Brandes U.S. Value Fund

The Fund seeks long-term capital appreciation by investing primarily in the equity securities of U.S. issuers with equity market capitalizations that exceed $5 billion at the time of purchase.
  • Ticker Symbol BUVIX
  • Cusip 105262430
  • Fund Inception Date October 1, 2021
  • Dividend Frequency Quarterly
  • Number of Holdings 55
  • Total Net Assets $4.8 million (As of Jun 30, 2022)
  • Share Price (USD) 9.31 (As of Oct 04, 2022)

Overview

Why Brandes U.S. Value Fund?

  • Value: The Fund employs our disciplined, bottom-up investing approach to seek U.S. companies trading below our estimates of intrinsic value.
  • Experience: Brandes has been navigating various global market conditions for over 40 years.
  • Flexibility: The strategy is an all-capitalization mandate with 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.

Expenses

Expenses Class I
Total Annual Fund Operating Expenses
Expenses that you pay each year as a % of the value of your investment.
26.55%
Less: Fee Waiver and/or Expense Reimbursement -25.85%
Net Expense Ratio 0.70%
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Portfolio

Data displayed as of Jun 30, 2022

Characteristics

Characteristic Brandes U.S. Value Fund Russell 1000 Value Index
Price/Book (x)
Price per share divided by book value per share.
1.5 2.1
Price/Earnings (x)
Price per share divided by earnings per share.
11.3 14.0
Price/Cash Flow (x)
Price per share divided by cash flow per share.
8.8 10.2
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.
2.8 2.2
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.
1.47 --
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.
-4.21 --
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
80.0 --
Number of Holdings 55 --
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.
130.5 129.3
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
-- --
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Top 10 Holdings (%)

Company % Country Industry
Chevron Corp 3.6 United States Oil, Gas & Consumable Fuels
Cigna Corp 3.2 United States Health Care Providers & Services
Merck & Co Inc 3.1 United States Pharmaceuticals
Amdocs Ltd 2.9 United States IT Services
Pfizer Inc 2.8 United States Pharmaceuticals
Comcast Corp 2.8 United States Media
FedEx Corp 2.7 United States Air Freight & Logistics
CVS Health Corp 2.7 United States Health Care Providers & Services
Halliburton Co 2.6 United States Energy Equipment & Services
McKesson Corp 2.6 United States Health Care Providers & Services
% of Fund 29.0    
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.
Sep 29, 2022 Sep 30, 2022 Sep 30, 2022 $0.0418
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Fees/Expenses

Fees/Expenses Class I
Net Expense Ratio 0.70%
Annual Management 0.55%
Other Expenses 26.00%
Service 12b-1 None
Shareholder Servicing None
Fees paid directly from your investment.
The U.S. Value Fund invests primarily in equity securities of U.S. companies. Equity securities include common and preferred stocks, warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of companies located in the United States. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the financial sector or health care sector. Typically, the Fund invests in issuers with a market capitalization greater than $5 billion.

Brandes Investment Partners, L.P., the U.S. Value Fund’s investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the U.S. Value Fund’s investment portfolio that, in its opinion, are undervalued. 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 the underlying company’s intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisor’s estimate of the underlying company’s intrinsic value, the Advisor believes that other investments are more attractive, or for other reasons.
† The Advisor has contractually agreed to limit the U.S. 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 0.95% for Class A, 0.70% for Class I and 0.60% 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.
The Russell 1000 Value Index with gross dividends measures performance of the large 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.
The Russell 1000 Index with gross dividends measures performance of the large cap segment of the U.S. equity universe.
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.