Global Small Cap Equity

The Brandes Global Small 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 of $2.5 billion or less at the time of purchase.

Overview

Why Global Small Cap Equity?

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

Performance

As of 30 Jun 2022 | Reporting Currency: EUR

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 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 2022

Characteristics

Characteristic Global Small Cap Equity S&P Developed SmallCap Index
Price/Book (x)
Price per share divided by book value per share.
0.6 1.7
Price/Earnings (x)
Price per share divided by earnings per share.
8.6 20.5
Price/Cash Flow (x)
Price per share divided by cash flow per share.
4.1 10.3
Dividend Yield %
Dividends per share divided by price per share.
9.7 2.1
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
99.6 --
Number of Holdings 81 --
Weighted Average Mkt. Cap (€bil) 1.6 4.4
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
41.1 --
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Top 10 Holdings (%)

Company % Country Industry
Embraer SA 4.7 Brazil Aerospace & Defense
Fibra Uno Administracion SA de CV 2.9 Mexico Equity Real Estate Investment Trusts (REITs)
Mitie Group PLC 2.7 United Kingdom Commercial Services & Supplies
Edgewell Personal Care Co 2.6 United States Personal Products
NETGEAR Inc 2.6 United States Communications Equipment
Draegerwerk AG & Co KGaA 2.5 Germany Health Care Equipment & Supplies
J Sainsbury PLC 2.4 United Kingdom Food & Staples Retailing
PAX Global Technology Ltd 2.3 Hong Kong Elec. Equip., Instr. & Components
First Pacific Co Ltd 2.2 Hong Kong Food Products
Komori Corp 2.1 Japan Machinery
% of Portfolio 27.0    
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 Cap Equity S&P Developed SmallCap Index
Developed Markets 76.0 98.0
Emerging Markets 22.9 2.0
Swipe to View Market Weightings (%)

The Brandes Global Small 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 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 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 SmallCap Index with net dividends measures the equity performance of small cap companies in developed markets. Data prior to 2001 is gross dividend and linked to the net dividend returns. The benchmark returns are not covered by the report of independent verifiers.

The S&P Developed SmallCap Value Index with net dividends measures equity performance of small cap companies in developed market s 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.

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.
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