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Announcements:
Brandes Investment Partners, L.P. announces that, effective June 1, 2010, its International Equity strategy will be reopened to new clients. This product was closed to new clients in September 1998.
Due to current market conditions, and normal client rebalancing and attrition over the years, we now believe we are able to manage additional client assets in the International Equity strategy without compromising our investment process and approach in any of our strategies.
Going forward, we will continue to be conservative in controlling the amount of assets we manage, so that we may preserve our ability to implement a disciplined value-investing approach for our clients. We will continue our practice of monitoring capacity in all of our products and, at some point in the future, may need to re-impose investment limits. However, we are aware of the inconvenience that moving to “hard close” status creates for our clients, and our goal will be to accommodate and/or move to “soft close” status (existing clients can continue to add funds however no new clients will be added) well enough in advance to avoid such a move to the extent possible.
We thank you for your continued support. Please contact us at 800.237.7119 with any questions or comments.
Brandes SMA Division
Brandes Investment Partners, L.P. has historically handled its separately managed accounts (“SMA”) as a business distinct from other types of client accounts. As of January 1, 2006, Brandes has been divided into two separate divisions: the SMA Division of Brandes Investment Partners, which acts as a discretionary manager to SMA or "wrap fee" program clients, including those who may invest in an SMA product; and the non-SMA Division of Brandes Investment Partners, which acts as a discretionary manager for all other types of clients which may include pooled investment vehicles, institutional accounts, and high net worth clients outside of SMA/”wrap fee” programs. Although the divisions may share portfolio management and other personnel, each division serves a particular target market, may trade in a different manner, and may offer investment advice which differs from the other depending upon the individualized needs of the clients served.
Assets under management totals will now be divided between SMA and non-SMA businesses when reported to clients. Other than that, there should be no impact on our clients.
Please contact Brandes Private Client Services or your Portfolio Management team at 800.237.7119 with any questions or comments.