Brandes - EMEA - Japan Equity Strategy

Investment Strategies

Optimism & Opportunities in Japan

  • Pioneer — Brandes is a pioneer in value investing, having navigated global markets for over 40 years, and managing a standalone Japan Equity Strategy for nearly 20 years.
  • Value — The strategy consistently applies a disciplined investment process focused on uncovering Japanese companies with potentially attractive value attributes.
  • Flexibility — The strategy is an all-capitalization mandate with the ability and willingness to be different than the benchmark.

Partner with a Pioneer in Global Value Investing

  • Experienced Professionals — The Investment Committee is composed of experienced professionals who have managed extreme market cycles.
  • Commitment to Transparent, Easy to Understand Investment Process — The firm consistently applies a Graham-and-Dodd, value investing approach centered on a research-driven process of purchasing potentially undervalued companies with the goal of capturing future price appreciation.
  • Independent Point of View — Brandes Investment Partners is a 100% employee owned firm and its strategies are unhindered by sales quotas or any outside influence that may impede the firm’s pursuit of investment management excellence.

The Brandes Japan Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of Japanese issuers.

The strategy primary benchmark is the MSCI Japan Index.
The strategy secondary benchmark is the TOPIX Index.

Annualized Performance (Net)

THROUGH 30 September 2019 | REPORTING CURRENCY: EUR
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
Japan Equity
-3.46%
5.51%
10.47%
11.57%
9.52%
6.34%
5.35%
Primary Benchmark (a)
1.52%
7.31%
8.76%
10.81%
8.65%
5.33%
1.59%
Relative Performance
-4.98%
-1.80%
1.71%
0.76%
0.87%
1.01%
3.76%

 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
Japan Equity
-3.46%
5.51%
10.47%
11.57%
9.52%
6.34%
5.35%
Secondary Benchmark (b)
0.34%
7.46%
9.43%
11.34%
8.98%
5.40%
1.70%
Relative Performance
-3.80%
-1.95%
1.04%
0.23%
0.54%
0.94%
3.65%

Annualized Performance (Gross)

THROUGH 30 September 2019 | REPORTING CURRENCY: EUR
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
Japan Equity
-2.66%
6.38%
11.39%
12.48%
10.42%
7.22%
6.21%
Primary Benchmark (a)
1.52%
7.31%
8.76%
10.81%
8.65%
5.33%
1.59%
Relative Performance
-4.18%
-0.93%
2.63%
1.67%
1.77%
1.89%
4.62%

 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
Japan Equity
-2.66%
6.38%
11.39%
12.48%
10.42%
7.22%
6.21%
Secondary Benchmark (b)
0.34%
7.46%
9.43%
11.34%
8.98%
5.40%
1.70%
Relative Performance
-3.00%
-1.08%
1.96%
1.14%
1.44%
1.82%
4.51%

Annual Periods (Net)

THROUGH 30 September 2019 | REPORTING CURRENCY: EUR
 
2018
2017
2016
2015
2014
2013
2012
Japan Equity
-8.32%
5.52%
15.56%
33.33%
12.52%
17.87%
0.52%
Primary Benchmark (a)
-8.57%
8.82%
5.34%
22.13%
9.27%
21.67%
6.52%
Secondary Benchmark (b)
-9.46%
11.08%
6.45%
24.50%
10.06%
21.54%
5.90%
 
2011
2010
2009
2008
2007
2006
2005
Japan Equity
-5.30%
25.46%
0.26%
-11.52%
-12.65%
-10.21%
32.99%
Primary Benchmark (a)
-11.47%
23.29%
3.66%
-26.11%
-13.38%
-4.67%
43.73%
Secondary Benchmark (b)
-9.89%
22.25%
2.24%
-23.61%
-14.24%
-8.44%
44.37%
 
2004
2003
2002
2001
2000
1999
Japan Equity
15.21%
21.10%
-15.55%
-12.96%
5.88%
53.38%
Primary Benchmark (a)
7.49%
13.41%
-23.89%
-25.30%
-23.22%
88.03%
Secondary Benchmark (b)
8.03%
15.68%
-22.71%
-25.23%
-28.12%
104.85%

Quarterly Performance (Net And Gross)

