Brandes International Equity Fund
Actively managed developed international stock fund
As of its 2026 Q2 report, Brandes International Equity Fund held 70 positions with $2.61B in net assets. Its ten largest holdings made up 23.7% of the fund. The BIECX share class costs 1.79% a year. Over the 12 months to May 2026, BIECX returned 24.8%, with dividends reinvested. In 2026 Q2 it added 5 new positions and exited 6.
The Brandes International Equity Fund (the International Equity Fund or Fund) seeks long term capital appreciation.
The fund applies value investing principles to select equity securities of foreign companies with market capitalizations exceeding $5 billion, buying those trading at discounts to the adviser's estimates of intrinsic value based on earnings, cash flow, and asset value. The fund maintains at least 80% of assets in equities across at least three countries outside the United States, with up to 30% in emerging markets and up to 5% in any single company. Because security selection depends on the adviser's valuation estimates, performance will diverge from any benchmark. The fund may hold significant cash positions or concentrate meaningfully in particular countries or sectors based on the adviser's assessment of opportunity.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
SNYNFSANOFI SA | 3.12% | $81.65M | 955.0K | $85.50 |
NTPXXNI TREASURY PORTFOLIO | 2.84% | $74.20M | — | — |
SAPGFSAP SE | 2.59% | $67.67M | 439.0K | $154.15 |
BABAFALIBABA GRP. HLDG. LTD | 2.38% | $62.27M | 5.2M | $11.99 |
TKPHFTAKEDA PHARM. CO LTD | 2.38% | $62.23M | 2.0M | $31.87 |
HENKEL AG KGAA | 2.28% | $59.59M | 752.9K | $79.14 |
WMMVFWAL-MART DE MEXICO SAB DE | 2.25% | $58.86M | 20.0M | $2.94 |
HKHHFHEINEKEN HLDG. NV | 2.00% | $52.40M | 688.1K | $76.15 |
SWGNFThe SWATCH GRP. AG | 1.98% | $51.63M | 1.1M | $48.55 |
RBGPFRECKITT BENCKISER GRP. PL | 1.92% | $50.10M | 769.2K | $65.13 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 70 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.28% |
| Cash & short-term | 2.84% |
By sector
- International
- 80.0%
- Health Care
- 7.2%
- Information Technology
- 4.5%
- Industrials
- 3.7%
- 2 other sectors
- 4.6%
- International
- 80.0%
- Health Care
- 7.2%
- Information Technology
- 4.5%
- Industrials
- 3.7%
- Cash
- 2.8%
- Financials
- 1.8%
How it has done
BIECX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.14%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.79% | +24.85% | — | — | — | |
| 0.86% | +26.00% | — | — | — | |
| 0.76% | +26.11% | — | — | — | |
| 1.11% | +25.71% | — | — | — |
These classes hold the same portfolio, so the 1.26pp spread over 1 year is the cost difference between them — roughly 1.26pp a year — not a difference in what they own.
Fees & fund details
Brandes International Equity Fund is an actively managed developed international equity fund.
- Asset class
- Equity
- Region
- Developed international
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.76% – 1.79%· BIECX 1.79%
- Portfolio turnover
- 17.03% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
5 new
6 exited
Understand how this fund fits with the rest.
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