European Equity

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

Overview

Why European Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek European companies trading below our estimates of intrinsic value.
  • Experience: Brandes has been navigating global markets for over 40 years and managing the European Equity Strategy for over 20 years.
  • Flexibility: The strategy is an all-capitalization mandate with the ability and willingness to be different than the benchmark.

Performance

As of 30 Jun 2022 | Reporting Currency: EUR

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 Europe 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 2022

Characteristics

Characteristic European Equity MSCI Europe Index
Price/Book (x)
Price per share divided by book value per share.
0.8 1.8
Price/Earnings (x)
Price per share divided by earnings per share.
9.1 13.9
Price/Cash Flow (x)
Price per share divided by cash flow per share.
3.9 8.6
Dividend Yield %
Dividends per share divided by price per share.
4.9 3.4
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
82.9 --
Number of Holdings 66 --
Weighted Average Mkt. Cap (€bil) 34.2 81.4
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
33.2 --
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Top 10 Holdings (%)

Company % Country Industry
Grifols SA 3.2 Spain Biotechnology
GSK PLC 3.1 United Kingdom Pharmaceuticals
Novartis AG 2.8 Switzerland Pharmaceuticals
Orange SA 2.4 France Diversified Telecom Svcs.
Sanofi 2.4 France Pharmaceuticals
UBS Group AG 2.3 Switzerland Capital Markets
Henkel AG & Co KGaA 2.3 Germany Household Products
Publicis Groupe SA 2.1 France Media
Danone SA 2.1 France Food Products
Engie SA 2.1 France Multi-Utilities
% of Portfolio 24.8    
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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Market Weightings (%)

Market Classification European Equity MSCI Europe Index
Developed Markets 95.0 100.0
Emerging Markets 4.2 -
Swipe to View Market Weightings (%)
The Brandes European Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of European and frontier country issuers. These investments will primarily be in issuers located in the developed European countries that are included in the MSCI Europe Index. However, investments constituting not more than 10% of the value of the composite’s assets measured at the time of purchase may be made in equity securities of issuers located in emerging European markets, including but not limited to, countries that were former members of the Eastern Bloc or included within the former USSR.

The MSCI Europe Index with net dividends captures large and mid cap representation of developed market countries in Europe.

The MSCI Europe Value Index captures large and mid cap securities across developed Europe exhibiting value style characteristics, defined using book value to price, 12 month forward earnings to price, and dividend yield. The Index was launched on Dec 08, 1997. Data prior to the launch date is back tested data (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.

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 Alexandra House, The Sweepstakes, Ballsbridge, Dublin, D04 C7H2, Ireland and its registration number in Ireland is 510203.
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.

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