International Small Cap Equity

The Brandes International Small Cap Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations of $5 billion or less at the time of purchase.

Overview

Why International Small Cap Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek non-U.S. small-cap companies trading below our estimates of intrinsic value.
  • Experience: Having managed the International Small Cap Equity Strategy for over 25 years, Brandes is familiar with the intricacies of small-cap equity investing.
  • Flexibility: The strategy invests in small-cap businesses based in various countries, including those not listed in the benchmark, such as emerging markets.

Performance

As of 30 Jun 2024 | Reporting Currency: USD

Swipe to View Quarter End
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 ex USA Small Cap Index. It is not possible to invest directly in an index. GIPS® Report available in Resources section below.

Portfolio

Data displayed as of 30 Jun 2024

Characteristics

Characteristic International Small Cap Equity MSCI ACWI ex USA Small Cap Index
Price/Book (x)
Price per share divided by book value per share.
0.9 1.4
Price/Earnings (x)
Price per share divided by earnings per share.
9.6 18.0
Price/Cash Flow (x)
Price per share divided by cash flow per share.
5.2 9.2
Dividend Yield %
Dividends per share divided by price per share.
3.0 2.8
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
98.5 --
Number of Holdings 72 --
Weighted Average Mkt. Cap ($bil) 4.0 2.7
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
29.1 --
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Top 10 Holdings (%)

Company % Country Industry
Embraer SA 4.9 Brazil Aerospace & Defense
C&C Group PLC 3.1 Ireland Beverages
Greencore Group PLC 3.0 Ireland Food Products
Rolls-Royce Holdings PLC 2.9 United Kingdom Aerospace & Defense
PAX Global Technology Ltd 2.9 Hong Kong Electronic Equipment, Instruments & Components
Millicom International Cellular SA 2.8 Luxembourg Wireless Telecommunication Services
Nova Ljubljanska Banka dd 2.7 Slovenia Banks
Linea Directa Aseguradora SA 2.7 Spain Insurance
AIB Group PLC 2.6 Ireland Banks
CAE Inc 2.5 Canada Aerospace & Defense
% of Portfolio 30.1    
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 International Small Cap Equity MSCI ACWI ex USA Small Cap Index
Developed Markets 78.5 68.7
Emerging Markets 20.0 31.3
Swipe to View Market Weightings (%)

The Brandes International Small Cap Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations of $2.5 billion or less 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 markets throughout the world. Small 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 ex USA Small Cap Index with net dividends captures small-cap representation across developed and emerging markets excluding the United States.

The MSCI ACWI ex USA Small Cap Value Index captures small-cap securities across developed and emerging markets excluding the United States, exhibiting overall value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.

Index inception: June 1, 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 (www.msci.com)

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.