Since Brandes was founded in 1974, we have been steadfast in our approach to selecting appealing, potentially undervalued long-term investment opportunities for our portfolios. Our commitment to value investing has never wavered—despite encountering challenging periods of performance. This is not merely a hallmark of our approach or our insistence on remaining an independent firm. We believe it is a source of confidence to our investors who know that we regard our approach as both proven and timeless. This long-term vision informed what we have done in the past and what we do today, and we will rely on it for what we do tomorrow. Brandes endeavors to ignore what may be popular at any time in favor of what we believe will endure.