Japan Equity

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

Overview

Why Japan Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek Japanese companies trading below our estimates of intrinsic value.
  • Experience: Having managed the Japan Equity Strategy for over 20 years, Brandes is familiar with the intricacies of the Japanese equity investment landscape.
  • Flexibility: The strategy is an all-capitalization mandate with the ability and willingness to be different than the benchmark.

Performance

As of 30 Sep 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 Japan Index. The strategy secondary benchmark is the TOPIX Index. It is not possible to invest directly in an index. GIPS® Report available in Resources section below. 

Portfolio

Data displayed as of 30 Sep 2022

Characteristics

Characteristic Japan Equity MSCI Japan Index
Price/Book (x)
Price per share divided by book value per share.
0.5 1.2
Price/Earnings (x)
Price per share divided by earnings per share.
9.3 13.7
Price/Cash Flow (x)
Price per share divided by cash flow per share.
4.7 7.7
Dividend Yield %
Dividends per share divided by price per share.
3.7 2.7
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
87.3 --
Number of Holdings 69 --
Weighted Average Mkt. Cap (€bil) 11.3 39.2
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
11.6 --
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Top 10 Holdings (%)

Company % Country Industry
Takeda Pharmaceutical Co Ltd 5.2 Japan Pharmaceuticals
Sumitomo Mitsui Trust Holdings Inc 3.3 Japan Banks
Taisho Pharmaceutical Holdings Co Ltd 3.2 Japan Pharmaceuticals
MS&AD Insurance Group Holdings Inc 3.1 Japan Insurance
Honda Motor Co Ltd 2.9 Japan Automobiles
Nissan Motor Co Ltd 2.8 Japan Automobiles
Mitsubishi UFJ Financial Group Inc 2.8 Japan Banks
Sumitomo Mitsui Financial Group Inc 2.8 Japan Banks
Fuji Media Holdings Inc 2.6 Japan Media
Japan Petroleum Exploration Co Ltd 2.6 Japan Oil, Gas & Consumable Fuels
% of Portfolio 31.3    
Portfolio holdings are subject to change at any time at the discretion of the investment manager.
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Sector Allocation (%)

Swipe to View Sector Allocation (%)

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

The MSCI Japan Index with net dividends is designed to measure the performance of large and mid cap segments of the Japan market. The benchmark returns are not covered by the report of independent verifiers.

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 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.
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