We believe the Brandes Fixed Income Group is unique in that we follow a disciplined, value-based process in building and managing fixed income portfolios.  Each security is independently analyzed to determine the issuer’s financial integrity, our assessment of the appropriate credit ratings (current, worst-case, and long-term), and a long-term estimate of what we believe to be fair value (similar to the intrinsic value of an equity).  We will then seek to buy the issue at a what we belive to be a significant discount to the fair value.

Brandes takes a medium- to long-term view in assessing fixed income opportunities, which may dictate a holding period of two to five years to fully realize the fair value of the investment.  The longer time horizon is intended to look past short-term swings in the market driven by emotions rather than by fundamental analysis.  As value investors, we welcome the opportunities offered by adverse price moves caused by irrational market behavior and volatility.  We select holdings we believe offer value over time but may have been beaten down in the market or abandoned by other investors.

Brandes manages portfolios for individuals, corporations, foundations, endowments, and insurance companies.  Most clients are familiar with the Brandes Investment Partners’ reputation for fundamental research and value investing.

History

On July 19, 1999, Brandes Investment Partners acquired Hilltop Capital Management and changed the name of the entity to Brandes Fixed Income Partners, Inc. (BFIP).  Originally established as a separately owned subsidiary, BFIP became Brandes Fixed Income Group, a division of Brandes Investment Partners, in June 2002.