While future patterns are unpredictable, we believe international and value stocks offer compelling return potential based on their current valuations.

In response to the recent U.S. tariff changes, Brandes continues to prioritize fundamental analysis and long-term intrinsic value, placing greater emphasis on balance sheet strength and “margin of safety” amid economic uncertainty.

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.