Brandes Investment Partners’®Global Balanced Portfolio is designed for investors seeking long-term capital appreciation, plus income, in a diversified and conservatively managed portfolio that has less volatility than an all-equity portfolio.

Capital appreciation is an important investment objective, and equities of both U.S. and non-U.S. issuers are a premier investment vehicles to help meet that objective. However, aportfolio consisting exclusively of equities (stocks) may not be appropriate for everyone.  Some people need regular income.  Others have concerns about the short-term price volatility of stocks.  Still others want to allow for unexpected cash needs, which may come at times when selling equities might not be advisable.

Our Global Balanced Portfolio may consist of both U.S. and non-U.S. common stocks, preferred stocks, government bonds, high-quality corporate bonds, and interest-bearing cash reserves.  Changes in the portfolio’s asset mix are expected to be infrequent and moderate.

The Global Balanced Portfolio Seeks to Offer:

• Higher total returns than fixed-income portfolios
• Less volatility than all-equity portfolios
• Long-term capital appreciation

Equity Features:
(Generally ranging between 40% and 70% of portfolio)

• Global investment scope: both U.S. and non-U.S. securities
• Companies with low price/earnings, price/cash flow, and price/book valuation ratios
• Companies with strong balance sheets
• Issues having attractive dividend yields
• Diversification across a wide range of countries and industries

Fixed-Income Features:
(Generally ranging between 30% and 60% of portfolio)

• High-quality bonds
• Short- to intermediate-term maturities
• Diversification across a wide range of countries and industries
• Cash held in short-term paper

For a more complete description and discussion of asset mix and risk, consult Brandes' Form ADV, Part II