THROUGH 30 September 2019 | REPORTING CURRENCY: EUR
Year
 
1Q
2Q
3Q
4Q
YTD
2019
NET
GROSS
Primary Benchmark (a)
-00 7.65%
-00 7.87%
-00 8.93%
00 -3.40%
00 -3.20%
00 -0.34%
-00 5.69%
-00 5.90%
-00 7.59%
-0000000
-0000000
-0000000
-00 9.89%
-0 10.58%
-0 16.79%
2018
NET
GROSS
Primary Benchmark (a)
00 -0.65%
00 -0.44%
00 -1.60%
-00 1.87%
-00 2.08%
-00 2.52%
-00 3.10%
-00 3.32%
-00 4.27%
0 -12.15%
0 -11.97%
0 -13.07%
00 -8.32%
00 -7.57%
00 -8.57%
2017
NET
GROSS
Primary Benchmark (a)
-00 3.44%
-00 3.65%
-00 3.10%
00 -2.49%
00 -2.30%
00 -1.41%
-00 0.55%
-00 0.75%
-00 0.43%
-00 4.05%
-00 4.26%
-00 6.60%
-00 5.52%
-00 6.38%
-00 8.82%
2016
NET
GROSS
Primary Benchmark (a)
00 -7.43%
00 -7.23%
0 -10.88%
-00 5.61%
-00 5.83%
-00 4.23%
-00 6.98%
-00 7.20%
-00 6.64%
-0 10.48%
-0 10.71%
-00 6.34%
-0 15.56%
-0 16.52%
-00 5.34%
2015
NET
GROSS
Primary Benchmark (a)
-0 27.10%
-0 27.37%
-0 24.17%
00 -0.03%
-00 0.17%
00 -0.73%
00 -7.65%
00 -7.46%
0 -11.86%
-0 13.63%
-0 13.86%
-0 12.41%
-0 33.33%
-0 34.45%
-0 22.13%
2014
NET
GROSS
Primary Benchmark (a)
-00 1.63%
-00 1.83%
00 -5.59%
-00 5.51%
-00 5.72%
-00 7.33%
-00 4.45%
-00 4.66%
-00 5.93%
-00 0.46%
-00 0.66%
-00 1.80%
-0 12.52%
-0 13.42%
-00 9.27%
2013
NET
GROSS
Primary Benchmark (a)
-0 12.70%
-0 12.94%
-0 14.62%
-00 2.47%
-00 2.64%
-00 3.03%
-00 1.25%
-00 1.46%
-00 2.55%
-00 0.80%
-00 1.01%
-00 0.47%
-0 17.87%
-0 18.80%
-0 21.67%
2012
NET
GROSS
Primary Benchmark (a)
-00 6.63%
-00 6.85%
-00 8.47%
00 -3.09%
00 -2.89%
00 -2.73%
00 -1.80%
00 -1.60%
00 -2.18%
00 -0.94%
00 -0.73%
-00 3.22%
-00 0.52%
-00 1.37%
-00 6.52%
2011
NET
GROSS
Primary Benchmark (a)
00 -9.36%
00 -9.16%
0 -10.12%
00 -1.74%
00 -1.56%
00 -1.95%
-00 6.97%
-00 7.17%
-00 1.11%
00 -0.60%
00 -0.41%
00 -0.64%
00 -5.30%
00 -4.57%
0 -11.47%
2010
NET
GROSS
Primary Benchmark (a)
-0 15.79%
-0 16.05%
-0 14.66%
-00 1.22%
-00 1.44%
00 -0.97%
00 -4.78%
00 -4.57%
00 -4.53%
-0 12.42%
-0 12.67%
-0 13.73%
-0 25.46%
-0 26.57%
-0 23.29%
2009
NET
GROSS
Primary Benchmark (a)
0 -10.93%
0 -10.73%
0 -12.19%
-0 16.54%
-0 16.80%
-0 16.59%
-00 0.94%
-00 1.17%
-00 2.05%
00 -4.31%
00 -4.09%
00 -0.79%
-00 0.26%
-00 1.16%
-00 3.66%
2008
NET
GROSS
Primary Benchmark (a)
0 -10.39%
0 -10.19%
0 -14.73%
-00 2.05%
-00 2.28%
-00 2.58%
00 -0.55%
00 -0.32%
00 -7.63%
00 -2.72%
00 -2.51%
00 -8.56%
0 -11.52%
0 -10.73%
0 -26.11%
2007
NET
GROSS
Primary Benchmark (a)
-00 6.65%
-00 6.89%
-00 2.28%
00 -5.20%
00 -4.98%
00 -2.01%
0 -10.45%
0 -10.25%
00 -5.93%
00 -3.53%
00 -3.32%
00 -8.13%
0 -12.65%
0 -11.87%
0 -13.38%
2006
NET
GROSS
Primary Benchmark (a)
-00 3.48%
-00 3.69%
-00 4.34%
00 -6.40%
00 -6.22%
00 -9.56%
00 -0.97%
00 -0.77%
-00 0.18%
00 -6.39%
00 -6.20%
-00 0.83%
0 -10.21%
00 -9.49%
00 -4.67%
2005
NET
GROSS
Primary Benchmark (a)
-00 7.18%
-00 7.40%
-00 2.12%
-00 2.04%
-00 2.25%
-00 3.31%
-0 12.72%
-0 12.95%
-0 19.89%
-00 7.87%
-00 8.09%
-0 13.64%
-0 32.99%
-0 34.07%
-0 43.73%
2004
NET
GROSS
Primary Benchmark (a)
-0 20.92%
-0 21.03%
-0 17.63%
00 -0.67%
00 -0.58%
00 -2.83%
00 -8.48%
00 -8.40%
00 -9.30%
-00 4.81%
-00 4.92%
-00 3.68%
-0 15.21%
-0 15.65%
-00 7.49%
2003
NET
GROSS
Primary Benchmark (a)
00 -6.87%
00 -6.78%
0 -11.45%
-00 2.84%
-00 2.94%
-00 5.98%
-0 21.29%
-0 21.41%
-0 20.32%
-00 4.24%
-00 4.33%
-00 0.43%
-0 21.10%
-0 21.55%
-0 13.41%
2002
NET
GROSS
Primary Benchmark (a)
-00 4.17%
-00 4.37%
-00 3.70%
00 -3.90%
00 -3.73%
00 -6.34%
00 -6.82%
00 -6.64%
0 -11.60%
00 -9.46%
00 -8.96%
0 -11.36%
0 -15.55%
0 -14.59%
0 -23.89%
2001
NET
GROSS
Primary Benchmark (a)
-00 2.77%
-00 3.04%
00 -1.67%
-00 8.65%
-00 8.92%
-00 3.45%
0 -17.73%
0 -17.52%
0 -23.73%
00 -5.26%
00 -5.10%
00 -3.71%
0 -12.96%
0 -12.15%
0 -25.30%
2000
NET
GROSS
Primary Benchmark (a)
-00 3.80%
-00 4.06%
-00 6.25%
-0 16.30%
-0 16.55%
00 -5.83%
-00 1.84%
-00 2.10%
00 -3.52%
0 -13.87%
0 -13.64%
0 -20.47%
-00 5.88%
-00 6.95%
0 -23.22%
1999
NET
GROSS
Primary Benchmark (a)
-0 18.38%
-0 18.65%
-0 22.15%
-0 14.93%
-0 15.19%
-0 11.90%
-00 3.68%
-00 3.92%
-0 12.26%
-00 8.74%
-00 9.01%
-0 22.53%
-0 53.38%
-0 54.82%
-0 88.03%

