Brandes Funds Gains In Q3 From Long France, Netherlands

From Brandes Funds Q3 letter to shareholders

Dear Shareholder:

Amid a banner period for international equities, the net asset value of the Brandes International Equity Fund (Class A Shares without sales charge) increased 26.06% during the 12 months ended September 30, 2013. For the same period, the Fund’s benchmark, the MSCIEAFE Index, rose 23.77%. In this letter, I will discuss sector-, country- and stock-specific factors that affected the Fund’s performance and describe changes in its composition during the fiscal year.

In addition, I will share insight into how the Fund is currently positioned for the future.

The Markets

A number of investor concerns continued to drive volatility in various equity markets. Political turmoil in the Middle East and slowing economic growth in China and India were among the featured headlines that weighed on market sentiment. The specter of rising U.S. interest rates, amid worries the Federal Reserve would be tapering its quantitative easing program, also contributed to market anxiety.

Continue reading the letter here.

LEAVE A COMMENT


Saved Articles
X
TextTExtLInkTextTExtLInk

The Life and Career of Charlie Munger

Charlie is more than just Warren Buffett’s friend and Berkshire Hathaway’s Vice Chairman – Buffett has actually credited him with redefining how he looks at investing. Now you can learn from Charlie firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:

  • Learn from the best and forever change your investing perspective
  • One incredible tidbit of knowledge after another in the page-turning masterpiece of a book
  • Discover the secrets to Charlie’s success and how to apply it to your investing
Never Miss A Story!
Subscribe to ValueWalk Newsletter. We respect your privacy.

Congrats! Are you a smart person?

We have an exclusive targeted for being a sophisticated and loyal reader.

Sign up for ValueWalkPremium today and get our exclusive content for 35% off.

Use coupon code vip19 or click on the button below

Limited time offer only ENDS 12/31/2019 or after next 25 subscribers take advantage whichever comes first – please do not share this discount with others

 

0