Brandes Emerging Markets Value Fund

The Fund seeks long-term capital appreciation by investing in equity securities of issuers in developing markets that the Fund’s investment team believes are undervalued relative to their financial strength and upside potential.

  • Ticker Symbol BEMIX
  • Cusip 105262752
  • Fund Inception Date August 20, 1996
  • Dividend Frequency Quarterly
  • Number of Holdings 60
  • Total Net Assets $787.1 million (As of Jun 30, 2022)
  • Share Price (USD) 6.23 (As of Oct 04, 2022)

Overview

Why Brandes Emerging Markets Value Fund?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek emerging markets companies trading below our estimates of intrinsic value.
  • Experience: Brandes has been navigating emerging markets for over 30 years.
  • Flexibility: The strategy invests in businesses based in developing countries and has the ability and willingness to be different than the benchmark.

Performance

Average Annual Total Returns (%)

Data displayed as of Aug 31, 2022

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Source: Brandes, MSCI. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800.395.3807.  It is not possible to invest directly in an index. Fund inception predates MSCI Emerging Markets Value Index inception.
Prior to January 31, 2011, the Fund was a private investment fund managed by the Advisor with policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Emerging Markets Value Fund. Class A and Class I shares were first offered on January 31, 2011, while Class C shares were first offered on January 31, 2013. Prior to January 31, 2013, Class A shares were known as Class S shares. (Class A shares have the same operating expenses as Class S shares.) The Class I performance information shown for periods prior to January 31, 2011 is that of the private investment fund managed by the Advisor that is the predecessor of the Fund, not restated to reflect Fund expenses. Performance shown prior to January 31, 2011 for Class A shares reflects the performance of the private investment fund shares restated to reflect Class A sales loads and expenses. Performance shown prior to the inception of Class C shares reflects the performance of the private investment fund for periods prior to January 31, 2011 and the performance of Class I shares for the period from February 1, 2011 to January 30, 2013, restated to reflect Class C expenses. The Class C shares’ average annual total return for the 10-year period assumes that Class C shares automatically converted to Class A shares 8 years after the start of the period. The Class C shares’ average annual total return for the since inception period cannot be calculated as the Class A shares had not been launched as of 8/20/2004, 8 years after the inception date of the Brandes Emerging Markets Value Fund. Class R6 shares were first offered on July 11, 2016. Performance shown prior to the inception of Class R6 shares reflects the performance of Class I shares restated to reflect Class R6 expenses.

Expenses

Expenses Class I
Total Annual Fund Operating Expenses
Expenses that you pay each year as a percentage of the value of your investment.
1.12%
Less: Fee Waiver and/or Expense Reimbursement 0.00%
Net Expense Ratio 1.12%
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Morningstar Rating

BEMIX as of Jun 30, 2022

Total # of Funds 734 Diversified Emerging Markets
The Overall Morningstar Rating is derived from a weighted average of the fund's three-, five- and ten-year (if applicable). Morningstar Ratings metrics which are based on risk-adjusted return performance.

Portfolio

Data displayed as of Jun 30, 2022

Characteristics

Characteristic Brandes Emerging Markets Value Fund MSCI Emerging Markets Index
Price/Book (x)
Price per share divided by book value per share.
1.0 1.7
Price/Earnings (x)
Price per share divided by earnings per share.
9.0 12.5
Price/Cash Flow (x)
Price per share divided by cash flow per share.
4.9 8.5
Dividend Yield %
Calculated by annualizing the last quarterly dividend paid and dividing it by the current share price. The dividend yield is that of the securities held in the portfolio; it is not reflective of the yield distributed to shareholders.
5.0 3.1
SEC 30 Day Yield (subsidized) %
As of 8/31/2022 | SEC 30-Day Yield This calculation is based on a 30-day period ending on the last day of the month shown. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. A subsidized yield takes into consideration the expenses paid by the advisor.
3.90 --
SEC 30 Day Yield (unsubsidized) %
As of 8/31/2022 | SEC 30-Day Yield This calculation is based on a 30-day period ending on the last day of the month shown. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. A subsidized yield takes into consideration the expenses paid by the advisor.
3.90 --
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
85.6 --
Number of Holdings 60 --
Weighted Average Mkt. Cap ($bil)
The average market capitalization of a fund's equity portfolio gives investors a measure of the size of the companies in which the fund invests. Market capitalization is calculated by multiplying the number of a company's shares outstanding by its price per share.
61.3 100.6
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
27.9 --
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Top 10 Holdings (%)

