Brandes Fund Rivals US Tech Gains With Europe’s Cheaper Stocks

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One of Europe’s best-performing equity funds has matched the steep gains of US tech without betting on the likes of Nvidia Corp. or Apple Inc. — instead by buying some of the region’s most undervalued stocks.

Brandes Investment Funds Plc’s European Value Fund, which has about €678 million ($742 million) in assets and counts Heineken Holding NV, Sanofi SA and UBS Group AG among its top holdings, has beaten 99% of its peers over the past five years, according to data compiled by Bloomberg.