Composite Characteristics

THROUGH 30 September 2019 | REPORTING CURRENCY: EUR
Year
#Accts
Assets
(mil)
Total Firm
Assets (mil)
2019
-000,00 8
-000, 761
-0 19,396
2018
-000,00 8
-000, 690
-0 19,300
2017
-000,00 8
-000, 786
-0 21,278
2016
-000,00 8
-000, 776
-0 21,771
2015
-000,00 7
-000, 689
-0 19,036
2014
-000,00 7
-000, 557
-0 17,124
2013
-000,00 7
-000, 574
-0 15,580
2012
-000,00 6
-000, 681
-0 16,819
2011
-000,00 8
-000, 749
-0 20,538
2010
-000,00 8
-000, 682
-0 28,820
2009
-000,00 9
-000, 536
-0 29,422
2008
-000,0 11
-000, 619
-0 29,041
2007
-000,0 13
-000, 857
-0 57,058
2006
-000,0 13
-00 1,017
-0 65,152
2005
-000,0 13
-00 1,209
-0 86,042
2004
-000,0 12
-000, 794
-0 72,340
2003
-000,00 8
-000, 335
-0 60,255
2002
-000,00 4
-000,0 59
-0 49,360
2001
-000,00 2
-000,00 3
-0 69,627
2000
-000,00 1
-000,00 1
-0 53,972
1999
-000,00 1
-000,00 1
-0 41,249
THROUGH 30 September 2019 | REPORTING CURRENCY: EUR

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.
 
The Brandes Japan Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of Japanese issuers.
 
(a) The MSCI Japan Index with net dividends is designed to measure the performance of large and mid cap segments of the Japan market. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The benchmark returns are not covered by the report of independent verifiers.
(b) The TOPIX Index with gross dividends is Japanese YEN based and calculated based on all the domestic common stocks listed on the Tokyo Stock Exchange First Section. The total returns for the index prior to 12/31/1998 are not available; therefore returns are derived by combining the price index returns and corresponding month-end yields (the source of this index information is FT Interactive Data Corporation). From 12/31/1998 to present time, the returns for the TOPIX index are calculated on a total return basis. The source of the index information is FactSet Research Systems Inc., a leading provider of financial and economic information. USD conversion of the index is calculated by FactSet using the spot rate at 16:00 Greenwich Mean Time. The benchmark returns are not covered by the report of independent verifiers.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.

Documents

Non-U.S. dollar composite and benchmark returns shown with the following strategies were calculated and converted using the exchange rate fluctuations between the two currencies of the stated U.S. dollar returns: Asia Pacific (ex-Japan) Equity, Corporate Focus Fixed Income, Global Opportunities Value, Global Small Cap Equity, Global Small-Mid Cap Equity, International Equity, International Small Cap Equity, International Small-Mid Cap Equity, U.S. Small Cap Value Equity, U.S. Small-Mid Cap Value Equity. Non-U.S. dollar composite returns shown with the following strategies were calculated and converted using the exchange rate fluctuations between the two currencies of the stated U.S. dollar returns: Emerging Markets Equity, European Equity, Global Equity, Japan Equity, U.S. Value Equity.

The information and materials in this site are not intended to and shall not constitute an offer to buy or sell shares or provide advisory management services in any jurisdiction where such activity is unlawful and must not be treated as such. Access to and use of this web site is provided on the following Terms and Conditions. Brandes Investment Partners (Europe) Limited is regulated by the Central Bank of Ireland, its offices are located at 36 Lower Baggot Street, Dublin 2, Ireland and its registration number in Ireland is 510203.