We believe that fixed income markets frequently mis-price risk.  At Brandes, we look past short-term price movements and focus on securities that are trading at a significant margin of safety to their fair market or intrinsic value.  We take a long-term view (2 to 5 years) in assessing opportunities.  This results in diversified portfolios constructed from the bottom-up using many value investment principles.

Our process is built upon:

• Detailed company research
• Team decision process
• Disciplined portfolio construction
• Consistent sell discipline

The duration of each portfolio is maintained within a narrow band to that of its benchmark, and sector weightings are the result solely of the security selection and portfolio construction process.