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 2023 | Reporting Currency: USD

Swipe to View Quarter End
Source: Brandes, S&P. 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 S&P Developed Ex-U.S. SmallCap 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 2023

Characteristics

Characteristic International Small Cap Equity S&P Developed Ex-U.S. SmallCap Index
Price/Book (x)
Price per share divided by book value per share.
0.7 1.2
Price/Earnings (x)
Price per share divided by earnings per share.
7.8 12.1
Price/Cash Flow (x)
Price per share divided by cash flow per share.
4.9 7.5
Dividend Yield %
Dividends per share divided by price per share.
5.5 3.0
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
0.0 --
Number of Holdings 72 --
Weighted Average Mkt. Cap ($bil) 3.0 2.3
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
26.8 --
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Top 10 Holdings (%)

Company % Country Industry
Embraer SA 5.7 Brazil Aerospace & Defense
Rolls-Royce Holdings PLC 3.4 United Kingdom Aerospace & Defense
Enel Chile SA 3.0 Chile Electric Utilities
PAX Global Technology Ltd 2.8 Hong Kong Electronic Equipment, Instruments & Components
J Sainsbury PLC 2.8 United Kingdom Consumer Staples Distribution & Retail
C&C Group PLC 2.7 Ireland Beverages
AIB Group PLC 2.5 Ireland Banks
Banco Latinoamericano de Comercio Exterior SA 2.4 Panama Financial Services
Draegerwerk AG & Co KGaA 2.4 Germany Health Care Equipment & Supplies
Fibra Uno Administracion SA de CV 2.4 Mexico Diversified REITs
% 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 S&P Developed Ex-U.S. SmallCap Index
Developed Markets 72.8 94.0
Emerging Markets 26.5 6.0
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 S&P Developed Ex U.S. SmallCap Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States. The benchmark returns are not covered by the report of independent verifiers.
The S&P Developed Ex U.S. SmallCap Value Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States exhibiting value style characteristics, defined using book value to price, 12 month forward earnings to price, and dividend yield. Data prior to 2001 is gross dividend and linked to the net dividend returns.

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.