Brandes International Small Cap Equity Fund

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

  • Ticker Symbol BISMX
  • Cusip 105262737
  • Fund Inception Date August 19, 1996
  • Dividend Frequency Quarterly
  • Number of Holdings 75
  • Total Net Assets $235.1 million (As of Sep 30, 2022)
  • Share Price (USD) 11.34 (As of Nov 30, 2022)

Overview

Why Brandes International Small Cap Equity Fund?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek non-U.S. small-cap companies trading below our estimates of intrinsic value.
  • Experience: Having managed a dedicated international small cap equity strategy for over 25 years, Brandes is familiar with the intricacies of small-cap equity investing.
  • Flexibility: The strategy invests in small-cap businesses based in various countries, including those not listed in the benchmark, such as emerging markets.

Performance

Average Annual Total Returns (%)

Data displayed as of Oct 31, 2022

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Source: Brandes, S&P. 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.
Prior to February 1, 2012, 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 Fund. Class A and Class I shares were first offered on February 1, 2012, 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 before February 1, 2012 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 February 1, 2012 for the 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 February 1, 2012 and the performance of Class I shares for the period from February 1, 2012 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 8/19/2004, 8 years after the inception date of the Brandes International Small Cap Equity Fund. Class R6 shares were first offered on June 27, 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.
1.13%
Less: Fee Waiver and/or Expense Reimbursement 0.00%
Net Expense Ratio 1.13%
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Morningstar Rating

BISMX as of Sep 30, 2022

Total # of Funds 58 Foreign Small/Mid Value
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 Sep 30, 2022

Characteristics

Characteristic Brandes International Small Cap Equity Fund S&P Developed Ex-U.S. SmallCap Index
Price/Book (x)
Price per share divided by book value per share.
0.5 1.1
Price/Earnings (x)
Price per share divided by earnings per share.
6.5 14.6
Price/Cash Flow (x)
Price per share divided by cash flow per share.
3.5 6.8
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.
10.9 3.4
SEC 30 Day Yield (subsidized) %
As of 10/31/2022 | 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 10/31/2022 | 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.
3.89 --
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
98.9 --
Number of Holdings 75 --
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.
1.6 1.3
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
37.6 --
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Top 10 Holdings (%)

Company % Country Industry
Embraer SA 5.3 Brazil Aerospace & Defense
Fibra Uno Administracion SA de CV 3.2 Mexico Equity Real Estate Investment Trusts (REITs)
J Sainsbury PLC 3.0 United Kingdom Food & Staples Retailing
PAX Global Technology Ltd 2.9 Hong Kong Electronic Equipment, Instruments & Components
Draegerwerk AG & Co KGaA 2.8 Germany Health Care Equipment & Supplies
Enel Chile SA 2.5 Chile Electric Utilities
AIB Group PLC 2.5 Ireland Banks
Mitie Group PLC 2.3 United Kingdom Commercial Services & Supplies
Lar Espana Real Estate Socimi SA 2.1 Spain Equity Real Estate Investment Trusts (REITs)
C&C Group PLC 2.1 Ireland Beverages
% of Fund 28.7    
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 International Small Cap Equity Fund S&P Developed Ex-U.S. SmallCap Index
Developed Markets 71.5 94.6
Emerging Markets 27.8 5.4
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 $0.0286
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 6, 2018 Dec 7, 2018 Dec 7, 2018 $0.1341
Short-Term Capital Gain
Profit or loss from the sale of a capital asset that was held for one year or less.
Dec 7, 2017 Dec 8, 2017 Dec 8, 2017 $0.0631
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Fees/Expenses

Fees/Expenses Class I
Net Expense Ratio 1.13%
Annual Management 0.95%
Other Expenses 0.18%
Service 12b-1 None
Shareholder Servicing None
Fees paid directly from your investment.
Under normal market conditions, the International Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) measured at the time of purchase in equity securities issued by small capitalization companies located in at least three countries outside of the United States. The Fund considers a company to be a small capitalization company if it has a market capitalization (market value of publicly traded securities) of $5 billion or less at the time of purchase. Equity securities include common and preferred stocks, warrants and rights. An issuer is determined to be located outside the United States on the basis of the issuer’s domicile, principal place of business, primary stock exchange listing, source of revenue or other factors. Up to 30% of the International Small Cap Fund’s total assets, measured at the time of purchase, may be invested in securities of companies located in countries considered to have emerging securities markets. With respect to 20% of the Fund’s net assets, the Fund may invest in stocks of companies of any capitalization size.

Brandes Investment Partners, L.P., the investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the International Small Cap 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, 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, the Advisor believes that other investments are more attractive, or for other reasons.
† The Advisor has contractually agreed to limit the International Small Cap 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 1.40% for Class A, 2.15% for Class C, 1.15% for Class I and 1.00% 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.

Other Expenses for Class I shares includes 0.05% of class-specific sub-transfer agency fees.
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.
The S&P Developed Ex U.S. SmallCap Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States. The benchmark returns are not covered by the report of independent verifiers.
The S&P Developed Ex U.S. SmallCap Value Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States, which are classified as value stocks by book value-to-price, sales-to-price, cash flow-to-price, and dividend yield.
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.