Company % Country Industry
Alibaba Group Holding Ltd 5.0 China Internet & Direct Marketing Retail
Taiwan Semiconductor Manufacturing Co Ltd 4.4 Taiwan Semiconductors & Semiconductor Equipment
Samsung Electronics Co Ltd 3.7 South Korea Tech. Hardware, Storage & Perip.
TravelSky Technology Ltd 3.2 China IT Services
Galaxy Entertainment Group Ltd 3.0 China Hotels, Restaurants & Leisure
Fibra Uno Administracion SA de CV 3.0 Mexico Equity Real Estate Investment Trusts (REITs)
Accton Technology Corp 2.6 Taiwan Communications Equipment
Ping An Insurance Group Co of China Ltd 2.6 China Insurance
Embraer SA 2.4 Brazil Aerospace & Defense
Jasmine Broadband Internet Infrastructure Fund 2.2 Thailand Diversified Telecom Svcs.
% of Fund 32.1    
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 Brandes Emerging Markets Value Fund MSCI Emerging Markets Index
Developed Markets 7.6 -
Emerging Markets 91.7 100.0
Swipe to View Market Weightings (%)

Distributions

Monthly Distributions
Type Record Date
Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.
Ex-Date
Date on which a fund begins trading without the benefit of the dividend. Typically, a fund's price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.
Payable Date
Date on which a declared fund dividend or a bond interest payment is scheduled to be paid.
Amount
Income Dividend
Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
Sep 29, 2022 Sep 30, 2022 Sep 30, 2022 $0.0464
Short-Term Capital Gain
Profit or loss from the sale of a capital asset that was held for one year or less.
Dec 4, 2014 Dec 5, 2014 Dec 5, 2014 $0.1256
Long-Term Capital Gain
Gain on the sale of a security where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax.
Dec 4, 2014 Dec 5, 2014 Dec 5, 2014 $0.1046
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Fees/Expenses

Fees/Expenses Class I
Net Expense Ratio 1.12%
Annual Management 0.95%
Other Expenses 0.16%
Fee Recoupment 0.01%
Service 12b-1 None
Shareholder Servicing None
Fees paid directly from your investment.
Under normal market conditions, the Emerging Markets Value Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) measured at the time of purchase in equity securities of companies located in emerging markets. These companies may have market capitalizations of any size. Equity securities include common and preferred stocks, warrants and rights. Emerging markets include some or all of the countries located in each of the following regions: Asia, Europe, Central and South America, Africa and the Middle East. The Advisor considers an emerging market country to be any country which is in the MSCI Emerging Markets Index (“MSCI EM Index”) or that, in the opinion of the Advisor, is generally considered to be an emerging market country by the international financial community.

Brandes Investment Partners, L.P., the investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the Emerging Markets Value Fund’s investment portfolio. When buying equity securities, the Advisor assesses the estimated “intrinsic” value of a company based on data such as a company’s earnings power, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisor’s estimates of their share of the company’s intrinsic business value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches a target set by the Advisor, if the Advisor believes that other investments are more attractive, or for other reasons.
† The Advisor has contractually agreed to limit the Emerging Markets Value Fund’s Class A, Class C, Class I and Class R6 annual operating expenses (excluding acquired fund fees and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 1.37% for Class A, 2.12% for Class C, 1.12% for Class I and 0.97% for Class R6 as percentages of the respective Fund classes’ average daily net assets through January 28, 2023 (the “Expense Caps”). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days’ notice to the Advisor. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement.
Because the values of the Fund's investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.
The MSCI Emerging Markets Index with net dividends captures large and mid cap representation of emerging market countries. Data prior to 2001 is gross dividend and linked to the net dividend returns.
The MSCI Emerging Markets Value Index with net dividends captures large and mid cap securities exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.
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)
It is not possible to invest directly in an index.
The Fund's Composition, Holdings and Sector Weightings are subject to change and should not be considered a recommendation to buy or sell any security. 
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The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings for other share classes may differ. For current performance, please view the Performance page of the web site or call 800.395.3807.