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 are proud to share that Investor’s Business Daily’s Best Mutual Funds Awards 2025 recognized four Brandes funds for outperforming on the one-, three-, five-, and 10-year periods ending Dec. 31, 2024. In the Best International Stock Fund category: Brandes International Small Cap Equity A share, Brandes Global Equity I share and Brandes International Equity I share. In the Best U.S. Taxable Bond Funds category: Brandes Core Plus Fixed Income I share.