A Pioneer in Global Value Investing

As we entered 2025, U.S. stocks continued their long-term performance dominance vs. international stocks. However, the dramatic outperformance of international stocks vs. U.S. stocks (MSCI EAFE vs. S&P 500) and value stocks vs. growth stocks (MSCI World Value vs. MSCI World Growth) in the first quarter of 2025 reminded us again that diversification can be an important component to guard against quick swings in market sentiment.

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.