Brandes Small Cap Value Fund

The Fund seeks long-term capital appreciation by investing predominantly in U.S. equity securities of small-capitalization companies that the Fund’s investment team believes are undervalued relative to their financial strength and upside potential.
  • Ticker Symbol BSCMX
  • Cusip 105262471
  • Fund Inception Date October 1, 1997
  • Dividend Frequency Quarterly
  • Number of Holdings 47
  • Total Net Assets $4.3 million (As of Jun 30, 2022)
  • Share Price (USD) 10.52 (As of Sep 30, 2022)

Overview

Why Brandes Small Cap Value Fund?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek U.S. small-cap companies trading below our estimates of intrinsic value.
  • Experience: Having managed a dedicated U.S. Small Cap Value Equity Strategy for over 20 years, Brandes is familiar with the intricacies of the vast U.S. small-cap equity space.
  • Flexibility: The strategy 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, Russell. 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.
The performance information shown for periods before January 2, 2018 is that of a private investment fund managed by the Advisor (the “Predecessor Fund”) prior to the commencement of the Small Cap Fund’s operations with policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Small Cap Fund. The Small Cap Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 2, 2018, and investors in the Predecessor Fund received Class I shares of the Small Cap Fund as part of the reorganization. With respect to Class I and Class R6 shares, the performance information shown reflects the gross expenses of the Predecessor Fund. Class A shares reflect the gross expenses of the Predecessor Fund restated to reflect the Class A sales load and Rule 12b 1 fees.

Expenses

Expenses Class I
Total Annual Fund Operating Expenses
Expenses that you pay each year as a % of the value of your investment.
6.67%
Less: Fee Waiver and/or Expense Reimbursement -5.76%
Net Expense Ratio 0.91%
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Morningstar Rating

BSCMX as of Jun 30, 2022

Total # of Funds 439 Small 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 Jun 30, 2022

Characteristics

Characteristic Brandes Small Cap Value Fund Russell 2000 Index
Price/Book (x)
Price per share divided by book value per share.
1.0 1.8
Price/Earnings (x)
Price per share divided by earnings per share.
13.4 11.5
Price/Cash Flow (x)
Price per share divided by cash flow per share.
9.6 9.0
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.
9.4 1.4
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.
1.43 --
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.
-2.74 --
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
98.6 --
Number of Holdings 47 --
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.
1.8 2.3
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
67.1 --
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Top 10 Holdings (%)

Company % Country Industry
Edgewell Personal Care Co 4.4 United States Personal Products
NETGEAR Inc 4.2 United States Communications Equipment
Park Aerospace Corp 4.1 United States Aerospace & Defense
Dril-Quip Inc 4.0 United States Energy Equipment & Services
Moog Inc 3.9 United States Aerospace & Defense
National Western Life Group Inc 3.6 United States Insurance
Embraer SA 3.5 Brazil Aerospace & Defense
Flowserve Corp 3.5 United States Machinery
Hurco Cos Inc 3.1 United States Machinery
National Presto Industries Inc 3.1 United States Aerospace & Defense
% of Fund 37.4    
Portfolio holdings are subject to change at any time at the discretion of the investment manager.
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Sector Allocation (%)

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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.
Jun 29, 2022 Jun 30, 2022 Jun 30, 2022 $0.0146
Short-Term Capital Gain
Profit or loss from the sale of a capital asset that was held for one year or less.
Dec 6, 2018 Dec 7, 2018 Dec 7, 2018 $0.5231
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 $0.1686
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Fees/Expenses

Fees/Expenses Class I
Net Expense Ratio 0.91%
Annual Management 0.70%
Other Expenses 5.96%
Acquired Fund Fees and Expenses 0.01%
Service 12b-1 None
Shareholder Servicing None
Fees paid directly from your investment.
Under normal market conditions, the Small Cap Value Fund invests at least 80% of its net assets measured at the time of purchase in securities issued by small capitalization companies. The Small Cap Fund considers a company to be a small capitalization company if it has a market capitalization of $5 billion or less at the time of purchase. The Small Cap Fund invests predominantly in U.S. equity securities. Equity securities include common and preferred stocks, warrants and rights. Up to 10% of the Small Cap Fund’s total assets, measured at the time of purchase, may be invested in fixed-income securities. Up to 10% of the Small Cap Fund’s total assets, measured at the time of purchase, may be invested in securities of companies located outside of the United States. However the combined total assets, measured at the time of purchase, invested in fixed-income securities and in securities of companies located outside of the United States may not exceed 15%.

Brandes Investment Partners, L.P., the investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the Small Cap 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, 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 Small Cap Value Fund’s Class A, 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 1.15% for Class A, 0.90% for Class I and 0.72% 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. 

Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not correlate to the ratios of expenses (and net expenses) to average net assets provided in the financial highlights, which reflect only the operating expenses of the Fund and do not include acquired fund fees and expenses.

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. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies.
The Russell 2000 Index with gross dividends measures the performance of the small cap segment of the U.S. equity universe.
The Russell 2000 Value Index with gross dividends measures performance of the small cap segment of the U.S. equity universe. Securities are categorized as growth or value based on their relative book-to-price ratios, historical sales growth, and expected earnings growth.
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.