Global Small-Mid Cap Equity

The Brandes Global Small-Mid Cap Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of U.S. and non-U.S. issuers with equity market capitalizations greater than $1.5 billion but no greater than $10 billion at the time of purchase.


Why Global Small-Mid Cap Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek small-/mid-cap companies trading below our estimates of intrinsic value.
  • Experience: Having managed the Global Small-Mid Cap Equity Strategy for over 20 years, Brandes is familiar with the intricacies of small-/mid-cap equity investing.
  • Flexibility: The strategy invests in small- and mid-cap businesses worldwide, including those not listed in the benchmark, such as companies in emerging markets.


As of 30 Jun 2024 | Reporting Currency: USD

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Source: Brandes, MSCI. Total return – net and gross of management fees. Periods of greater than one year have been annualized. Past performance is not a guarantee of future results. The strategy primary benchmark is the MSCI ACWI SMID Cap Index. It is not possible to invest directly in an index. GIPS® Report available in Resources section below. 


Data displayed as of 30 Jun 2024


Characteristic Global Small-Mid Cap Equity MSCI ACWI SMID Cap Index
Price/Book (x)
Price per share divided by book value per share.
1.0 1.9
Price/Earnings (x)
Price per share divided by earnings per share.
10.1 20.9
Price/Cash Flow (x)
Price per share divided by cash flow per share.
5.6 11.4
Dividend Yield %
Dividends per share divided by price per share.
3.2 2.2
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
98.8 --
Number of Holdings 81 --
Weighted Average Mkt. Cap ($bil) 5.9 11.2
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
14.3 --
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Top 10 Holdings (%)

Company % Country Industry
Embraer SA 3.1 Brazil Aerospace & Defense
Rolls-Royce Holdings PLC 2.4 United Kingdom Aerospace & Defense
Nova Ljubljanska Banka dd 2.2 Slovenia Banks
Magyar Telekom Telecommunications PLC 2.2 Hungary Diversified Telecommunication Services
KT&G Corp 2.1 South Korea Tobacco
Edgewell Personal Care Co 2.0 United States Personal Care Products
Draegerwerk AG & Co KGaA 1.9 Germany Health Care Equipment & Supplies
Linea Directa Aseguradora SA 1.8 Spain Insurance
Kingfisher PLC 1.8 United Kingdom Specialty Retail
S-1 Corp 1.7 South Korea Commercial Services & Supplies
% of Portfolio 21.2    
Portfolio holdings are subject to change at any time at the discretion of the investment manager.
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Top 10 Country Allocation (%)

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Sector Allocation (%)

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Regional Allocation (%)

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Market Weightings (%)

Market Classification Global Small-Mid Cap Equity MSCI ACWI SMID Cap Index
Developed Markets 76.4 85.6
Emerging Markets 21.4 14.4
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The Brandes Global Small-Mid Cap Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of U.S. and non-U.S. issuers with equity market capitalizations greater than $1.5 billion but no greater than $7.5 billion at the time of purchase. Generally, no more than 30% of the value of the composite’s total assets, measured at the time of purchase, may be invested in securities of companies located in emerging and frontier countries throughout the world. Small and mid-capitalization securities involve greater issuer risk than large capitalization securities, and the markets for such securities may be more volatile and less liquid.

The MSCI ACWI SMID Cap Index with net dividends captures mid and small cap representation across developed and emerging market countries.

The MSCI ACWI SMID Cap Value Index with net dividends captures mid and small cap representation across developed and emerging markets exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.

Index inception: June 5, 2007. Data prior to the launch date is back-tested (i.e., calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or retrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk or any uses made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including without limitations, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (

The portfolio characteristics shown relate to a single account deemed by Brandes to be generally representative of the strategy as of date noted. Not every account will have these exact characteristics. The actual characteristics with respect to any particular account will vary based on a number of factors including but not limited to: (i) the size of t he account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. Data is updated on a quarterly basis.

The results for individual accounts and for different periods may vary. Investors should not rely on prior performance results as a reliable indication of future results. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance.

Market Capitalization, Price/Book, Price/Earnings, Price/Cash Flow, and Dividend Yield for each security provided by Bloomberg, L.P. Please note that Bloomberg does not provide negative numbers in the data feed. Index fundamentals are calculated from holdings data as provided by the relevant index or by FactSet Fundamentals, excluding negative numbers for consistency. Thus, index fundamentals calculated by Brandes may differ from those computed and published by index providers.

Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. This website may also contain trademarks of other companies.