Brandes Investment Partners, LP 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 13.14%, top 10 24.69%, top 20 43.87%, with OTEX 2.80%, KMT 2.75%, C 2.60%, TIGO 2.53%, CI 2.46%, MRK 2.45%. The baseline result is return 10.31%, alpha 0.40%, beta 0.76, Sharpe 0.70, Sortino 0.85, max drawdown -33.92%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Health Care 21.24%, Industrials 18.20%, Financials 17.97%, Information Technology 14.63%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2025-09-30 (3.38% vs SPY 1.49%, excess 1.89%, turnover 14.91%); the weakest was 2022-12-31 (-7.52% vs SPY -0.25%, excess -7.27%, turnover 12.06%). The latest rows (2025-03-31 (3.23% vs SPY 9.22%, excess -5.99%, turnover 11.54%); 2025-06-30 (4.37% vs SPY 4.20%, excess 0.17%, turnover 16.45%); 2025-09-30 (3.38% vs SPY 1.49%, excess 1.89%, turnover 14.91%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether OTEX 2.80%, KMT 2.75%, C 2.60%, TIGO 2.53% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -33.92% is acceptable for the user's risk budget.